Am I Ready to Close My Medical Practice and Retire?

Am I Ready to Close My Medical Practice and Retire?

Are you thinking of retiring and closing your medical practice? If so, that’s great! Here are a few things to keep in mind:

Am I financially ready to close my medical practice and retire?

The first question you need to ask yourself if you’re planning to retire and close your medical practice is whether or not you are financially ready. What do your finances look like? Have you met with your financial advisor and determined that everything is in order? Have you tried to live within your estimated retirement budget for a few months to ensure it’s possible? These are all questions to ask yourself as it’s important to ensure you are financially ready to retire.

Am I mentally ready to close my medical practice and retire?

The next thing to ask yourself is whether or not you are mentally ready to close your practice and retire. People don’t often consider the mental aspect of retirement but it’s huge. Everyone jokes about spending all their time on the golf course or enjoying sleeping in, but that appeal quickly wears off. You will need to have other hobbies and interested to keep you stimulated and feeling validated and happy. If you don’t have something in place, like joining a local woodworking community or planning to travel with your spouse, you might want to have a plan in place. Being a doctor holds a lot of significance in the community, but once you entire retirement some of that prestige will fade and you will need to seek validation and engagement elsewhere.

Something else to consider is that being a doctor is a very social job. You are a pillar of the community and see the same patients at least once a year. It can take an emotional toll to walk away from that, especially when it often means saying goodbye to patients that you’ve watched grow up before your eyes. Be sure that you’re ready to handle that. If possible, find another way to stay engaged and active in the community so you can still have that social involvement.

Who can help me close my medical practice?

Closing a medical practice is a tiresome and complicated process. There are so many tasks that need to be completed, including managing your documents. If you are looking for assistance with document management when it comes time to close your medical practice, My Retired Doctor can help!

If you need help with your document management, contact My Retired Doctor today.

My Retired Doctor offers document management services for retiring physicians who are closing their medical practice. From scanning and shredding to storage and Release of Information services, My Retired Doctor does it all. If you are thinking of retiring in the near future, it’s never too early to start talking about document management. Contact us today at 877-328-2343 to learn more and get started!