Listen in as David chats with nationally recognized healthcare attorney Jason Greis about the important and sensitive topic of creating win-win strategies for exiting retiring partners from a medical practice. Jason begins by describing his firm and practice and then gives some reasons why setting a partner exit pathway is so important for the exiting partners, the practice and younger partners.
Jason then explains what he is seeing in the marketplace in terms of private practice exit plans (or “sunset” plans), why striking a distinct deal for each new exiting physician can be problematic and why starting the exit conversation well in advance of any one partner looking to leave is ideal.
Jason then speaks to how the influx of private equity into healthcare is impacting exit planning and a variety of issues that exit agreements often cover. Finally, Jason covers what is typically involved to incorporate exit plans into the legal documents of a practice and why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians.
What You’ll Learn:
- What Jason’s practice and his law firm focus on and their experience
- Why having a solid partner exit plan (or “sunset” plan) is important for all parties involved
- Trends he is seeing with private practice exit strategies
- What a “3-tier” ownership plan involves
- Reasons practices are getting away from only a binary in/out decision in favor of more options in partial exits
- Why doing special deals with each partner can be problematic
- The benefits of starting the exit plan conversation well in advance of partner(s) retiring
- How the influx of private equity into healthcare is impacting sunset planning
- The importance of dealing with issues as varied as medical malpractice insurances tails to what happens in the event of death or physical/mental disability
- Ways to incorporate exit plans into the legal documents of a practice
- Why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians