Risk Management
Retirement
Retirement
What retiring minds need to know.
Whether
you plan on retiring next year or in the next few months, there are a
variety of issues to consider before you take this important step.
You can greatly reduce the stress of retirement by planning ahead. Doing so will ensure that there is enough time to work with attorneys, accountants and other professionals who may be needed to assist you. Additionally, there are a number of individuals and agencies that should be notified in advance. Where do you begin? You begin with your patient base.
Notifying active patients of your impending retirement is of prime importance. The term “active” refers to those patients currently undergoing treatment or who have been seen in the office within the past two years. If you are not sure whether a particular patient is active or not, you should treat them as an active patient for notification purposes. For all others, you may choose to run an advertisement in the local newspaper to announce your retirement.
Patients should be advised that they can authorize the practice to send their records to a new physician of their choice. Records that are not transferred should by retained, either by you, another physician or another person lawfully permitted to serve as custodian of the record. Make sure that you retain access to the records in the event of a lawsuit. To be on the safe side, telephone and office visit logs should be kept as well.
It is in your best interest to retain clinical records as long as possible, especially in the event of a lawsuit. Any retained records must be stored in such a way as to maintain confidentiality. If records can be discarded, they should be completely destroyed – either by burning or shredding. Before you destroy any clinical record, check the laws of your state regarding the retention/destruction of clinical records. Third-party reimbursement programs often specify the length of time that a participating physician must retain the clinical record. Physicians who sign such contracts need to keep their records for the specified length of time.
The Drug Enforcement Administration (DEA) must be notified in writing when a physician discontinues professional practice. If a physician does not intend to maintain his/her medical license or actively practice, he/she must terminate their DEA registration and return their green certificate and any unused order forms. State certificates should also be turned in to the appropriate agency.
Upon retirement, any controlled substances on hand should be returned, transferred or disposed of. Physicians can sometimes return any remaining controlled substances to the supplier. With DEA notification and permission, physicians can transfer controlled substances to another DEA registrant. Physicians may also dispose of any remaining controlled substances. For detailed information, contact the DEA district office that serves your particular area. Keep a list of the final inventory of controlled substances and any copies of DEA order forms. Physicians should not issue any controlled substance that may be refilled after they terminate their DEA registration and should completely destroy any remaining prescription pads.
Contact your state medical board and make them aware of your intention to retire as well as any other professional associations to which you belong.
Notify Professionals Advocate in writing as soon as the decision is made to retire at 800-492-0193.