By Stephen C. Fitzer
BCMS CEO/Executive Director
Where does a new or retiring physician go to list or find practices for sale? I’m getting that question more and more from BCMS members. Is there a way to let new physicians know about successful practices available for sale as older physicians retire? Checking around with those who make their living providing advice to physicians on financial matters, as well as helping them through a buying, selling or setup process, I found there is no such service available and it is a niche that needs to be filled.
Who better to fill that niche than the Bexar County Medical Society?
Members of the Bexar County Medical Society soon will be receiving a questionnaire offering a free listing service for medical practices. This
is intended for physicians who are interested in selling their practices
or their ownership in a practice. Listings will appear on the BCMS
website (www.BCMS.org) in a special section entitled, “Physician Practices for Sale.”
The listings will include such information as: practice specialty, zip code, business mix (percentages made from private insurance, Medicare, Medicaid, CHIP and patient paid), years in practice, number of employees, and what is for sale, i.e. an entire practice, one physician ownership share, or just advertising to take on a new partner.
Purposely, the name of the physician and the name of the practice will not be shown in the listing unless the physician specifically requests it. This enables the listing physician to consider interested parties in anonymity, and enables the physician or practice to put a confidentiality agreement in place before any information is released. BCMS will provide a sample confidentiality agreement to physicians that they may choose to use before releasing data to outside parties.
Additional information also is being collected on the form that members will be asked to fill out. This information, once confidentiality has been assured, will include the seller’s name, address, phone, insurance companies and hospitals with which the physician or practice are credentialed, the number of patients seen during the past year, lease information, specialized equipment included with the practice, reason for selling and how long the selling physician is willing to transition the new owner or partner in the practice.
Listing forms will be sent to all active members. They also can be obtained on the BCMS website or by contacting me (it’ll be kept confidential) at Steve.fitzer@bcms.org, fax: 210-301-2161, or direct phone line 210-301-4383.
Once everything is set up, there will be many initiatives begun by BCMS to help physicians who list their practices. First, BCMS will seek out practices for sale, but at least equally important is driving interested parties to the website listings. BCMS will promote this service with members and medical residents, hoping also to interest those moving into the area. There are real advantages to the acquisition of an ongoing practice, and BCMS’ efforts will be directed at helping potential purchasers and potential partners understand what those are.
BCMS will not act as a consultant for those providing listings, nor for those using the listings. This would be a conflict of interest for BCMS. However, BCMS will provide the names of potential consultants who specialize in matters of buying, selling, setting up and shutting down practices. It will be up to each buyer and seller to choose their advisors, whether from this list or in any other way they choose to proceed.
BCMS will keep its members advised of the progress to this new initiative. It is a much needed service for many, and we are proud to be able to help.
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