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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How Long Do We Have To Keep Medical Records?

One of the most common questions asked of MIEC’s Patient Safety & Risk Management Department is how long physicians should keep their medical records. While most providers assume that there are clear laws and regulations around this issue, in fact there are few laws that address it (please see the table on Page 3 for more information on state laws). MIEC’s recommendations are as follows:   What Attorneys Advise “Keep medical records forever.” This is the advice of many malpractice defense attorneys, because in the event of a medical malpractice claim, the medical records provide the single most effective tool...

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