fbpx
Video Headlines:

Setting Up a New Practice

Your Medical Practice Opening Check-List

Practice Direct Mail Marketing

What is Money Factoring?

How To Choose A Medical Accounting Firm

Setup Your Practice

Advertising

Asset Protection

Mission, Vision, and Values

Logo Development

Life Insurance

Estate Planning

Physician Profile Development

How to Choose a Medical Practice Lender for …

What is Medicare, Medicaid, etc?

Merchant services – credit cards

Commercial Condo vs. a Commercial Building

How to Find a Medical Collection Company

How to Choose a Potential Office Location

Unlocking the Mysteries of Medical Billing

In-House Medical Transcription Vs Outsourcing

Medical Billing Company to the Rescue!

Choose the Right Corporate Structure

How to Determine a Timeline to Open Your Medical..

CLIA Certification

Insurance Types Needed for a Medical Practice

Retirement Planning

What Is A Marketing Plan?

Practice Website Development

How To Estimate Staffing, Payroll, And Benefit Costs

Determine a Practice Name

Finding A Payroll Company

Types of Commercial Loans for Buying a Medical Real Estsate

How To Lease Office Space For Your Medical Practice

Group Practice vs Hospital

Build Or Buy: In-House Medical Coding Vs. Outsourcing

OSHA Compliance

Hiring A Business Consultant

How To Structure Practice Banking

Purchasing A Commercial Condo

What is a Commercial Lease?

Determine Employee Benefits

How To Win Your Insurance Contract Negotiation

What Is Practice Legacy Planning?

Disability Insurance

Types of Medical Insurance

Choosing A Payroll Company

Merchant Services – Payment Gateway

How To Find Money Factoring Resources

The Pros And Cons Of Leasing Vs. Buying

What to Ask for/Expect in Your Commercial Lease

How To Choose A Medical Management Firm

Market Assessment/Demographic Research

The Mystery Of Medical Transcription

How To Choose A Medical Billing Company

In House Medical Billing vs. Outsourcing

How to get a DEA license

How to Choose a Medical Legal Firm

Group Practice vs Private Practice

Business/Casualty Insurance

Employee Benefits

How to Find a Medical Management Firm

Events

Retirement And Estate Planning For Physicians

What is a Medical Commercial Building?

The Mystery Of Medical Transcription

How To Choose A Medical Doctor’s Insurance Company

Document Imaging

Merchant Services – ACH Payments

What Is Money Factoring?

How to Choose a Medical Bookkeeper

How to Find a Medical Legal Firm

Building a Team of Experts

How to Prepare a Cash Flow Analysis

The Mystery Of Doctor Credentialing

The Best Software for Doctor’s Offices

Private Practice vs Hospital

HIPAA & OIG Compliance Plans

What is HIPAA Compliance?

OIG Compliance

Life Insurance

Advertising

Direct Mail Marketing For Your Medical Practice

Capital Funding Needs: Pre-Opening, Opening

In-House Human Resources vs Outsourced

Long-Term Care Insurance

Promotions

Equipment Selection Process

How to Find a Medical Practice Lender (resources)

How To Choose A Medical Collection Company

How to Find a Medical Bookkeeper

Medical Office Structure, Layout And Design

Recruiting

How to Choose a Human Resources Company

The Mystery of Doctor Credentialing

Build Or Buy: In-House Medical Coding Vs. Outsourcing

How to Purchase a Commercial Building

HITECH Act of 2009

College Savings Accounts

Patient Experience

Search
Generic filters
Exact matches only
Home » Finance » Practice Succession » What Is Practice Succession Planning?

What Is Practice Succession Planning?

Practice succession planning is needed whenever a physician, whether it’s you, a partner, or a colleague, decides to leave your medical practice. The departing physician may be seeking a lifestyle change, retiring, or switching careers altogether. Whatever the case, succession planning will make the transition smooth and painless. The time to begin succession planning is during the hiring process, or when you first open your practice. Whether you’re partnering with other physicians or hiring other physicians, it is crucial to include an exit strategy in your initial employment agreement. Include terms for dissolution in the original employment contract.

Areas you might want to cover include…

  • The amount of notice that needs to be given before departing the practice
  • How stocks and other investments will be divided
  • Terms of separation, and…
  • A non-competition clause to prevent the person leaving from soliciting your practice staff.

Discuss these and other relevant issues at the beginning of the employee/employer relationship, when spirits are high and the channels of communication are open. That way, if a physician leaves your practice because they are unhappy, there will be clearly laid out terms that both parties have already agreed to, helping you avoid confusion, conflict, and lawsuits.

To learn more about doctor credentialing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.

More Videos

Sybe Credentialing

Join DBN Today!

Let DBN help guide you to success!

Doctors Business Network offers everything new and existing health care providers need to establish and build a successful career! Sign up with DBN today and let us help you succeed!