The Pennsylvania State Board of Medicine regulates medical providers in that state. By closing a medical practice, you are dissolving the business entity so that no more patients will be served. Selling a medical practice differs from closing a medical practice in that the new ownership can continue operations. Prepare to close by establishing a reasonable final date of practice that provides sufficient time to address pertinent matters.
Inform patients so that they can find another physician. Develop a system to store patient records, such as working with a colleague who can act as a custodian. Notify patients three to six months before closing so that they have time to retrieve copies of their records.
Organize inventory and sell off items that retain market value. For instance, advertise exam tables, charts, and telephone systems through classified ads or negotiate with an equipment dealer, such as mdpublishing.com.
Address account receivables (money owed to the practice) and settle creditor claims (money owed by the practice to third parties). You can hire a billing company to collect past due payments. You can also sell debts to collection agencies, though you usually receive a fraction of the amount owed (for example, a client owes you $100, but you sell the debt to a collection agency for $25 to $40).
Submit a completed application for voluntary surrender of license if you are no longer practicing medicine. You must disclose if you are closing your practice due to disciplinary reasons. Return the original wall certificate and last original license issued by the state board.
Notify staff and discuss any severance packages. Communicate to employees when their personal health insurance coverage will end. Also inform all insurance companies that you established credentials with, such as Medicare or BlueCross BlueShield. Cancel your malpractice insurance.
Shred unnecessary documents, such as prescriptions, billing records, patient charts, and insurance information. If you do not secure confidential medical data, you can face Health Insurance Portability and Accountability Act (HIPAA) penalties, including civil fines up to $25,000 and criminal fines up to $250,000 plus 10 years in jail.
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