Succession planning and the physician practice: is your practice prepared?

Managing the day-to-day operational issues of a medical practice can consume the focus of practice management, while planning for future events such as physician retirement or end-of-career decisions typically earn a lower ranking. Succession planning can play a crucial role in equipping both the individual physician, as well as the group practice, with a successful physician practice environment for the future. In this article, we will explore four key reasons physician practices need to have an effective succession plan in place.