Practice Conclusion Planning

You need a plan for your patient’s care and you need a plan for your career.
If you are over 60, you need to create a plan of how you want to wind down your career. 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

  • Coaching

  • Attorney Resource

  • Advisement

  • Fast Support

  • Strategic Planning

Services

Financial Coaching

Billing and Collections Planning

Real Estate Advisory

Timeline Creation

Asset Inventory and Evaluation

Practice

The 7 Pitfalls

  • Not accounting for a realistic timeline on closing practice

  • Thinking you have more “equity” than you do

  • Not factoring money owed to vested parties, spouses, individuals, legal obligations, etc.

  • Patient abandonment and failing to make arrangements for employees

  • Not reviewing contractual agreements, contracts overlapping closing, and contractual defeasance penalties

  • Not disposing drugs, biohazards, and failing to notify licensing boards

  • Not dissolving the practice legally

Frequently Asked Questions

559-429-4476

When do I need too start planning for retirement?

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.

Is a business plan necessary to close the practice?

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

How long does it take to fully close a practice?

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

Don’t see the question you want to ask?

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!