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Closing or Selling Your Medical Practice
Legal and Financial Considerations
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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 Revised: Nov. 22, 2024Expires: Nov. 22, 2027
ACGME/ABMS Competencies This program addresses the following desirable physician attributes: Interpersonal and communication skills, Professionalism Course Objectives Upon completion of this enduring material, readers should be able to: - Incorporate the ideas and tools for merging, selling, or closing a practice into his or her own situation;
- Identify Texas regulations regarding legal responsibilities upon merging, selling, or closing a practice; and
- Explain to a significant other or business partner what to do in the event that the physician or owner of a practice passes away.
Return Policy No refunds or exchanges will be processed for this product.
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.
On select courses, 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
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3.25 ETHICS
This course has been designated for 3.25 credit(s) of education in medical ethics and/or professional responsibility.
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Michael Z. Stern, JD
Michael Z. Stern, JD, CPA, is a practicing attorney with the Law Office of Hubert Bell, Jr. in Austin, Texas. Also a licensed certified public accountant, he has more than 28 years of experience practicing law in Texas. His practice is principally concentrated in the areas of business formation and representation, contracts and commercial transactions, health law, real estate, estate planning, probate, and tax matters. Mr. Stern received his law degree from The University of Texas School of Law.
Rocky Wilcox, JD, 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.
Amanda B. Hill, JD
Amanda B. Hill is an attorney, writer, and speaker in Austin, Texas. She advises, counsels, and works on health care-related issues for physicians and practices. Ms. Hill speaks to health care companies, hospitals, individual physicians, and businesses about improving patient satisfaction, improved communication, physician leadership, risk management, and overall motivation and staff longevity. She has represented hospitals, for-profit medical groups, not-for-profit systems, individual physicians, and federally qualified health centers. Ms. Hill is a former general counsel for multiple different provider groups and now has her own practice outsourcing general counsel services to groups of all kinds. She is passionate about working with doctors, making sure they are well informed about legal risks and can achieve successful patient practices. In her free time, Ms. Hill enjoys writing, traveling, and spending time with her two children. Her website is www.amandahilllaw.com.
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