A Physicians Guide on How to Retire: Determining Value
At some point, no matter how much you love your career, you will want to retire. For physicians, it may come sooner than later. Retirement for physicians isn’t as simple as turning 65 and not showing up the next day; it will take months of preparation. Why, because the physician’s practice has established commitments to its patients, employees & partners. Through this two part series, we will look at multiple issues that you and your practice may come across during retirement including building value within the practice, establishing that value & hiring a replacement physician.
One of the most conflicting points of retirement is the value of the practice. Like most service practices with partners, determining the value of the practice is more than just the income of the retiring doctor. In this type of practice, there is no tangible product sold, no patients, just reputation. Reputation is one of the biggest factors that will affect the firm.
As most of us know, we tend to have a physician as our car provider, not an entire practice. So once a physician retires, how does your practice hold on to that client? One way to improve customer loyalty among your practice is to introduce your patients to your partners.
Determining value is one of the most difficult subjects to converse about because of its importance to all partners involved. In the long run, the higher the value for the practice is always better for the retiring partner & the health of the practice, but other partners involved may have to pay out more.
Before you retire, one of the best ways to insure your income is physicians disability income protection policy. To find out about more benefits available to you from disability insurance for medical professionals, contact one of our experts at https://www.doctordisability.com/contact-us/ or call at 866-899-7318