Closing a Practice Checklist

The closure of a medical practice is an unfortunate event that affects not only the healthcare providers but also the patients who rely on their services. While nobody likes to see a medical practice close, it is crucial to take important steps to wind it down appropriately. 

Firstly, clear communication with patients is vital. It is essential to notify patients in a timely and transparent manner, providing them with information about the closure, alternative healthcare options, and how to access their medical records. This allows patients to make arrangements for continued care and ensures the continuity of their treatment. 

Secondly, proper handling of medical records is essential. Patient confidentiality must be upheld by securely transferring records to a designated custodian or providing patients with the means to access and obtain their records directly. Adhering to legal requirements and privacy regulations is paramount during this process. 

Lastly, addressing the financial and administrative aspects is crucial. Outstanding bills, insurance claims and other financial matters should be handled diligently to minimize any potential issues. By taking these important steps to wind down a medical practice appropriately, even in a challenging situation, healthcare providers can demonstrate their commitment to patient care and leave a positive impact on their patients' healthcare journey.

This checklist will guide you through different areas to consider when planning on closing a provider practice either due to a merger/acquisition or due to a provider retirement.