For most people selling their pharmacy it has been many years since they have had to deal with a change of ownership with state, DEA, NPI, NCPDP and 3rd party contracts.
Unfortunately there is a lot to do before and after selling your pharmacy. Below are some key items to consider:
- State Board of Pharmacy – every board is different. Some will require a notification 30 days prior to sale, others will require you to submit a termination prior to the sale, while others just need to be notified 30 days after. We have even seen some require all patients be notified via mail prior to the sale. We suggest contacting your state board to make sure you know the process.
- DEA – the dea must be notified 14 days prior to the sale. Once the new owner submits a new application your license will be terminated.
- NCPDP and NPI – most buyers will want to keep these numbers as it speeds up the change of ownership with 3rd party insurers. They will have you sign paperwork and take over your account shortly after closing.
- Corporation – if you do a stock sale the new owner will take over your corporation but you will have to file the tax return. If you do an asset sale you will need to keep that corporation open until you have filed taxes and wound down all other activities.
- PBMs – most of this is on the buyer, they will operate on your contracts via a power of attorney and apply for new contracts which will terminate yours once they receive new ones.
- Medicaid – every state is different, you should contact your Medicaid and find out what is required for a change of ownership. Many require notice 30 days prior to prevent any disruption in service.
- CSOS – this will terminate once new owner applies for new DEA or updates with their information.
