You want your business to be a success, both clinically and financially. And while not every decision should be made with an eye to retirement, the reality is that there is significant overlap between succession planning and solid business functions.
The use of electronic health records (EHRs) has surpassed electronic medical records (EMRs) in many health care offices—especially regarding features critical to good practice management. Simple EMRs typically only consist of digital documentation of your record for a given patient. Electronic health records have the capability to be multidisciplinary. For me, as an optometrist working in a hospital setting, this is a very exciting development. Formerly it was a tedious chore obtaining lab results, verifying pertinent medical history, medications, and co-managing with other specialists. EHRs make these and other tasks simpler, faster, and easier.
Selling a practice is rarely an easy decision, and marketing your practice to maximize value can be even more difficult. For those who are looking to sell, it is important to consider how to best position and market your practice to attract the right buyer. Much like selling a house, it is easier to sell a turnkey practice and command a good price if everything is in order. For the sake of this article, let’s assume an owner has taken the necessary steps to maximize the value of the practice, and he or she is now focused on attracting the right buyer.
Hello Membership!
“Begin with the end in mind.” This concept was introduced by Stephen R. Covey in his book 7 Habits of Highly Successful People. The book highlights the importance of imagination and the ability to envision a picture of the future.
