Are You Ready to Boost Your Practice’s Value? Here’s How!
Thinking of selling your practice? Even if it’s just a distant possibility, now is the time to start working on increasing its value. Buyers—whether they are private equity firms or individual optometrists—look for specific qualities in a practice. Here’s how you can make yours stand out.
1. Keep Your Financial House in Order
Start with the basics: clean, accurate, and transparent financial records. Potential buyers will scrutinize your books, so make sure everything is in top shape. Pay attention to:
- Revenue Trends: Are your earnings stable or growing?
- Expense Management: Are there opportunities to cut unnecessary costs?
- Diversified Income Streams: Specialty services (like ortho-k or myopia management) can add significant value.
2. Patient Retention and Satisfaction are Key
Why do patients keep coming back? A solid patient base with high retention rates is a golden asset. Cultivate loyalty through personalized care, follow-up reminders, and patient education. Consider implementing new technologies, like automated communication tools or apps that make scheduling easier.
3. Expand Your Services
Think beyond the basics. Adding specialty services—such as dry eye treatments, vision therapy, or low vision care—can significantly enhance your practice’s value. These services not only diversify your income but also position your practice as a leader in comprehensive eye care.
“Specialty services are like adding extra horsepower to your practice engine. They can accelerate growth and attract a different caliber of buyers.” — Bret Davis, an EVP at A&G Vision
4. Operational Efficiency is Not Optional
Efficiency speaks volumes. Streamline operations with modern practice management software, automated billing, and efficient patient flow. Practices that demonstrate smooth operations are often seen as more valuable because they offer a buyer a turnkey solution.
Conclusion: Small Steps, Big Impact
Improving the value of your practice isn’t just about making big changes overnight. Focus on these core areas, and over time, you’ll see the difference in your practice’s attractiveness to potential buyers.