Time to Retire Your White Coat? Plan your exit strategy carefully

by Steven M. Harris, Esq. •

For the remaining physicians, providing an agreed upon semi-retirement package for a senior physician sets the precedent for others who are ready to ease gradually into retirement. In order to facilitate a smooth transition from full-time employment to partial retirement, you must give yourself and your practice plenty of time to incorporate these changes into the existing structure.

Steven M. Harris, Esq., is a nationally recognized health care attorney and a member of the law firm McDonald Hopkins, LLC. He may be reached at sharris@mcdonaldhopkins.com.

Beware of Existing Obligations

Physicians must not forget that obligations that exist under contracts and laws do not necessarily go away at retirement. Even a retiring physician may be bound, either directly or indirectly, by a contract that extends beyond the date of retirement. Is the retiring physician a party (or a guarantor) to a line of credit or a loan for an office build-out or equipment? The retiring physician must also act in accordance with laws, in particular those governing patient medical record retention and patient notification. Even for a retiring physician, many legal and ethical obligations continue. A well-planned course of action can prevent issues from surfacing post-retirement.

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