How to Close the Doors Properly: Notify Your Carriers!
Are you retiring, selling your practice, or just closing up shop? Then keep in mind that you must notify CMS and other carriers.
Recently, a doctor found out THE HARD WAY that you must notify the carriers. Medicare sent a request for records to the chiropractor. The chiropractor had retired and sold the practice the year before. The new doctor received the request and just threw it away. The next thing the retired doctor found out is when CMS asked for $185,000 in recoupment. Since the doctor never responded, they made their recoupment request based on the information they had on hand – NONE. Result – pay back ALL the money! Always close the doors properly. You cannot fade to dark as in the movies! Here is the official language. Please share!
In accordance with 42 Code of Federal Regulations (CFR) Section 424.516(d), all physicians, non-physician practitioners (for example, physician assistants, nurse practitioners, clinical nurse specialists, certified registered nurse anesthetists, certified nurse midwives, clinical social workers, clinical psychologists, registered dietitians or nutrition professionals) and physician and non-physician practitioner organizations must report the following changes in their enrollment information to your MAC via the Internet-based Provider Enrollment, Chain and Ownership System (PECOS) or the CMS 855 paper enrollment application within 30 days of the change:
- A change in ownership
- An adverse legal action, or
- A change in practice location.
You must report all other changes to your MAC within 90 days of the change.
