The following items should be stored forever, unless otherwise advised by your attorney:
- Patient charts, x-rays and medical correspondence.
- Accountant's annual financial reports and underlying schedules.
- Major legal matters, malpractice insurance policies, insurance records, claims reports and related materials.
- Tax returns and documents relating to tax audits and adjustments.
- Deeds, mortgages and major item bills of sale.
Store for 10 years:
- Day sheets, patient billing/fee slips, other original entry items; third-party insurance claims, records and correspondence.
- Internal year-end financial and management reports, purchase invoices and paid bills.
Store for 7 years:
- Cancelled checks
- Payroll records and summaries, including payroll tax forms, employee time sheets and time clock records.
- Tax worksheets, lists, schedules and supporting records.
- Cancelled stock and bond certificates.
Store for 3 years:
- Internal monthly summaries, management reports and interim financial reports.
- Expired insurance policies (except med-mal which should be stored forever).
- Personnel records, including original applications, after termination.
Store for 1 year:
- Duplicate deposit slips and monthly bank statements.
Plus 7-year items:
- Partnership, corporate employment and shareholder agreements should be stored for 7 years after expiration.
- Corporate books, charter bylaws and minutes should be stored for 7 years after you cease being a shareholder.
- Promissory notes receivable and other documents of debt owed to you should be stored for 7 years after being paid in full.
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