Succession Planning in Healthcare

Succession planning is the process of identifying critical positions within your organization, ensuring your practice has the right people in the right jobs, now and in the future. At Vector Medical Group, we take a systematic approach to succession planning that is informed by our decades of experience in finance, operations, and healthcare.

Do I Need a Succession Plan?

When healthcare leaders are caught up in day-to-day operations, preparing for the unexpected may not always be front of mind. Yet identifying potential successors in critical work processes is vital for business continuity and growth—and organizations that fail to prepare for the future can be caught scrambling when inevitable life changes happen. A solid succession plan accomplishes the following three objectives simultaneously:

  • Medical practices retain a pool of talent for key roles and tasks

  • Physician Providers are provided with targeted career development strategies, with a clear opportunity to grow, learn, and advance

  • Patients benefit from access to Providers who are reliable and knowledgeable

The Succession Plan Process

Successful succession planning requires an integrated approach to workforce recruitment, development, and retention. The expert team at Vector Medical Group will work with your practice to implement the following steps:

Step 1: Capture Stakeholder Support

The first step in developing a comprehensive succession plan is to identify talent for key roles, share your goals, and get stakeholders involved in the planning process.

Step 2 – Assess Your Organization’s Needs

Our team will help your organization identify significant business challenges, now and in the future. We will perform a gap analysis to identify where you are now and where you want to be, as well as critical positions that will be needed for business continuity.

Step 3 – Develop The Succession Planning Model

This step focuses on knowledge transfer. We will work with your team to document key data, policies, and work processes, and define how this knowledge will be retained within the organization—and passed on to key personnel in the leadership pipeline.

Step 4 – Implement Succession Planning Model

After providing recommendations and methodologies, and modifying goals as needed, our expert team will support physician leaders in the overall transition process, from change management to implementation.

By identifying future staffing needs, honing a strategic plan, and avoiding common pitfalls, your organization can develop a succession plan that contributes to the individual success of physician providers and the future success of your practice.

Interested in taking the next step? Take this short survey so we can learn more about your organization’s current state and future needs.

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