For many doctors, full retirement isn't an option—either because they don't have enough saved up, or because they dislike
the idea of not working. But there's a solution: easing out, which lets you cut down to part-time practice, and eventually
cut all the way back.
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But there are a lot of factors to consider. If you're a soloist, will you lose too many patients when you reduce your availability?
And how can you arrange call? If you're in a group, can you cut back without burdening your partners? Can you all agree on
a fair way to structure your compensation?
No matter what size practice you're in, you also have to accept the fact that cutting back means lower earnings. Easing out
may also affect your payout when you finally retire. (We'll tell you more about financial planning for retirement in our next
issue. See "Top 5 retirement planning mistakes—and how to avoid them.") Can you afford to reduce your hours?
Here's how to deal with these complications while you're getting ready to put one foot out the door. Soloists can't lose too much business
The main dilemma soloists face is that if you cut back too much, you could wind up having to close your practice prematurely
because you've lost too many patients. "It's difficult to achieve a balance between reduced billings and the number of work
hours that are necessary to pay your staff and bills," says Chicago practice management consultant Karen Zupko.
Another concern is that reducing your hours can affect the price you get when you sell your practice. Simply put, a growing
practice is worth more than a shrinking one. And an additional issue, say soloists we spoke to, is figuring out how to provide
good care for your patients as you cut back.
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A way to address all these problems is to bring in help. FP Robert H. Pearson, 75, of Emerson, NJ, brought a young physician,
Daniel J. Wilkin, DO, into his practice. Wilkin, who is now Pearson's partner, takes house calls, hospital rounds, and call
duties. In turn, Pearson has introduced Wilkin to all of his patients and encouraged them to turn to Wilkin for care. The
practice is busier than ever, but Pearson has more time for his avocation, song writing. He hasn't set a date for full retirement
because he's enjoying his practice so much more now that he's scaled back.
FP Robert W. Matthies, 70, of Prescott, AZ, used his position as preceptor in a residency program in Phoenix to size up physicians
as potential candidates to bring into his practice. An FP resident will join his practice next year when she graduates, at
which point Matthies will devote more of his time to working with dementia patients. "I'm not interested in making money by
bringing in an associate," he says. "I just want somebody who'll provide high-quality, compassionate care."
Hiring a PA who works three days a week has let urologist B. Dan Witt, 66, of Hoisington, KS, scale back. Witt performs surgery
on Mondays while the PA is in the office seeing routine re-checks. Both are in the office on Tuesday and Wednesday. Witt comes
in on Thursday mornings, only as necessary. He plans to hire the PA for an additional day so he can take a four-day weekend.
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