After a long career in the medical field, it is difficult to transition to a life of relaxation. With all of the different regulations and legal aspects of a career in the medical field, retirement can end up being a bit tricky. There has to be thorough planning through the retirement saving process. Continue reading for what you need to know as a retiring medical professional.
Research your State’s Patient Notification Laws
Since you will be retiring and no longer practicing medicine, you need to alert your patients in a timely manner to avoid a patient abandonment claim. If your state does not outline specific requirements for notification, the rule of thumb is to provide patients a written notice at least 60 days in advance of retirement. You may need to consult a healthcare attorney for assistance.
Know the State and the Federal Requirements for Record Storage
After decades of medical practice, you will have a plethora of patient records. When you retire, all of these patient files and records need to be properly saved and stored. If you plan to transfer or sell your records to another physician, you might want to consider contacting a healthcare attorney to be sure you are following state and federal law.
Use Professionals to Have your Retirement Run Smoothly
Consult an accountant and an attorney when you are planning to retire so they can get an understanding of your financial obligations. These obligations can include creditors, vendors, and employees. Before you retire, you want to have everything accounted for and taken care of on your end.
Notify the Licensing Board
You need to contact your licensing board and any other boards or societies that you are a member of to let them know about your retirement plans. You will want to know the different policies for the organizations you were involved in to understand your status once you are retired.
Decide whether you want to maintain your medical license or not
If there is any chance you may return to your career after retiring, you may want to keep your license up to date instead of letting it expire and having to renew. Requirements to maintain your license vary by each state so be sure to check what your particular state’s requirements are.
Preparing for retirement after a lifelong career in healthcare can be difficult with all the different steps and considerations you have to take. Here at Lifebridge Financial, we are here to help you easily transition to retirement.