So you’ve decided to seriously look into selling your healthcare clinic. Assuming you’re doing this for a positive reason that will improve your quality of life or send you on to the next stage in your career path, the key question is, how do you increase the value of your clinic so you can command top dollar in the sale?
Determining your current value is the first step in this process, and clinic businesses should use EBITDA to find out how much their business is worth. Here’s how to value your clinic using EBITDA.
But once you have a reliable number for the current value of your clinic, what do you do if you were hoping for a higher figure? And, what can you do to increase your multiple – the number that multiplies by your EBITDA to determine your sales price?
These and many related questions were discussed in a recent episode of New Patient Secrets, as a virtual roundtable of industry experts and clinic owners spent an hour talking about everything related to selling medical clinics like dental, chiropractic, physiotherapy, and massage clinics.
Here are the top seven ways to increase the value of your health clinic.
Topics: Sell or Buy Clinic
If you're a clinic owner, then you know that providing a great patient experience is essential to your success. Patients are the lifeblood of your business, and if you can create a positive experience for them, they will be more likely to return in the future and refer others to you.
In fact, it's said to cost five times more to acquire a new customer or client than it does to keep one. In this blog post, we will discuss the seven rules you need to follow for a great patient experience!
Let's get started...
Topics: Patient Experience
A Complete Hiring Blueprint for Clinic Front Desk Workers
What should you look for in the perfect candidate for your clinic’s front office team?
If you’re like many clinic owners, it’s hard to nail down.
Am I hiring a secretarial type person? A sales person? An administrative and operational type of person? And what am I paying this person, exactly?
Maybe all this lack of clarity in your hiring process is why front desk positions have such high turnover.
Topics: Hiring & Firing
The Easy Way To Analyze Your Clinic’s Profit and Loss Statement To Put More Money In Your Pocket
One of the hardest things clinic owner Kathy had to face was looking at her P&L (profit and loss statement) and dealing with it. She would get this dreaded anxious feeling whenever she looked at it.
But it's so important to look at it regularly. It's important to know how to analyze it and ask the right questions. When Kathy learned this she discovered that she was missing $45,000 because of booking errors.
Topics: Profit an Loss
Having a wage increase conversation is one of the hardest conversations you’ll ever have.
Nobody likes talking about money especially when someone is asking you for more of it. But money talks are part of being a clinic owner.
In this blog post we role played a scenario on how to respond when someone asks for a raise but you can’t really afford to give one.
Karen is one of the top clinic leadership experts. Check out how she responds in an unusual but effective way.
Here’s the transcript of the role play.
Topics: Patient Experience
How Darryl Grew His Clinic To A Million With Only 15-20 New Assessments Per Week
In this article, I’m going to share how to hit the million-dollar mark in your clinic by just focusing on the money left on the table inside of your clinic, not outside like assessments and marketing.
There are actually only two things inside of your clinic you need to focus on to hit the million mark...
Topics: Vacation Policy
When a new potential patient calls your health clinic for the first time, that phone call may be your only chance to convert them into an actual patient who pays you to help them get better. This is true whether you are a dentist, physiotherapist, chiropractor, massage therapist, or another kind of healthcare specialist.
Topics: Call Performance