Orthotown March 2021 - 50

assessment and the advice of professionals
and advisors to come to your own conclusion.
Of primary consideration is whether you can
afford the practice loan repayment and still
service yourself with a reasonable income.
All other decisions will be predicated on
that initial and essential conclusion.
In my experience, one of the most
challenging aspects in a practice's value
is the facility. The monthly lease can be a
nonstarter if it's exorbitant, if it doesn't have
transferability or if the rate of increase is
unfeasible. Some sellers may own the property
in which they operate and might be paying
themselves an overly generous rent every
month. Look at comparable commercial
lease rates for the area to see if the expected
rent makes sense. The cost to relocate and
build out an office space is considerable, but
saddling yourself with an unfair lease will
also hinder your growth potential.
Staff will almost always be the largest
component of an office's overhead and are
worthy of a lengthy discussion with the
seller. If the staff will be staying on after the

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transition, a review of their compensation
and benefits is an important conversation.
Existing personnel can be powerful advocates
for a new doctor in a practice because they're
familiar with the patients and their families.
Their approval will resonate strongly with
current patients and can be critical to
your early success. Be cautious, however,
not to restrict your ability to reevaluate
the team, their salaries and benefits. Your
" new " practice will have a contrasting
financial footing and you will have to assess
it differently as a result.

Patience is a virtue
In my second practice purchase, I found
myself much more confident in my approach
to both patients and staff. Because I had
been through the process once before
already, I was better able to insert myself
into an existing office atmosphere, handle
the transition of patients in treatment,
and prioritize the things that needed to be
addressed immediately versus those that
could be adjusted in the future.
Any time you start a new venture, there
is a desire to do everything immediately and
all at once. Most people like to have things
set up they way prefer as soon as possible.

Experience has taught me that it's critical to
understand the way the practice currently
operates and the systems it employs before
attempting to make any changes that will
be felt directly by staff or patients. There is
a great deal to gain from observing how a
successful practice runs. No two offices are
the same, and learning from colleagues and
team members is one of my favorite ways
to grow as a provider.
Your plans for the practice may include
a new logo, different marketing strategies,
updated paint and instruments or completely
different systems. While these are all good
goals to have, understanding the cost of
these from a financial standpoint and from
a team buy-in aspect are critical. Making
wholesale changes to office systems without
your team having a chance to get to know
you and your personality can be a recipe
for frustration and resentment. Giving
individuals time to adjust and accept the
idea of change, and for them to become
comfortable with you and your approach
to treatment are important first steps.
The vision you have for your " perfect "
practice will undoubtedly change as you
advance in your career. There will never
be a time when everything is operating
seamlessly and there are no challenges to be
addressed. Success will always be making
the most of your opportunities and finding
happiness in the work that you do, and when
you choose happiness, your team and your
patients may find it as well. ■

MARCH 2021 // orthotown.com

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Orthotown March 2021

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