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Office Practice - Sale
I’m considering selling my practice. What items do I need to look for to protect myself?
When a physician leaves a practice, whether to relocate or simply to close shop, their patients are entitled to reasonable notice of their intentions, so that their care will not be interrupted or compromised. That typically means a letter, received by the patient at least 30 days before the departure date.
In this case, since you are presumably endorsing the purchasing doctor, you would refer patients to them. You should also include a record release form for the convenience of patients who elect to move their care elsewhere.
Next, you should be sure to execute a written agreement with the purchasing doctor, whereby they agree to maintain your medical records until the applicable statute of limitations expires, and provide you with immediate access on request.
Lastly, you should notify your professional liability carrier of your plans, and make arrangements for ‘tail coverage’, so that you’ll be protected against claims and lawsuits that for care you rendered while you were in practice, but are filed only after you leave.
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The risk management advice presented in this Site is intended as general information of interest to physicians and other healthcare professionals. The recommendations and advice published on this Site do not reflect or establish a standard of care and do not establish rules for the practice of medicine. The publication of this information is not intended as an offer to insure such conditions or exposures, or to indicate that MAG Mutual Insurance Company will underwrite such risks for the reader. Our liability is limited to the specific written terms and conditions of actual insurance policies issued.
