The Rheumatologist
COVID-19 News
  • Connect with us:
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • Feed
  • Home
  • Conditions
    • Rheumatoid Arthritis
    • SLE (Lupus)
    • Crystal Arthritis
      • Gout Resource Center
    • Spondyloarthritis
    • Osteoarthritis
    • Soft Tissue Pain
    • Scleroderma
    • Vasculitis
    • Systemic Inflammatory Syndromes
    • Guidelines
  • Resource Centers
    • Axial Spondyloarthritis Resource Center
    • Gout Resource Center
    • Psoriatic Arthritis Resource Center
    • Rheumatoid Arthritis Resource Center
    • Systemic Lupus Erythematosus Resource Center
  • Drug Updates
    • Biologics & Biosimilars
    • DMARDs & Immunosuppressives
    • Topical Drugs
    • Analgesics
    • Safety
    • Pharma Co. News
  • Professional Topics
    • Ethics
    • Legal
    • Legislation & Advocacy
    • Career Development
      • Certification
      • Education & Training
    • Awards
    • Profiles
    • President’s Perspective
    • Rheuminations
    • Interprofessional Perspective
  • Practice Management
    • Billing/Coding
    • Quality Assurance/Improvement
    • Workforce
    • Facility
    • Patient Perspective
    • Electronic Health Records
    • Apps
    • Information Technology
    • From the College
    • Multimedia
      • Audio
      • Video
  • Resources
    • Issue Archives
    • ACR Convergence
      • Systemic Lupus Erythematosus Resource Center
      • Rheumatoid Arthritis Resource Center
      • Gout Resource Center
      • Abstracts
      • Meeting Reports
      • ACR Convergence Home
    • American College of Rheumatology
    • ACR ExamRheum
    • Research Reviews
    • ACR Journals
      • Arthritis & Rheumatology
      • Arthritis Care & Research
      • ACR Open Rheumatology
    • Rheumatology Image Library
    • Treatment Guidelines
    • Rheumatology Research Foundation
    • Events
  • About Us
    • Mission/Vision
    • Meet the Authors
    • Meet the Editors
    • Contribute to The Rheumatologist
    • Subscription
    • Contact
  • Advertise
  • Search
You are here: Home / Articles / Legal Issues Around Retiring, Shuttering Your Medical Practice

Legal Issues Around Retiring, Shuttering Your Medical Practice

November 17, 2015 • By Steven M. Harris, Esq.

  • Tweet
  • Email
Print-Friendly Version / Save PDF
Markus Gann/shutterstock.com

Image Credit: Markus Gann/shutterstock.com

You worked hard your entire life to build your medical practice, and now you’re ready to enjoy retirement. Regardless of whether you choose to sell your practice or gradually wind it down over a period of time, you must take certain legal steps before you can leave.

You Might Also Like
  • How to Retire from Your Medical Practice
  • What Physicians Should Know Before Leaving a Medical Practice
  • Prepare Now to Sell Your Medical Practice
Explore This Issue
November 2015
Also By This Author
  • Part-Time Work

Deciding to Retire & Making a Plan

Once you decide to retire, it’s critical to inform your team of advisors—including your attorney, accountant, insurance agent and financial planner—of your decision. Provide your advisors with as much time as possible in advance of your planned retirement to ensure that each one has sufficient time to take the necessary steps to assist you in closing the practice. If you are selling your practice, it’s best to allow additional time for contract negotiation with the prospective buyer. In addition, you will need to introduce your advisors to each other so they can coordinate efforts. It’s important to delegate one advisor as the “team lead.” This individual should be the one most involved with closing your practice and will usually be an attorney or accountant. This person can help you develop a checklist with corresponding due dates for steps to be completed. These steps and recommendations for timeframes for completion are discussed below.

ad goes here:advert-1
ADVERTISEMENT
SCROLL TO CONTINUE

A written custodial arrangement should be signed by the custodian who agrees to retain & store your records. This can be a physician, non-physician or document-management company.

Contract Review

Timeframe: Complete as part of your initial decision to retire

ad goes here:advert-2
ADVERTISEMENT
SCROLL TO CONTINUE

As part of your decision to retire, you should review your existing service and vendor contracts, including managed care participation agreements, for specific termination and notice requirements. In addition, it’s critical that you review your employees’ employment agreements. Typically, an employment agreement will address the grounds for termination and notification requirements of your intent to terminate. It will set forth the allowable reasons for termination and any restrictions on termination rights. The agreement should also include the proper method to provide notice of termination, such as first-class mail, overnight courier or hand delivery. The amount of advance notice you must give to the employee prior to closing your practice will factor into the timing of your decision. Although the notice provisions set forth the minimum amount of notice you must give, your specific circumstances may necessitate providing more notice to stay on good terms with your current staff by giving them enough time to handle the transition and find new work.

Pages: 1 2 3 | Single Page

Filed Under: Legal, Practice Management, Professional Topics Tagged With: closing, Legal, medical license, physician practice, retirement, rheumatologist, StrategyIssue: November 2015

You Might Also Like:
  • How to Retire from Your Medical Practice
  • What Physicians Should Know Before Leaving a Medical Practice
  • Prepare Now to Sell Your Medical Practice
  • How to Appropriately Discharge a Patient to Avoid Abandonment, Medical Malpractice

Simple Tasks

Learn more about the ACR’s public awareness campaign and how you can get involved. Help increase visibility of rheumatic diseases and decrease the number of people left untreated.

Visit the Simple Tasks site »

American College of Rheumatology

Visit the official website for the American College of Rheumatology.

Visit the ACR »

Meeting Abstracts

Browse and search abstracts from the ACR Convergence and ACR/ARP Annual Meetings going back to 2012.

Visit the Abstracts site »

The Rheumatologist newsmagazine reports on issues and trends in the management and treatment of rheumatic diseases. The Rheumatologist reaches 11,500 rheumatologists, internists, orthopedic surgeons, nurse practitioners, physician assistants, nurses, and other healthcare professionals who practice, research, or teach in the field of rheumatology.

About Us / Contact Us / Advertise / Privacy Policy / Terms of Use

  • Connect with us:
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • Feed

Copyright © 2006–2022 American College of Rheumatology. All rights reserved.

ISSN 1931-3268 (print)
ISSN 1931-3209 (online)

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.