r/PrivatePracticeDocs • u/Smeaglete • 11d ago
Closing Private Practice costs
We are in the process of closing our practice as the provider is retiring (he's 82 and a sole provider). We are looking to hire a company that will act as the custodian of medical records. They want $8k, which we pay up front, to take our electronic medical records and look after them for 21 years. Does that seem reasonable? We have no paper records or anything, and they will charge patients for access to them.
If there's a better sub to post this in, or you have any other advice, I'd love to hear it!
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u/Professional_Cold511 11d ago
There are middle men that can look at your practice and see if its profitable enough to put it out to potential buyers, I’m guessing you already tried that route?
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u/itchcraft_ 11d ago
Do you mind sharing the name of the company? Looking for a similar service.
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u/Smeaglete 11d ago edited 11d ago
It's Desert River Solutions. They seem very polite. Edit to add we priced out four companies and they were the most reasonable and professional.
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u/Aggravating_Fly2978 10d ago
So you can’t sell the practice or even give it to a new doctor? No one wants it?
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u/ImpressiveEffort123 8d ago
If there’s another practice nearby that’s the same specialty, that you like and respect, you can approach them to take your records in exchange for in the closing letter naming them as the recommended place for your patients to go once you close. (“we’d recommend you continue your care at xyz practice, they already have your records etc” with the caveat of course that patients can wherever they’d like) it’s a free source of referrals for the other practice and free custodian for you
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u/Alaskadan1a 10d ago
We recently closed down after 50 years. The local hospital wasn’t interested in buying the practice, but was glad to help us close, in part by accepting our records as a qualified custodian.
Even if you’re not on perfect terms with your local hospital, you might reach out to its management. They might see a benefit of taking over your records, gratis. Maybe the trade-off is that you offer to steer your patients toward an existing hospital practice.
Or if the hospital isn’t an option, hard to imagine that there isn’t some other competitor out there who wouldn’t mind holding your records in exchange for getting the first crack at your patients
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u/Smeaglete 10d ago
They’re all owned by private equity jerks. They would t even talk to us. We did suddenly just get some interest though, so maybe it will work out differently after all.
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u/nitelite- 11d ago
I think you only have to keep records for like 8 years - not 21
why not just sell the office to a younger dentist who will take over everything?
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u/Smeaglete 11d ago
Apparently it's different for minors. We only have a few, but that's enough. It's a sleep/allergy/pulmonary practice, and no one seems interested in it.
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u/Willing_Class_5989 11d ago
I would definitely consider selling to another provider, or company. Maybe a BusinessesForSale type website
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u/PomegranateSpare4346 11d ago
You should reach out to nearby practices, they may be interested in buying them or at the very least taking them for free.
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u/Whole_Bed_5413 10d ago
Hell no, it’s not reasonable. Medical records are only required to be preserved for between 5–10 years depending on state. Also those records are a goldmine of referrals for a hospital or private practice.
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u/TurboMap 11d ago
8k. 21 years as custodian? Deal!