How to Craft an Advanced Strategy to Transition from Practice

Marking the Path – 2022

Idaho

The Next Step (Part five of five)

The transition from your career is a process, not an event. It is a lengthy process that affects you personally and professionally. For that reason, it takes time to prepare and adjust to the experience. This becomes increasingly clear as you progress from the conceptual to the practical application of your plans.

So far, this series of articles has provided you with a blueprint that describes a logical and actionable planning sequence. These plans address your personal needs and desires as you aspire to the next great phase of your life. The topics discussed are largely applicable to the personal and professional challenges that are common to plastic surgeons as well as physicians in various practice settings. 

Considerations and Conclusions

Upon completion of your lifestyle and post career financial plans, you will have reached certain conclusions and made some major decisions. Among them are:

• A description of your desired lifestyle plan
• The estimated cost of your future lifestyle
• Determination of your financial preparedness
• Whether or not you will stop practicing altogether
• The determination of a projected end date

These determinations are an essential prelude to the creation and execution of the third plan of the triad: the End of Career Transition Plan _TM  . 

The End of Career Transition Plan

This plan incorporates the major decisions you have made into the actual planning and execution of your career transition. It consists of a blueprint for the execution of the tasks that must be completed, in what order and within a certain timeline.

Much of this is referenced in the preparation of policies and procedures that describe the execution of the transition. These are the key to implementing necessary changes to prepare your practice for its next phase. Note that in the case of a desired succession, such as a private sale to another physician or a purchase by an investment firm, a key goal of the preparations is to prepare the practice for a sale. An integral part of this, is to optimize its value where possible with the objective of maximizing its sale price.

A Different Kind of To Do List…

It is important to note that the preparation of your practice, whether it continues on with an associate(s ) or an institutional purchase, is different from its usual operations. It involves a series of necessary steps that are superimposed on the usual functioning of your practice. While the details will vary significantly, this approach generally applies to various practice settings. Here are some examples:

• When to begin planning 
• Completion of plans
• Projected end date
• Role of staff in transition process, restructuring
• Physician role
• Timing of execution
• Timing of public disclosure 
• Patient notification
• Patient management: current, ongoing care
• Assessment of services offered
• Risk management
• Medical records
• Patient notification, access to medical records
• Accounts receivable 
• Accounts payable 
• Contracts: third party payors, services
• Practice financial analysis
• Practice valuation
• Real estate
• Insurance policies
• Registrations
• Medical license status
• Duties to state: Department of Health, Board of Medicine, etc.
• Duties to federal government: DEA, NPI, FEIN, etc.
• Document archival and access

…and much, much more.

This may seem overwhelming. The reality is that it can be, but does not have to be. The good news is that, it is not only manageable, but the process of transition can provide you with the means to bring about its very purpose. That is, to feel confident in the course of your transition and renewal and fulfillment in the next great phase of your life. 

The key is to prepare in a timely manner. 

Plan. Prepare. Prosper. _TM    

My best wishes to you and your family!

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.

If you would like to learn more about one way that I can guide you, check out this brief video that describes my unique online course: 

The Practice Transition Course for Physicians. _TM 

  Stages, Sockeye Salmon – 2012

Russian River, Kenai Peninsula, AK