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There are several reasons for the closing and/or sale of medical practices. The primary cause is financial strain, which was exacerbated last year as a result of the global pandemic.
But much more goes into the closing or selling of a medical practice than just hanging a “closed” sign on the door. In fact, there are steps, procedures, and medical practice guidelines that you must follow closely in order to stay within the legal parameters set by the U.S. Drug Enforcement Administration (DEA), as well as the Texas Medical Board (TMB).
Keep reading below for a general overview of these steps and procedures.
If you’re closing a medical practice, take a close look at this checklist to ensure you follow all the necessary steps:
Letters to the DEA can be sent to one of the following branches:
Dallas 10160 Technology Blvd, East Dallas, TX 75220 (888) 336-4704 (214) 366-6900 |
San Antonio 10127 Morocco # 200 San Antonio, TX 78216 (210) 442-5600 |
Houston 1433 W. Loop S # 600 Houston, TX 77027 (800) 743-0595 |
Knowing how to close or sell a medical practice is crucial for practicing physicians. That’s why we’ve provided this checklist along with links to additional resources to help you along the way.
For additional information in regard to the entire closing process, visit the Texas Medical Association’s website.
To view some sample closing/retirement letters to patients, click here.
For more information surrounding the rules governing medical records, click here.
If you’d like to contact the Texas Medical Board for further assistance, click here.
In the event that you’re not closing or selling your medical practice, but instead are planning on starting a medical practice, then check out our comprehensive checklist here.
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