Skip to main content

COVID-19 RESPONSE: Recent developments are impacting our valued clients. Read these helpful resources for navigating this crisis in your business.

Succession Planning

Thrive during business changes with thoughtful succession planning led by your trusted experts.

At some point, most physician owners consider how they will successfully and seamlessly transition out their full-time health care practice as they plan for retirement. Solo practitioners have different considerations than group practices, like who will continue to provide care for their patients, what will happen to their beloved staff, and whether any financial opportunities exist for the business they’ve worked so hard to build. For group practices, leadership may worry about consolidation and how to best structure the organization for stability over the next 5–10 years.

Our team of experts can help you identify the best options for your unique situation and successfully design and implement an effective succession plan that results in an outcome you feel good about. We are here for you whether you specialize in dermatology, ophthalmology, plastic surgeryaesthetic medicine, or have an ambulatory surgery center.

We help you think ahead so you don't have to worry about the future.

At BSM Consulting, we strive to help our clients think ahead to protect practice longevity in a fluid market. We believe physicians who put a thoughtful, strategy-based plan in place are more likely to find peace of mind and accomplish their transitional goals.

Succession planning is crucial for successful financial and operational outcomes for those considering retirement, semi-retirement, affiliation with other groups, or career transitions. Beyond achieving good personal outcomes, these plans ensure the long-term sustainability for the practice or ambulatory surgery center and its personnel.

Derek Preece explains the benefits of Succession Planning

Prepare your future leadership now so you're ready for whatever lies ahead. 

Our experienced and knowledgeable team of consultants and support staff can:

  • Provide strategic planning for your short and long-term goals
  • Advise on operational considerations for retirement transitions.
  • Assist with identifying the best options to consider given your situation.
  • Analyze exit strategies such as acquisition and merger opportunities
  • Create plans and financial models for hiring new physicians.
  • Assist in the recruitment process for physician and administrative positions.
  • Provide leadership training and coaching for physicians and administrative staff.
  • Build a phased exit strategy to transition from full-time employment to retirement.

Our consultants are adept in practice operations, business transactions, human resources, and the employee satisfaction survey. Most importantly, we will use these talents to focus on what’s best for you, always guiding you to solutions that work for your specific situation.

Many times, these plans include operational review and negotiation amongst group partners, strategic alliances with other medical practices, compensation alternatives for transitions from full-time to part-time schedules, and the recruitment of new providers to the practice. Today, many physicians are considering private equity affiliation as part of their plan.

Let’s set up an initial complimentary consultation.

Sometimes it’s helpful to talk things through. A complimentary consultation with members of our succession planning team can provide an opportunity to discuss your specific needs and mutually identify the level of support you need. Since every engagement is unique, an initial consultation can help build a scope of work tailored to your needs.