Critical Professional Questions About Your End of Career

Long and Winding

Madison River

Yellowstone National Park - 2021

Critical Questions to Ask Yourself…and Answer

You have decided to begin to prepare for your End of Career and have probably asked yourselve a variety of questions. They may include how to begin to prepare and more specifically, what to do and in what order.

Some of these questions are about professional matters that will vary according to your type of practice. Others are personal in nature, as I have discussed in a previous article.

It is important for you to reflect on these questions and create clear answers. It is so important that I suggest you write them down and review them. They will not only add clarity to your lifestyle plan, but the answers are essential for preparing yourself professionally.

In this article, I address some of these questions as examples that I know are professionally important to you. I use the setting of a physician in solo practice as a point of reference. Many of these questions will also apply to other practice settings as well.

The Core Questions

• Do your financial assets support your Post Career Lifestyle Plan?
• Do you want to stop practicing completely or work part-time?
• What is your ideal end date?

Planned Succession?

• Do you wish to introduce a new physician(s) to your practice?
• If so, what are the criteria whereby you will recruit a physician(s)?
• How will you do so?
• How do you describe the new physician’s transition to partnership?
• What are the general terms?
• Will you continue practicing with your new associate? For how long?
• What if it does not work out?

Sell Your Practice to a Third Party?

• Do you wish to sell your practice outright to a private equity or other investment firm?
• If so, are you prepared to be an employee of that firm? For how long?
• Are you prepared to relinquish at least some decision making authority?

Close Your Practice?

• Do you plan to close your practice?
• How will you create policies and procedures that guide your Transition?
• When will you notify your staff?
• When will you disclose your plans publicly? How will you do so?
• When and how will you inform your patients?
• What legal obligations or medical board rules do you have to comply with?

Patient Care

• When will you stop accepting new patients?
• Will you stop accepting all patients or some?
• How will you determine what procedures to perform or not?
• What protocols will you create to ensure continuity of care?
• How and when will you inform your patients of their right to access their medical records?

Your Role as Leader and Manager

You will have a key role as the leader of your End of Career Transition. It is also important to recognize that it is essential for you to manage the Transition process as well. That essentially consists of ensuring that the various tasks and processes are executed effectively and efficiently; that this occur in accordance to the policies and procedures that guide the Transition process.

A Significant Endeavor

It is clear that this is a major endeavor…and it can be overwhelming. But it does not have to be so. The key is to create your plans early, at least five years in advance. Once your plans are created, assign clear responsibilities to your staff. Be tuned in to their needs and be supportive of them…they are going through a Transition as well.

With disciplined execution of your plans you will be able to Transition with the feeling of satisfaction that through this process you have served your patients, staff, colleagues and yourself well.

Plan. Prepare. Prosper. 

PS: By the way, do you want to learn more about how to prepare yourself and your practice for a fulfilling End of Career Transition and life beyond? I would like to help you. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

Transition to Renewal

Sierra Nevada - 2019