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Strategic Considerations for Selling Your Pathology Practice

Learn how to navigate economical, clinical, and sociological pressures when considering the sale of your pathology practice. Explore evaluation options, aligning with healthcare systems, venture capital, and negotiating strategies.

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Strategic Considerations for Selling Your Pathology Practice

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  1. KEY CONSIDERATONS FOR SELLING YOUR PATHOLOGY PRACTICE Ron Sconyers Metropolitan Pathologists, PC

  2. Learning Objectives • Implement best practices between hospital and physician interests • Demonstrate strategies to prepare for integration • Identify practical steps to improve outcomes and physician satisfaction

  3. Economical Pressures • Decreasing Reimbursements • Moving from Volume to Value • Changing alliances

  4. Clinical Pressures • Changing clinical guideline • Increased Medical Knowledge

  5. Sociological Pressures • Increased Demands • Improve Population Health • Improve Outcomes

  6. Necessary Endings • Our world is Changing • Necessary Endings – Dr Henry Cloud • “Great is the art of the beginning, but greater is the art of the ending” – Henry Wadsworth Longfellow • What are we going to do • “When Stuck is the new Normal”

  7. EVALUATE OPTIONS • INTERNAL AND EXTERNAL ASSESSMENT • Environment Assessment • Practice Assessment • Market Assessment • EVALUATE YOUR OPTIONS • Build a Different Business Model • Align with Healthcare System • Sale

  8. Build a Different Business Model • Promising Practice PathwaysTM • High Performance Pathology for High-Value Oncology • High Performance Diagnostic Services • Coordinated Population Care Services • Patient Diagnostic Services Center TM byCollege of American Pathologists

  9. Align with Healthcare System • Develop a relationship with Key Players • Visible Pathologist • Know your practice – results of Practice Assessment • ACO involvement • Joint Venture

  10. Sale Strategy • Strategic Alignment • Venture Capital

  11. Strategic Alignment • Minimal Acquisition activity • More Joint Venture Activity

  12. Venture Capital • Be Prepared

  13. Information Request - Financial • Financial Statements for past 3 or more years • Revenue breakdown: testing for specialty physicians (by specialty), testing/consulting for pathology practices, contract research • Revenue breakdown by payer, indicating • Revenue breakdown by CPT code • Revenue by customer (concentration report) • Revenue by Geographical Area

  14. Information Request - Statistical • Complete test menu • Specimen volume by CPT code • Average accession value • Average revenue per case by testing • Number of active specialty practice clients • Number of active pathology practice clients

  15. Information Request – Additional • Compensation plan for sales team • Compensation plan for pathologists • State licenses held by pathologists • State licenses held by lab

  16. Information Request – Strategies • Are there any proprietary LDTs or access to proprietary markers? • What is your assessment of your strengths and weaknesses (including personnel) • Please describe the growth strategies that you have developed for and the implementation status of each

  17. Negotiating Strategies • Getting to Yes • Authors - Roger Fisher, William L. Ury, Bruce Patton • BATNA— Best Alternative to a Negotiated Agreement

  18. Ron Sconyers Metropolitan Pathologists rsconyers@metropath.com

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