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How Do I Close My Medical Practice?

How Do I Close My Medical Practice?

If you are going to retire and close your medical records, there are certain steps that you need to take. Keep reading for six important steps for closing your medical practice.

  1. Decide between selling or closing your practice
  2. The first step is to decide whether you are going to sell your medical practice or simply close up shop. Weigh the pros and cons, both financially and otherwise. If you decided to close your medical practice and retire, you can move forward to the following steps.

  3. Notify your staff
  4. The next step is to notify you’re your staff that you will be retiring and closing your medical practice. You will want them to hear it from you. Be sure to give them plenty of warning so they can look for a new position.

  5. Notify your patients
  6. You will also need to let your patients know that you will be closing up your medical practice and retiring. They need plenty of warning so that they can look for a new physician. You should send out a letter notifying your patients that you intend to close your practice. You should also let them know who will be holding their medical records.

  7. Notify payers and suppliers
  8. In addition to notifying your staff and patients, you also need to let your payers and suppliers that you will be closing your medical practice. This includes everything from office supply vendors to medical supply vendors. In terms of payers, if applicable, you should inform Medicare and Medicaid of your intent to close your medical practice.

  9. Address other business concerns
  10. After informing your employees, patients, payers, and suppliers, you should also look to address other business concerns. You will need to handle the building where your facility is located, canceling utilities, and processing accounts receivables. You’ll also need to determine what to do with your office equipment and any medical equipment. Reach out to insurance providers as well, and medical associations to inform them of your intent to retire.

Determine what to do with patients’ medical records

Another step to closing down your medical practice is to figure out what to do with your patients’ medical records. You cannot simply dispose of them and in addition to retaining these records, you also need to give your patients access to them after you’ve retired ad closed up shop.

That’s where My Retired Doctor comes into the picture. Since 1993, we’ve been helping physicians retire and close their medical practices. We are experts in the document management realm and can assist with record storage, scanning, and shredding. In addition, we can also serve as your Release of Information Provider.

To learn more about the document retrieval services that we offer throughout the country, visit us on the web at My Retired Doctor!