As you get closer to retirement, it’s not uncommon to think about your exit strategy and how you will transition your dermatology practice into the next stage. Many dermatology management companies are cropping up to help practitioners transition or exit the field as they get older or plan for the following line of succession. More dermatologists are turning to these companies as part of their exit plan, and it’s not difficult to see why.
Dermatology management companies offer innovative solutions to common clinical management challenges, allowing physicians to focus on their practice and lives. As they exit the field, these companies step in to maintain the practice’s brand quality and loyalty that its owners have developed throughout the years.
With an endless number of options, it’s natural to feel stuck and uncertain about how to exit the field and enter retirement. Below, we give you some tips you can use to create an exit strategy of your own.
How to Create an Exit Plan From Dermatology
You would create a business exit strategy before entering the business sector in an ideal world, but this doesn’t always happen. If you are planning an exit strategy later in life, there are avenues available but exiting the field of dermatology comes with a few challenges. There are multiple potential buyers to sort through and concerns about current patients and staff that reasonably come to mind.
Government impositions have increased difficulties for dermatology practices with additional administrative requirements that have taken physicians away from their work. Dermatologists must do more administrative work than before due to government alterations and law changes, such as the Affordable Care Act. Time spent doing paperwork on other administrative duties has started to affect the number of hours physicians can spend working with patients. As the government continues to increase the number of administrative requirements, the ability for physicians to focus on their work is becoming more challenging.
These new requirements have turned practitioners towards assistive programs or partnerships equipped to handle these situations so physicians can focus on their work. Such programs address administrative duties like paperwork, payroll management, patient support and more. Dermatologists can spend more time doing what they do best and work closely with patients rather than locked into increasing management tasks.
Planning ahead is one of the best ways to combat these dilemmas before they crop up. Thinking about your long-term goals is a challenge in and of itself but essential for a business to thrive and make your future exit as seamless as possible. Establish a timeline that includes your future business goals and plans, including a succession plan if you have one. This timeline will serve as your guide to direct you towards your exit strategy and what will work best for your practice.
Consolidating Your Practice
With a timeline in place, you’ll at least have a general idea of how you want to proceed. You can start early to find the exit strategy that works best for you. The method you pick will be determined by certain factors, such as whether or not you want to maintain control of your practice or how you want it to run once you’ve left.
One of the most popular exit strategies in the field today is consolidation. The dermatology field has seen a growth in the consolidation of practices due to the development of dermatology itself. Consolidating allows physicians to focus on their practice, lives and succession plans. It’s natural to be wary of consolidation as many concerns naturally arise. Will you still have control over your practice? Does your new partner have the same business goals? What will happen to your current patients and staff? How much change should you expect?
When you consolidate your practice, you trust another entity to care for your practice in the same way you have. That’s why it’s essential to do your research and fully understand what you’re getting into. Ensure that your new partner has the same vision for your practice that you do and the means to achieve said vision. Create a list of questions and ask as many as necessary to truly get an accurate picture of who you’re partnering with. Research and planning will give you peace of mind when you finally choose a partner.
Consolidating your practice and partnering with a company is an excellent way to continue growing your business in the way you always imagined. Once you’ve found the right partner for you and your practice, you should seriously consider consolidation as a crucial addition to your timeline and exit strategy.
Transitioning With a Dermatology Management Company
The exit process can be complicated, but dermatology management companies like DermCare streamline the process for you. We help you create a multi-year plan for your retirement when you partner with us. With our support and management expertise, we simplify selling your practice and allow you to maintain 100% control.
At DermCare, you have constant access to business tools to help you streamline the administrative requirements of dermatology care. Our tools allow you to focus on providing care to your patients and working through your timeline so you can retire with ease. You’ll also have constant access to our dermatologist support network when needed, whether that’s for matters of business or retirement.
Partnering with a dermatology management company like DermCare also fortifies your business with numerous advantages through the sheer strength in number. Your team will be stronger than ever with your leading dermatology care and our administrative support.
Take Your Next Steps With DermCare
At DermCare Management, we can help you make a smooth exit from dermatology so you can focus on retiring in peace. Our comprehensive management solutions and business services help maintain your existing brand while you retain 100% of the control over your practice. We’re focused on a culture of growth and excellent patient experiences to bolster your practice and serve your needs. You’ve worked hard to establish yourself in the field, and we want to help you maintain your practice, even after retirement.
Our team will help create an exit strategy that works best for you while allowing you full autonomy over every decision. Selling your practice or partnering with a dermatology practice management company are excellent strategies for exiting dermatology. Your patients and physicians will remain in good hands, and your business will maintain the same brand strength that you’ve spent years curating. Contact us online or give us a call at 844.633.9358 to start planning your exit strategy today.