Closing down a medical practice can be a difficult process, often with the movement of decades’ of patients and files, as well as staff to consider. The process of referring-on patients, closing books, reconciling accounts, storing files, dealing with service providers and notifying colleagues can be daunting and often inefficient.
The team at Hoxton MPM is experienced in efficiently managing this process for doctors and at the same time adding value to the practice. We use a comprehensive model to consolidate the medical practice, creating a list of active patients and referrers and in the process creating a product or service that has value to other practitioners. Using this approach allows Hoxton MPM to create a market for Medical Practices, allowing for a dollar value to be established for existing practices. Furthermore this process facilitates the handover of practices en-bloc according to a defined schedule.
Once engaged Hoxton MPM Practice Brokerage will:
- Assess and analyse the organisational structure of the existing practice
- Perform a business review and report on the operational costs, established referral base, active patients and existing relationships with service providers
- Assess other local providers offering similar medical and health services
- Develop and implement an organisational plan to end the practice, and efficiently refer-on patients
- Utilise medical software to package the active component of the practice
- Foster and develop a market for the practice
- Notify key-stake holders, patients and referring doctors of the change in practice