If you are closing your medical practice and retiring, there are a lot of things that you need to take into consideration. There are the financial aspects of retirement that are likely wearing on you, as well as the work required to actually close down your medical practice. Wondering what you need to know about retiring and closing your medical practice? My Retired Doctor has you covered! Keep reading to learn more about retiring and closing your medical practice.
- You are not the only affected party
- You need to plan thoroughly
- You need to be mentally and financially ready to retire
- You cannot neglect your patients’ medical records
It is important to remember that you are not the only affected party when you close down your medical practice and retire. There are many others that are affected by your decision, including your patients, staff, and vendors. It is important to notify these individuals enough in advance so they can plan accordingly.
There are many aspects of closing your medical practice and it is essential to plan thoroughly. You need to speak with your landlord—or a realtor if you own the building outright—work with your insurance provider, and notify the medical board of your intention to retire. You will also need to determine what to do with your medical and office supplies.
While there are many aspects that you need to deal with in terms of closing down your medical practice, you also have to be mentally and financially ready to retire. That means meeting with your financial advisor in advance to ensure that you are in a good place to retire as well as having an idea of what you will fill some free time with during retirement. Having nothing to do sounds great in theory, but you will want to have some hobbies or plans to keep you active and engaged once you retire.
Even though you are retired, it doesn’t mean that you can simply ignore your patients’ requests for medical records going forward. Your patients are guaranteed access to their records by HIPAA and you do not want to be in violation of this. That is why it is important to have a plan in place for your patients to access their medical records after you have retired.
For help managing your patients’ medical records when you retire, contact My Retired Doctor today!
If you are ready to retire and close your medical practice, My Retired Doctor is here for you. Since 1993, we’ve been offering our quality medical record management services to retiring physicians to ensure that their patients have adequate access to their records after their physician retires. If you are interested in our services, give us a call today at 877-328-2343 to discuss!
To learn more about the reliable and quality medical record management services that we offer retiring physicians, visit us on the web at My Retired Doctor.