Home Finance Practice Legacy What Is Practice Legacy Planning?
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What Is Practice Legacy Planning?

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Medical practice legacy planning is the process of arranging and accounting for the numerous details that will need to be taken care of in the event of your death as a physician. As a doctor in private practice, your passing impacts more than just your family and friends. Each and every one of the patients you care for, plus your partners, colleagues, and staff, will be heavily impacted by your death. Because of this, it’s important to engage in legacy planning when first opening your practice.

Legacy planning includes:

  • Making a detailed contact list of those who’ll need to be notified of your passing, including patients, attorneys, accountants, pharmacies, insurers, colleagues, and the DEA.
  • Creating a list of referrals for your current patients, especially if you’re in solo practice.
  • Arranging coverage for hospitalized patients.
  • Arranging for recent dictation records to be added to patient’s medical files.
  • Providing patients easy access to their medical records.
  • Designating an employee to take care of records requests, accounts receivable, and equipment disposal, and….
  • Arranging to sell your solo practice in the event of your death.

There are many details to consider with practice legacy planning, but the physicians who make it a priority are sure leave a caring, conscientious legacy for their friends, families, and patients.

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