Preparing for Your End of Career

Exuberant Vision - 2010

Preliminary Steps for Creating a Smooth Transition

Your End of Career Transition will require careful attention to a variety of tasks in order to achieve a smooth Transition. There are five factors that commonly get in the way of achieving that: 

• Lack of awareness of the magnitude of the process.
• The difficulty of knowing when to begin to prepare. 
• What matters must be addressed.
• The order in which tasks should be completed.
• The lack of a structured transition plan. 

The approach to addressing these concerns can be customized for the various practice settings: physicians in solo or group practice and those who are otherwise employed.

The Process of Transition

There’s a common concern that becomes an increasing preoccupation as the questions related to your End of Career Transition increase in number and complexity: it’s an awareness that your transition is not a singular event. It’s a process that is complex and lengthy. It’s a process that will probably take significantly longer than you may think.

It’s an undertaking that involves preparing yourself, your family and your practice. You will likely recognize that the necessary preparations will add a significant amount of additional work. This will occur at the same time that you’re still busy caring for your patients.

When to Begin to Prepare

Regardless of your type of practice, the most important preparation is that of yourself. It should not be rushed as it takes time to go through the experience. This preparation will benefit you now and throughout the next phase of your life.

The duration of preparation will vary according to personal, professional needs and type of practice. While there may be some overlap, these professional and practice preparations are in addition to you personal ones.

The combined preparations times will vary. If you’re in solo practice and plan to close your practice, at least three years of preparation is prudent.  This also applies if you’re in a group practice or are otherwise employed.

In you’re in solo practice and plan to execute an outright, upfront purchase or a succession, it is advisable to begin planning at least five years in advance.

A Myriad of Concerns

There are numerous matters that you will need to attend to. To do so effectively, it’s important to recognize that your role as both leader and manager of the transition process is essential. 

Your staff will become your transition team and your leadership role in creating and communicating your vision and plan is vitally important. 

While delegation of tasks is necessary, your role as manager will include verification that assignments are properly executed, completed and documented.

Preliminary Matters

The magnitude of time and work of transition is so substantial that at times it will seem unending. For this reason, it’s beneficial to identify necessary tasks that can be completed as early as possible. 

For example, one possible early task that is time consuming but important, is decisions about business records. Specifically, their disposition and archiving. This category includes records and documents that are exclusive of medical records.

This chore will require your direct role and decisions as to what to dispose of or retain in a proper format, i.e., paper, digital or both. It will be necessary to refer to state, federal laws and regulations, that include duration of retention, to guide you.

Your professional judgement in this tedious matter is a critical element of this process that cannot be overstated.

Structure and Order

The scope of your End of Career Transition, regardless of practice type is enormous. It’s a process that requires the creation of a deliberate, purposeful plan that is the basis for efficiency and efficacy. That methodology is The End of Career Transition Plan _TM

This is your customized plan that focuses on your practice preparations. It provides many benefits, including order and direction for all involved as well as a logical sequence for its execution. This approach minimizes stress for all members of the team.

The result will be the creation of a structured process for your transition, the purpose of which is renewal and fulfillment in the next great phase of your life.

Date Updated: July 23, 2022

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.

Bean Point, Anna Maria Island, FL

Gulf of Mexico - 2011