Practice continuation agreements

I meet and talk with many physician sole practitioners. Honestly, I find them fascinating and have many as clients. Being solo provides a variety of challenges. One is succession. One thing I see out there is that solo practitioners have no contingency plans in plan should something happen to them like a disability or a death. Of the two, disability is the most common occurrence.

So to me, the biggest question they face is: What would happen if you were unable to work for a period of time, or permanently? Would your physician practice continue to operate as usual during your absence, or would it be chaos? This is why sole practitioners need a practice continuation agreement in place right now.

We all know how patients will leave the practice the longer the physician is away from it. And if the physician passes away suddenly without a practice continuation agreement in place, the value of the practice immediately drops to zero. That leaves nothing to provide for a spouse and family. The estate could also be sued if returns aren't filed in time due to a lack of a succession plan.

Do you have a practice continuation agreement in place? If not, find a colleague who would be willing to take over your practice in the event of a permanent disability or death or will cover your practice during a period of temporary disability. Protect yourself and your family.