Summary
This checklist serves as a guide for the process of closing a medical practice, detailing essential steps to ensure a smooth transition. The document outlines preparations and notifications that should occur 60 to 90 days prior to closure, including sending official termination letters to patients, vendors, and partners, notifying professional organizations, handling lease terminations, and addressing changes with relevant entities. Additionally, it emphasizes the importance of notifying state medical boards and updating insurance policies. The checklist also covers tasks that should be completed 30 to 60 days before closure, such as determining the managing custodian for records, finalizing the legal structure of the practice, conducting asset valuations, and managing accounts receivable. It highlights the necessity of settling outstanding debts, closing bank accounts, and properly disposing of sensitive documents and medications. This comprehensive approach aims to mitigate complications during the closure process.
