Record Retention List

July 24, 2015

Provides guidance on how long to retain medical office records, both financial and clinical.

To download this list, click here: Record Retention List


FOREVER

Patient Charts

X-rays

Malpractice Insurance policies

Correspondence with patients about medical matters

Correspondence with other physicians about patients

Practice year-end management reports

Practice year-end financial reports

Tax returns

Tax audit documents

Tax adjustment documents

Deed(s)

Mortgage(s)

Annual financial reports with support documentation

Records of major legal matters

Records of major business matters

Bills of sale for large or expensive items

Insurance records (e.g., claims reports and related materials)

Canceled checks for:

  • taxes paid;
  • major assets purchased;
  • real estate improvements;
  • leasehold improvements; and
  • special contracts (i.e., those underlying major transactions)

Original paid-off promissory notes

 

7 YEARS

Tax-return support items, such as:

  • worksheets;
  • lists; and
  • schedules

Monthly bank statements

Canceled stock and bond certificates

 

Daily journal sheets

Patient billing records

7 YEARS (Continued)

Fee slips

Original business entry items

Third party insurance forms, including:

  • claims;
  • records; and
  • correspondence

Purchase invoices

Paid bills

Interim financial reports

General business correspondence

Canceled checks (other than those you must keep forever)

Payroll records and summaries, including payroll tax forms

Timekeeper time sheets

Time clock records

Expired (non-malpractice) insurance policies, e.g.:

  • Office liability and property;
  • Business autos;
  • General liability
  • Business insurance

 

3 YEARS

Internal monthly business summaries, other than year-end

Business management reports

Employment applications of non-hired applicants

OSHA training records

 

1 YEAR

Routine business correspondence

Duplicate bank deposit slips

VARIABLE PERIODS

Keep for 30 years after employment termination:

OSHA employee medical records of occupational exposures occurred

Keep for 7 years after disposal of property:

Documents (transaction documentation, support materials, etc.) pertaining to property you no longer own, including, for example:

  • Real estate
  • Tax shelters;and
  • Stocks and bonds

Keep for 7 years after they have expired:

Legal documents such as:

  • Partnership agreements;
  • Corporate employment agreements; and
  • Shareholder agreements.

Keep for 7 years after you have ceased to be a shareholder:

  • Corporate minute books;
  • Charter bylaws; and
  • Minutes of shareholder meetings

Keep for 7 years after they are fully paid:

Documents of debts owed to you, including, for example, promissory notes receivable.

Keep for 3 years after you have made full payment:

Records of debt;

Copies of promissory notes payable;

Payment schedules; and

All support documentation for these.

Keep for 3 years after employment termination:

OSHA training records

Personnel records, including:

  • Application;
  • Performance evaluations and support documentation; and
  • Disciplinary actions.

To download this list, click here: Record Retention List

Previous post:

Next post: