Even if you are in the early or mid-career stages of your practice, planning for retirement well in advance can save you time, money, and stress in the future.
To help you plan, Doctors of BC offers resources for to help with the business, clinical, and personal side of retirement planning.
Doctors of BC’s Business Pathways program has a section of resources and information to help you close your practice. Alerting your patients, colleagues, and others of your impending departure is a critical step in the early stages of retirement and Business Pathways has communication templates for each of these key groups.
Business Pathways also offers information on how to maintain the continuity of medical records, including their security, confidentiality, accessibility, and retention obligations.
If you employ staff, the HR toolkit can guide you through the process of ending employment with your team. In the toolkit, you will find a useful checklist, information on producing Records of Employment, and guidance on notification and severance requirements.
For Financial Planning, MD Financial has created “Your guide to Retirement planning” which provides step-by-step financial planning assistance including identifying priorities and goals, creating a financial road map, estate planning, and a retirement savings calculator.
Ensuring your panel is up-to-date and organized prior to retirement can be a huge selling point when you retire, especially if you will be looking for another doctor to take over the practice.
To prepare your clinic and panel for retirement, or for your own benefit, the Practice Support Program offers assistance with Panel Management.
For information about the process or to ask if you qualify for compensation and credits, contact your local practice improvement coach, email service request.or submit a
Retirement is a big transition for you and your family. The Physician Health Program (PHP) can help support your mental health while you are in the process of retirement. Whether it’s connecting you to peer support doctors, specialized coaches, community resources, or counselling services, PHP is available 24/7 for present and retired doctors to lean on.