This 32 year old stable practice that has been in the same location for the past 23 years. The clinic is 1900 sq feet and is located in a free standing professional building with more than adequate parking, with a large sign listing the building residents.  This building is in very good condition. The office was remodeled in 2009. The rent is $3,245,00 per month with utilities included. There is currently 1.5 years left on the current lease which is assignable to an buyer.

King of Prussia is considered an edge city of Philadelphia. It has a population of 20,428 with 1,051,000 people in the surrounding counties. There are approximately 22 chiropractors in the area. All equipment and furnishings to be sold with the practice are in good condition and are valued at approximately $30,000.00. The current doctor wishes to sell in order to focus on a practice in another location.

Over the 12 months, this practice has averaged 8 new patients per month and 285 monthly office visit. This puts the patient visit average at 23.75. For the same 12 months the practice averaged $43,558.50 in monthly services rendered and $22,783.42 in average monthly collections. This puts the collection percentage at 52.3%. The practice collects an average of $80 per visit.

All fees are commensurate with others in the area. There are no receivables figured into any of our formula but these may be purchased at closing for an additional amount of money if both buyer and seller agree.

The current doctor describes this practice as a subluxation based family practice offering chiropractic care as well as massage.

The clinic currently employees a second chiropractor, 2 front desk coordinators, a billing manager and a massage therapist. The current doctor states that he’s never had an insurance audit or malpractice case, and there are none currently pending. The doctor does pay himself a salary, but the salary is not included in the monthly overhead that would accrue to the buyer is $8319.00.

The practice mix is of 3% cash, 10% Medicare, 7% Personal Injury,70% Major Medical, 3% Workers Compensation and 7% HMO/PPO. The current doctor does participate in several state wide plans: Keystone Health, Aetna, IBC and Cigna. New patients are primarily gained through patient referrals 40%, with 60% from Facebook/Google and Website.

Techniques of choice are Thompson, CBP, Diversified, SOT, Nimmo and Instrumentation.

Current office hours are from Mondays, Wednesdays and Friday 9am until 7pm with a lunch break from1pm-3pm. Tuesdays from 8am-1pm.  The office is closed remaining days.

INCOME:
2018- $254,807.00
2019- $226,386.00
2020 (projected using Jan-July 2020 collections) 173,306.00 / 7= $24,758.00 x 12= $297,096.00