Listing ID: 74889
What an ideal geriatric practice for a physician seeking a life and work balance. The current owner see patients just 28 hours per week in the office with house calls and facility visits varying weekly. The practice grosses more than $750,000 annually, only managing 230 patients. This concierge practice was founded in 2013 with a solid team supporting operations, making it a turn-key business for other doctors looking to own their practice.
Grounded in the belief that patient-centered care is essential to excellent care, the founder has always believed that his contract is with the patient, not with a healthcare organization or an insurance company. Consequently, the practice is a non-participating provider with Medicare and does not have any managed care contracts.
This is a fully independent concierge practice, not a franchise. Members of the practice receive the following services:
• Optimal health program with annual advanced diagnostics
• Integrated lifestyle medicine with health coach services
• Continuous chronic disease management with frequent follow-up.
• Personal health portfolio
• 24/7 phone access to the physician
• One in four call group
• Same day/next day, no wait, longer appointments
• Closer coordination and follow-up of specialist care
MEMBERSHIP HAS ITS PRIVILEGES!
- Asking Price: $560,000
- Cash Flow: $271,272
- Gross Revenue: $733,569
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: N/A
- Established: 2013
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:1,822
- Lot Size:N/A
- Total Number of Employees:6
- Furniture, Fixtures and Equipment:N/A
This practice operates in a single tenant 1,822 SF one level office building with walk-up parking and is situated in a medical office park. There are two exam rooms and a procedure room, membership director and health coach offices, nurses station, reception/business office, waiting room, two restrooms, staff lounge, server room, and Physician’s office with private entrance.
The seller is willing to assist the buyer with the transition for approximately 3 - 6 months. This turn-key practice includes all office furniture, medical equipment, and supplies.
Preparing for retirement
Practice can be expanded by accepting more members, accepting younger patients into the program, and expanding the marketing efforts.
The venture was founded in 2013, making the business 9 years old.
The business has 6 employees and is located in a building with disclosed square footage of 1,822 sq ft.
The real estate is leased by the company for $3,871.75 per Month
Why is the Current Owner Selling The Business?
There are all sorts of reasons why individuals choose to sell businesses. However, the true reason vs the one they tell you might be 2 totally different things. As an example, they might claim "I have too many various obligations" or "I am retiring". For lots of sellers, these factors are valid. But, for some, these may just be reasons to attempt to hide the reality of changing demographics, increased competitors, current reduction in revenues, or a range of various other reasons. This is why it is very crucial that you not depend absolutely on a vendor's word, yet instead, use the vendor's solution in conjunction with your overall due diligence. This will repaint an extra sensible picture of the business's present situation.
Existing Debts and Future Obligations
If the current business is in debt, which lots of companies are, then you will need to consider this when valuating/preparing your deal. Lots of operating businesses finance loans in order to cover items such as supplies, payroll, accounts payable, etc. Remember that in some cases this can mean that earnings margins are too thin. Many businesses fall into a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may also be future commitments to think about. There may be an outstanding lease on equipment or the structure where the business resides. The business might have existing contracts with vendors that should be satisfied or might lead to fines if canceled early.
Understanding the Customer Base, Competition and Area Demographics
Just how do operating businesses in the location bring in brand-new customers? Most times, businesses have repeat customers, which develop the core of their daily revenues. Certain variables such as brand-new competition sprouting up around the area, roadway building and construction, as well as personnel turnover can affect repeat clients as well as negatively influence future incomes. One crucial point to take into consideration is the placement of the business. Is it in a highly trafficked shopping center, or is it hidden from the main road? Obviously, the more people that see the business often, the higher the possibility to construct a returning consumer base. A last thought is the general location demographics. Is the business situated in a densely populated city, or is it located on the outskirts of town? Just how might the local mean house earnings influence future revenue potential?