What to do when a physician shareholder leaves the medical practice

Here are some typical actions by the medicadl practice:

- Notices to staff (do immediately after decision was made)
- Notices to patients (usually goes out about 45 days before departure date)
- Notices to referring physicians
- Malpractice tail
- Stock redemption (per shareholder agreement)
- Deferred compensation calculation (if applicable per employment agreement)
- Change checking account signatures (if he or she is a signer)
- Get back corporate credit card
- Recoupe any pre-paid expenses, e.g. licenses, hospital and professional association dues, etc. (depends on what your contract says and whether you want to go to that micro level)
- Notify payors the physician is no longer with group
- Review status of personal guarantees on practice financial obligations
- Clear out physician's office
- COBRA issues
- Retirement plan close-out
- Vacation reconciliation and payout or recoupment