Issue link: https://viewer.e-digitaledition.com/i/759723
WHEN IT COMES TO TR ANSITIONING INTO RE TIREMENT, FAILING TO PL AN IS PL ANNING TO FAIL ž IN GR AND FA SHION. TORCH BY STEVE BARRETT WITHOUT A CAREFULLY defi ned strategy, even a successful practice may simply fade out, Tammara Plankers, Client Practice Services Manager for Wells Fargo Practice Finance, explained in a recent article in AMA Wire. "When you don't have an exit strategy, the practice can just start waning," Plankers says. "Or sometimes an owner may get into a situation where they're no longer eˆ ective or interested." Physicians should start mapping out a plan at least three years before they intend to retire, she urges, noting some factors that are key to those deliberations. + Figure out the appropriate path to transitioning your practice. Selling all your assets has the benefi t of ending your risk in the investment. But you might consider retaining the hard assets — such as the property and the facility — to provide continued income. You also may want to sell your interest in the practice to one of your associates, facilitating a smooth transition for patients and staˆ . + Decide what kind of buyer you want. While selling to a hospital group is common these days, there are still quite a few solo practitioners looking to expand. + Maintain a solid practice, including a strong patient base and upgraded equip- ment. A buyer will fi nd the purchase more attractive if he or she can start earning income promptly upon taking the reins. That's easier with a well-maintained practice. ■ THE PRACTICE PASSING Owned and operated by the New York State Department of Health − Member NewYork-Presbyterian Regional Hospital Network. The best physical rehabilitation. Best rehab technology. Best rehab teams. Best patient outcomes. Specializing in spinal cord and traumatic brain injury, stroke, amputation, orthopedic, cardiopulmonary and neurological disorders. To learn more, call us at (845) 786-4535 or visit helenhayeshospital.org. West Haverstraw, New York 0 5 M D N E W S .C O M /// M D N E W S M I D H U D S O N ■ 2 016 / 2 017