Navigating a new path
Answers in Practice
By Faiza Wasif, Associate Director, Practice Management, August 1, 2023
Changing your practice setting or model.
Each month, DermWorld tackles issues “in practice” for dermatologists. This month, practice management staff explains how to change your practice setting or model.
Dermatology is a dynamic specialty that offers a variety of practice models and settings. Whether you’re starting a practice, transitioning, or preparing to retire, it’s important to understand what’s involved in these life-changing decisions. As traditional practice models may give way to new, innovative practice models, the Academy offers resources and guidance to ensure that you are prepared to choose a path that’s right for you. If you are considering changing your practice model or setting, this article will help guide you through that process to make your transition seamless and successful.
1. Identify your motivation for change.
The adage that change is hard is true, even if that change ultimately yields positive results. So, it is very important that you check your motivation for making a change. Are you looking to scale back from burnout-inducing administrative tasks that often plague dermatologists in a solo or small practice? Perhaps you have had a personal life change. Or maybe you want sustainable work-life balance that some models or settings offer more readily than others. Regardless, to ensure you are making a thoughtful and sound decision for yourself and perhaps your staff, determining your motivation is key.
2. Understand the various practice models and settings.
There are over a dozen different practice models and settings to consider when planning to transition. The Academy’s Practice Management Center has easy-to-understand resources to help you explore each option including a snapshot of pros and cons for each model and expert testimonials from peers in practice. Take time to review this information and familiarize yourself with the risks and benefits before taking the next step. Check it out on our website.
3. Assess knowledge and skills.
Once you have identified your motivation and understood which model or setting you desire to transition to, it is also important to do an evaluation of knowledge and skills with respect to what is needed in that new model or setting. This can include a personal inventory as well as that of staff to determine what gaps must be filled to successfully transition. Then identify ways to address those gaps which may include attending professional conferences, participating in online forums to expand your network, or even making changes to your current staff composition.
4. Be aware of licensing and other legal requirements.
A new practice model or moving to a different setting may require you to obtain or transfer licenses, certifications, or credentials. Licensing boards can be complex, and their requirements can vary from state to state, depending on each jurisdiction’s resources, regulations, and laws. Make sure you take time to research the new requirements and comply.
5. Start financial and business planning early.
It is important that you assess the potential impact on your income, benefits, and long-term financial and practice goals before moving forward. Each model or change in setting demands a different level of scrutiny in terms of impact. For example, if you are planning to start a practice, developing a comprehensive business plan and seeking guidance from an experienced financial advisor can aid in reducing costly missteps or oversight. The same applies for an established dermatologist who is seeking to transition their current practice. If you have already invested a lot in building your practice and patient community, consider the financial effects of making a significant change now.
See the AAD Valuing, Selling, and Closing a Dermatology Practice manual for more guidance.
Learn more about business valuation.
Learn more
Check out all the Academy’s practice model resources.
6. Develop a plan for communicating the change to patients.
Patient care should be at the top of the list of priorities. Whether you are transitioning your practice to a new model of care, or you are transitioning yourself out of a particular practice setting, prioritize continuity of care. Communicate your decision with patients at least 30 days prior but the sooner the better so they have time to take appropriate next steps that will help minimize disruption. Be sure to provide appropriate referrals to colleagues or specialists, if necessary.
7. Be prepared for continuous learning.
As is true with any change, there will inevitably be a learning curve. In some cases, it will be bigger than others, but no matter what, you will have to adapt to new workflows, technologies, administrative processes, and perhaps new colleagues and staff. To be successful, you should embrace these challenges as learning opportunities that will advance your personal growth and increase your chances of a successful transition. Further, plan to engage in continuing education and stay up to date on the latest advancements in dermatology.
8. Do not forget about personal well-being.
With so much else to consider during a practice shift, it can be easy to forget about the impact of this change on your personal well-being. This should be at the center of your decision-making. Does this shift align with your individual values? Will it add or take away from your current work-life balance? Did you consider job satisfaction? In order to give your best, you have to be your best. And that can only happen when you strike the right balance of personal and professional fulfillment.
There is no exact formula on how to transition your practice setting or practice model to ensure personal, patient, and business success. And no one can determine for you which setting, or model will give you the outcome you are seeking. But, by following the guidance outlined above, you can thoughtfully evaluate your options, consider your drivers, and make an informed decision.
Selling or closing your practice?
Check out the AAD Valuing, Selling, and Closing a Dermatology Practice manual.
Additional DermWorld Resources
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