12 Steps to Closing Your Practice
Planning the unwinding of your medical practice, whether for retirement, relocation, or a career change, is a crucial endeavor that demands meticulous preparation. Don’t make the mistake of assuming everything will sort itself out. As David Zetter, president of Zetter HealthCare management consultants, puts it, compliance issues, patient abandonment, and accounts receivable can all rear their heads months after you’ve made the decision. According to Debra Phairas, president of Practice and Liability Consultants, LLC, in California, start planning at least 90 to 120 days ahead of your intended closing date. This multifaceted process involves notifying patients, payers, vendors, employees, licensing boards, and state and federal agencies, not to mention addressing critical considerations like insurance contracts, hospital contracts, and medical record storage. The road to a seamless practice closure involves a well-structured 12-step plan that covers everything from insurance and record retention to staff communication and vendor notifications. Don’t forget your journey doesn’t end at closing – tax considerations and account reconciliation continue even after the doors have shut. Be proactive, be prepared, and ensure a smooth transition as you embark on this significant career phase.
12 Steps to Closing Your Practice Without Problems (Lehmann, MA, Medscape, 9/12).
