The Pegasus Health Practice Relationship Team are now offering specialised succession support for general practices and individuals looking to buy into a practice or for those owners looking to sell their ownership.
The Practice Relationship Team has identified that some general practices are wanting support with succession planning. With almost half of general practitioners predicted to be retiring in the next 10 years, succession planning is critical for practices.
“Now that practices are getting back to business-as-usual as COVID-19 requirements decrease, many practices and owners are taking this opportunity to review practice structures and progress succession planning if they have not already,” said Operations Manager for Provider Services, Rachel McAllum.
The Practice Relationship Team has been working with Medical Assurance Society (MAS) to upskill and develop support tools for practices and individuals, who want further support for succession planning or considering buying or selling ownership of general practice. One key tool is a video of a webinar presented by Shaun Phelan from MAS, which looks at what both buyers and sellers need to consider in their succession planning and the processes of buying or selling ownership of general practice. Pegasus would like to acknowledge the support from MAS and other professional providers throughout this development project.
There is a feeling among our younger GPs who might have young families, student debt and a home mortgage, that ownership is not attainable for them. This video discusses areas that help you to understand the key aspects when considering buying or selling ownership of general practice. It gives examples of due diligence, business models, pricing, and valuations for you to consider.
The Operations Manager for Provider Services and the Practice Relationship Team are available to provide confidential support and advice about the process and the due diligence buyers and sellers should be undertaking before entering negotiations. They are, however, not able to be a part of the sale and purchase process but support you to understand the areas that make up the full processes required. The team have begun creating a confidential database of those wishing to buy or sell ownership, that may be able to support matching potential buyers and sellers.
To support any buyers or sellers wishing to discuss this confidential service for succession planning or buying/selling processes please contact Rachel McAllum, Operations Manager Provider Services at Pegasus Health.
Contact Rachel McAllum, Operations Manager Provider Services on 0274 280 335 or email Rachel.mcallum@pegasus.health.nz