Retiring from your medical practice can be an exciting time. You have spent many years going to school, obtaining your medical degree, and taking care of patients. Now, you are looking forward to spending more time with your family and time for yourself. During retirement you can fill your time with traveling, volunteering, exercising, and relaxing! You can also learn to play a new sport like golf, play catch with your grandchildren, and even learn a new language. But before you can start enjoying your retirement, there are some things you should do to make retiring easier for you. Here we’ll list four concerns you should take care of before you officially retire from your medical practice. Addressing these things will help you easily transition into retirement.
Four Things To Address Before Retirement
1.Decide if you would like to maintain your medical license.
Even though you are getting ready to retire, you must also think about the chance of you returning to medical practice. If there is a possibility of this, then you should consider maintaining your medical license. If you let your license lapse, it may take six or more months in many states to renew. Additionally, there may be additional fees you will have to pay for a renewal.
2.Assess your insurance needs.
Once you retire, you may require different medical coverage and it will be necessary to consider your individual insurance needs. You may also have a spouse that you will need to purchase coverage for. There are a variety of high-quality insurance options you can look at for you and your family.
3.Evaluate your contracts.
If you work for a hospital, you can consider reviewing the contract you signed. There should be information on procedures for your retirement and necessary requirements. If you own your practice, then it may be worth reviewing contracts of your providers and office staff to ensure there are no clauses that prevents your departure.
4.Make plans for your patients’ medical records.
One of the most important part is making sure that your patients’ medical records are taken care of. If you work for an employer, your employer will likely oversee the management of your patients’ medical records when you retire. If you are a physician who owns your practice, then it is not this simple. You will have to prepare and arrange a way for your patients’ medical records to be stored and easily accessible.
My Retired Doctor can help with making arrangements for your patients’ medical records. We offer document management services for retiring physicians who are closing their medical practice. My Retired Doctor takes care of scanning and shredding to storage of your patients’ medical information. Contact us today at 877-328-2343 to see how we can help you!