My practice and 3140 sq ft office condo FOR SALE

[bm84]

sent you a private message.

---

Members don't see this ad.

 

[Status Sciaticus]

Superb question that will get vastly different answers here. In short, if it includes assets (predominantly real estate in our line of work) it will be worth a lot more. Associated ASC buy-in that's cooking also changes everything.

The value of existing contracts/referral sources and patients is subjective and variable. In some places this is invaluable. In others, it's meh. The blood, sweat and tears to build a practice is worth at least 7 figures to the person who did it, but the buyer almost certainly doesn't appreciate that value. The emotions involved with this are probably greater than the sale of a home someone lived in for decades.

My bias: A hospital based employee with real estate background that got deep in the weeds to purchase a solo private practice from a guy looking for an exit strategy. IMO, his emotional connection and value of past work was far greater than my dispassionate assessment of the value of buy-in.

So, the issue is the time decay. The person selling has to sell eventually, but the buyer doesnt have to buy immediately. If the valuation is more than 2-3x EBITDA, then its not a practical ask. Contracts arent worth much given that they are up for renewal at frequent intervals, unless there are lease agreements, referral agreements, and purchasing contracts that are valid for 5+ years.

i think it would help if doctodd advertised the practice on somewhere other than this forum. im sure he would find takers - unless the area is oversaturated with pain docs.

its listed on gasworks.

construction around here is insane.....it's only going to grow more and more. An ASC is inevitable.

If I advertised locally, I don’t think it would help the practice. And my son is still 12, so I’m just playing the appreciation game. And I’ll stay on a bit to help transition.

How long would you stay for the transition? 5 years? more?

 

[Doctodd]

There is only the 2 tenant leases which the new owner could keep or end. My ortho umbrella group is very large in the state. They arent going anywhere.

It would seem that 5 years is not something a new owner would want......it's typically alot less. But i will keep living here until my kid goes to college......he is in 6th grade.

 

[Doctodd]

Bump for April and potential new grads. W/C reimbursement just went up in FL. I’m ready to coach baseball and cruise the bahamas.

 

[Status Sciaticus]

South Florida is popping and I had an unsolicited offer on the office condo itself for $1 million so I might as well throw this out there for new grads. The office condo is almost new and is owned by me alone, and it is in the only medical arts building in the area 20” south of Miami. It is next to the hospital so you could be in the doctor's lounge in three minutes. Persuade me to retire. You can take over a turnkey office with all patient’s, staff, contracts, a revenue generating tenant Physical therapist, and all equipment including regenerative. You could also be on the ground floor for the only (new) ASC in the area planned. I will teach all my regenerative tricks and transition so all patients are kept. Im part of an Ortho umbrella group for contracts, and they offer all benefits including insurance and retirement.

Approximately 3140 sq ft, 1 procedure room with a top of the line OEC Elite Vas-15 C-arm and carbon fiber diving board table, MyLab US machine, 2 sterilizers, 2 centrifuges, 4 patient rooms, PT area, kitchen, 2 private bathrooms, 2 executive offices, 1 large room that can be used for patients or storage or anything else, and more i cant remember. Perfect for new grads who dont want to wait to build up a practice. The struggles of starting a practice with contracts are eliminated by joining the Ortho umbrella group. I/you still have complete autonomy.

am I mistaken? the address listed is as 40 miles away or about 50 minutes, not 20.

 

[Doctodd]

Depends where in Miami…….my office is 19 miles from my house where I’m NOT taking the expressway half the commute. North Miami is another 10 miles.

 

[Orin]

Depends where in Miami…….office is19 miles from my house where I’m NOT taking the expressway. North Miami is another 10 miles.

Wasn't there a new law in FL that limited personal injury/worker comp claims?

Understanding the Impact of Florida HB-837: A Guide to Tort Reform - Gould Cooksey Fennell | Vero Beach, FL

https://youtu.be/-_gvzj_OUHM Gould Cooksey Fennell Personal Injury Attorney, David Carter, explains the impacts of HB-837. Whether you've recently endured

gouldcooksey.com

 

[Doctodd]

Wasn't there a new law in FL that limited personal injury/worker comp claims?

Understanding the Impact of Florida HB-837: A Guide to Tort Reform - Gould Cooksey Fennell | Vero Beach, FL

https://youtu.be/-_gvzj_OUHM Gould Cooksey Fennell Personal Injury Attorney, David Carter, explains the impacts of HB-837. Whether you've recently endured

gouldcooksey.com

Lawyers affected…..w/c physician fee schedule just increased....edit effective January 2025

 

[Doctodd]

effective date January 2025.....only bummer

The Florida Senate
BILL ANALYSIS AND FISCAL IMPACT STATEMENT
(This document is based on the provisions contained in the legislation as of the latest date listed below.)
Prepared By: The Professional Staff of the Committee on Fiscal Policy
BILL: CS/SB 362
INTRODUCER: Fiscal Policy Committee and Senator Bradley
SUBJECT: Medical Treatment Under the Workers’ Compensation Law
DATE: February 9, 2024
ANALYST STAFF DIRECTOR REFERENCE ACTION
1. Johnson Knudson BI Favorable
2. Morgan Brown HP Favorable
3. Johnson Yeatman FP Fav/CS
Please see Section IX. for Additional Information:
COMMITTEE SUBSTITUTE - Substantial Changes
I. Summary:
CS/SB 362 increases the maximum medical reimbursements for physicians and surgical
procedures and the maximum fees for expert witnesses under ch. 440, F.S., “Workers
Compensation Law” (law). The law requires employers to provide injured employees all
medically necessary remedial treatment, care, and attendance for such period as the nature of the
injury or the process of recovery may require.
The bill increases the maximum reimbursement allowances (MRA) for physicians and surgical
procedures to 200 percent of Medicare. Currently, the maximum reimbursement allowance for a
physician licensed under ch. 458, F.S., or ch. 459, F.S., is 110 percent of Medicare and the
maximum reimbursement allowance for surgical procedures is 140 percent of Medicare.