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Key Steps in Closing Your Medical Practice

Planning to retire and close your medical practice? Here are the key steps to follow when closing your medical practice.

Key Steps in Closing Your Medical Practice

  1. Decide if you are going to sell your practice or close it down
  2. The first decision you need to make when retiring is deciding whether or not you are going to sell your practice or close it down. If you are planning on selling the practice, it’s a good idea to bring the potential buyer onto the scene at least three to six months before you leave. If you are closing your medical practice, you’ll need to follow the steps listed below.

  3. Notify your staff
  4. After you’ve decided to close your medical practice, you need to let your staff know. They will need to begin looking for new jobs so it’s important to give them enough advance notice so that they won’t be left without a job when you leave.

  5. Inform your patients of the upcoming changes
  6. After informing your staff of your upcoming retirement, the next step is to begin informing your patients. You should send all of your patients a letter letting them know that you will be closing the medical practice. The letter should also inform them where they can find a copy of their medical record. If you’d like, you can also recommend other physicians to them.

  7. Notify your payers and suppliers
  8. You will also need to inform your payers and suppliers. This includes Medicare and Medicaid, if applicable. These groups all need to know of your intention to close your practice so they can act accordingly.

  9. Address your other business concerns
  10. In addition to the steps listed above, you will also need to address any other business concerns. If you lease or rent, you will need to inform your landlord. If you own the property, you will need to work with a real estate agent. You will also need to work with your insurance providers to develop a plan of action going forward. In addition, you will need to sell or dispose of any medical equipment and office equipment that you own.

  11. Develop a plan for managing patient records
  12. When you retire, your patients still need to have access to their records. That means you need to put a plan in place for them to access their records once you’ve closed up your medical practice. Thankfully, My Retired Doctor is here to help with that. We offer shredding, scanning, and storage solutions for retiring physicians. In addition, we can also act as your Release of Information Provider to ensure that your patients have access to their medical records after you’ve retired. To learn more or get started on your plan, contact us today at 877-328-2343 or info@datafied.com!

To learn more about the reliable and quality document management services that we offer retiring physicians, visit us on the web at My Retired Doctor.