If you are thinking of selling or closing your practice, these are the basic steps you'll need to take:
- Choose one of several methods of practice valuation: book value, percentage of gross revenue, or capitalization of earnings.
- Perform a practice assessment and practice inventory.
- Finally, notify employees, patients, the U.S. Drug Enforcement Agency, Texas Department of Public Safety, Texas Medical Board, TMA, American Medical Association, your county medical society, and specialty societies. Notification can be a form letter, newspaper ad, a sign on the waiting room door, and/or verbal communication.
For help, go to TMA's Retirement or Sale of Practice Checklist, which includes important phone numbers and sample letters. For an expert practice operations assessment, contact the consultants in TMA Practice Consulting at 800-523-8776.
NOTICE: The Office of the General Counsel of the Texas Medical Association provides this information with the express understanding that (1) no attorney-client relationship exists, (2) neither TMA nor its attorneys are engaged in providing legal advice and (3) that the information is of a general character. You should not rely on this information when dealing with personal legal matters; rather legal advice from retained legal counsel should be sought.
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Last Updated On
August 30, 2023
Originally Published On
March 23, 2010