Items to review when taking over a practice
- Terms of agreement and notice of termination (obligation of retiring physician, date for transfer of patients, notification and cost, non-compete clause, interim agreement for locum coverage)
- FHO/FHG agreement if applicable (expectations, frequency of meetings, how decisions are made, eg. majority, unanimous)
- FHT agreement if applicable
- Obligations of the individual physician and group (on-call, financial, administrative, nursing homes, hospital, CME, teaching, vacation, coverage, disability and death)
- Office lease contract and payments
- Employees: name, start date, employment contract, salary/pay, vacation and job description for each employee, discuss performance, office policies, severance issues
- Assets and liabilities (complete inventory, capital agreements with MOH, other debts, shared expenses)
- Revenue and Expenses (financial information, billing, list expenses and detail how expenses will be shared)
- Issues pertaining to professional corporations if either one of you is incorporated
- Charts and records (access to charts, storage of old records, clauses for professional negligence)
