Medical practices are constantly expanding and evolving. One practice that is rapidly growing in popularity is the medical concierge business model. These practices serve patients on a more personal, one-on-one level than traditional doctor’s offices, but it may not be the best choice for you or your current medical practice.
The Procedure: How to Close Your Medical Practice
The Procedure: How to Close Your Medical Practice
It’s never an easy decision to close your medical practice. But if you’ve made the decision to do so, there are some steps you need to take to ensure a smooth transition for both you and your patients. Here’s a look at the procedure for closing your medical practice.
1. Notify your staff and patients. Your staff will need time to find new jobs, so it’s important to give them as much notice as possible. You should also notify your patients in writing, letting them know of the closure and providing information on where they can find new care.
2. Cancel all contracts and leases. If you have any contracts or leases for office space, equipment, or services, be sure to cancel them in a timely manner. This will help avoid any penalties or fees.
3. Transfer patient records. Patient records must be transferred to another provider or facility per HIPAA regulations. Make sure you have a plan in place for how this will be done before you close your doors.
4. Return any unused medications. Any medication that is unused and unopened can be returned to the manufacturer or supplier per state law. Be sure to check with your state Board of Pharmacy for specific instructions on how to do this properly.
5 . Settle accounts with payers . If you have any outstanding claims with insurance companies or other payers, be sure to settle them before closing your practice
Aftermath of Closing a Practice
After you’ve made the decision to close your medical practice, there are a few key things you need to do in order to ensure a smooth transition. Here’s what you need to know:
1. Notify your patients as soon as possible. They’ll need time to find a new doctor, and the sooner they know, the better. Be sure to include information about where they can find records and how to transfer them.
2. Make arrangements for your staff. If you have employees, you’ll need to provide them with notice and help them transition to new employment. If you have independent contractors, be sure to cancel any agreements or services in writing.
3. Close all of your accounts and contracts. This includes everything from your lease agreement to your utilities contracts. Be sure to give proper notice so there are no surprises down the road.
4. Have a plan for your medical records. You’ll need to decide whether you’re going to keep them, destroy them, or donate them to a medical school or research facility. Whichever option you choose, be sure to do it in accordance with HIPAA regulations.
5. Notify your professional associations and licensing boards. They’ll need to update their records and may have additional requirements for you as well.
6 . Say goodbye to your patients in a personal way . This is probably the hardest part of closing a practice, but it’s important to take the time to thank your patients for
Protecting Yourself
There are a few key things you need to do to protect yourself when closing your medical practice. First, you need to make sure that all of your patients’ medical records are transferred to another provider. You also need to notify your state medical board and your malpractice insurer about the closure. Finally, you should take steps to protect your personal assets, like getting rid of any business debt and transferring ownership of any business property. By taking these precautions, you can safeguard yourself from potential legal and financial troubles down the road.
Conclusion
There are a lot of things to think about when you’re closing your medical practice. From figuring out what to do with your patients’ records to deciding what to do with your office space, it’s important to have a plan in place. We hope that this article has given you some things to think about as you start the process of closing your medical practice. If you have any questions, please don’t hesitate to reach out to us for help.
