Eyeworld

102 | EYEWORLD | SPRING 2026 P RACTICE MANAGEMENT Contact LaRue: tlarue@medcgroup.com Rabourn: crabourn@medcgroup.com Chief financial officer (CFO): • Practice valuation and buy-in structuring • Navigate private equity interest • Manage cash flow during transition • Forecast future financial performance Financial planning The shortage of providers has increased the value of well-run practices—but only if they are positioned correctly. Key steps include: • Valuation: Engage a healthcare valuation expert. • Buy-sell agreements: Define clear terms for ownership transfer, even consider early buy-ins. • Private equity: Evaluate offers carefully; some may offer short-term gains but long-term loss of control. • Retirement planning: Align personal financial goals with practice needs. Legal and regulatory compliance Succession involves complex legal and regulato- ry considerations: • Credentialing: Ensure new providers are properly credentialed. • Contract updates: Review leases, em- ployment agreements, vendor contracts, and payer contracts. • HIPAA compliance: Maintain data securi- ty during transitions. • ASC accreditation: Notify accrediting bodies of leadership changes. Communication strategy Transparent communication is essential: • Staff: Keep employees informed and engaged. • Patients: Introduce new providers early to build trust. • Referral networks: Reassure partners about continuity of care. • Community: Use communication tools, including social media, to share the tran- sition story. Making succession planning a living process Succession planning should not be a one-time event. Given the evolving challenges in health- care, including workforce shortages, regulatory changes, and shifting patient demographics, your plan must be dynamic and regularly reviewed. Incorporate succession planning as a standing agenda item during annual or bian- nual owners' meetings. These reviews should include: • Progress updates on recruitment or men- torship efforts; • Evaluation of key administrative roles and potential successors; • Financial performance and valuation trends; • Regulatory or compliance updates; • Contingency planning for unexpected departures or health issues. By revisiting the plan at least once a year, you ensure that it remains aligned with your practice's goals, market conditions, and person- al retirement timeline. A model transition amid workforce challenges A cataract and glaucoma specialist begins plan- ning a transition in their late 50s to early 60s. Aware of the workforce shortage, they: • Partner with a local residency or fellow- ship program to identify candidates; • Structure a 2- to 3-year mentorship and buy-in plan; • Retain the key administrative stakehold- ers for the practice and surgery center to ensure continuity; • Communicate the transition to staff and patients clearly. Despite the challenging environment, this transition plan allows the practice to continue thriving. Planning for a future with fewer providers The shortage of ophthalmologists and optome- trists is reshaping the landscape of eyecare. For aging ophthalmologists, this makes succession planning not just important but urgent. By involving consultants, recruiters, and key ad- ministrative leaders and planning strategically, practices can navigate this transition success- fully, ensuring that patients, staff, and commu- nities continue to benefit from high-quality care. The time to act is now. Your legacy—and the future of eyecare—depends on it. continued from page 100

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