Insights On Buying An Older Podiatry Practice
- Volume 22 - Issue 4 - April 2009
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How To Reach Out To The Existing Patient Base
An important part of the ownership transition is mailing a letter to current patients of the practice in order to notify them of the DPM’s retirement and the new physician who will be taking over the practice.
Dear Mrs. Jones,
I have been a practicing podiatrist since 1969 and the time has come for me to retire. While I look forward to having more time for relaxation and spending time with my loved ones, I will also miss seeing my wonderful patients very much.
I have searched very hard to find someone to take over my practice and give my patients the kind of podiatric care they deserve. I feel extremely fortunate to have engaged (name of new podiatrist) to assume my position effective May 1, 2009. He will have access to all your medical records. The office phone number and address will remain the same.
Your new podiatrist is a warm and caring physician who is certified by both the American Board of Podiatric Surgery and the American Board of Podiatric Orthopedics and Primary Podiatric Medicine.
I have known your new podiatrist for many years and have complete faith that you will find him an excellent resource for all your foot and ankle problems.
It has been my pleasure and honor to serve as your podiatrist. I will look back on my career with fond memories of you and deeply appreciate your patronage. I feel proud to be leaving you in the good hands of your new podiatrist.
Six months after the practice sale, I have seen very positive developments.
• Monthly new patient visits are up.
• Monthly “every 63 day” patients are down.
• The PPV of the part-time practice is up 39 percent.
• My monthly net income is up over $5,000.
The podiatric profession has changed perhaps more than most medical specialties over the last 40 years. However, there are still some “old school” practices out there. Savvy podiatrists looking to grow their businesses may want to consider opportunities involving the acquisition of such an old school practice.
One can convert such practices into modern, profitable operations, creating a winning transaction for both parties. Help out a fellow DPM looking to retire. Someday, this DPM might be you.
Dr. McDonald is in private practice in Kannapolis, N.C. He is a Fellow of the American Academy of Podiatric
Practice Management and serves on the Education Committee of the Georgia Podiatric Medical Association.