Author: Dana Jacoby
As an experienced healthcare leader, you’re busy. The daily operations of your practice occupy most of your time, so chances are you’re not always thinking about the long-term future of your practice, like developing a succession plan. That’s where the experts at Vector Medical Group come in. We’ll help you develop a succession plan that contributes to the individual success of your physician providers and solidifies the future success of your practice.
Read More: Merger And Acquisition Consulting
What Is Succession Planning?
Succession planning is the process of identifying critical positions within your organization and developing action plans to fill these positions when needed. This process asks you to take a step back and assess your current and future goals for your practice. By partnering with Vector Medical Group’s experienced healthcare consultants, you can ensure that your future staffing needs are met, and that these positions are filled with the right people.
Importance Of Succession Planning
At Vector Medical Group, we know you’re busy. Running your medical practice is, quite literally, a full-time job. But developing a succession plan is crucial for your practice’s continuity and growth, and failing to plan for the future can be detrimental to your practice and the patients you serve. A solid succession plan is an approach to simultaneously accomplishing these objectives:
- Guarantee your medical practice retails a pool of talent for key roles and tasks.
- Ensure physician providers have targeted career development strategies, with clear opportunities to learn, grow, and advance.
- Provide patients with access to physicians who are reliable and knowledgeable.
This holistic approach to filling key roles and ensuring ongoing patient support is the main goal of succession planning – and it’s critical your practice has one in place.
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Succession Planning Template
Developing a succession plan might feel daunting. You might not know where to even start – and that’s ok! At Vector Medical Group, our experienced consultants have years of expertise in developing and implementing succession plans, and we’ve created an integrated approach to workforce recruitment, development, and retention.
- Capture Stakeholder Support: This is your first step in developing a succession plan. You’ll need to gain commitment from decision makers by demonstrating why a plan is necessary, gather your resources, and identify the strategic goals of your organization. This is where you’ll clearly define the objectives of your succession planning program – which will help you stay focused as you move forward in the process.
- Assess Your Organization’s Needs: This is where partnering with VMG is a powerful tool. We’ll help you identify your practice’s current and future significant business challenges, and we’ll perform a gap analysis to get you from where you are to where you want to be. And we’ll identify the resources, processes, workforce, and leadership that will move your practice forward.
- Develop The Succession Planning Model: This critical step focuses on knowledge transfer. We’ll work with you to:
- Build your leadership pipeline
- Identify training and development strategies
- Develop retention strategies
- Determine which employees will be involved in the succession planning program
This ensures that key knowledge will be retained within your organization, giving you peace of mind that vital systems, processes, and strategies will be maintained.
- Implement The Succession Planning Model: After providing recommendations and methodologies, and setting and modifying goals, our consultants at Vector Medical Group will support you and your team through the transition process. We’ll help your organization prepare for change, link succession strategies with HR, and provide ongoing staff training as necessary.
Sustained Support From Vector Medical Group
When you choose to partner with Vector Medical Group for your succession planning, we don’t stop with the implementation. We provide ongoing and continuous measurement, evaluation, and adaptation of your program. Our consultants are here to support you and your practice, and we’re excited to help you celebrate your success as you move forward in your succession plan.
Ready to start your practice’s new chapter? Book your introductory consultation with Vector Medical Group today!