Practice Conclusion Planning

Practice Conclusion Planning is apart of any practice. If you are over 60, you need to create a plan of how you want to wind down your career. You need a plan to ensure your patient’s care as well as a plan for your career exit.

If you don’t plan now, someone will decide for you later.
True North Physician Agency guides you through a process that assures continuity of care for you patients, ensures livelihood of physician and staff and maximizes your return on real estate and other assets of your practice.

There are 7 pitfalls that most practices don’t take into account when closing a practice. True North Physician Agency is here to guide you in avoiding the 7 pitfalls. We have developed a road map that can be tailored to every physician’s needs to create a smooth and successful transition into retirement.

Although, there is no “one size fits all” approach to financial planning and preparing for retirement, but there are steps you can take now to start thinking about questions or concerns you might have. Before taking the initial step for retirement learn how a personalized strategic plan can help align your personal goals with your financial goals. We will demonstrate how a practice conclusion can aid in the success of your retirement, the well-being of your patients, and the well-being of your staff. 

What to expect:

  • Peace of mind
  • Attorney Resource
  • Fast Support
  • Coaching
  • Advisement
  • Strategic Planning
Two elderly taking a walk after finishing their Practice Conclusion Planning

Why True North Physician Agency

Financial Coaching

True North Physician Agency will be there every step of the way advising and coaching you through your business closing endeavors.

Billing and Collections Planning

Streamline your process by implementing a strategic plan that will not affect your patients, accounts, and practice.

Real Estate Advisory

We help you navigate the property markets and present trends in order to help with your real estate decisions of buying, selling, and leasing.

Timeline Creation

Creating a realistic timeline before taking the initial step for retirement will help align your personal goals with your financial goals.

Asset Inventory and Evaluation

We ensure that our clients receive a detailed asset report providing the data visibility required for effective fixed asset management and evaluation.

Practice Evaluation Support

Knowing the potential value of your practice and the many ways to value a practice are important in your way plans to conclude your practice.

The 7 Pitfalls

  • Not accounting for a realistic timeline for closing practice
  • Not factoring money owed to vested parties, spouses, individuals, legal obligations, etc.
  • Not reviewing contractual agreements, contracts overlapping closing, and contractual defeasance penalties
  • Not dissolving the practice legally
  • Thinking you have more “equity” than you do
  • Patient abandonment and failing to make arrangements for employees
  • Not disposing drugs, biohazards, and failing to notify licensing boards

Frequently Asked Questions

It is never to early to start planning for retirement. There are steps you can take now to start thinking about questions or concerns you might have.

A business plan is recommended because it outlines a strategic plan that will aid in a successful closing or transition.

There is no definitive date as it all depends on the needs of every practice.

Send us an email or give us a call at 559-429-4476 to schedule an appointment and we will get back to you as soon as possible!