RSRS has assembled some sound advice from experts in the financial and legal fields geared to you, the physician. The following is an excerpt from RSRS’ new guide: “Getting Ready to Retire: Financial and Estate Considerations for Retiring Canadian Physicians.”
When a doctor retires, is there an opportunity to transition the practice to another doctor and enjoy the benefit of fee-sharing?
Physicians generally don’t like leaving their patients without a new doctor when they retire. Patients certainly don’t like to be left without a physician either.
While it’s not easy to find a physician to assume your practice, sometimes to smooth the transition, the retiring doctor will invite a new doctor to practice at his/her location for a period of time, or the retiring doctor will practice at the new doctor’s premises for a short period of time.
If the retiring doctor hands off his/her patients to a new physician, the new doctor may be willing to provide some form of compensation to the retiring doctor for his/her time in assisting with the transition or seeing patients at the new location.
This information is excerpted from “Getting Ready to Retire: Financial and Estate Considerations for Retiring Canadian Physicians.” A physician contemplating retirement has a myriad of details to tend to, both professionally and personally. Prudent financial, estate and legal planning can make a big difference, both in the short and long terms. If you’d like a printed version of this useful book mailed to you, call RSRS at 1-888-563-3732, Ext. 222 or get the free download now from https://www.recordsolutions.ca/guide. There is no cost associated with obtaining this information.