Aspiring Practice Owner
We’ve been in the shoes you’re preparing to step into as a new practice owner. It’s an exciting, albeit nerve-racking time, and it’s important to choose your first steps wisely. BHC’s consultants are excited to help you achieve your dreams, build your team and craft your legacy as a practice owner.
We’ll accompany you through the following: (click for more)
- “Discovery meeting” to establish your top priorities, set expectations for both parties and define how we will measure success.
- Perform a site visit to better understand the local community, competitive environment and opportunities for defining your model.
- Research demographic information to analyze competition, education and income status and general population trends.
- Coach you through the steps of the physical components of a purchase or startup including, but not limited to, contractor identification and selection, guidance on hospital design and flow, equipment and vendor recommendations and aesthetic decisions (signage, landscaping, etc.).
- Guide you through the business and financial aspects of practice ownership including developing a business plan and financial projections, as well as teaching you how to evaluate financial statements and make appropriate decisions based on the information from your accountant.
- Provide a step-by-step checklist of critical items that need to be completed to ensure you are set-up for success upon opening.
- Your legacy as a practice owner begins today.
Many aspiring practice owners dream of running the perfect practice – practicing picture perfect medicine, having just the right team and culture and finding that “ideal” work-life balance, all while running a profitable practice. Unfortunately, many owners find themselves in a different reality, stuck on a hamster wheel in a practice very different than they imagined. Let BHC help you get your practice where you’ve always dreamed it would be – whether that means taking a low performing practice to profitability or an already healthy practice to exceptional.
Our team achieves this through: (click for more)
- Conducting a “360 Evaluation.” This will demonstrate strengths and weaknesses of each team member allowing us to get a better picture of where the practice is now and how they can better serve the practice’s needs.
- Performing a “Practice Diagnostic Visit,” which includes a one on one meeting with each team member to review the 360 evaluations and gives us dedicated time in each area of the hospital allowing us to review practice flow, strengths and opportunities for improvement.
- Utilizing a “Phone Shopper” who will provide us with feedback that can be used for future training and employee development. This procedure helps us determine the current level of front desk team training and the client experience.
- Formulating an in-depth “practice diagnostic report” in which we lay out specific recommendations for you as the owner, each of your team and the clinic in general for the short and long-term.
- Our team enjoys setting you up with a plan, but many of our clients find the most value in being paired with both veterinarians and managers from our team to assist in implementation. We don’t just tell you what to do, we coach you through actually achieving the results you desire.
Transitioning Practice Owner
Roughly six out of ten practices are classified as “no-lo,” meaning they have no to low value. As practice owners, it is our responsibility – to ourselves, our families, our staff, our patients and our clients – to build a business that can live on without us. Let BHC help you get what you deserve for your practice and create a legacy that will live on.
We achieve this through a process similar to the efforts described under “Practice Manager” with a particular focus on: (click for more)
- Creating sustainable profit to ensure a maximum valuation for your practice
- Ensuring you have the right systems, processes and team in place. A practice that revolves only around the owner is less desirable, and will value at a lower amount, than a practice run as a true business
- Strategic planning – Some sellers are driven by receiving the highest possible offer for their practice, others are concerned about the impact their transition will have on their team and clients. Whatever your motivation, BHC will customize our approach to address your “why”