Annual Revenue: $788,200
Net Cash Flow: $337,398
Industry: Health Care
Location: South Carolina
This well-established single-practitioner practice was established more than 10 years ago as the only board-certified specialist practitioner offering cardiology and internal medicine care within a 20-mile radius. The owner has built and maintained a reliable and growing patient base despite the challenges of the Covid-19 pandemic. There have been approximately 1600 unique patients on the active patients list over the past two years.
The practice averaged $934k in revenue over four years from 2019 to 2022. This outpatient practice attracts customers via word-of-mouth only without direct marketing to the service area. Most Commercial Insurances and Medicare are accepted resulting in a patient base containing less than 1% of self-pay or Medicaid.
Reason For Sale:
The owner wants to retire and is seeking a suitable buyer to take the practice to the next growth stage. The practice is ideal for the practitioner who would like to transition to a healthy work/life balance with full autonomy.
Training & Support:
The owner is willing to fully assist the buyer in the transition process to ensure minimal impact on business operations. He is amenable to leasing the current 5000 sq. ft. office building that he owns to maintain the location of the practice.
Owned and founded by a reputable licensed cardiologist, supported by an office manager, 1 Lead Medical Assistant, and 3 other staff. The practice serves adults, and its main services include cardiology and internal medicine care including in-office cardiology testing, nuclear stress tests, echocardiograms, vascular ultrasounds, and rhythm monitors.
The owner works 30 hours a week Monday through Thursday with all Fridays off and he has no on-call or hospital duties.
There is no competition in the area since no other practices offer both cardiology and internal medicine.
With the growing population in the area, the practice has significant growth potential. Using a marketing strategy, the patient volume could see a substantial increase. The addition of services such as sleep studies, in-office labs, nerve conduction studies, and possibly even cosmetic or spa services could greatly expand the revenue stream. A concierge practice would likely also be feasible. Extended hours will attract more patients.