Closing a Medical Practice inNew Mexico
Estimated timeline: 60-90 days. This guide covers the key regulatory requirements for closing a medical practice in New Mexico.
Key Requirements for New Mexico
Patient Notification Requirements
New Mexico requires at least 30 days written notice to active patients. A published notice is also expected.
Required Notification Methods
Medical Records Retention
New Mexico requires medical records to be retained for 10 years from the date of last treatment. Minor records must be kept until age 18 plus 10 years.
New Mexico Medical Board
The New Mexico Medical Board must be notified of the practice closure with a records management plan.
DEA Requirements
Surrender DEA registration and New Mexico Board of Pharmacy controlled substance registration.
Entity Dissolution
File Articles of Dissolution with the New Mexico Secretary of State, Corporations Bureau. File final tax returns.
Estimated Timeline: 60-90 days
This timeline is an estimate based on New Mexico's regulatory requirements. Your actual timeline may vary based on practice size, number of insurance panels, outstanding AR, and whether bankruptcy proceedings are involved. Brad can provide a precise estimate for your specific situation.
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