Knowledge Library

Closing A Medical Practice Upon Retirement

Physicians who plan to retire and sell their medical practice are advised to retain an attorney who specializes in business and/or healthcare law for advice on signing sales contracts, determining appropriate compensation, selling office equipment, etc. Among other things, the attorney will advise that while physicians may sell the tangible and intangible assets of the practice, including “good will,” they may not “sell” or otherwise transfer patients to another physician without the patients’ consent. Patients must be given the option of choosing another doctor and having a copy of their records sent to the new physician. Others who would benefit...

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