Career Transition - Major Physician Concerns, Part III

The Teton Range and Snake River - 2022

Grand Teton National Park, WY

Practice Matters 

Your end of career transition is an universal challenge we all face. It affects us as physicians in common and individual ways. This includes personal, professional and medical practice matters.

This article provides an overview of practice considerations that have significant importance. A previous article discusses the rationale and benefits of undertaking proactive, preparation. More to the point, it includes the question of when and how to begin. I encourage you to review it as it presents the foundation for this and subsequent articles that I’m confident you’ll find very helpful.

The Big Picture…

There is a very close association between your professional concerns and practice matters that you must identify and consider as you begin to prepare.

These are common, significant issues for you to consider. It’s not a complete list and presented in no particular order of importance. Feel free to add topics that are unique to your type of practice. 

Practice Matters

1. Real estate
2. Divestment of practice: classic succession, outright sale or close?
3. Succession planning
4. Health care facilities privileges
5. Legal and contractual matters
6. Responsibilities to staff
7. Financial matters; accounts receivable, payable, contracts 
8. Business entities notifications
9. Practice valuation
10. Document archival

 Prepare, Prepare…

I encourage you to embrace the need to be prepared sooner rather than later. Every bit of time and effort will accrue to your benefit and practice. This will improve your practice transition experience so that it minimizes unnecessary stress and preoccupation.

PS: Would you like to learn more about how to prepare yourself and your practice for the end of career transition? You may be in solo practice and wish to carry out a succession or outright sale; perhaps you are in group practice or are otherwise employed. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

The Teton Range and Jackson Lake - 2022

Grand Teton National Park, WY