On Preparing for a New Plastic Surgeon

Manifest Splendor - 2006

USA

Laying the Foundation of Success

The introduction of a new plastic surgeon to your practice involves the creation and execution of three plans that lead to its preparedness. 

I’ve previously written about the first two of these plans, which address the enhancement of the functions of your practice. The second plan focuses on optimizing profitability and thus its value.

These two plans lead to the third one, which is the actual preparation to introduce a new plastic surgeon.

The model for this discussion is that of a solo practitioner in private practice who is planning for a traditional succession but is also open to an institutional purchase.

First Things First 

At this point it’s essential for you to have considered some things such as:

• How long you will practice
• Whether to stop practicing gradually or completely 
• Your role as leader of your transition 
• Your role as leader and mentor to a younger surgeon 
• Your thoughts on the expectations you have of your colleague and vice-versa
• Your philosophy that will be reflected in employment, future partnership and exit strategy

The New Plastic Surgeon Preparation Plan

This is the third plan in the sequence that addresses different aspects of achieving readiness.

Prior to recruiting a surgeon or offering your practice for an outright sale, it’s important to have certain tasks completed. Some of these are:

• Completion of a set of data that describes the practice to a prospective associate or institutional buyer to undertake due diligence
• Obtain a third-party professional valuation
• Your description of criteria for recruitment of an associate
• Preparation of a draft employee agreement that may include the path to partnership and purchase of the practice (early legal advise is essential)
• Create a timeline for recruitment, discussions and executing an agreement
• Have a backup plan such as an institutional purchase or an asset sale and closure of your practice 

Practical Matters

There are additional practical items to consider, for example:

• Ensure adequate physical space
• Consider the relationship of space and scheduling, especially if you have a surgical facility 
• Evaluate staff needs
• Involve your staff in preparations; seek their advice
• Designate key administrative and clinical staff to be a resource for the new plastic surgeon
• Consider a schedule for staff meetings that includes your associate
• Consider a schedule for physician meetings
• Prepare a plan to support and promote your associate. Introduce him to other physicians, health care facilities and the community 
• Prepare for a discussion of your mutual expectations each considers important

How Do You Benefit? 

The creation and execution of these plans is a sensible, sequential and practical approach that will guide you to achieve your goals and benefit from them.

Without timely, proper planning, you’ll likely limit your options and find yourself in a reactive mode. On the other hand, a proactive approach will increase your options and provide more flexibility to adjust your goals and plans if needed.

The preparation and execution of your plans will provide a clear path marked by tranquility, triumph and success true to your vision.

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.

Radiance - 2007

Palma Sola Bay, FL