Transitioning Your Practice Retiring Selling or Buying a Practice

Considering retirement? Selling or Wanting to Buy a Practice?   Making this transition requires planning and sufficient time to accomplish this effectively for your patients, staff and family. It more difficult for physicians to sell, transition, start or purchase a practice.  Learn creative strategies to help you accomplish your goals.  This seminar will discuss the options, including: bringing in an associate, recruiting, selling the practice, or closing the practice.  Included is the latest information on valuation methodology for selling, divorce or estate planning. 

Participants will learn:

• Avoiding patient “abandonment” when leaving a practice
• Safeguarding duty to assure medical records are retained according to malpractice insurer recommendations
• Disposing of controlled drugs in accordance to the law
• Structuring incentive programs for junior members to buy into the practice
• Preparing spouse and staff for physician retirement or leaving the practice
• Methods to value practices

Topics covered will include:

• Goodwill or Intangible Asset Value—Is there still value?
• Why it is important to sell the practice before discontinuing surgery or slowing down
• Methods to appraise and value the practice
• Equipment valuation techniques
• Valuing accounts receivable, equipment, leasehold improvement and supplies
• Legal and ethical duties to patients when retiring
• Buy-ins or Sale of Practice- What you need to know regarding methods to appraise the practice
• When to use a practice broker or sell the practice yourself    
• Why associates need to negotiate the buy-in formula before accepting an employment offer
• Merging - equalizing assets
• Why buy a practice versus start one from scratch?
• Structuring the relationship between junior and senior partner 
• Hospital support – salary and overhead guarantees
• Requirements for disposal of controlled substances
• Medical records retention/ownership – what your attorney/broker  may not realize
• How to prepare for a new physician taking over the practice

To be prepared for succession planning for the practice and to assure all important safeguards are in effect to leave a practice

Physicians, Administrators, Hospital Administrators who manage physician practices, spouses of physicians

Debra Phairas, MBA, is President of Practice & Liability Consultants, LLC a nationally recognized firm specializing in practice management and malpractice prevention. Her background includes medical clinic administration and loss prevention management for NORCAL Mutual, a physician malpractice insurance carrier in Northern California. Her BS is from Michigan State University and her graduate work at Golden Gate University, San Francisco MBA Health Services Administration program. Her consulting experience includes over 1,800 practices of all sizes and specialties. Typical engagements include: practice start-ups, practice assessments, mergers, financial analysis, revenue enhancement, overhead reduction, personnel management, over 380 practice valuations, expert witness, partnership issues and recruitment support for hospitals and physician groups.  She has presented seminars and lectures nationwide for state and local medical/dental associations, management organizations and specialty societies.