A Planning Guide for the Successful Retirement of Dentists
HIPAA Can Affect Your Sale
HIPAA has always been a problem creator, but more so
now with the Omnibus ACT. As a seller, there are three
different types of HIPAA agreements you might have to
have. These are:
1 the Business Associate Agreement, which
may or may not be required between you and
a practice broker
2 a Business Associate Subcontractor
Agreement, which may or may not be
involved if you utilize a broker.
3 a Non-Disclosure Agreement between you as
the seller and a prospective purchaser. Whether
you use a practice broker or not, you MUST
have this confidentiality agreement in place.
The rules of HIPAA are voluminous and often very
confusing and vague. Just keep in mind you must pay
close attention to HIPAA rules and regulations in the sale
or purchase of a practice. Not doing so can result in fines
of up to $5M!
I’ve Sold My Practice.
Now What?
Congratulations! You sold you practice, realized a great
financial outcome, and are ready to start the next chapter
of your life. Or are you ready?
Not having a plan in place describing exactly what you
want your retirement to look like can wreak havoc on a
successful and fulfilling retirement.
(That’s partly why we looked at spousal needs earlier.)
Our advice:
• Have this discussion with the important people in your
life early and often.
• Develop outside interests before you retire, whether
they are recreational, educational or personal. (Or all
three!)
Studies indicate that people who have outside interests
have longer, happier lives than those who don’t. Plan for
that first day and beyond so that you are in a good
emotional, mental, and physical ‘place.’
“Hoping” for a successful transition isn’t the best way
to achieve your goals. A practice transition is a process.
For the greatest success there is much to consider and
plan from the start.
CATHERINE ETTERS is a Temple University
graduate and owner of the Etters Group dental
consulting firm. As the Transitions Analyst for
Legacy Practice Transitions, Catherine offers
expert guidance to dentist in every phase of their career
including major transitions such as buying or selling a
practice, mergers, associateships and partnerships.
Services include practice evaluations and contracts
for every transition type. For more information contact
Catherine at Catherine@LegacyPracticeTransitions.com.
(610) 520-9677 LegacyPracticeTransitions.com
MAY/JUNE 2020 | PENNSYLVANIA DENTAL JOURNAL 27