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Slowly phase out retiring phyisician
See why it's important to ensure a graceful transition for your veteran partners.
Q: What are the best ways of keeping aging shareholder physicians incentivized to continue investing in the practice as they near retirement?
A: At some point, an older physician who is nearing retirement age should be phased out of the practice and all investments related to the practice, including real estate. A practice's debt generally is structured to be guaranteed by its assets, including accounts receivable. It also may be guaranteed by its doctors on an individual basis.
The practice's corporate or partnership structure should be set up to recognize a standard age for the surrender of stock and any continued responsibility for investment in the practice.
Answer provided by A. Michael LaPenna, The LaPenna Group, Grand Rapids, Michigan. Send your practice management questions to medec@advanstar.com Also engage at http://www.twitter.com/MedEconomics and http://www.facebook.com/MedicalEconomics.
