Physician (non)Retirement – Impact on Your Practice

It’s widely expected that the decline in the stock market and the recession in general will force large numbers of physicians to work beyond their projected retirement dates. 

How will that affect your practice?

Some immediate thoughts for you to consider:  More competition for patients?  For your exclusive contract?  A “solution” for the shortage of practitioners?  Even lower reimbursement?


I’m fascinated by the role that luck plays in success.  For a good background on this topic, read Nessim Nicholas Taleb’s Black Swan, or even better, his Fooled by Randomness.

But I’m even more interested in those who simply rely on luck for their success:  That’s just plain stupid.

Yet it’s what most hospital-based groups do.  They think that just because they have been practicing at their faciliity for x number of years, that years x + 1 though infinity are in the bag.

There’s lots that you can do to load the dice if you take the time, and make the effort, to strategize and implement your own future.

Sure, Woody Allen quipped that 80% of success is showing up.  Even if that’s so, that other 20% is up to you.  And that other 20% requires thorough preparation and positioning.

Tough Times = Great Opportunity

Let others bemoan the bad economy.  Use your time to take advantage of the opportunities.

Physician groups that were focused only on the easy business or which avoided making the necessary investment in strategies to provide significant supplemental income, are those most likely, even destined, to fail.

The key is not to devote efforts to complaining (it will do you no good, only harm) or to take actions to merely “survive” (the wrong focus entirely) such as cost cutting without regard to the impact on return on investment.

Instead, the key is to develop and implement strategies to thrive, to fill the vacuum that the others’ failure and their blindness to opportunity will leave for you.  This is the time to develop stronger relationships with your fellow shareholders/partners, to make certain that key employees/subcontractors remain bound to the group, to revisit the economic relationships with your hospitals and payors, and to pursue new income streams that exist but have either been unimagined or left undeveloped.

Prudent investment in “thrival” trumps both failure and mere survival.

Free Teleseminar

Join me on November 20, 2008, at 4:00 p.m. PDT for a free telephone seminar on the Strategic Group ProcessTM.

Learn what the Process is and how it can benefit your hospital-based group.

Send an email to to confirm your participation.