Your End of Career - Professional Preparations

Splendor Amidst Transition - 2013

Carson Canyon, CA 

 On Planning and Prospering 

When you start thinking about preparing for your end of career, personal and professional matters will likely come to mind.

Whether you're in group practice, a solo practitioner or otherwise employed, there are important professional matters that are necessary for you to address.

When to Begin?

It’s very difficult to know exactly when is the right time to begin to plan, primarily because this is an unfamiliar experience.

I have discussions with colleagues who find themselves in the initial phase of their planning. It’s often the case that they have waited much too long to begin to develop their plans, let alone implement them.

This is a tip for timeliness: The process of transition really begins personally when you begin thinking about it considerably more often than you’re used to. When you find yourself in that situation, your transition has already begun. That’s a clear signal to begin planning right away.

How Much Time Do You Need?

Generally speaking, if you're in solo practice and plan to undertake a succession with a younger physician or a sale to a financial institution, you should begin planning at least five years in advance. If you’re planning to close your practice and undertake an asset sale, three years in advance is advisable. This is a similar timeframe if you’re otherwise employed.

You might ask: why does it take so long?

There are three reasons:

• First, there are numerous, significant personal and professional considerations that you will need to address. There will be inevitable adjustments to be made that take more time.
• Second, there are numerous matters that need to be planned for and completed. These are all part of the transition process which creates additional work for you and your staff. This is a process, not an event. Keep in mind that it’s an additional endeavor that occurs simultaneously with the ongoing care of your patients.
• Third, even the best of plans sometimes don't work out exactly as you wanted. You must provide yourself with time to make adjustments so that you can succeed.

About Professional Matters

These are some of the general categories that you should become familiar with early in the process. They range from professional decisions to matters of local, state and federal jurisdiction. These include requirements, regulations and laws that may be applicable.

• Medical license
• DEA license
• NPI number
• Federal government
• Department of Health
• State government
• Board of Medicine 
• Accrediting agency
• Insurance payor contracts
• Professional medical malpractice insurance
• Surgical facility medical malpractice insurance
• Professional society memberships
• Hospital privileges
• Surgery center privileges
• Insurance - Life, health
• Social Security
• Disability – business interruption
• Disability – personal

Questions and More Questions

As you initiate your inquiries, you will probably find that they will lead to more questions. Sometimes, the answers are clear-cut and sometimes they are not. Some will have legal implications and it is advisable to seek legal counsel from an experienced healthcare attorney in your state.

Answers Will Emerge

Sometimes you may think this entire process is overwhelming. Yes, it can be but it certainly does not have to be. The key to a favorable outcome is the creation and timely execution of various plans that are customized for your situation and will guide you to success.

Plan. Prepare. Prosper. _TM 

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.

Standout Amidst Elegance - 2018

Sierra Nevada, NV