Succession planning isn’t something only startup tech entrepreneurs and family businesses need to think about. It’s important for all dermatologists to have a succession plan, too. Having a viable exit strategy ensures that the practice stays intact when the leading dermatologist or dermatology partners leave or retire.
The topic of succession planning has become particularly critical in recent years. As noted by the American Medical Association, around one-fifth of all doctors practicing in the U.S. expect to move on within two years. One-third are at least going to scale back their work schedules within the coming year.
While it may seem logical for more physicians to start dermatology succession planning, building a succession plan from scratch can feel overwhelming. Fortunately, it’s possible to streamline the process by following some best practices. Learn more about how to get started and build your legacy with DermCare Management today.
Methods to Construct a Friction-Free Dermatology Succession Plan
The first way to approach any succession plan is to partner with a provider like DermCare Management, which has created flexible dermatology exit strategies for other practices. Your partner will share proven and creative solutions that allow dermatologists to construct a succession plan framework built around your goals and visions.
Another step in crafting a workable succession plan is bringing stakeholders into the discussion early. Solid communication between everyone in a need-to-know capacity keeps the plan from stalling or veering off-course. In the report “Succession Planning for Health-Care Organizations and Recruiters,” HealthForce Ontario recommends folding a contingency plan into the mix. That way, the exit strategy can move along even if obstacles arise — such as the resignation of someone who was supposed to take over the practice or other challenges.
Finally, it’s always a good idea to document key characteristics necessary for every position, including everyone from the outgoing dermatologist to the practice administration. Having those needed traits, expertise levels, and educational backgrounds in one place will inform job postings when the time comes to replace members of your team, start recruiting or lay out a business plan for potential practice buyers.
The Value of a Sustainable, Vibrant Succession Plan
Like all forward-leaning and visionary documents, a well-considered succession plan will alleviate the stress that often accompanies practice changes such as retirements, consolidations and expansions. It’s never too soon to call a dermatology succession planning group like DermCare Management to start the conversation. Get in touch with us today!