Merging Your Healthcare Practice – PIA Considerations | Episode #091

Practice Management Nuggets

Mergers and acquisitions and closing and consolidating are activities that healthcare practices undertake at various times in the life cycle of a business.

There are many reasons why a practice may consider buying or acquiring an existing healthcare practice.

You might be expanding your practice to rapidly expand the scope of your services, location, or space. Or you might be downsizing your practice. Or maybe you're merging multiple practices into one streamlined practice so you can better manage your profit margins.

You might be looking to diversify your services or, perhaps, create an area of super-specialty that will provide a competitive advantage for your healthcare practice.

You might be wanting to acquire skilled employees or healthcare providers that you couldn't recruit in your current circumstances.

You might be acquiring or consolidating real estate infrastructure, medical equipment or electronic medical records, computer networking, or perhaps the management team. Or you might be exploring opportunities for economies of scale or cost-cutting.

As a custodian (including physicians, pharmacists, dentists, chiropractors, nurse practitioners, optometrists, and more) you need to ensure that the patient's health information remains private and secure, and that patients have continued access to their health information.

In this episode, I’m going to help you with

5 Important Steps Before You Merge Or Close Your Healthcare Practice To Ensure Your Continued Privacy Compliance

1. Inventory All Your Existing Patient Records
2. Patient Records Systems
3. Agreements
4. Existing Documents
5. Privacy Impact Assessment Amendment Plan

Show Notes

(Recorded August 3, 2020)

Show Notes – Podcast / YouTube

01:41 Introduction Jean L. Eaton

02:20 Communication Plan

04:04 5 Things You Need To Know Before You Merge

04:47 1. Inventory All Your Existing Patient Records

07:27 2. Patient Records Systems

11:04 3. Agreements

11:52 4. Existing Documents

13:14 5. Privacy Impact Assessment Amendment Plan

16:24 Privacy Impact Assessment Amendment Takes A Team

Also see

Practice Management Success Tip - Closing and Moving a Healthcare Practice

https://InformationManagers.ca/pmscm

Practice Management Success Tip - Top 3 Agreements You Must Have In Your Healthcare Practice (And Why)

https://InformationManagers.ca/Top-3

Template Forms – see the Practice Management Success Tip!

https://InformationManagers.ca/closing-your-healthcare-practice

Template Procedures – see the Practice Management Success Tip!

https://InformationManagers.ca/closing-your-healthcare-practice