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Philadelphia Metro Edition 2008
       Volume 2, No. 5  Page 21

MEDICAL BUSINESS CORNER


Parity Among Female Physicians
 
The Tucker Advisory Group, Inc.



Michael J. Bradley, Jr. MBA
Managing Director
TheTucker
Advisory Group, Inc.

A successful female physician needs to relocate since her husband landed a great job opportunity in another state.  After notifying her patients and transferring their medical records, she literally shuts down her practice with the intention of opening a new practice after the move.

Although this scenario sounds like a seamless geographic transition, there is an overlooked gap in the plan.  Did she consider the concept of selling her existing practice, or even determining its value?  Starting a new practice is time consuming and costly.  By giving up her previous practice, she lost her start-up capital for funding her new business venture.

The Tucker Advisory Group, Inc. (TAG) is a health care consulting firm, striving to help your physician practice improve its performance and achieve success.  Michael J. Bradley, Jr., M.B.A., Managing Director of TAG, stresses that a financial valuation of the physician’s practice would have been a prudent approach in helping the physician to decide if selling was a viable consideration.

What is involved in a financial valuation”  “In addition to a thorough review of the practice’s financial performance, we would also evaluate the patient population and medical records,” Bradley says.  “I would pay close attention to the patient tenure of the practice—how long the patients have been loyal to the physician, and analyze the patient ZIP code distribution to determine how far patients are willing to travel for the particular services rendered.”  All of these factors would be helpful in determining the value and likelihood for future success of the practice.

If the financial valuation shows substantial value, Bradley would suggest that the physician speak with her local hospital to explore any interest in a potential transaction.  She might also find it worthwhile to reach out to other physician colleagues, particularly those in an on-call group who may have already established relationships with her patients.  Certainly, an established local practice with which they are already familiar could be appealing to them as potential buyers.

It is not uncommon for female physicians to close their practices to join other groups as employees, or make lifestyle choices by working part time.  “Unfortunately, they may forego opportunities to expand their business or bring in associate physicians.  Obviously, there are many available options and strategies to be explored prior to making such a major decision,” he says.

TAG professionals have performed in excess of 400 financial valuations spanning nearly every medical specialty, while strictly adhering to recognized and accepted financial valuation methods.

As a general rule, physician compensation in a private practice model is largely dependent on the medically related time commitment for both males and females.  However, females often work fewer hours because of family commitments—many are pursuing a demanding career while raising children and trying to have some semblance of normal family time.  The gap in compensation is becoming much closer than it was in the past.  “The good news is that this further emphasizes the value of a female physician in a practice.  Inc fact, some medical specialties patients prefer women doctors,” adds Bradley.

TAG’s overall success depends entirely on providing quality client services and consistently achieving 100% client satisfaction.  Let the Tucker Advisory Group, Inc. help your practice to achieve its fullest potential and overall success as well! 

What is involved in a financial valuation?  "In addition to a thorough review of the practice's financial performance, we would also evaluate the patient population and medical records," Bradley says.
A financial valuation can be the basis for deciding whether or not to expand—or sell your practice.
  For more information on how The Tucker Advisory Group, Inc. can assist and improve your practice, contact Michael J. Bradley, Jr., M.B.A., Managing Director, The Tucker Advisory Group, Inc. by phone at (610) 513-4480, or by email at mbradley@ttag-inc.com  You can also
visit The Tucker Advisory Group, Inc. website at www.ttag-inc.com for additional information.

   

 



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