Closing a Practice, Retiring

Closing a Practice at Short Notice: What Every Psychiatrist and Their Family Should Know (APA Resource Document)—written by the APA to assist families and colleagues with planning and risk management at the practice level in the event of an unforeseen, emergency closing.

Note that while it has proven useful for its comprehensive coverage.the above document does not specifically cover matters pertaining to a planned closure, transfer, sale of a clinical practice, or other matters that would be applicable to retirees, The document is not intended to replace the advice of a lawyer with appropriate expertise and experience for either emergency closings or for planned closings. Legal and financial advice should be accessed, within a timetable to suit the individual circumstances.

Note:  In addition to speaking with your lawyer and risk insurance carrier, Members should also contact the State Medical Board and local APA District Branch/State Association for important information on local statutes and regulations covering these topics.

Related APA documents are linked below, with additional practice information available on the Quick Practice Management Guides page. For copies of any of the documents linked on this page or for assistance, please call the HelpLine 800.343.4671 or  email hsf@psych.org.

The American Medical Association also has available for purchase several publications that cover buying, selling, transferring, owning & assessing the value of a clnical practice.  Titles are part of the Practice Success Series shown in their online catalog.


More online/print practice resources supported by OHSF:

Quick Practice Management Guides – Documents exploring common practice management issues encountered by psychiatrists.

Practice Management for Psychiatrists: The Basics [free online to Members. The e-book is posted both as a single document download and as a chapter-by-chapter download for ease of printing.

Information on Mental Health Parity can be found on the APA website www.psych.org under Managing A Practice or on the APA co-sponsored site www.parityispersonal.org.