It’s not easy to think about, but it’s important: What happens to your private practice if something unexpected were to happen to you?
As a business owner, having a plan in place protects what you’ve built and honors the people who count on you. It’s one of the most responsible and caring things you can do—but it can also be one of the most daunting. While we are not experts in estate planning or legal matters, we want to offer a gentle nudge to begin a conversation with attorneys or financial advisors who are.
Why Does It Matter?
With your business comes protected client records, billing responsibilities, contracts, systems, and sensitive information that doesn’t just disappear in your absence. Without a clear plan, others may be left navigating ethical, legal, and logistical confusion at a time when clarity is needed most.
Planning ahead can help with:
- Client confidentiality
- Access to referrals or transition support
- Proper storage or disposal of records
- Outstanding billing or administrative tasks
- Your business assets
What Do I Include?
We strongly encourage you to consult with a licensed attorney and a financial advisor who are familiar with both estate planning and healthcare regulations in Maine. Here are a few things you may want to cover in your planning conversations:
- A professional executor: Identify a trusted clinician or colleague who can take temporary responsibility for your practice if needed. This person should understand clinical confidentiality and be prepared to follow through on your wishes. Consider including a Release of Information (ROI) in your file allowing them access in such an event.
- Instructions for client notification: Your will or practice plan can include a template letter and clear directions for notifying clients.
- HIPAA-compliant record management: Include instructions for storing or properly disposing of client records, per licensing board rules and Maine state laws. Make sure your executor knows what records must be retained, for how long, and how to store them securely.
- Access to systems: List all passwords and logins to clinical software, billing platforms, EHR systems, and voicemail. Keep this information in a secure but accessible location with clear instructions.
- Settle finances and unfinished business: This may include billing, MaineCare reimbursements, unresolved documentation, or client balances. If claims are pending or payments need to be processed, your will should indicate who has permission to close out accounts, communicate with payors, or settle financial matters related to the practice.
Where Do I Start?
Creating a will or practice plan doesn’t have to happen all at once. Here are a few first steps you can take today:
- Talk with an estate planning attorney or financial advisor who is experienced in healthcare and/or small business
- Choose someone you trust to be your practice contact
- Start a simple checklist or begin creating a list of the systems you use in your business
- Keep your plan updated as your practice evolves
