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Transitioning a medical practice

Retiring, selling or joining a new practice can be an exciting, complicated and time-consuming process with many details. As with any transition of this magnitude it is important to contact your health care attorney who can aid with contracts and your accountant to help access practice value. Below is a list to guide you through the process.

Communication

  • Determine closing date
  • Notify staff
  • Develop and send a letter notifying patients of closing date and contact information of the custodian
  • Place announcement in local paper
  • Identify the custodian for medical records and develop agreement
  • Notify the Kansas Board of Healing Arts within 30-days of termination. Provide the location where patient records will be stored, contact information for the custodian, and date on which the records are scheduled to be destroyed in 10 years in accordance with K.A.R. 100-24-2, K.A.R. 100-24-3
  • Notify Professional Liability Carrier, State Medical Society, and County Medical Society
  • Notify the Drug Enforcement Agency
  • Notify Insurance Companies
  • Local Hospital/Nursing Home Facilities
  • Post Office – forwarding address

Financial

  • Accounts Receivable Management; billing agency, Practice manager
  • Retirement Plan
  • Bank

Equipment

  • Furniture
  • Telephone
  • Copier/fax
  • Exam tables
  • Scales
  • Instruments
  • Refrigerator

Building

  • Terminate Lease
  • Notify utilities
  • Cleaning service

Insurance

  • Worker’s compensation
  • Personal property
  • Overhead
  • Health, life, disability

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