Provided by: Jennifer Kirschenbaum, Esq.
January 26, 2023
Question:
Hi Jennifer,
I am thrilled to announce my impending retirement! I had no idea that so much goes into closing up shop. How do I inform Medicare of my plans?
Dr. Beach-Bound
Answer:
Dear Dr. B,
Congratulations on your upcoming retirement, and, thank you so much for your time spent serving our community!
In regard to informing Medicare, you must submit a CMS 855I Form 30-60 days before you retire. On this form, you will check off that you are voluntarily terminating your enrollment. This is done through PECOS, if you have an account or through www.ngsmedicare.com. The form is available here: www.cms.gov/Medicare/CMS-Forms/CMS-Forms/CMS-Forms-Items/CMS019477.
I hope that you have considered, or are in the process of considering, selling your practice before closing your doors. Through a transition/sale process you can select who will inherit your patient's care, and also who will take on the strenuous HIPAA obligation that comes with being the custodian of a patient record. Happy to help with transition, or provide feedback on items to resolve on closure.
