Ophthalmology Business

NOV 2012

Ophthalmology Business is focused on business topics relevant to the entrepreneurial ophthalmologist. It offers editorial, opinion, and practical tips for physicians running an ophthalmic practice. It is a companion publication of EyeWorld.

Issue link: http://digital.ophthalmologybusiness.org/i/94767

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Page 15 of 20

continued from page 15 win. Since he is still with the practice, we get to experience Dr. Fine, which is amazing in itself— the optimism that comes out of him, the motivation that he shares with everyone is incredible. We have that and we're able to make his life com- fortable while he's working here and make sure he's supported in the way that he's always been supported. Another thing I have thought about in the last few years is that he actively pursued his outside interests, like motorcycle riding. And Dr. Fine is a huge movie fan. He had sporadi- cally taken some film courses at the university, but now that's a regular and big part of his life. He and his wife enjoy it immensely. Photography is also something that he has taken up, along with two grandchildren who he gets to spend time with, as he says, "when they're in the years that they want to spend time with me." He's able to enjoy that now. Dr. Hoffman: I want to stress the leisure and the hobbies. Fifteen years ago, when Howard was talking about retiring, he had, as far as I could tell, no hobbies. He didn't have grandchildren. He didn't ride motorcycles and, as you may or may not know, he was a very intense per- son with a lot of energy. I couldn't imagine the transition from being in that environment to going to a retirement situation when you had no hobbies, no interests, no golf. To his credit he has taken on more external hobbies—the motor- cycle riding, the interest in movies. You have to have those outside inter- ests to help you make the transition. Mr. Maller: Laurie mentioned digital.eyeworld.org Read it, Watch it, Share it Browse • Read • Search • Watch Videos • Share • Interactive links digital.EyeWorld.org allows viewing of videos without leaving the page. They also can be viewed full screen with one touch or click. All website and email addresses are hotlinked, so one touch takes you to the website or allows you to send an email comment. In addition, articles can be emailed to a friend, or posted on Facebook or Twitter. You can also print or save PDFs of articles or the entire issue from your desktop. when we started this a while ago that she asked each of the doctors to put together their perfect plans. That was really helpful because it forced the three doctors to articulate what their goals were. In the end, we tend to be happiest as individuals when we're making choices and we're feel- ing in control of our lives. As many physicians make that transition that Tom talked about earlier without those outside interests or hobbies, it's much more difficult to make the kinds of life choices that are most healthy. What I have found is a lot of EyeWorld News Magazine now available on your desktop, iPad, and mobile devices. physicians—and I think this is a good thing—do want to stay con- nected to the practice of ophthal- mology. Part-time work is a good thing. I tell many of my practices that they want the doctor to stay on and work on their terms for a lot of reasons, not the least of which is the continuity of the goodwill of that person, the continuity of the relations with the staff, and staff want to see that person around. Mechanically, or contractually, when that buy-sell agreement is activated and the shares are redeemed, one element of that process needs to be the work agreement if the person wants to stay on, and Howard noted that earlier. It may sound complicat- ed or difficult but there are fair value standards for these things. It's not like we had to invent anything. I just provided a couple of options. You could pay on a per diem. You could pay a percentage of collections. If you pay on a percentage of collec- tions, here is the range. You need to find out from that retiring doctor

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