MDNews - Cleveland-Akron-Canton

++++++++++++++++++++++++ + +++ +BuSINESS SECTION ���+++ ++++++++++++++++++++++++ Practice Succession: Factors to Consider PArt 2 of 2 By Paul Guerra IN CONTIN U ING TH E DIS - about factors to consider when selling your practice, consider this ��� if you were to sell your practice and pay the taxes on your gains, would the proceeds be enough to last for the rest of your life? How would you derive a similar level of income in retirement that you now enjoy from your practice? That income simply may not be replaceable. Physicians are often optimists by nature, and they take risks to grow their business. The risk of putting all your eggs in one basket may not work as well, however, when it comes time to build an investment portfolio. Also, what happens if you cannot be CUSSION involved in running your practice during the succession period? Stories abound about physicians who are struck down by death or disability, leaving their practice partners and spouses to figure out what comes next. If more than one partner is involved in your practice, it is important to have a written buy-sell agreement in place. Then if a triggering event occurs, the remaining partner(s) will have the right or obligation to buy the practice interest. The agreement may establish a funding mechanism to facilitate the purchase in such cases. Finally, do you have a plan in place that will allow you to retire regardless of a sale? The current economic environment is a reminder that you may not be able to sell your practice at the precise time you wish to sell. Planning for succession is a priority of the first order. It begins with the objectives you want to achieve. Ensure that you have a plan, the capital, and the agreements in place to transition your practice when the time is right. Paul Guerra is the president of Brookshire Wealth Management in Canton OH. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Brookshire Wealth Management is a separate entity from WFAFN. ��� Union Hospital Awarded Five Stars for Seven Service Areas u N I O N H O S P I TA L I N Dover received five stars for the quality of its treatment in seven areas: Heart Failure, Chronic Obstructive Pulmonary Disease, GI Bleed, Sepsis and Respiratory Failure. Union also achieved 5-star recognition for Total Hip Replacement and Hip Fracture Treatment from Healthgrades, the leading provider of information to help consumers make an informed decision about a physician or hospital. This recognition is part of new findings recently released in American Hos pital Q ualit y O utcome s 2013: Healthgrades Report to the Nation, which evaluated the performance of approximately 4,500 hospitals nationwide across nearly 30 procedures and 42 | Cleveland/Akron/Canton MD News conditions. A 5-star quality measurement indicates that Union Hospital���s clinical performance is better than expected. Earlier this year, Healthgrades recognized Union Hospital with the Emergency Medicine Excellence Award for the third consecutive year and the Patient Safety Excellence Award for the second year. For it s a na lysis, Hea lt hg rades evaluated approximately 40 million Medicare hospitalization records for services performed from 2009 through 2011 at approximately 4,500 shortterm, acute care hospitals nationwide. Healthgrades found that patients treated in hospitals receiving 5 stars had, on average, 75% lower risk of dying than if they were treated in ��� MDNEWS.COM ��� JANUARY-FEBRUARY 2013 hospitals receiving 1 star (across 18 common procedures and diagnoses, such as heart bypass surgery, stroke, and pneumonia). Healthgrades independently measures hospitals based on data that hospitals submit to the federal government. No hospital can opt in or out of being measured, and no hospital pays to be measured. Healthgrades risk adjusts for patient demographic characteristics and clinical risk factors, thereby taking into account how sick patients are upon hospital admission. More information on the American Hospital Quality Outcomes 2013: Healthgrades Report to the Nation, including the complete methodology, can be found at www.healthgrades.com/quality. ���

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