Closing a Practice, Retiring

The following resources are available to APA Members.  For copies of the following documents or for assistance, please call the HelpLine (800.343.4671) or send an email to hsf@psych.org.

Closing a Practice at Short Notice: What Every Psychiatrist and Their Family Should Know (APA Resource Document)—written by the APA to assist families and colleagues with planning and risk management at the practice level in the event of an unforeseen, emergency closing.

Note that the above document does not specifically cover matters pertaining to a planned closure, transfer, sale of a clinical practice, or other matters that would be applicable to retirees, although it has proven useful for its comprehensive coverage.  Legal and financial advice should be accessed, within a timetable to suit the individual circumstances. This document is not intended to replace the advice of a lawyer with appropriate expertise and experience for either emergency closings or for planned closings. 

Note:  In addition to speaking with your lawyer and risk insurance carrier, Members should also contact the State Medical Board and local APA District Branch/State Association for important information on local statutes and regulations covering these topics.

Additional Resources

Related APA documents are linked below, with additional practice information available on the Quick Practice Info Guides page.

The American Medical Association also has available for purchase several publications that cover buying, selling, transferring, owning & assessing the value of a clnical practice.  Titles are part of the Practice Success Series shown in their online catalog.


More online/print practice resources supported by OHSF:

Quick Practice Management Guides – Documents exploring common practice management issues encountered by psychiatrists.

Practice Management for Psychiatrists: The Basics [free online to Members. The e-book is posted both as a single document download and as a chapter-by-chapter download for ease of printing.

Information on Mental Health Parity can be found on the APA website www.psych.org under Managing A Practice or on the APA co-sponsored site www.parityispersonal.org.