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Closing Your Medical Practice: What to Know

Closing your medical practice can be a bumpy road if traversed without guidance. Fortunately, once you’ve completed the necessary steps, you can rest easy knowing you did it right. Here are a few tips on how to get started on closing your practice.

Selling the practice or closing completely?

Depending on the goals of your practice, you should take some time to consider this. Being bought out can be a great financial move, it just depends on what you want your legacy to be. Make sure that if you are selling the practice, that is falls into the right hands. Getting the buyer involved with the business somehow prior to handing over the keys often makes the transition much simpler.

Closing can be a different story. This process will take at least a few months to prepare for, so make sure to allocate that time prior to deciding to close.

Ensure staff transparency

Your staff should be aware of the situation once the commitment has been made. Even if it’s a 90-day window. expect that you’ve built enough of a rapport with your staff that standards do not drop off in this time. Being transparent is always the best option for everyone, do frame it sensibly, though.

Take the next steps

This will depend on what your long term goals are for post-practice/retirement once you are finished closing your medical practice. Taking the next steps should be easy enough once the nitty gritty has been dealt with.