Establishing a Leadership Succession Plan for Private Practices
Talent management is one of the most significant challenges an anesthesia practice, or any private practice faces. “One out of three employees leave medical groups – both small and large – within the first year of employment, which affects finances and quality of service” states a MGMA ACMPE Fellow. Most agree a physician shortage is a real threat to healthcare as well. A 2015 report by the AAMC, projects a national shortage of 90,000 physicians by 2025. Retention and recruitment are growing threats in this environment. As a result, so is leadership succession.
Take note of the word succession. Succession means to follow in sequence what has been attempted or intended. The term used is not – leadership replacement. A leadership succession plan is about more than replacing existing leaders. Like any Fortune 500 company or hospital, an anesthesia practice should plan for an inevitable change in leadership. Succession planning involves identifying and developing future leaders to succeed current leaders. It boils down to being proactive and intentional about future leadership. Continue reading