Highly Regarded Speech Therapist on the North Shore of Massachusetts is Looking to Retire and Sell a Long-standing Boutique Pediatric Practice

OVERVIEW
This practice has been in existence for over 15 years. The practice is well known in the community for providing evidence based, creative, family centered, and flexible services based in the home office of the owner, virtually, in client homes, at daycares, and in schools. The practice has longstanding working relationships with many Northshore pediatrician offices, and is credentialed with over 6 insurance companies, including Aetna, Allways Health Partners, Blue Cross Blue Shield, Cigna, Harvard Pilgrim Health Care, Tufts Health Plan and also accepts private pay.
The practice mainly provides evaluation and treatment for children from ages 2 through young adult for a variety of diagnoses including Autism Spectrum Disorder, Down Syndrome, fluency, expressive and receptive language disorder, Childhood Apraxia of Speech, phonological disorders, and articulation disorders. The owner is also certified to provide LSVT LOUD treatment for adults and children.
The practice averages approximately 17 productive visits per week. Typically, the practice averages approximately 75 productive 45-minute-long visits per month, with approximately 2 new clients per month. The practice has approximately $10,000 in evaluation and treatment material, all in good working condition and all included in the sale.

FINANCIAL OVERVIEW
Full financial information including but not limited to profit and loss statements, balance sheets, and tax returns for the last three years are available for inspection. A full breakdown of in network rates, and payor mix is available as are the practice statistics for all services rendered including the school contract. The average gross revenue for the company over the last 3 years was close to $74,000 and 2021 grossed over $90,000.00

The practice has a varied revenue stream in that it bills insurance companies and is also under a longstanding contract with a local high school. The high school contract allow for billing for both direct and indirect services including hands on evaluations and treatment, video analysis for evaluations, reading files, report writing, writing IEP goals and objectives, writing progress reports, Medicaid billing, consulting with parents and teachers, COVID trainings, and scheduling. Much of the indirect service is done off site. This school-based contract is very appealing to therapists who have young children as the services during the summer are minimal.

GROWTH OPPORTUNITIES
We believe there are numerous opportunities of growth for this practice. This practice can continue to function as a community base practice for at home and school-based visits or can be folded in a practice that already has a brick-and-mortar presence. It can also be a great opportunity for an Occupational or Physical Therapist who wants to expand and have a multi disciplinary practice,

The practice does not do any marketing, does not have a website or social media campaigns and still has consistently kept long term clients and easily filled all empty slots through word of mouth, pediatrician referral, or insurance company referral. Initiating a marketing agenda would have an immediate growth potential.

The practice would allow a single Speech Pathologist to immediately have a full caseload. Utilizing a home treatment model would likely add additional sessions per week since this model would be more convenient for parent’s work schedules and several of the clients currently receiving services would likely add additional sessions per week.

While bringing on a qualified staff therapist to an existing clinic could be considered a challenge, the benefits and profit would be immediate. The new staff person’s schedule would be full right away and, if offering home visits, several of the clients currently receiving services would likely add additional sessions per week since this would be more convenient for parent’s work schedules.

Weekend services are currently not provided but clients desiring Saturday sessions have consistently been turned away, which could be appealing to a therapist wishing to a balance work and childcare schedule.

Medicaid coverage is currently not provided but clients with this insurance have consistently been turned away, so adding Medicaid would add to the client base.

OFFERING TERMS
The owner is retiring, but willing to stay on for a reasonable transition period to ensure a successful transition and might consider short term employment opportunities. The sale price of $80,000.00 includes the current clients that are expected to stay on, a database of former clients and ongoing referral sources, the school contract, insurance contracts and all testing and treatment material.

Interested and serious potential buyers, please contact the practice owner directly at: massslppracticeforsale@gmail.com

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