Why Is Buying an Existing Plastic Surgery Practice is Better Than Starting from Scratch
For many aspiring plastic surgeons, the dream of running their own practice is a major career goal. However, when it comes to achieving that dream, there are two primary paths: starting a practice from scratch or purchasing an existing one. While both have their merits, buying an established practice often proves to be the superior choice. Here’s why:
1. Immediate Cash Flow and Established Revenue
One of the most significant advantages of buying an existing plastic surgery practice is the immediate cash flow. Unlike a startup practice that can take months or even years to become profitable, an established business already has a steady stream of patients, predictable revenue, and functioning financial systems. This minimizes financial risk and provides a strong foundation for long-term success.
2. Built-in Patient Base and Referral Network
Acquiring an established practice means inheriting an existing patient base. Building a reputation and a reliable patient list from scratch can be a slow and challenging process, requiring significant marketing investment. An established practice already has a steady flow of returning patients and a referral network with other healthcare professionals, making it easier to sustain and grow the business.
3. Proven Business Model and Operational Systems
An established practice comes with tested operational procedures, billing systems, and staff who already know how to run the business efficiently. Starting from scratch requires setting up everything from electronic medical records (EMR) to front-office management, which can be time-consuming and fraught with trial and error. By purchasing an existing practice, you can focus on refining and expanding rather than building from the ground up.
4. Experienced Staff and Trained Team
Recruiting and training a new team for a startup practice can be a daunting task. When you purchase an existing practice, you gain a team of experienced staff who are already familiar with the business operations, patient management, and overall workflow. Their expertise and continuity ensure a smoother transition and contribute to maintaining high-quality patient care.
5. Established Reputation and Brand Recognition
Building a strong reputation in the plastic surgery industry takes years. Buying an existing practice means taking over a name that patients already trust. This credibility can be invaluable in a competitive market, helping to attract new patients and retain existing ones.
6. Faster Path to Growth
With an established revenue stream, existing staff, and a known brand, you can focus on expanding services rather than struggling with initial business setup hurdles. Whether you want to introduce new procedures, open additional locations, or improve marketing strategies, you have a strong foundation to build upon.
7. Easier Financing and Investment Opportunities
Lenders and investors are more likely to finance the purchase of an existing, profitable practice than a brand-new startup with no proven track record. Banks and financial institutions see less risk in a business that already generates revenue, making it easier to secure favorable loan terms.
Conclusion
While starting a plastic surgery practice from scratch can be rewarding, it comes with significant challenges and financial risks. Buying an existing practice offers immediate benefits, including established revenue, a loyal patient base, trained staff, and operational efficiency. For those looking for a smoother transition into business ownership with a higher likelihood of success, acquiring an existing practice is the smarter choice.
If you are seeking to explore buying an existing plastic surgery practice we have several practices listed nationwide. Go to our website www.gotplasticsurgeryjobs.com to check them out. Email David Smith at david@esamedicalresources.com or call/text 270-266-1024 if you have any questions.
