Should I sell my entire practice, or only that part of my practice that I can no longer support under Medicare’s new payment rates (e.g. my echo lab and my nuclear lab)?
The answer to this question depends in large part on your objectives. If you have become disheartened by the increasing challenges of running a private practice and are willing to forego control over the business aspects of practicing medicine in order to focus on clinical care, it may be wise to consider selling the entire practice. From the standpoint of eliminating practice management hassles, selling the entire practice and simply becoming an employee of the hospital or a related entity is by far the simplest and most straight-forward way to go. However, if you and the members of your practice wish to continue to operate a private practice independent of the hospital, but wish to sell those components of the practice that have become financially unsustainable under Medicare’s new reduced rates for echocardiography and/or nuclear cardiology services, this is also legally feasible, provided certain conditions are met. If you pursue this model, it may be possible for your practice to
