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Purchasing a domiciliary business

Discussion in 'Practice Management' started by Katie123, Dec 5, 2010.

  1. Katie123

    Katie123 Active Member


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    Just wanting a bit of advice . I am newly qualified and have got some private work but looking to increase this. I know a podiatrist who will be retiring next year and will hopefully give me first chance of her small domiciliary business. I don't know any numbers of patients yet, I get the feeling although there is some equipment it will mainly be the goodwill (patients) I am buying. I have no idea of prices and I'm just wondering what to expect. Can anyone help?
     
  2. AngieR

    AngieR Active Member

    Katie,

    Don't do it! Goodwill is worthless. If this podiatist is giving up, just make sure your advertising is up to scratch and the patients will look for someone else and hopefully it will be you.

    Angie
     
  3. Catfoot

    Catfoot Well-Known Member

    Hi Katie 123,
    I would agree with AngieR.
    By all means put in an offer for the equipment if you want to, but you have no guarantee that the patients would want to be treated by you if you did buy the "goodwill".
    There is also the issue of Data Protection if you are to buy patients' records.

    regards

    Catfoot
     
  4. spike123horse

    spike123horse Active Member

    If the other pod is retiring, a heavy advertising campaign (probably less than you were going to pay for list) will direct need folks your way. You need to be careful if buying equipment from them, you have no idea how maintenance etc has been done - might be a waste of meney?! Good luck
     
  5. Dear Katie
    I saw your post about buying a domiciliary practice and feel I can offer you excellent advice as I have a practice management consultant to my colleagues Osteopaths.
    The goodwill is valuable and will get you going in the shortest time provided you approach the purchase with caution.
    My daughter a Pod sold her practice when she went abroad and. Both she and the purchaser were extremely pleased.
    I would like to see if I could offer you specific advice . The situation you need to aim for is a smooth transition, it can make you.
    Please do not turn the vendor away just now.
    Please contact me
    Brian Joseph.DO FHEA
    footmobilisation@gmail.com
    There is no obligation in doing this.
     
  6. esky365

    esky365 Active Member

    I quite disagree against buying it. Depending on how well you know the person and on the price or agreement, it seems like a good plan to get you started.

    In my experience it is the getting started that is the difficult bit. If you have patients and you look after them well, they will usually advise others to see you.
     
  7. Dear Esky
    I totally agree with you to buy a practice is the quickest and most effective way of starting a practice.
    Of course due diligence is needed; enquire the reason for the sale, the vendors future plans.
    They must see that the buyer has a smooth transiiton of the Practice. Most people are honest but it always wise to have a simple agreement drawn up for the sale to see exactly what is agreed to is adhered to.
    Always pleased to be of assistance
    Brian
     
  8. pgpod

    pgpod Welcome New Poster

    Katie, I purchased a small dwindling practice from a local retiring pod. Naturally, she wanted the earth for it being established for 30 plus years. I wasn,t convinced and asked to see all financials/earning and earnings from different catorgories of patient types. The figures as suspected didn,t warrant the price she wanted. I declined. Then I decided to offer her a percentage of income I generated from her patients over a specific time frame, she agreed and gave me the patient list.proviso she could walk into my practice at anytime and view the patients list and turnover from her patients( we are all computerised and track everything). We (I) procured a letter to all the patients on the list and told them that I had been recommended to take over the patients.. It worked well. I only paid for the patients that walked in my door. good luck.
     
  9. Hello Katie

    I qualified last year and was lucky to be in the right place at the right time as a very established pod in the area was giving up the doms due to ill health. He came with me to some clients and introduced me and it went on from there. Of course, I think it all depends on your people skills and luckily for me about 90% asked for my return. He was just happy to have somebody look after his clients he had been treating for years...He also never asked for anything and has been an excellent mentor to me. He is just happy to help out a new grad and knows I am doing my best for his 'ex' clients.
    At the end of the day he gave me a chance and my doms have slowly built up over the last 6 months. Without this opportunity I would have either given up podiatry or be on job seekers allowance like quite a few of my fellow grads!!
    I purchased my own equipment and had built up quite a lot over the last few years. Bought a fat jack wheelie trolley from halfords which was suggested on this site by an experienced pod and it has been great..you can clean it easily and can have it to carry or with more equipment use the bottom part as well on wheels.
    I dont think there is a problem buying used equipment..just depends on your finances and what it is. I bought a excellent autoclave with printer from a pod that had changed to single use. Just keep looking around. Good luck.
     
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