Are you planning to retire from your independently owned medical practice? Keep reading for a to-do list of tasks that need to be checked off when you retire and close your medical practice.
- Determine if you are selling or closing your medical practice
- Inform your staff
- Inform your patients
- Decide what to do with your office and medical supplies
- Inform your insurance provider, landlord, etc.
- Contact My Retired Doctor for help managing your medical records!
One of the first things that you need to do when you decide you are going to retire is whether or not you are going to close or sell your medical practice. There are many factors that go into the decision, including the time and energy you want to put in after you retire, the availability of potential buyers, and finances. While this can be a difficult decision, it is essential to make the right one.
After you decide whether you are going to sell or close your practice, you need to let your staff know of your decision. Provide them with all the details you have available, including the date of your intended departure, whether or not they still have jobs, and how you are going to go about the process of closing or selling the practice.
The next step is to let your patients know that you will be closing or selling your medical practice. This can be done via a letter mailed out to all patients, but you can also remind them with signage in the lobby or by speaking with them during their next appointment. Likely, if you are selling the practice, their lives will not be affected much. However, if you are closing your practice they will need to look for another doctor so be prepared to offer references.
You will also need to decide what to do with your office and medical supplies if you are closing your practice. See if you can sell off medical supplies and scale back on office supply orders to purchase just enough to get you to retirement.
You will also need to let other affected parties know. This includes your insurance provider(s), Medical Board, landlord, and anyone else that you do business or have a business relationship with.
Another thing on your to do list has to be deciding what to do with your old patient medical records. You cannot just throw these documents away and chances are that after decades in the business, you have thousands of files. Thankfully, My Retired Doctor is here to help! We offer quality document management services for retiring physicians. Give us a call today at 877-328-2343 to see how our services can help make closing your medical practice much easier.
To learn more about the reliable and quality document management services that we offer, visit us on the web at My Retired Doctor.