ROI Corporation is excited to bring you this highly anticipated long-standing general family practice. Built in 1979, this practice has been a staple in the community for decades. Open 5 days a week with no evenings or weekends, this conservative schedule should be immediately extended to realize the practice’s full potential. With approximately 2,150 unique patients seen in the last 12 months, the opportunity to fill a newly expanded schedule is already within the clinic walls. On average the owner sees 20 new patients per month, an increase in hours is sure to result in an abundance of new patients drawn from the surrounding area. This office sits in the heart of a sprawling metropolis that can rely on incomparable exposure to drive the growth strategy of our new owner.
Our client takes great pride in ensuring that patients are treated in an environment that upholds the highest of standards. The office is continually improving their policies and protocols to ensure patient care and safety is at the forefront of each visit. This honourable level of professionalism is clearly appreciated by the current patient base as they are responsible for 85% of the inbound patient referrals.
Like the clinical operations, the business systems and financial protocols are truly unmatched. Patients understand that the practice rarely accepts the assignment of insurance benefits. As a result, the practice’s accounts receivable is minimal which is positively uncharacteristic for a practice of this magnitude.
Highlights of this practice include:
- Our client was unable to practice for ~3 months in late 2019 and early 2020 for health reasons
- He chose to supervise the full-time hygiene schedule within his ability and thus secured normal productivity in the preventive department – averaging ~$60,000 per month
- He did not employ a Locum or an Associate thus doctor revenue was deferred with a significant backlog in waiting due to closure since March 15th and the doctor’s 3-month previous temporary leave of absence
- Our client is now ready to return to full time practice and will sign a 3-year Associate Agreement
- A substantial number of procedures are referred out indicating room for immediate revenue growth
- Prior to the leave of absence annual gross income was consistently ~$1.5 million
- The premise lease is set for a 5-year renewal in May of 2020 giving secure tenancy until October of 2025 (5.5 years from today)
- It is expected that the landlord will invoke a demolition clause in 2025 thus presenting an opportunity to relocate the practice. The Appraisal has been adjusted to recognize the remaining lifespan of the leasehold improvements
- The high density residential and commercial intersection is undergoing substantial redevelopment at present
Additional Purchaser/Advisor Information:
- Your offer will be made fully conditional upon a site visit and inspection – and we will arrange for entry when safe to do so.
- Your offer should be accompanied by a certified cheque payable to “ROI Corporation IN TRUST” equal to 10% of the offered price for the practice
- ROI Corporation will prepare all offers on our standard forms for your lawyer’s review
Our client is seeking a closing date that is as close to if not immediately BEFORE the Regulator approved date for re-opening, not 30 days thereafter. ROI Corporation believes it is critical and imperative that a new owner be completely in control of the re-opening process and the patient messaging and contact protocols.
For more information, please contact Amanda Kotchie, Sales Representative.