Physicians need to know that the obligations that exist under legal agreement and laws do not go away at retirement. They could possibly be bound directly or indirectly to the contract that extends beyond the date of retirement.
Durham, NC (PRWEB) August 29, 2014
In 2014, industry veterans are expecting a record-break in terms of physicians retiring, merging or selling their practices. The Deloitte’s 2013 Survey of U.S. Physicians* suggest that many physicians are likely to retire earlier than planned in the next two to three years. According to the survey, most U.S physicians are concerned about the future of their profession because of many changes in the healthcare market. In general, physicians are cynical and worried about the future of medicine; majorly about the profession’s erosion of clinical autonomy and income, and its inability to achieve medical liability reform.
Many physicians this year are facing important personal, professional and financial decisions including retiring, selling, or closing down the practice. The process of transition is a daunting task involving numerous details and deadlines. The smooth transition of practice requires proper planning and sufficient time for effective implementation—for patient, staff and family. So if a physician is planning to hang up the coat, there are few things to consider beforehand.
Structure of the Practice
The structure of physician practice is pivotal for retirement options and the legal regulations governing it. For instance, if a physician is practicing solo, they have the option of either dissolving the practice or selling it to another physician. A purchase agreement is required in case of selling the practice to other physician, describing the rights, liabilities, legal and ethical obligations to employees of the purchasing and selling parties.
Buy-Sell Agreement
Having a proper contractual agreement is imperative for any buy-sell venture. A buy–sell agreement must cover the terms and conditions for the buying and selling of a retiring physician’s ownership interest in a medical practice. Proper delegation of medical records of the patient is the biggest challenge of transitioning a practice. Physicians need to know that the obligations that exist under legal agreement and laws do not go away at retirement. They could possibly be bound directly or indirectly to the contract that extends beyond the date of retirement.
Join industry veterans Debra Phairas and Gary Ware in a riveting web session on “Transitioning Your Practice Retiring, Selling, or Buying a Practice” on Thursday, September 4, 2014, where they would be presenting creative strategies to smoothen the transition process (retiring, buying & selling) of physician practice. They will talk about why it’s important to sell the practice before slowing down or discontinuing. Plus, they will be sharing the latest information on valuation methodology for selling, divorce or estate planning.
Here’s a snapshot of the session:
- Learn about the methods of appraisal and value the practice
- Review the techniques of equipment value
- Learn about the value accounts to be received, leasehold improvement, equipments and supplies
- Don’t evade the numerous legal and ethical duties towards patients at the time of retirement
- Insights on appraisal of Buy-in or sale of practice
- Things to remember while using practice broker or selling the practice
- Learn the process of merging and equalizing assets
- Nuts and bolts of buying a practice vs. starting one from scratch
- Insights on salary and overhead guarantees in hospital support
- Insights on the needs for disposal of controlled substances
- Retention/ownership of Medical records – things your attorney/broker may miss out on
For more information, check http://www.audioeducator.com/hospitals-and-health-systems/transitioning-medical-practice.html
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Resources:
- Deloitte 2013 Survey of US Physicians - http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_chs_2013SurveyofUSPhysicians_031813.pdf