Sunrise Splendor – 2022

Virginia Range,NV

Planning and Preparedness - Part 1 of 5

A common life experience is the feeling of uncertainty that arises from an inevitable, yet unfamiliar change. The kind that looms large in your horizon and is accompanied by significant challenges. 

Some challenges minimize uncertainty by virtue of education, training and devoted effort to a particular achievement. Then there are some events for which it is usually very difficult to prepare far, far in advance.

(With the recognition that there are a variety of practice settings, here I describe that of a solo practitioner, as there are many elements of that which apply to other types of practices.)

Timely Training

A relevant example is the end of your career. My experience as a consultant on this and related maters is that there are some physicians who begin to prepare in a timely manner. Then there are others that begin to plan much later than is desirable.

We all know that the end of our careers...

Adornments – 2021

Sierra Nevada, NV

Pearls Amidst Numbers

A key report necessary for financial overview of your practice is your income statement which reflects its degree of profit or loss.

Typical financial software produces an income statement that is an overall financial analysis over a specified period of time. It includes revenue, expenses, net income (loss) and other data. This report is typically used by a business owner to monitor net income or loss. It also used by your accountant to provide various services, primarily the preparation of the business tax return.

If you are a solo practitioner and provide a single type of service, this type of report is usually sufficient for you to determine the financial status of your practice. 

This however, is usually the exception.

The Benefits of Profit Center Reporting

It is a common scenario in a solo or group practice, that the physician(s) as well as other non-physician professional staff provide a variety of services that g...

Flowing - 2019

Truckee River

Sierra Nevada, CA

 Make Solid Progress on Your Path

Your career transition is one of the most significant events of your lifetime. It marks the beginning of the next phase of our life.

Very often, joy of anticipation is part of the experience but may be accompanied by some apprehension. Whether you are looking forward to it or not, the creation and execution of plans is essential to your success.

As you work to envision and create your new lifestyle, you’ll probably find that it’s well worth it.

Challenges and Opportunities

There are certain challenges that must be recognized and managed effectively through proactive, timely planning. This is a valuable process marked by discovery that minimizes the stress of the unknown and makes it a much more positive experience.

What are these challenges and related questions?

What Seem First Should Not Always Be

The first thing that most physicians naturally try to determine is their projected end date. This...

The Moulton Barn and Teton Range - 2007

Grand Teton National Park, WY

The Role and Value of Advisors

When physicians think about their personal and professional successes, it is natural to think that they are largely the result of their own effort. Upon further reflection, they usually recognize how they also benefited from those who cared about them and provided wisdom and guidance.

Personal guides that probably influenced your life are personified by parents, family, friends, teachers, consultants, coaches, professors and mentors.

My Giants and Gratitude

I have benefitted immensely from all of the above, recognized early on their enormous value and thanked them accordingly. As time progressed, I felt gratitude even more deeply for those who cared and cheered me on to various successes.

At some point in time, your formal training came to an end.  Yet the pursuit of excellence requires that your personal and professional development continue throughout life. 

Your Ongoing Devel...

Enhanced Reflections - 2022

Swan Lake

Grand Teton National Park, WY

Advisors Are Important Contributors to Your Personal and Professional Success

When people think about their personal and professional success, it’s natural to think that it’s largely the result of their own effort. Upon further reflection, they usually recognize how they also benefited from those who cared about them and offered advice and mentorship.

Personal guides that probably influenced your life are personified by parents, family, friends, teachers, consultants, coaches, professors and mentors. Sometimes you may learn pearls of wisdom from those you barely know. There are times when your other best friend, a book, clarifies your thinking and may illuminate your life.

My Giants and Gratitude

I have benefitted immensely from all of the above, recognized early on their enormous value and thanked them accordingly. As time progressed, I felt gratitude even more deeply for those who cared and cheered me on to va...

The Teton Range - 2022

Grand Teton National Park

 When to Create Your Strategy and How to Execute the Tactics

Your future career transition is an event about which it’s natural to experience feelings of excitement as well as some concerns.

As the time nears, your concerns may become more prevalent. A major reason is the recognition that this is an unfamiliar process, yet you know it’s necessary to begin to plan.

But how do you know when is the right time to start planning, let alone what end date is possible? The reality is that it’s very difficult to determine when to begin to prepare when the necessary scope and duration of preparation is unknown.

In order to address that, it’s essential to consider significant personal, professional and practice matters. As you do so, it’s necessary to answer other preliminary questions to determine what it will take to prepare: 

• What is the nature of your career transition? 
• Are you planning a classic succession or outright sale? 
• Do you
...

Adorned with Snow - 2021

Sierra Nevada, NV

A Path Amidst Obstacles

You may be at a time in your life that you find yourself having recurrent thoughts about your future end of career. They will probably range from specific ideas to some that are still vague. You may consider this for awhile and perhaps come to realize that a very long time has gone by without a clear idea of what to do, how or when. Yet, the challenge remains.

You are not alone in this experience. It’s common.

At some point, there will arise from within you a powerful desire to act, to move forward and do what needs to be done to prepare yourself and your practice. Hopefully, it’s not too late to achieve your desired optimal outcome.

What to Do When

Over time, you will be able to reach some conclusions, such as when you want to stop practicing, what do to do afterwards, what to do about your practice and much more. 

You’ll probably realize that the answers are often tentative because there’s much you still don't...

Red Fox Ready for the Opportune - 2013

Grand Teton National Park, WY

The Path Begins With Proactive Planning

When you first start thinking about your End of Career, the initial focus may be naturally on the projected end date. You will then probably contemplate what your life thereafter will be like. Questions will emerge, such as: What will I do? Where will I live?, etc.

Physicians, as well as people from many walks of life, will ponder these questions for a while and find that the answers do not come easily.

The Elusive When

Of the many questions, this the hardest one to develop a clear answer.

Why is that?

Initially, it may seem that, in terms of general planning, it should be pretty straightforward to think of a projected date. However, once you begin to look into what's involved, you’ll discover that your End of Career is a process, not an event…and you will realize that it takes much longer than you thought.

It’s an undertaking that’s unfamiliar with many twists and turn...

A Path Amidst Obstacles - 2016

Sierra Nevada, NV 

 When to Create Your Strategy and How to Execute the Tactics

Your future End of Career is an event about which it is natural to experience feelings of excitement as well as some concerns.

As the time nears, your concerns may become more prevalent. A major reason is the recognition that this is an unfamiliar process.

But how do you know when is the right time to start planning, let alone what the end date will be?

As you try to answer that question, it becomes apparent that it is very difficult to determine when to begin to prepare when the necessary scope and duration of preparation is unknown.

The reality is that because this is a such a personal and professional matter, with so many different facets, it is impossible to predict how much work and time it will take. You can only anticipate so much…and there will probably be more to do than you thought necessary. 

The best way to know is to engage the challenge by beginning to pl...

What Would Happen if You Couldn’t Practice Anymore?

My Story

I was 59 years old and thought I had many more years of Plastic Surgery practice ahead of me. I purchased the standalone office building of my dreams and undertook a major renovation, including a surgical facility. 

I knew I needed to plan for my succession soon, including recruiting. This was the plan, although my own end of career seemed distant…or so I thought.

I resolved to do so soon, but never got the chance. Some months after the grand opening of my office and I was settled in, I was diagnosed with colon cancer. It was a big surprise as I had been diligent about physical exams, screenings and my health in general. That and other medical problems ended my plastic surgery career.

I am well, thankful and happy that for a number of years I have been cured of colon cancer. My days of practicing medicine are over, but I dedicated my life to making sure that physicians, who spend their lives taking care of others, are pr...