Retirement Planning for Plastic/Cosmetic Surgeons
An essential part of owning a private medical practice that is based on cash income is having an exit strategy that generates cash in your hands to fund your eventual retirement. Whether your retirement is decades away or a few years away, early planning is essential for financial independence and securing the most you can when you transfer your money generating legacy in the sale of your practice.
What a physician may think their practice is worth and what they can potentially sell it for are sometimes considerably different. Compounding matters, many physicians mistakenly believe that in today’s marketplace that their practice has little or no value. Gone are the days when your practice value was solely based on the number of active patients-of-record charts you had. Also, your specialization and geographic location factors into the value of a practice. Today it involves much more! It is never too early to plan for your retirement.
Financial Planning for Doctors
If you are a Doctor who owns a private practice, PUMC will be able to evaluate your circumstances and goals and help you develop a valuation plan to put retirement funds in your pockets. Included in this financial planning process are practice assets including, your cash income stream, office, equipment, profitability, cosmetic patients-of-records, digital properties, and more. PUMC’s Retirement/Exit Strategy Planning & Transfer program will assist you in successfully accelerating the growth of your practice’s revenue and value putting you on the right path to finance your retirement.
Successful Exit Strategies for Discretionary Income-Based Practices
Why do you need a Retirement/Exit Strategy Plan? Listen to an interview with board-certified plastic surgeon, Dr. William LoVerme, who developed and implemented PUMC’s Retirement/Exit Strategy Planning & Transfer Program.
William E. LoVerme, M.D. is interviewed by Yvette Manard, MPH of PUMC.
Recommendations were provided by PUMC that were specific to Dr. LoVerme’s retirement goal, practice assets, geographic market, and a comfortable exit process. Learn how he built and safeguarded his practice value, acquired the assets of another practice, and was prepared for selling his practice.
Identify Associate Prospects as Part of Your Exit Strategy
PUMC’s Practice Assets and Legacy Transfer program will position your practice to be successful, accelerating the growth of your practice’s revenue and value.
There are different ways to proceed with transitioning your practice towards retirement. Many physicians consider bringing in an associate before retiring with the hopes that they will eventually buy the practice. This is one strategy that can be considered. Also, an unexpected health matter can occur that creates a condition to retire earlier than anticipated. By having an associate already in place who is interested in buying your medical practice, you are in a better position to sell your practice quickly.
PUMC can help you identify associate prospects for your practice.
Build Practice Value Before You Retire
Where are you on your Retirement Planning? Would you like to discover the potential value of your practice from a discretionary income-based practice marketing expert? Would you like to take results-driven and proven steps to increase your practice’s value and readiness to sell?
Learn how you can build practice wealth and legacy value focusing on:
- Cash Flow/ Revenue Documentation
- Equipment Value
- Digital Properties (Website(s), PPC/Ad Campaigns, Social Media, etc.)
- Staff Training and Retention
- Communication vehicles and retention programs to patients-of–record
- Communication & Retention for Prospective Patients
- Vanity Phone Numbers and Unique URLs
- Reputation and Reviews
Retirement Planning Services
It’s time! PUMC can meet with you to assess your practice and develop Custom Retirement Plan Options for you, including these major components:
- Legacy Readiness Checklist and Timetable
- Review of Digital Assets and Value
- Recruiting Prospects
- Valuation of Practice Assets