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Partnership in a Private Practice


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I received a call this week from a family friend who is a primary care doc that owns his own practice asking if I would be interested in working with him and transitioning into ownership and management of his practice. He is near retirement and would like to begin to take more time off to visit family. He has run the clinic as the sole provider for decades and has established a small but very busy clinic. He knows my family well and insists that he is willing to give me a deal that I can't refuse...

 

My questions are numerous. I don't know where to go from here. I bring this discussion to the forum to see if there is anyone that can help me out. I have a hard time giving up a great paying job with good benefits. What should I ask for? He wants me to think the idea over and let him know, but I don't know what consists of a good business proposition and what I need to consider. What do I ask for? What do I negotiate? What do you think? All advice and direction is greatly appreciated.

 

Ben

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Start by telling us the state. Are you able to have legal ownership in a medical corporation? Is he going stay on as collaborating physician? Review charts? What is the overhead? Payroll? Earnings? What is the makeup of the patient load? Private insurance or Medicare/ Medicaid?

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Thank you for the replies!! It means alot. I often feel obligated to "send elevator back down" after having success and assistance to get me where I am... I have helped many and now I'm the one in need again..

 

So ventana I'm not sure how to PM but I will figure that out now. Thanks.

 

((Start by telling us the state. Are you able to have legal ownership in a medical corporation? Is he going stay on as collaborating physician? Review charts? What is the overhead? Payroll? Earnings? What is the makeup of the patient load? Private insurance or Medicare/ Medicaid?))

 

The state is California. The doc is willing to do whatever to make it work. He plans to stay on and help but with a diminished role. He would like to take some time off occasionally to visit his kids, work most days atleast the mornings... We didn't go into much details but he usually sees about 20 patients a day. He doesn't do any hospital work or on-call. He said his revenues were almost $500k last year with little overhead. I don't have any exact figures. 

 

I guess at this point he is just waiting for my next call to discuss this in more detail, but I don't know how to proceed. What I need to ask.. What I need to make absolute.. 

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