Once an OD decides to dive in and own a practice, one of the next decisions they need to make is whether to plunge into the pool of opening a practice or to buy an existing practice.
Practice and Building Owner
One of the advantages of owning the building is the possibility for expansion. After checking local zoning laws, it may be possible to add a second story to the building and reap the rental income from other medical or business professionals on the second floor.
Keys to Purchasing a Practice and Office Space:
-Take your time and shop around.
-Consult with a financial advisor for tips, resources and advice.
-Have a lawyer draw up a contract for purchase.
-Set up a business plan for the practice.
-Staff changes may be needed to put your vision into action.
-Advertise to let everyone know you’re the new doctor in town.