How to Deal with Ending Your Medical Career

Path and Pinnacles 

The Teton Range

Grand Teton National Park, WY - 2021

Considerations for the Solo Practitioner or Physician Otherwise Employed

When the time comes that you begin to seriously consider ending your medical career, you will find yourself thinking about a variety of personal and professional concerns as well as matters related to the business of your practice.

The myriad of concerns that you will have to address will vary significantly according to your type of practice. Nevertheless, across the spectrum of practice types, there are some common matters, duties, and tasks that must be accomplished. 

It is my personal experience and from consulting/coaching, that you will need more than just knowledge about the unknown you are about to embark upon. You will need and greatly benefit from applying a method for planning and executing a successful End of Career Transition.

Insights Into the Model

In this article, I discuss a triad of plans that comprise my methodology with an emphasis on the sequence in which the various tasks may be accomplished. My comments are based on a solo practitioner model, in which the physician wishes to close his practice without executing a succession plan. Please note that some of these comments are also applicable to other types of practices and you can apply them at your discretion.

It is often the case that physicians tend to concern themselves primarily with the practical aspects of closing their practice…and that certainly is necessary at some point, preferably sooner than later. However, they do so at the expense of not focusing sufficiently of their personal and professional preparation. 

Many of the decisions that you will have to make depend on your having clarity and conviction about how this significant event will affect you and your loved ones for the rest of your life. There are a number of important decisions for which you will not be prepared and thus be reluctant to make unless you have prepared yourself personally and professionally.

In summary, you will be best served by preparing yourself first and then your practice.

How?

The Methodology

This approach takes into account your personal and professional needs. It also includes the critical as well as the more nuanced demands of a particular practice scenario. To do so, three distinct, yet complementary plans are developed to address the various needs in a logical, practical sequence. They are:

The Post Career Lifestyle Plan _TM

The Post Career Financial Plan _TM 

The End of Career Transition Plan _TM

The following are descriptions of these plans with a few examples of each. 

The Post Career Lifestyle Plan _TM

This is the first step on your journey of renewal and fulfillment, which is a major goal of your transition.

Your Post Career Lifestyle Plan serves two major purposes. One is that it provides the framework for how your will live a balanced, ideal life. The second, is to provide the basis for determining whether your new lifestyle can be supported by your financial resources.

Examples:

• Confidential deliberation with your spouse
• Determination of why you are proceeding with Transition, or not
• Consideration of a gradual Transition
• Description of how and where you want to live

The Post Career Financial Plan _TM  

This second evaluation is different from your retirement plan that comprises your financial resources. Its purpose is to determine whether your retirement plan assets will support your lifestyle plan. If it does, it allows you to proceed with confidence. If it does not, you can re-evaluate both plans and make adjustments to one or both.

Examples:

• Meet with spouse and financial planner
• Prioritize your lifestyle choices 
• Assess the cost of choices, eg, residency, housing, travel, etc.
• Consider alternative choices
• Does your retirement plan assets support your desired lifestyle?
• Do you need to adjust your lifestyle, finances or both?

The End of Career Transition Plan _TM

This is a custom blueprint that serves as a guide as you undertake the process of ending your career and arrive at the actual end date.

It includes detailed policies and procedures that outline how and when you will actually initiate and end your End of Career Transition.

Examples:

• Determination of the projected end date with your spouse
• When to notify staff
• Definition of your role as leader and manager of the Transition
• Preparation of the plan: policies, procedures, checklists
• Execution of plan: early preparation, staged approach

How Does This Triad of Plans Benefit You? 

The creation of your End of Career triad of plans will be incredibly valuable to you. Without them you may experience inordinate stress and preoccupation long before your end date. The design and execution of your customized plans will help you create a clear path marked by tranquility and triumph.

An important benefit of that, is that you can move forward on your path confidently, with a smile on your face and a feeling of pride knowing that once again, you have succeeded on your terms.

PS: By the way, do you want to learn more from me about how to get the most out of your life now and begin to prepare for your End of Career Transition as well as the next great phase of your life? I would like to help you. I provide consulting and coaching services that are tailored to your specific needs. Click here to apply for a complimentary consultation.

North Shore, Hawaii, Kauai - 2021