You may be considering the difficult decision to cease operation of your medical practice. This blog highlights the 10 steps you should take before beginning this process.
Consider Your Options
There are a few key things to consider when you are planning the closure of your medical practice. First, you need to decide if you want to sell your practice or close it down completely. If you sell your practice, you will need to find a buyer who is willing to pay the fair market value for your business. You may also have to negotiate with your landlord if you have a lease agreement in place.
If you decide to close your medical practice completely, you will need to notify your patients and refer them to other providers. You will also need to cancel any leases or contracts that you have in place. Finally, you will need to dispose of any medical supplies and equipment that you no longer need.
Check Your Contracts
Before you close your medical practice, it is important to check your contracts. This includes your lease, employment contracts, managed care contracts, and vendor contracts. You will need to determine how much notice you need to give, if there are any financial penalties for terminating the contract early, and what the terms of the contract are for transfer of ownership or assignment. Once you have reviewed your contracts, you can start to plan the closure of your medical practice.
Complete Administrative Tasks
The first step in closing your medical practice is to complete all administrative tasks. This includes creating a list of all patients, their contact information, and their medical records. You will also need to notify your staff, vendors, and business partners of your plans to close.
Once you have completed all administrative tasks, you will need to begin the process of transferring or destroying patient medical records. You will also need to cancel any outstanding orders for supplies or services. Finally, you will need to notify your local licensing board of your intentions to close your medical practice.
Update Patient Records
When closing a medical practice, it is important to update patient records. This can be done by sending a letter to each patient, informing them of the closure and providing instructions on how to obtain their medical records.
Patients have a right to their medical records, so it is important to make sure they are able to get them in a timely manner. If you have any questions about how to close your medical practice, please consult with an attorney or other professional specializing in this area.
Work With A Liquidator
When you are ready to close your medical practice, you will need to work with a liquidator. A liquidator is a company that specializes in closing businesses. They will help you with all of the logistics of closing your business, including:
– Finding a buyer for your practice
– Selling your inventory
– dissolving your business
Working with a liquidator is the best way to ensure that your medical practice is closed in a professional and efficient manner.
Close The Office And Turn Off The Lights
It’s important to plan the closure of your medical practice in a way that is respectful to your patients and staff, while also protecting your own interests. Here are some steps to take when closing your medical practice:
1. Close the office and turn off the lights. This may seem like a no-brainer, but it’s important to make sure that all patients and staff are aware that the office is closed and that there is no one on site. Turn off all electronics and lock up any valuables.
2. Notify your patients. Let your patients know as soon as possible that you will be closing your practice. Send them a letter or an email explaining the situation and giving them instructions on how to obtain their medical records from you.
3. Notify your staff. If you have employees, they should be notified of the closure as soon as possible. Give them a severance package if possible, and help them transition to new employment if you can.
4. Cancel all insurance policies and leases. You will need to cancel all of your office’s insurance policies, as well as any leases or contracts you have for office space or equipment.
5. Transfer patient records. Patient records must be transferred to another provider or facility according to state law. Make sure you complete this step before officially closing your practice.