Tony Mira: 'Don't put off succession planning'

Anesthesia Business Consultants President and CEO Tony Mira penned a column for his company's newsletter about the importance of succession planning.

Here's what you should know.

1. Despite the rigorous demands of modern anesthesia, Mr. Mira urges anesthesiologists to start succession planning as soon as possible.

2. After reading literature on the topic, Mr. Mira said it all shares similar themes of "start now" and "it's never too soon."

3. For anesthesiologists, Mr. Mira said succession planning involves considering the effect retirement would have on the people around them.

Anesthesiologists must ask questions like "How many group members are thinking of retiring at the same time?" and "Can the group afford the loss of that many clinicians at once?"

Deciding to retire triggers an unstoppable chain of events for a practice. ABC's Chief Client Officer Maurice Madore said, "Once you’ve declared your retirement schedule, often, because of your operating agreements, you can’t go back. Your group will already be recruiting someone to take your slot."

4. Succession planning takes an even more prominent role when considered projected physician shortages. A 2017 Association of American Medical Colleges expects a shortage of between 40,800 physicians and 104,900 physicians by 2030. For practices to prepare for recruiting, proper succession planning needs to take place.

Mr. Mira said, "If you want to prevent business chaos and legal or financial problems as you head toward retirement—and certainly you do—experts advise thinking strategically and planning effectively in advance."

Editor's note: This article was updated on April 27.

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