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Publication (PDF)

Closing or Selling Your Medical Practice

Legal and Financial Considerations
Credit(s): 3.25 AMA PRA Category 1 Credits™ (Enduring)
Course Number: PME-CLOSE/GEN-E
Access: Available until April 02, 2015
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    Are you thinking about closing or selling your medical practice? Several things need to be taken into account when making a career-changing decision.  

    How will the antikickback law affect your sale? If you are closing your practice, how should you notify your patients and handle their medical records? Have you made arrangements for your practice's sale or continuity in the event of your disability or death? 

    This publication will cover the following:

    •    Sale of a Medical Practice
    •    Notifying Patients and Employees
    •    Medical Record Retention Guidelines
    •    Dealing with Subpoenas
    •    Retirement
    •    Death or Incapacity of a Physician

    This book also contains forms, lists, and sample letters to help you follow the law and protect your interests.


    Released:     April 2, 2012
    Expires:        April 2, 2015 


    Target Audience:
    This course is appropriate for physicians, residents, students, and family members of medical professionals in all specialties. 

    Course Objectives:
    Upon completion of this enduring material, the reader should be able to:

    1. Incorporate the ideas and tools for merging, selling, or closing a practice into his or her own


    2. Identify Texas regulations regarding legal responsibilities upon merging, selling, or closing a practice;


    3. Explain to a significant other or business partner what to do in the event that the physician or owner

        of a practice passes away.

    Teaching Methods
    The participant is required to read the course in its entirety and complete an online test and course evaluation to obtain credit. 

    Sponsored by

    TMA gratefully acknowledges the Texas Medical Association Insurance Trust for its generous support of this publication.

    3.25 AMA PRA Category 1 Credits™ (Enduring)   The Texas Medical Association is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians.

    The Texas Medical Association designates this enduring activity for a maximum of 3.25 AMA PRA Category 1 Credits™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.

    The Texas Medical Association requires physician to complete 70-percent of the test questions correctly to receive credit for this course.

    See TMA’s Web Site Privacy Statement

    3.25 ETHICS   This course has been designated for 3.25 credit(s) of education in medical ethics and/or professional responsibility.

    Rocky Wilcox, JD, CAE, Vice President, General Counsel

    Mr. Wilcox serves as the General Counsel for the Texas Medical Association in Austin, Texas. Known by friends in the medical law field as “Rocky,” he is responsible for the legal affairs of the Texas Medical Association. Rocky has been instrumental in supporting the legislative efforts of TMA in the past 30 years, including being the TMA staff lead advocating for the significant HB 4 medical tort reforms in the 2003 legislative session and serving on the Texas Alliance for Patient Access (TAPA) Board of Directors. He has written more than 100 articles for Texas Medicine and other medical publications. He is a lecturer at the University of Texas School of Public Health program at the UT Health Science Center San Antonio Campus. He also has served as an Adjunct Professor teaching health care ethics, values and social responsibilities at the University of Houston--Clear Lake campus in its MBA for physicians program.

    DescriptionPagesFile Size
    Closing or Selling Your Medical PracticeNA581 KB
    Table of ContentsNANA
    - Jonathan (Colleyville, TX)
    - Robert (, )
    - Aaron (Houston, TX)
    Good review of all the aspects of closing a practice. Good appendix. Would have like to have seen some resources on practice evaluators, more discussion on the advantages and disadvantages of different buy-sell agreements. In any sale/closure this is the most difficult part. - James (Dallas, TX)
    - Laurie (Dallas, TX)
    - Neil (San Antonio, TX)
    I know the lawyers 'dumbed-it-down" for us doctors but I will need to re-read a few times to fully digest. But I do appreciate the info --over all I have a better understanding of the issues at hand but legalease is still confusing. - Donna (Houston, TX)
    - John (, )
    - Diana (Houston, TX)
    - Janet (Austin, TX)
    very helpful, something to keep on file - Cathleen (Cedar Hill, TX)
    - Grace (Amarillo, TX)
    - Rebecca (Round Rock, TX)
    - William (Beaumont, TX)
    - Gary (El Paso, TX)
    Very technical from legal viewpoint. - Jay (Dallas, TX)
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