the AMA’s American Medical News lists the following elements of goodwill: (i) location; (ii) payor mix, A/R, and collection rate, not as a pot of cash in hand, but as a predictor for the practice’s financial future; (iii) competitors in the market; (iv) the practice’s reputation; and (v) the effect of the anti-kickback and anti-trust laws. It is the Board's position that due care should be exercised when closing or departing from a medical practice. Keep all employee, personnel, and training records as long as you keep patient medical records. checklists, examples, an acronym list, and a glossary. Not only does this ensure a smooth transition from the current physician … Closing a medical practice can be a daunting task and even more complicated than starting one. • Prepare for alternate staffing in case employees leave before the closing date. A helpful Daily Checklist Posted on July 24, 2013 by administrator • Posted in Communication Skills , Confidentiality , Customer Care , Doctors Receptionists , The Practice Manager , The Receptionist , The Surgery , Training • Tagged check list , checking computers are switch off , Communication , daily … A detailed office procedures manual can be a reference for everyone in your practice and eliminate many questions staff members might have involving daily tasks. Information to Include. Here is a checklist of things to consider when planning on closing your medical practice: Notify your staff, patients, professional associations, the Drug Enforcement Agency (DEA), Health Insurance companies, hospitals, other physicians, your suppliers and utility companies that you will be closing your practice. General paperwork ~Always leave in pairs when closing the store. Closing Procedures Prerequisites ~Do not extinguish or dim any lights until all customers have left the building. 1 Below is a checklist of information we hope you will find useful in closing your medical practice. The medical board doesn’t have jurisdiction over nonlicensees; however, a plaintiff can still sue a retired physician, so physicians should maintain tail coverage. For this reason, CAP's Risk Manangement & Patient Safety Department offers the following guidelines to help physicians who are retiring or otherwise closing … It is a long-term planning tool. The office policy and procedures manual addresses administrative tasks such as: Opening and closing the office; Booking … Administrative . Closing a Medical Practice Checklist (It is recommended to start this process at least 1 year prior to closing.) If the practice is closing because the provider has died, the executor of the estate is responsible for ensuring proper maintenance of the practice’s records. Some tasks may require only … Guideline: Closing a Healthcare Practice: Strategies and Risk Management Considerations 6 . The following provides guidance to physicians regarding the closure of or departure from a medical practice office. Publish local newspaper ads with details about the closing (recommended 3 months prior) Checklist for Closing Your Medical Practice Closing a medical practice is an important undertaking that involves record retention and patient notification strategies. CLOSING A PRACTICE CHECKLIST Staff and Patient Notification Notify employees of office closure at a staff meeting. Review advanced practice employment, Accordingly, it is very important that you follow all the required tasks associated with doing so. Failing to do so can create serious confidentiality and liability issues. Closing Your Medical Practice. ~Do not close the last register until after scheduled closing and all customers have exited the store. 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