When transitioning your practice to another doctor or welcoming a new partner, one of the most important moments is making the announcement to your patients.
Sellers often ask, “How will I tell my patients, and when?” It’s natural to have some uncertainty on how to initiate the conversation, especially when you’ve been your patients’ provider for years. Ensuring they feel confident in the next chapter and receive dedicated and comprehensive care in the years ahead is a priority for many sellers.
Enter the patient notification letter. This letter serves to announce the practice transition, introduce patients to their new provider/owner, and help them understand what’s coming to feel supported through this period of change. Writing a well-thought-out letter is key to keeping your patients informed and maintaining their trust.
What is a patient notification letter?
A patient notification letter is a formally written letter from the seller addressed to the patient base of the seller’s practice. It clearly and gently states the transition of ownership taking place, letting patients know what to expect moving forward. NDP recommends distributing the letter through the communication platform that works best for your patient base. In most cases, this will be email, but some practices will reserve a few hard copies for patients who prefer paper mail.
Not only will the letter help your patients, but it can also help provide you with emotional closure. This can be a bittersweet moment for you – the practice is your life’s work, and it’s likely you have patients who have been in your care for decades. A meaningful moment like this requires clear, genuine communication.
What should be included in the patient notification letter?
The letter to your patients should be clear and concise, yet with a personal touch. Below is a four-paragraph template you can use to craft a letter that hits all the important marks.
- The What: Announce the retirement/transition and reason(s) for your departure. You do not need to defend your decision but rather explain it directly.
- The New Doctor: Introduce the new owner, and if possible, provide a quote from them or have them write this section altogether. The new doctor should express enthusiasm for starting the new role. Describe details about the new doctor’s previous experience, education, and personality. You should also express confidence in your decision to bring them on.
- Seamless Transition: Explain how you both want the transition to be as seamless as possible. If you are staying for any period of time to help with the transition, state this here. Reassure your patients they will still receive the same level of care and explain which values you and the new doctor share. This is also a great place to clarify that the staff remains unchanged, and the same friendly faces will be there to greet patients during their appointments.
- Thank You: Thank your patients and express your gratitude for their trust and loyalty. If applicable, include what you are looking forward to next in your life as a personal touch to the letter.
After you have drafted the letter, the buyer should review it and provide feedback if necessary. Both the seller and buyer should ensure they are in agreement with the letter’s content.
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NDP also recommends including a photo of yourself and your buyer together to help relieve patient uncertainty and hesitation. Utilize the photo in various ways, including posting on social media, including it in your email signature, adding it to the homepage of the website, and even framing it and placing it at the front desk.
When is the best time to send the patient notification letter?
Even if you have already announced the transition to your staff, NDP advises that the patient notification letter be sent after the deal has been finalized and fully closed. With the many moving pieces in the practice sale, waiting for the “dust to settle” before delivering the announcement to your patients can help ensure this important task is done correctly.
How do I notify referring doctors about new ownership of the practice?
If you’re selling a referral-driven specialty practice, referring doctors are essential to growing the patient base and therefore make up a significant amount of the goodwill value of the business. In this type of sale, it is critical that you make an effort to transition this goodwill to your buyer.
A practical way to do this is by scheduling dinners with the top eight referring doctors. These gatherings will be an excellent opportunity for the buyer to establish good rapport on both a personal and professional level.
NDP is here to help.
While this can be a sentimental yet nerve-racking piece of the transition process, having clear communication and a positive outlook will help your patients feel confident in the next chapter.
If you’re looking to transition or sell your practice, our experienced team of advisors can be a guiding hand from start to close. Reach out to our team to start the conversation.
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During a transition, sellers should be prepared to answer questions, reassure patients, and project success onto their team.
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