Q: I am looking to close my practice; does the NCMS offer any resources to its members that assist with this process?
A: The NCMS offers a service called PractEssentials, which provides a full line of practice management services. One of those services includes assisting physicians with closing their practice. Receiving services from PractEssentials will allow you to understand what you should do with your patients’ medical records and your business records; what you should do in regard to your professional liability insurance, your income and payroll taxes, and narcotics registrations; how you should handle your relationship with third party payors, patients with outstanding bills, and your employees and professional memberships. Staff will also help you decide if you should close or sell the practice.
The NCMS hopes to make the transition of closing your practice as efficient and seamless as possible. For more information and to request a consultation, contact Franklin Walker, NCMS Foundation Director of Progams & Practice Management, at 919-833-3836 or firstname.lastname@example.org.