A Physicians Guide on How to Retire: Bringing on a New Physician
Looks like retirement is just around the corner. You’ve determined the value your practice, but what is next? One of the final steps in a physician’s retirement process is the transition of staff. Deciding on an appropriate physician to take your place may be one of the most important decisions for your practice. Below are some guidelines to bringing on a new physician.
Depending on your situation, bringing on a new physician may be the final step. If you are aware of your retirement date, it is absolutely critical to hire the new physician as soon as possible. By doing so, the practice can test that the new addition fits into the practice. In the beginning stages, include the starting physician in most of your patient-facing tasks. This will not only give the patient time to bond to the new physician, but will give the physician a chance to prove his worth to each client.
Before retirement, a physician must prepare and train their replacement in advance. Unfortunately as a group practice, physicians spend far too little time preparing for retirement. Treat your practice like it is a business. At the end of the day it is still a business. So before you retire, focus on the long term goals of your physician’s practice, such as creating a foundational team, continue building value, and ensure that you hire your replacement before your retirement.
In most cases, retirement is the overall goal of your career. But what if you fall short? There are plenty of reasons why you should buy doctor disability insurance early in life. Don’t wait to see if you develop disabling problems or until symptoms begin manifesting that may prevent you from working. Invest in income protection with options for increases in coverage as your earnings grow over the years. Speak to a professional doctors disability specialist about your options by visiting us at www.doctordisability.com/contact-us or by calling 866-899-7318.