Running a successful healthcare practice demands diligence, confidence, and a skilled team. When taking over an existing practice, collaboration with the previous owner is essential to seamlessly transition into day-to-day operations.
Patient care should remain the No. 1 priority. But, managing logistics and business operations effectively is also vital for maintaining a smooth and professional practice. Our seasoned healthcare attorneys have in-depth knowledge of the complexities involved in acquiring physician practices, ensuring a comprehensive approach to your transition.
Leaning on the original owner as a primary resource during the acquisition process will ensure a smooth transition. Gain insights into their management style, patient care protocols, and administrative procedures. You will also want to understand the goals of the practice, as well as what is working well and what needs improvement.
Working alongside the previous owner allows you to understand the practice’s history, challenges, and strengths, helping you build trust with both staff and patients.
Familiarize yourself with the vendors and suppliers that the practice relies on for medical supplies, equipment, and services. Establishing clear communication with vendors will ensure uninterrupted operations, help negotiate better deals, and allow you to assess whether any changes are needed to optimize efficiency.
For example, if the practice has been using a medical supply company that offers bulk discounts but requires long-term contracts, you will need to assess whether continuing the relationship is cost-effective or if switching to a more flexible vendor is more beneficial.
Providing comprehensive and regular training for your staff on new policies, updated technologies, and any changes to the workflow is crucial for maintaining a high standard of care for patients.
Encourage open communication throughout this process to address any concerns or resistance to change. A well-trained and confident team will contribute to patient satisfaction and smooth physician practice operations.
Patient retention is key to the ongoing success of the practice. Ensure continuity of care by meeting with patients, understanding their needs, updating them on potential changes that might affect them, and assuring them of a seamless transition.
Personal outreach, consistent communication, and upholding high standards of care will build loyalty and strengthen patient trust in your leadership.
Stay up to date with healthcare regulations and laws that impact your practice. This includes understanding HIPAA requirements, billing practices, and employment laws. Working closely with healthcare attorneys who specialize in physician practice acquisition will ensure you meet all regulatory standards. Strictly complying with these laws is crucial for reducing the risk of legal or financial issues.
At Fenton Jurkowitz Law Group, our team of experienced healthcare practice attorneys is ready to guide you through a successful acquisition and transition. We offer assistance with financial management, patient care coordination, regulatory compliance, marketing strategies, and more. Fill out our contact form on our website to connect with a healthcare practice lawyer today.