Have you ever thought about how you’ll exit your practice?
For most of us clinician-turned-practice-owner, the drive to deliver high-quality care to patients and clients with whom we want to build real, lasting relationships pushes us to “hand out a shingle” or start a private healthcare practice. As we’ve discussed on previous episodes, this leaves things like hiring, marketing, and business operations up to us to figure out. That list alone keeps most practice owners busy enough to miss, or intentionally delay, exit planning and strategy for the practice. And, in reality, even those practice owners that go into private practice with the intention of building a practice with the intent to sell often miss out on key factors that negatively affect the valuation of the business. It can all be a bit overwhelming to think about.
Well, this week, I sit down with Mike Piekutoski, owner and founder of Physical Therapy Practice Sales & Consulting to discuss the all-important topic of preparing an exit strategy. Mike has been on the show previously to discuss Mergers & Acquisitions in the rehabilitation space, but I thought he’d be a great guest to interview on the topic of planning an eventual exit or sale of a private practice. Mike has been involved on both the buy and sell side of private practice mergers and acquisitions and has some unique insight into this area as a result.
What we cover in this Episode:
- What does an exit strategy look like?
- Factors that affect the value of a healthcare practice
- Types of buyers interested in acquiring healthcare practices
- Reverse engineering the sale
- How to ensure quality of care across through the transition period
- Preparing staff & key employees for the sale
- Understanding how business development including marketing & lead generation affects clinic valuations
- How to achieve Better Outcomes by focusing on people rather than numbers
Connect with Mike
If you enjoyed this episode: Join Rafael E. Salazar II, MHS, OTR/L (Rafi), principal of Rehab U Practice Solutions and host of The Better Outcomes Show as he explores the possibilities of a new healthcare. Guests range from clinicians trying new techniques and treatments to executives and entrepreneurs exploring new service delivery methods, business models, and organizational structures. You can sign-up to receive new episodes delivered directly to your inbox by filling out the form below. Learn more about Rehab U Practice Solutions by reading The Manifesto for a New Healthcare, or listen to Episode 000. Or, grab a copy of the book: Better Outcomes: A Guide to Humanizing Healthcare.
Are You Ready to Take Your Organization to the Next Level?
If you run a clinic or practice and are looking to develop a strategy that leverages best practices, new technology, and marketing/messaging in a way that maximizes patient engagement & retention, please reach out. We’d love to talk with you about how Rehab U Practice Solutions can help your clinic bring in more patients, retain them throughout their course of care, and create uniquely impactful patient experiences.
Rafael E. Salazar II, MHS, OTR/L (Rafi) is the Principal Owner of Rehab U Practice Solutions, the host of The Better Outcomes Show, and the author of Better Outcomes: A Guide to Humanizing Healthcare. He has experience in a variety of rehab settings, working with patients recovering from a variety of injuries and surgeries. Rafi has worked in a variety of settings, from orthopedic and musculoskeletal rehabilitation, to academia, and even healthcare consulting. He spent the majority of his clinical experience working at Charlie Norwood VA Medical Center, where he was the lead clinician and clinical education coordinator for the outpatient specialty rehab program. In this role, he treated many veterans with chronic pain and helped to establish an interdisciplinary pain management program. He has worked on projects ranging from patient engagement initiatives to marketing communication campaigns to a multi million dollar project assisting the State of Georgia’s Department of Behavioral Health and Developmental Disabilities transition individuals out of state institutions to community residences. His work on Telehealth has been discussed in Forbes. He also has experience as a core faculty member at Augusta University’s Occupational Therapy Program, as a Licensed Board Member on the GA State OT Board, and he serves on the Board of Directors for NBCOT. He works to help healthcare clinics and organizations deliver uniquely impactful patient experiences by improving service delivery through The Ultimate Patient Experience™ and courses & training programs.
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Work With Me
If you’re ready to craft a strategy to help your organization bring in more clients, retain them throughout their course of care, and create uniquely impactful patient experiences, then reach out. I’d love to talk with you about how Rehab U Practice Solutions can help.
What I can help you do:
✅ Train your staff and clinicians to be able to confidently communicate the value your organization provides…
✅ Leverage best practices, new technology, telehealth, and marketing/messaging to maximize patient engagement & retention…
✅ Develop a system that keeps patients & clients happy, engaged, and satisfied throughout the entire process of care…
I help you not only craft marketing messages & campaigns that build that know, like, & trust value you need to convert leads into scheduled clients; but I also work with your clinicians and staff to make sure that, once a patient decides to schedule an appointment, you have a system setup that keeps them happy, engaged, and satisfied throughout the onboarding, treatment, and discharge process.
In short, I’ll help your whole organization become focused on the most important thing in healthcare: people – the people who work for your organization, and the people who your organization treats and serves.