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Transferring a Medical Practice for Retiring Doctors

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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?

Photo of two doctors standing together, one young and the other ready to retire.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.

Cover image of Estate Planning and Retirement Guide for Physicians bookletThis 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.