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One of the pillars of healthcare is continuity — patients require lasting, uninterrupted access to healthcare services throughout their lives. However, this can be easily disrupted as their trusted family doctor or dentist retires without a proper transition plan in place.
As a doctor, your life’s mission is to ensure the health of your patients until the very end of your career. Afterwards, it’s important to ensure that they will continue to be looked after by your equally capable colleagues. This helps to ensure that they continue to receive necessary treatment, while you transition to retirement with ease. All it takes is proper planning.
Physician Retirement Planning
MedPros works with medical professionals who are planning to enter retirement and transition their practice. Our healthcare consultants are dedicated to understanding your goals, evaluating the current state of your practice, and setting up and supervising a smooth practice transition. We have helped countless doctors over the past years navigate the intricacies of physician retirement and practice transition, resulting in a smooth turnover and a welcome shift to worry-free and fulfilling retirement from the medical field after decades of hard work and positive impact on patients’ lives.
Office Lease Agreement Review
As with any professional retirement, doctors and dentists are expected to move out of their offices. This requires reviewing your clinic’s lease agreement and terminating it or ensuring that it is properly set up for transfer or sale to another practice. MedPros works with you, your legal team, and the leasing company to facilitate a smooth transition and ensure that the contract language is clear and does not hinder the new physician from taking over both the practice and the lease.
Retiring a practice includes ensuring the proper transfer of a patient roster to another physician, as well as for settling remaining obligations if any. MedPros works with retiring doctors to review partnership agreements, arrange for clinic departure, and ensure a smooth transition overall from medical practice to retirement.
To a physician taking over your practice, there’s nothing more important than ensuring smooth and stable operations. As part of your transition to retirement, MedPros works with you to examine the operations of your practice and ensure its efficiency and cost-effectiveness, making it ripe for sale and turnover to another physician.
Selling Your Medical Practice
With physician retirement often comes the sale of their medical practice. This process requires proper planning to ensure a smooth turnover to the acquiring physician while providing you a generous return on your lifelong investment. MedPros helps you do just that.
MedPros works with medical professionals at every stage of selling their practice upon retirement to ensure a successful sale and a smooth transition. For best results, it is necessary to optimize your practice in order to maximize its revenue potential and reward you with financial stability upon retirement.
Approaching a Sale
Selling a medical practice involves much more than a real estate sale of the physical clinic; it involves turning over a patient roster, equipment, and other aspects of running a successful practice.
MedPros has crafted a unique process for helping doctors transition to retirement and sell their medical practice:
Complimentary appraisal and business valuation of the existing practice
Listing the practice for sale on a private and exclusive service dedicated solely to the healthcare industry, instead of a typical and generic MLS network
Position the practice for sale in front of a qualified and targeted audience, which includes pre-qualified medical professionals and investors
Advertisement and promotion of sale to a network spanning a national reach for maximum visibility across the identified target audience group
Guaranteed discretion and confidentiality throughout the sale process
Charging of a reasonable commissioning fee that takes care of the sale preparation process.
Trust MedPros with Your Retirement Planning
After decades of renowned medical practice, transitioning to retirement should be celebrated as the culmination of a long and decorated career — and MedPros understands that.
At MedPros, we work to bring your celebrated career to a close with ease, so you can enjoy the rewards of your hard work over the past decades. Our retirement planning services enable a smooth turnover of patient rosters, the closing of lease agreements, and a successful sale of your practice to the next generation of innovators.
For more information on physician retirement planning services, call MedPros at 416-479-0077 or contact us here.