You’re getting up there in age, creeping every closer to the magical number of retirement. Whether that is the age that you can start drawing from Social Security, or the number in your retirement savings account, if you’re getting close to retirement you need to start planning.
It is never too early to start planning seriously for retiring. There are so many aspects to take into consideration from personal finances and succession plans, to employees and federal rules and regulations. Shutting down your medical practice is not just as simple as flipping the sign on your door to closed and letting your patients figure out a new plan.
Here are three tips to consider when looking to close your medical practice:
Run the Numbers
Consider Your Employees and a Succession Plan
Research what is Necessary to Close Your Practice
The first step is to determine what you really need to retire. Part of that involves looking at your 401k or IRA accounts in combination with Social Security. You need to decide what type of life you want to live after retirement and crunch the numbers to figure out what the magic number is to have in your retirement savings. If you need help with this, consider using a Financial Advisor or the litany of retirement calculators that you can find online.
Even if you run a small practice, chances are that you have some employees, whether they are Pas or clerical staff. Be sure that you consider what will happen to them and maybe even give them a heads up that retirement is in the plans. You may also want to begin researching options for selling your practice or transferring your clients to a new doctor. There is a lot of thought and planning that needs to go into this, so it is best to not leave it until the last minute.
Closing a medical practice is different from just a normal small business. There are rules and regulations that you need to consider, not to mention HIPAA guidelines and other measures that need to be taken to ensure confidentiality of information. Be sure that you research all actions that need to be taken before closing your practice.
Are You Seriously Considering Retirement?
If you are seriously considering retiring and closing your practice, it’s time to contact My Retired Doctor. My Retired Doctor takes the care of your patients, practice and old records very seriously. We know how important it is to conduct a smooth transition so as not to interrupt the care of your old patients. While you handle the personal finance aspect of retirement, let us help you on the business side of closing your practice. We can manage and transfer your documents, taking that burden from you.
Give us a call at 877-328-2343 or email info@datafied.com for more information. It’s never too early to start planning for those Golden Years!