Bethany MacLean
President
My name is Bethany MacLean and I am the President of Cynergy Consulting Services, Inc. Cynergy Consulting is an established Healthcare Consulting firm with over 4 decades of experience serving all 50 states. We are an experienced team of healthcare professionals dedicated to assisting both small and large healthcare practices and hospitals with financial , operational and strategic initiatives, both challenges and opportunities. My goal is to partner with you to develop customized solutions that align with your practice goals and vision for the future.
Cynergy Consulting’s team has extensive experience working with medical practices to conduct comprehensive practice assessments, identify areas of improvement, and implement tailored strategies to enhance efficiency, profitability, and overall performance. Whether you are looking to streamline workflows, improve billing processes, enhance patient experience, or maximize revenue potential, I am here to provide the guidance you need to make informed decisions and identify the best path forward for your practice and support you through the process with expertise and integrity.
bmaclean@cynergycsi.com
It’s important to ensure all aspects of your practice comply with laws and regulations, including HIPAA and other healthcare-specific rules. Additionally, the sale itself will require legal agreements like a purchase and sale agreement, so legal counsel is necessary.
It’s important to communicate openly and honestly with your staff about the sale, while also respecting the confidential nature of the process. Assure them that their welfare is being considered during negotiations.
The decision between selling assets or stocks depends on various factors including tax implications, legal liability, and the specifics of your practice. A financial advisor or attorney can help you decide which option is best for your situation.
In our experience if you can stay on board for the transition. Ideally, we recommend 1-5 years. The longer you stay the more value you add to the practice.
You’ll need to provide financial statements, tax returns, and operational data. Other important documents include legal paperwork like your practice’s incorporation documents, licenses, and permits, and any contracts or leases. Learn more about the medical practice valuation process here.
The timeline varies based on market conditions, the nature of the practice, and the specifics of the deal. Generally, it can take anywhere from 6 months to over a year. It’s important to partner with an expert in medical practice brokerage.
Ideally, you should start planning to sell your practice a few years in advance. This allows you to optimize operations, maximize profitability, and address any potential issues before they can impact the sale. Typically providers begin to plan approximately 5 years before starting the process.
The value is a combination of both the tangible and intangible asset value. Some methods that may be used to determine this include the income approach, market approach and asset based approach.
