RE: Re: Re: Re: [MedicalBillers] How to close medical practice?
I hear ya Deb. My provider (FP) will be retiring in 5 years (2018), then I get to look for a new job at 50! Fun. NOT!
Seems like all the "Federal" requirements will get you in the end. I forsee many older providers retiring w/in the next 3-5 years, as soon as all the requirements you mentioned start fining providers. Won't be worth it and they'll just stop practicing. They'll just say "I'll take the hit as I'm retiring in 5 years." Sad really. Thanks for your help.
--- In MedicalBillers@yahoogroups.com, <email@example.com> wrote:Melinda,Thats a shame, I understand the "I'm done" part. The practice I closed was the same thing too many chances in health care, too expensive, and Obamacare just did him in too. Between PQRI, Meaningful use, ICD-10 and Cuts in reimbursement my doc is 67 years old. He said its just time to hang up the stethoscope. I am still running out his AR, he was a heavy Medicaid practice, family practice, so there isnt much left now.Dont work to hard todayDebFrom: "melindadocsmith@..." <melindadocsmith@...>
Sent: Tuesday, September 10, 2013 1:41 PM
Subject: RE: Re: Re: [MedicalBillers] How to close medical practice?Thanks for the reply Deb. I spoke with the OM again and this is what she said."I spoke with him today and he is adamant that he wants it to end. He said he will keep a few claims in Collections and continue to receive payments. He wants be just to put all that info in a file and give it to him. I again explained everything to him but he basically says he will take his chances. He wants to do the right thing but is tired of everything. J "Appreciate your time!Melinda --- In MedicalBillers@yahoogroups.com, <firstname.lastname@example.org> wrote:Good Morning,There are a couple of options, he could sell his receivables to a collection agency. There are many out there who will take over the billing process, this way he would not loose too much money and still be in compliance. As far as records are concerned. He does have to notify the patients and give them a time frame to pick up their charts. The rest have to made available for several years, 7 years I believe, Ped's is a little longer. Some states have a record repository he can move the records to or ask the local hospital to take them over. However, I know he cannot just destroy the records. The state where the practice is located should have some guidelines posted on the state government website, or contact the local government and ask them for information about storage of records.I closed a practice in Michigan last year, we gave patients a 60 day notice to pick up their records, anything left over went into storage with a letter to the local hospital in case patients requested records at a later time. Once the time frame for storage has expired the records will be destroyed.Deb DavissonFrom: "melindadocsmith@..." <melindadocsmith@...>
Sent: Thursday, September 5, 2013 2:44 PM
Subject: RE: Re: [MedicalBillers] How to close medical practice?Thank you Patty & Santos for your reply.Melinda
--- In MedicalBillers@yahoogroups.com, <email@example.com> wrote:This checklist may help you cover all the bases:http://www.aafp.org/dam/AAFP/documents/practice_management/admin_staffing/ClosingPracticeChecklist.pdfPatty Ryan
Cardiovascular Associatesmelindadocsmith@... wrote:Hello Forum!
Could use your help. Dr. office manager emailed me today and needs help with closing a practice."Do you have any knowledge or experience on a physician closing his practice? Dr. Jones went to go to work for Hospital A in March. I have been closing his practice but he wants to just “stop” everything. He had a billing company and they are no longer collecting payments. I have been having patients calling me for balances but they did not give me a paper copy of outstanding receivables. I have asked for one… but to no avail. They sent me a disc but Dr. Jones does not want to pay an IT person to load the disc onto our Centricity. In addition, he doesn’t want to pay for the man power to finish up closing the practice. As far as the accounting end, I can get that covered, but as for insurance companies, patient charts and hopefully no audits I am just keeping copies but not posting to any accounts. Do you have any solutions or ideas on how I can handle this end of things?"
What is can she do? I have no experience with closing an office. Thanks for your help!
Melinda Brown, CMBS