Consider sending letters by certified mail to any higher risk patients who may be significantly impacted by the change and by regular mail to all active patients. Include an authorization for the release of medical records to expedite the process for record transfer to any other provider the patient may see in the future. In addition, consider placing an advertisement in the local newspaper regarding your retirement, and include the same information provided in the notification letter sent to patients.
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January 2016No new patients should be seen at your practice once your existing patients are notified of your retirement. In addition, you should start referring patients who require continuous care to other providers at least 60 days before closing. You should also start limiting nonemergent visits at this time.
Insurance Notification
Timeframe: In accordance with applicable contractual terms.
Even if you completely retire from the practice of medicine, you could be named in a malpractice action resulting from services provided while you were engaged in active practice; therefore, you must notify your insurance carrier that you will be retiring. Under an occurrence policy, you likely only need to notify the carrier of your retirement in writing and request a refund of any unearned premium. If you carry a claims-made policy, you may need to obtain tail coverage. Claims-made policies require that both the incident and the resulting claim occur during the coverage period. Tail coverage provides insurance for claims that are made after you retire for events that occurred while you were engaged in active practice.
Other Notifications
Timeframe: In accordance with applicable contractual terms.
You should inform all necessary third parties of your retirement, including but not limited to Medicare/Medicaid and other payers, hospitals at which you have privileges, referral sources, and your state and local medical board. Review your contracts with each of the above parties to ensure that notice of termination is provided in accordance with the terms of the applicable contract. You should also notify the medical staff committee of any hospitals where you have privileges and the state medical board.
Medical Record Arrangements
Timeframe: At least 30 days in advance.
Each state has its own record retention guidelines that regulate the preservation and maintenance of medical records, including the length of time that medical records must be retained. In addition, some HMO or managed care agreements also include retention requirements. Be sure to provide copies of these agreements to your legal advisor for review.