Planning your retirement: What GPs can do before leaving medicine

Back in 2024, the RACGP’s Health of the Nation survey revealed 32% of GP respondents were planning to cease practice within five years. Were you one of them?
 
Many doctors are now on the cusp of retirement. If you’re of a certain age, you’re probably considering stepping back or stepping down. Or you might be at an earlier point in your life and have decided to leave medical practice to try a different career.
 
Perhaps you’ve begun the process of making plans for your practice once you’ve transitioned to your next phase of life. It’s a process that requires plenty of forethought and a decent lead-up, particularly if you own, or part-own, a practice.
 
There are a few things to do before you hang up your boots.
 
If you’re planning to close or sell your practice, there are a range of considerations. Top of mind will be your patients: ensuring they are aware, and that there is a good plan for their continuity of care.
 
Placing notices up at your practice, on your website and social media accounts, in your voicemail message, and on any booking apps you use will help get the word out.
 
You’ll also need a plan for supporting your staff. Whether they will be facing redundancy or working under a new owner, they will need a good period of notice to consider their own options.
 
Another important consideration is your practice records. Of course, it’s your responsibility to retain these records for insurance, tax, legal purposes – time periods differ depending on whether patients are children or adults and the various authorities involved.
 
If you are transferring records to a different provider, your patients must be provided with clear information on this, provide consent for this to occur, and know where to go if they want a copy of their records.
 
You must also ensure that access to the records is restricted to those who require it; for example, parties involved in the sale of the practice. So, security of these records remains paramount.
 
Notifying relevant authorities and organisations, including, but not limited to, Medicare, AHPRA, the National Health Services Directory at 1800Medicare, referring practitioners and hospitals, should also be on your list. If your practice subscribes to Provider Connect Australia, this is a good option to let many organisations know at the same time.
 
You will have to consider what you will do with the destruction or disposal of drugs, unused prescription pads, and letterhead used for official documents.
 
This is just some food for thought.
 
The RACGP and your medical indemnity insurance provider have more information for you and can advise you of what to do in your particular circumstances. There are run-off policies for individual practitioners and for the practice as a business as well.
 
Be sure to think about your own health and wellbeing in the process of transitioning out of medical practice as well. It will likely mean a big shift in your identity, day-to-day routine, and finance management. Take time to consider yourself and your needs in the next stage of life.
 
Congratulations on a job well done. See you on the other side of doctoring.
 
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Health of the Nation retirement