Receiving your doctorate was a major achievement representing the culmination of many years of study, discipline, effort and expense. It also represented a commitment to some extensive social and economic responsibilities unique to health-care professionals. The responsibilities of marriage and the expense of raising children, buying a home and automobiles, and paying off education loans required an extraordinary effort. In addition, one has to contend with the high cost of starting, building and maintaining a practice.
By necessity, your personal needs would be subordinate to the demands and responsibilities of running a practice. The term “running” a practice is appropriate, because you will indeed do a lot of running over the years. This running idea is perpetuated by management seminars designed to help you increase the size of your practice by working you faster and harder, shaving thirty seconds from one procedure to allow you to see 2.3 more patients daily, sometimes forcing you to run from room to room in an attempt to stay ahead of the treadmill. Oftentimes your professional, and sometimes personal, success or failure is measured by your practice’s annual gross reve- nues.
You have worked hard all these years, and, as time passes, suddenly you find that the children are grown, the house is paid for, and now you would like to address some of your own personal needs. The problem is, however, the overhead demands of the practice make that endeavor very difficult. Your practice is a great income produc- ing asset as long as you are working; in your absence, however, it becomes a tremendous negative cash-flow liability.
Extended vacations are almost impossible; the expense of paying rent, utilities, telephone, staff salaries and other expenses erode your savings when you are away from the office. You convince yourself that you wouldn’t like, or couldn’t consider more than one or two weeks vacation at a time. Many times our clients tell us that their vaca- tion plans include a professional seminar since there are tax savings to consider; however, it’s unfortunate that they rarely have a chance to really relax and get away from it all.
Over the years, the doctor becomes so conditioned to providing for others that he finds it difficult to break the habit. Some continue to practice to provide a large estate for their children or grandchildren. Many continue to practice because they feel like, “What else could I do…” as though their profession prohibits them from pursuing other opportunities. A well-known clinician once said, “Born a person, died a doctor.”
We believe that every doctor is first a person, and that person needs to get control of his life. The practice should become a vehicle to provide for the needs of that doctor/person, not the reverse. We design programs to maxim- ize your present and future practice income while decreasing, not increasing, your personal clinical production.
In order for us to assist you, we need to determine your needs, analyze, plan and then implement that plan. Our comprehensive approach involves the following:
DETERMINATION OF NEEDS: We receive calls from many professionals inquiring about adding an associate, selling or buying a practice or opening a satellite office, etc. This reflects a desire for change. Before we begin working on a project that may or may not best serve your needs, we prefer that you first complete a Personal Needs Analysis. This helps to determine whether your plans should include adding an associate, a career change, selling or buying a practice, practice or geographic relocation, pre-sale merger, pre-retirement planning, financial and tax planning or a combination of these programs. In order to accomplish this, we must first have a good working knowledge and understanding of you and your needs.
CONSULTATION: The next step is to arrange for a consultation in our office to discuss the results from the P.N.A. and plan a strategy for achieving your goals. The consultation will allow you the opportunity to explore many unique programs designed and developed by
Legacy Practice Transitions to help professionals attain their goals; the consultation also serves to prevent you from needlessly spending money in pursuit of the wrong course of action.
PRACTICE ANALYSIS AND PLANNING: If you currently own a practice, then the next step involves an anal- ysis and evaluation of your practice. This will include a review of your office facility, practice income and
LegacyPracticeTransitions.com This article was written by a former colleague. 317-745-2901
Your Consultation: Planning Your Future (continued)
expenses, geographic considerations and merger potential. This will require the completion of a practice Profile. Knowing the market and investment value of your practice can play a decisive role in the decision making process involved in planning your future.
IMPLEMENTATION: Once the comprehensive analysis and planning stages have been completed and a pro- gram selected, the next step is to implement and carry out that plan. We maintain the most current, complete computerized database of professional opportunities available
anywhere. Our professionally trained staff provides the most confidential, professional approach to screening appropriate candidates and following through with your plan.
By utilizing this analysis process, you will have the satisfaction of knowing that you have explored all your op- tions and have selected the best possible program which will provide for a far better future for you and your family.
Our responsibility to maintain confidentiality for our clients requires us, in advance, to determine each of our cli- ents needs and evaluate their personalities and long-term goals for compatibility before we arrange for potential candidates to meet and begin formulating a program for their future.
Confidentiality, Professionalism, and Integrity – these words represent our approach for providing this very nec- essary service. It is an important investment in your future that will pay dividends for many years to come. Read the enclosed information, complete the questionnaire and call us to arrange for your consultation. We look forward to being of service to you.
This article was written by a former colleague.
Phil Cole 989-233-4200