How to close a practice

February 1, 2004

National Report - For most professionals, accepting another job or retiring involves little more than giving notice and enduring a farewell party or two. Not so for physicians. You have to notify patients, colleagues, employees, insurers, hospitals, and medical boards. You must make appropriate referrals, see that patient records remain accessible, collect accounts receivable, and arrange for continued liability coverage. If you're a solo office-based practitioner, you'll need to find a buyer, hire an associate who will eventually take over, affiliate with another practice, or shut down the business.