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February 12, 2024

Top 10 Reasons Not To Sell Your Anesthesia Practice

February 12, 2024

In an unknown and ever-changing healthcare landscape, consolidating your anesthesia practice with a bigger group can seem tempting for the supposed stability and regularity it seems to provide. This loss of independence in how you run your business, though, will lead to less job satisfaction as you lose the autonomy to control your own future. Consider the reasons why you started an anesthesia practice in the first place. The best way to retain control over your career trajectory is to remain independent in your practice and not sell. If you are still interested, however, you should sell your anesthesia practice if…

1. You don’t want to increase financial stability and profitability.

When you give up your position as a shareholder, you are relegating yourself to being an employee at your own company rather than a decision-maker. A larger anesthesia group may promise that you will remain autonomous after a takeover, but there is little to ensure these promises will actually be enforced after the contract is signed. Controlling the operations of your anesthesia group means controlling the compensation structure — something that would be limited if you sell.

2. You’re OK with little to no control over the decision-making process.

Without the freedom to implement changes in policy as needed, your group won’t be able to swiftly adapt to challenges as they arise. The decisions you make trickle down to every aspect of the day-to-day operations of your anesthesia group. When you leave those decisions up to a CEO with no personal stake in your practice, you leave your practice open to oversight and mismanagement.

3. You don’t care about your patient relationships or continuity of care.

Your patients are why you practice anesthesia — everything else is just red tape. Selling your practice to a larger group means putting your patients in the larger care cycle where you will have less impact on patient satisfaction and outcomes. Established patient-care relationships are important as patients look to anesthesia providers pre- and intra-operatively for reassurance and information regarding what to expect. A positive relationship with an anesthesia provider leads to better outcomes for the patient after the procedure.

4. You don’t want to establish a reputation through marketing and branding. 

Apart from patient relationships, your physician relationships are the glue that holds your practice together. If you have spent time establishing these as an anesthesia practitioner, you don’t want to sacrifice your hard work only to have to start over with a new set of physicians as you are absorbed into a larger anesthesia group.

5. You’re OK sacrificing your flexibility and work-life balance. 

When you sell your anesthesia practice, you become just another revenue stream for a greater healthcare machine and reduced simply to the number of hours you are able to work. A larger anesthesia group isn’t going to care about the holidays and vacations you are sacrificing to spend in the OR.

6. You don’t want to retain staff or work collaboratively. 

The main ways you are able to influence morale in your anesthesia group are remuneration and work environment. By offering competitive compensation and flexible work schedules to anesthesiologists, you can control job satisfaction for your staff and recruit and retain the best practitioners on the market. 

7. You don’t want to embrace future growth and expansion opportunities. 

Settling for a less-than-perfect deal now may limit what you can do in the future. The freedom to explore new partnerships and opportunities without restrictions isn’t possible when you sell your anesthesia practice to a larger regional or national group. 

8. You aren’t aligned with values or a mission.

As a healthcare provider, you take a certain pride and joy in successfully healing patients. Are you OK with reducing your life’s mission to mere cash flow for a larger organization? Working for someone else puts you at risk of being asked to work in ways that don’t align with your values. 

9. Long-term financial planning or retirement isn’t a main concern.

When you don’t control the compensation for your company, you don’t control your retirement, either. You will no longer have the ability to make long-term policy changes that will impact the future well-being of you and your staff. 

10. You don’t want to control your destiny.

Selling your anesthesia practice means putting yourself at the mercy of fate. The stability that seems to be offered when working under a larger group is false. You are only as good as your future cash flow to a larger national anesthesia group, but as an independent practice, you can support yourself and a staff with a mission and values that align with your future goals. 

If you need help managing your revenue cycle as an independent anesthesia group, give us a call! We can help you get back on track before making a decision to sell that you’ll regret. 

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