Episode 58: Creating a Lasting Legacy: Succession Planning for Your Medical Practice

01/02/24 • 9 min

How do you ensure that your practice not only survives but thrives, long after you've stepped back? It's about creating a legacy, something that stands the test of time and continues to impact the community positively.

So, why is succession planning so important in a medical practice? It's about continuity and legacy. Without a clear plan, your practice could face uncertainty or decline after you retire. Succession planning ensures that the quality of care and the business health of the practice are maintained. It’s not just about who will take over, but also about preserving the values and quality of care that have been the hallmark of your practice.

The first step is selecting an heir apparent or two or three. What should physicians look for in a potential successor? It's crucial to look beyond clinical expertise. The ideal successor should have what we call "business owner DNA." This includes leadership skills, a deep understanding of the healthcare industry, and a strong business acumen.

It’s also about finding someone who aligns with the practice's vision and values. They need to be someone who can not only maintain but also build upon the legacy that you’ve created over many years.
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Previous Episode

Episode 57: What if My Partner is Driving Me Crazy? Is It Time for a Practice Divorce?

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What should you do when your practice partnership feels more like a sinking ship than a thriving enterprise? If you've been asking, "What if my partner is driving me crazy?" this episode is for you.

This is a topic no one wants to talk about, but absolutely everyone needs to consider.

And before we dive in, I should say, the objective of this episode is not to fuel animosity but to guide physicians and clinic managers on how to gracefully exit a partnership if it's not working. We want to help you make educated decisions that are both emotionally and financially sound. We see many physicians toiling away, year after year inside of poor relationships in their practice, but not making time to handle it.

So, how do you know that your working relationship is not functioning? What’s the easiest way to recognize a dysfunctional working relationship? It's not always as obvious as you might think. Sometimes, the symptoms of a problematic relationship manifest as operational inefficiencies, financial disagreements, or even issues around patient care. You may notice chronic tension or perhaps an unwillingness to communicate openly. And while opposites attract, we’ve seen some business partnerships that are truly hindered because the partners NEVER agree.
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Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
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Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

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Episode 59: Getting Paid for What You've Done - Winning the Coding Game - A Conversation with Anne Hirsch, MD

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You work hard for the money, but are you getting all of the money you've actually earned? "Coding" and "game" don't usually collide in the same sentence, but understand that it IS a game. And, it's one you can win!
Join me for a conversation with Anne Hirsch, MD a practicing internist and national coding expert. Anne walks through the distinction and many of the basics of CPT and HCC coding. She shares common HCC codes that she uses, and encourages you to find them and increase your reimbursement too.
We walk through opportunities for physicians to improve your CPT coding distributions, and how to shift the focus of coding and coding audits from one of compliance to one of opportunity for revenue capture, and how to get you credit for the work you've already done. We talk about "over-coding" vs. "under-documenting" and the amount of increased revenue you can expect with some focus on how to win the game.
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com