The Physician’s “Retirement” Question: “How do I do it?” 

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The Challenges are Much More than Financial

For a number of my colleagues, the anticipation of their end of career is anticipated joyfully but with significant concerns.  For many others, it is dreaded for a variety of reasons.  For both, the impending end of career is a challenging time.

The stresses and worries begin years before the actual anticipated end date. There is a heavy awareness that there are numerous serious obligations that must be managed and tasks that must be completed. What are they, one might ask?  The reality is that we typically know little about numerous necessary preparations and duties that must be accomplished. That lack of knowledge is often the source of stress and a sense of bewilderment.

The worst scenario is the one I experienced and made me Exhibit A: an unexpected illness and subsequent disability that ended my Plastic Surgery career. Happily, I am well now and have Transitioned to my new career.

While my personal experience was the exception, I still had to deal with a myriad of additional issues and tasks that were not optional…they had to be dealt with, as we all do.

And just what are some of those challenges we have to deal with? 

Major Areas to Focus On

Well, this is a broad overview of the some of the major matters most physicians will face. There will be variations depending on whether you are employed, a member of a group or you are in solo practice.

I.  How will the end of my career affect me and my family?

• The process of Transition
• How will it affect me
• How to benefit from it  

II. Personal Considerations.

• Your perspective towards the end of your career  
• How do I cope with losing my professional identity?
• What will I do after I end my career?
• Where is the best place for my spouse and I to live?
• How do I balance the needs of my spouse, children and parents with my own?

III.   Professional Concerns

• What to do about your DEA and medical license?
• Issues about medical malpractice insurance
• How do deal with hospital privileges? 
• What about professional society memberships?

IV.  Administrative Preparations

• How to create a Transition plan?
• When to execute your plan
• How to implement your plan
• Items to include: archiving of non-medical documents
• Retention of medical records; regulations
• Notifying your patients of your end date
• Informing your patients how to access their records
• Your responsibility to inform your patients about continuity of care
• How to deal with an unexpected end of your career?

V.   Business Matters

• Create and implement a succession plan or close your practice
• The role or your staff
• Your responsibility to your staff
• Your role in the Transition process
•  Accounts receivable
•  Accounts payable 
•  Service companies and contracts
•  Registrations and licenses
•  Divestment of tangible property

VI.    Real Estate

• Dealing with a leased office
• How to lease or sell your office?

VII.  Legal Matters

• Criteria for medical license categories
• Outstanding possible medicolegal claims
• Legal obligations for patient notifications 

And Yes, There is  Much More

You can prepare for the vast majority of these issues. 

However, there can occur unexpected events. The best way to prepare for the unexpected is to create well in advance a plan for what you can reasonably expect. If the unexpected occurs, you can adjust your plan accordingly. The reality is that hope is not a plan; it simply does not work.

Indeed, the end of career is more a formidable process than it is an event.  

I can assure you that it is incredibly burdensome to deal with the sheer volume of important yet unfamiliar “stuff” you have to do. Yet this will happen at the very time that you anticipate the idea of ending your career with a sense of pride and joy. This is further compounded by the fact that while most of us may be financially prepared, we are very unaware of the numerous preparations that must be undertaken. 

That, however, does not have to be the case.  The means to prepare well in advance is available. Preparation is the path to avoid an unpleasant “retirement.” Instead, you and your family can experience the joy of anticipation and actual experience of a positive “Transition.

PS: Do you want to learn more from me about how to create and experience a fulfilling Transition rather than an unpleasant “retirement” experience? To help you, I provide consulting services tailored to your specific needs. Click here to apply for a complimentary strategy session.

Tangible Tapestry - Santa Fe, NM

© Enrique Fernandez, M. D.