The closure of a medical practice is a big decision, involving extensive planning and processes that can be daunting. Following the right steps can not only help you, but also your patients, staff, and other business vendors navigate the transition smoothly.
Read on to know how to ensure closure of your practice in the best possible manner.
1. Plan in advance
It is best to plan the closure of your medical practice beforehand. Whether you’re joining a new hospital, opening a polyclinic with fellow doctors, or figuring out your retirement plans, give yourself at least 3-6 months to decide your next steps. This is also the right time to decide what to do with all your medical equipment as well as managing the lease or sale of the clinic space.
2. Inform your patients and store medical records as per law
The most important step is to let your current patients know that you plan to close your practice. Let them know if you are moving to a new location or medical institute. If not, let them know where they can get continued care. Address existing appointments first and inform new patients of the closure as and when they get in touch with you.
Neglecting a patient or withdrawing from a case without adequate notice is considered a violation of a physician’s duty to patients as per the Indian Medical Council’s Code of Ethics Regulation 2002. It is also crucial to follow its other regulation, which states that physicians should maintain “medical records pertaining patients for a period of 3 years from the date of commencement of the treatment.”[EW1]
3. Give your staff adequate notice
It is vital to let your employees know of your plans to shut the practice so that they can plan their next employment. You may also need to plan on hiring temporary staff in case you receive immediate resignations. This will help you support your patients until your date of closure. You can also help your nurses, administrative staff and other members of the workforce find employment or offer them recommendations.
4. Notify legal entities and business vendors
Every practice has suppliers, for medical goods, official needs, food and beverages and more. Ensure all such suppliers know of your decision and you can cancel active orders or subscriptions that are no longer required. Also, check the law to understand if you need to notify any legal entities or medical councils of your decision to close your practice.
5. Address insurance and employee benefits
You may have malpractice insurance as well as insurance and other benefits for your staff. In such cases, inform your insurance provider. In some cases, issuers may allow your employees to convert group policies to independent policies and transfer their benefits. You could also decide if you want your insurance cover to last for some time after closing your practice to address any new issues. Plan all this with your insurer for the best outcome.
6. Tackle your finances
Last but not the least, ensure that you have collected all dues from patients or others connected to your practice. Also, make any outstanding payments to vendors and repay loans, if any. This helps you close all financial accounts judiciously. In case you need to repay dues over time, plan this and inform any concerned third parties. You can talk to a lawyer or a chartered accountant to help you further.
These steps will help you navigate the closure for your medical practice in a hassle-free manner. For all your financial needs during this time, download the Bajaj Markets App. On this one-stop digital marketplace, you can get instant loans and a range of products to help you with a smooth transition.
Also read: Role of Medical Localization in Medical Practice
