Becker's ASC Review

32 Transactions & Joint Ventures info@physiciancontrol.com or call 404.920.4950 www.physiciancontrol.com At IMS affiliated ASCs, physician owners are involved with decision making for the organization, a rare concept in today's ASC environment. IMS specializes in development and management solutions for all types of ASCs. Our emphasis on physician control and our no-nonsense ap approach set us apart from traditional ASC management companies. Our experience allows us to finalize transactions quickly, so you can focus on what matters: your patients. Let us show you how partnering with IMS can enhance your center's success through physician control. Interventional Management Services Less Red Tape. More Time For What Matters. ASC Physicians: How to Build a Personal & Professional Financial Game Plan By Carrie Pallardy A re you ready for retirement? Brian P. Driscoll, executive director/ financial advisor with J.P. Morgan Securities, describes the impor- tance of a financial strategy for ambulatory surgery center physi- cians. Question: Do ASC physicians generally have a comprehensive understanding of their personal and business finances? Brian Driscoll: We find that most physicians appreciate a comprehensive ap- proach to making financial decisions, which encompass all of these areas. We work together to determine long-term goals and create individualized plans to streamline financial processes and help to mitigate risks. Developing a portfolio comprising asset classes such as stocks, bonds, cash and real estate is an essential component in planning. This strategy is a dynamic process dependent on individual characteristics, including age, tax status, income re- quirements and risk tolerance. Asset allocation can be one of the most effective investment techniques avail- able to increase their chance of success. By working together with a trusted advisor, these physicians can be more focused on active communication and a defined goal. Q: When do ASC physicians need to create a financial strategy to ensure successful retirement? BD: It is never too early to start planning. A sound retirement plan makes the most of things you can control and evaluates factors that are somewhat or completely out of your control. Working with a trusted team of financial professionals can help physicians determine their retirement goals, which often change over the course of their careers. When planning for retirement, physi- cians should consider how changes in healthcare, insurance and regulation can impact both their personal and professional lives. This will allow their plans to be more flexible and adapt to landscape changes. It is also important to remember that it is never too late to start planning either. As life expectancies continue to rise, so does the risk of outliving re- tirement assets. With the probability of living longer, perhaps 30-plus years in retirement, planning becomes a critical component. When starting a medical career, many face the cost of school loans and practice costs, and retirement can seem very far off. Even if a physician begins planning later in their career, there are financial strategies that can help make a long, reward- ing retirement a reality. Q: Though each financial plan will vary from case to case, what is the basic game plan for all physicians to consider? BD: Every physician has their own goals and objectives, but there are some areas to always keep in mind during planning. Having a trust is essential, as it ensures an orderly transfer of property. This helps physicians to consider ev- erything from taxes to generational and business transfers. Managing assets over time for the benefit of heirs and other beneficiaries and protecting assets from creditors' claims often are areas that physicians pursue. The ability to create a structured way for administering personal and finan- cial affairs, especially if the physician becomes incapacitated, is critical. The effective use of credit is another important consideration. From leveraging investment portfolios and real estate to mortgage financing, it is important to identify the ways that are the most beneficial to the physician. Q: What are the biggest challenges physicians face when plan- ning their financial future? BD: Since physicians work with multiple service providers, the challenge is to find an advisor who understands the ASC industry, has experience in develop- ing a customized strategic plan and has the ability to tactically execute the plan. An area that physicians should keep in mind as they plan is any type of M&A activity for their private practice. In such cases, a pre-transaction plan should be created early, and then utilized to maximize the efficiencies of the deal. That plan should look to maximize the benefit of generational strategies and maxi- mize the after-tax wealth by minimizing the impact of income tax. n 13th Annual Spine, Orthopedic and Pain Management-Driven ASC Conference + The Future of Spine June 11-13, 2015 Westin Michigan Avenue Hotel • Chicago, IL 90+ Surgeons Speaking & 108 Sessions Key Note Speakers: Deion Sanders, Billy Beane and Bill Walton For more information, visit www.beckersspine.com or call (800) 417-2035.

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