Ask any primary care physician who has recently retired how much they were able to sell their practice for and you will receive a quizzical look and the following response, "Sell my practice? Hah! Don't know a physician who has been able to sell any practice in my community for years. I know about a couple of walk-in-clinics that were sold a few years ago, but no GP practices, in fact I could not even give my practice away." And that's the truth of the matter. It is not possible to sell a family practice even at the end of an illustrious career, years of service to the community and a stable and well managed group of patients that can number in the thousands.
It was hard enough convincing physicians that there was an incremental value to be achieved by investing in one's practice even in days when practices had a resale value. These days, with a zero (or possibly negative value) at the end of 40 years of medical practice, encouraging physicians to 'invest' in their practices without the ability to recoup or see additional value from that investment is a tough sell.
If it were only the business case relating to the resale value of a medical practice that was the primary driver in getting physicians to adopt EMRs, we would be further behind in Canada than we are right now.
You might ask how there could be a 'negative' value to a medical practice at the time of retirement. The answer is simple. Physicians are governed by rules established by the provincial licensing authority (College of Physicians and Surgeons). It is the responsibility of the retiring physician to notify the College in their particular jurisdiction where the medical records have been stored following closure of their practice and to forward patient records upon request to a physician who has assumed care at the request of that patient. A fee can be charged for the records transfer, but the fact of the matter is that unless the physician contracts chart storage and requests for transfer to a 3rd party service such as DocuDavit Solutions (an Ontario-based company), that physician would be personally responsible to retrieve and transfer each record upon request. Not really a glowing picture of retirement. Not only has the retired physician not been able to sell or give away their practice, but they are on the hook for chart storage and responding to requests for transfer for at least 7 years for their adult patient records and indefinitely for records of children under the age of majority at the time of closure of their practice.
How do EMRs change this equation? Well, if the physician had the foresight to implement an EMR prior to retirement, it is more likely that he or she may have been able to attract a young tech savvy physician to take over the practice as it is EMR based. In addition, the records should be convertible into a format that can be stored on one or more DVDs and made available upon request by burning a disc and sending it to the requesting physician. Definitely more attractive than the paper scenario.
The fundamental problem is still that it is not possible to sell a medical practice and recoup years of investment and ensure continuity of patient care. Contrast that with a recent taxi-ride that I took in Vancouver. The driver informed me he was lucky enough to have been able to purchase a half share in the taxi for the princely sum of $200,000.
You have to admit, there is something wrong with this picture...
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