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See Healthcare MarketMaker at the 2014 Tennessee Chiropractic Association Annual Convention and Expo

What’s your medical practice worth?

It’s a simple question but a very powerful one, and the answer can dramatically affect a doctor’s plan for the future. If the answer is too low, he or she could be looking at pushing retirement back a few more years. If the answer is higher than expected, then our doctor friend is significantly closer to spending day after glorious day at the golf course or beach of his choice.

Late-career doctors aren’t the only parties who need access to reliable data about their assets. Young doctors looking to buy or buy into a practice for the very first time similarly need to know these things to avoid making a poor investment. Even mid-career physicians need to keep tabs on the growth and relative value of their practices as the years go by.

When it comes to determining the value of a practice, no matter which way the cookie crumbles, doctors must make major life decisions based on this number, which is why it’s so important to get it right. Currently, many doctors rely on less than optimal methods for determining the value of their medical practice. Some rely on intuition, word of mouth, or simple surface level research instead of the hard data required to make an accurate assessment of the situation.

That’s where we come in. At Healthcare MarketMaker, we’ve built an algorithm that takes a few simple data points from doctors, crunches the numbers in combination with current and historical market data, then suggests a reasonable range of values within which the practice likely falls. With our proprietary mRange™ report card, doctors get detailed pictures of the values of their practices, peer comparisons, and relevant industry standards.

Our long-term vision is to provide a useful, searchable platform to empower doctors and educate them about the economics of their practices as well as build an efficient marketplace to shop for vendors who can provide solutions for their practices. The beta version of our chiropractor tool, on the other hand, is up and running right now! You can try it free here (marketmakerinc.com) and get your mRange™ scorecard instantly.

Speaking of chiropractors… From Friday, September 12th to Sunday, September 14th, we’ll be at the 2014 Tennessee Chiropractic Association Annual Convention located at the Embassy Suites and Convention Center (http://embassysuites3.hilton.com/en/hotels/tennessee/embassy-suites-nashville-se-murfreesboro-MBTESES/index.html) in Murfreesboro, Tennessee. For those that have never attended, the TCA Annual Convention and Expo offers 24 credit hours of continuing education from some of the premier chiropractors in the nation. With topics ranging from neuroanatomy to the rehabilitation paradigm, these sessions tend to be very engaging and worthwhile.

In addition to the education and networking opportunities, vendors from across Tennessee will be demonstrating their chiropractic support services. Stop by our booth at the expo and we’ll be happy to chat with you about evaluating your practice and your options moving forward.

So how much is your practice really worth? We’d love to help you find out!

Tony Corley is the Founder and CEO of Healthcare MarketMaker. He can be reached at tcorley@marketmakerinc.com.