Comes with Real Estate in an Excellent Location in an Affluent Town
The Physician owner has run this profitable practice for past 20 years and is now looking to retire and relocate. The practice has about 3,500 to about 4,000 active patients in the database. It provides comprehensive healthcare to patients ranging from adolescents to adults. The practice specializes in growing geriatric population in the area and provides minor surgical procedures and preventative medicine.
The services include:
- Annual Physicals (about 80% of patients have annual physicals and vaccinations)
- School Physicals
- Sports Physicals
- Urgent Care
- Long-term Care
- Pulmonary function test
- Leg Doppler Test
- General medical care
- General Sickness (about 80% of patients come for general sickness)
- Emergency Treatments (about 20%)
- Workers Compensation, Minor Surgical Procedures, Joints Injection, ECHOs, DOT exams
The Practice accepts most major insurances including BCBS, Aetna, CIGNA, UHC+Oxford, AmeriHealth, Qualcare, Medicare. Roughly 40-45% of patients are on Medicare and rest on private insurances. The Practice provides comprehensive healthcare to patients between the ages of 10 years to over 100 years. The doctor provides house visits, minor surgical and dermatological care, physicals, pre-ops, DOT exams and more. The practice is in a good location on a major road and close to two hospitals.
The facility has 1,850 sq. ft. has four examining rooms, storage room, private office, reception room, waiting room and a lavatory.
The owner has been slowing down for a number of years but there is a tremendous scope of increasing the revenue.
a. Reimbursement Increase. Physician got into a group practice plan which negotiates higher group reimbursement rate for physicians.
b. Increase in Hours. Currently, the practice runs on limited hours. It is open only about 25.5 hours a week. So going to full time 44 hours from current 25.5 hours would increase the revenue and profits by about 74% or more.
c. Hospital Admissions. The owner has stopped attending to patients in the hospitals, which he used to. This can provide roughly $700-800 per patient and the owner used to get about 3-5 patients a week when he was providing this service. An energetic buyer can provide this service and at 4 patients per week and at $700 per patient, this would add another $145,600.
d. Many patients go to a rehabilitation center after a hospital stay. If a physician buyer treats only 8 patients per month at the rehab center (seeing them 2-3 times per week at $100 per visit), it would mean about $12,000 per month or $144,000 per year.
e. Similarly, a physician buyer can visit patients in assisted living facilities. About 10-20 patients at 2 visits per month ($100 per visit) can add another $3,000 per month or $36,000 per year.
Other suggestions include using more direct to consumer advertising, social media presence, and using newer tools such as ZocDoc and other directories.
The practice employs 1 Full-time and 2 Part-time employees.
REASON FOR SALE
The physician is retiring and relocation out of the area.
- Gross Revenue: $444K
- Discretionary Income: $259K
(on part-time basis after adjusting for reimbursement increase from insurances in 2018)
By converting to a full-time (44-hour practice from 25.5 hours), can increase revenue and DE by 72% (Revenue to $776K and Discretionary Income to $447K
- Asking Price: $735K for the business and $540K for the real estate
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SOLD Tech-7013: Family Practice in Central NJ with Good Growth Prospects and with Stand-alone Medical Building
This is a family practice medical group provides comprehensive wellness care and disease management to three counties in Central NJ. The Practice has been in this area for over 15 years with close access to major highways, major State University, city downtown, and major companies, and two major hospitals. The Practice offers early morning and evening hours to accommodate patient’s work schedule and offers same-day appointments and on-site lab tests. Its modern EMR system provides secure electronic medical records with an online patient portal to book appointments, request refills, and ability to email patient’s provider securely online.
- Present in the community for 15 years
- Only practice serving the County Commission Educational Services and City’s Volunteer Fire Co
- Affiliated with Travel Clinics of America providing travel medicine services
- Practice offering Weight loss program with Robard Corporation for the past 5 years. Only practice in the area serving as a distributor for products
- Distributor for Metagenics wellness products
- 85 average Visits per week
- 8545 visits between 10/31/13 and 10/31/15
- 50% follow up visits, 30% physical, 20% weight loss
- Services – Wellness Exams, Physicals, Weight Loss, Diabetics, Headaches, and many more
- CLIA- waived Lab performing Strep test, urine pregnancy spirometry, finger-stick glucose, urinalysis, fecal occult blood
- 3 Exam rooms, 2 physician offices, reception room, two bathrooms, waiting room, lab, kitchen area, full basement
- Revenue: $342K
- Discretionary Earnings: $138K (for an active full-time practitioner); $168K if open full time (44 hours)
- Growth potential by increasing hours to full time from 36 hours and doing some hospital work
- Asking Price: $150K for Practice and $440K for the building
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Tech-Real-6021: Build-to-Suit Medical Office Space for lease in a Prime Location in Princeton, NJ
This build-to-suit medical office space offers 1,970 sq. ft. to 3,000 sq. ft. of space. It is in a beautiful 3-building complex with 40 medical and professional office suites. The Complex is 95% occupied. It offers ample parking and is just off busy Route 206.
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Tech-Real-6022: Build-to-Suit Medical Office Space for lease in a former Hospital Building in Princeton, NJ
This build-to-suit Medical office space offers 3,000 sq. ft. of space of space, can be sub divided. It is in a three story high redeveloped office building located on the former Princeton Hospital site. Offering a modern Class A space with a completely redone interior. New Modern apartment complex with 288 units adjacent to the building.
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