SOLD!!! Southern California Hand Therapy Practice for Sale
July 3, 2020
Well Established and Highly Regarded Hand Therapy Practice for Sale in Southern California
This is a very well established and highly regarded private outpatient hand therapy clinic in San Diego County. The practice sees a variety of patients with hand and upper extremity injuries including traumatic multi-tissue injuries, tendon repairs, fractures, arthritis, repetitive strain, nerve compression, tendinopathies, among others. They provide custom-fabricated static and dynamic splints/orthotics, along with pre-fab splints.
The practice enjoys an excellent and long standing reputation among referral sources and patients and has active insurance contracts with Medicare, TriCare, V.A., Workers Compensation and other major carriers. The practice enjoys a large number of referral sources from throughout San Diego County. Referral sources include Hand Surgeons, Orthopedic Surgeons, Plastic Surgeons, Internal Medicine, Rheumatologists, Neurologists, Occupational Medicine, Nurse Case Managers, Chiropractors, and Attorneys.
Facilities and Location
The practice is located in an affluent area close to a major medical center with dining, shopping, outdoor recreation and beautiful hiking opportunities abound. The office itself is 1100 sq. ft, which includes a front lobby, reception area, 2 wheelchair accessible bathrooms, a large, open treatment area, and 2 private treatment/exam rooms. Fully furnished, and fully equipped with evaluation, treatment, splinting and wound care equipment and supplies, including Fluidotherapy, BTE SimII Work Simulator. There is free parking, including disabled parking, stair and elevator access to the suite. The office offers bright, natural lighting from large wall of windows, with unobstructed, beautiful view of the foothills. The practice owner owns the office space and will offer the new owner a favorable and long term lease. Current rent is $3,000/month.
Financial Overview , Practice Statistics and Staffing
The practice sees, on average, between 40-60 treatments per 4-day work week, and gets an average of 20 new patients per month. The practice can easily be ramped up to 5-6 days per week, and there is enough space for 2-3 therapists to work simultaneously. By choice, the practice owner is the primary hand therapist, utilizes per-diem assistance as needed. In addition, there is one part-time (approx. 30 hours/week) office manager, who assists with reception, scheduling, billing and collecting. Gross revenues have averaged $212,000 per year for the last 3 years. Accounts receivable is approximately 5%, and there is no outstanding debt.
By choice, the practice is currently part-time, and has not been engaged in any marketing or social media presence. Therefore, the potential to increase patient referrals and revenue with a new owner is significant. It is projected that the practice could easily triple the referrals that it currently sees. The treatment space is large enough to accommodate several therapists with full case loads. Practice hours/days can be increased, to include evenings and weekends, to accommodate an even greater number of referrals. Inland Hand Therapy is the only private hand therapy clinic in the area, and competition from physical therapy practices, who offer hand therapy services, is light.
Offering Terms – The ask price is $145,000. The practice owner is open to flexible terms if there is a minimum down payment of 50% upon closing, with the remaining 50% paid in full within 24 months. The owner is committed to a successful transition and would stay on as needed for up to 4 month after purchase to assist with any clinical/professional duties
For more information please email Iris Kimberg MS PT OTR on behalf of the practice owner.