We rely on healthcare professionals and entities to play a valuable role in keeping our society well. While society depends on them, healthcare facilities are businesses with similar corporate and transactional needs as other companies. However, the myriad of regulations that affect how these entities conduct business and provide services, business transactions are under incredible scrutiny unlike other industries.
Business Planning for a Profitable Delivery of Care
As much as healthcare professionals have a sworn duty of care, the business side of delivering services can have an impact. The current healthcare environment has ushered in a greater importance for innovation.
Continuing to strive for a profitable healthcare delivery model is not in opposition to the mission to serve. Quite the contrary, innovation can expand healthcare’s role in society when it is profitable enough to pursue advanced ideas to improve services.
With these advancements, however, comes risks that must be assessed to determine if the business model is feasible. Many issues are taken into account while working through this type of decision:
• HIPAA compliance
• Business associate relationships
• Liability issues
• Stark regulations and anti-kickback statute, fraud and abuse laws, and state laws
• Requirements for payors
• State and federal licensing regulations
• Issues related to corporate practice of medicine
Conducting Due Diligence to Minimize Risks
The risky business of healthcare in terms of regulatory liability and audits, buying a healthcare business should never be done without thorough due diligence. You do not want to bear the burdens of existing compliance and regulatory issues.
Additionally, a clear understanding of the steps needed to successfully transfer Medicare billing privileges or certificates of need. Besides this, there are indemnification and warranty provisions that you can use for greater protection.
General Healthcare Business Agreements
Individual providers and other healthcare businesses require various agreements that are necessary to business operations.
• Employment relationships, including independent contractors
• Equipment leases
• Real estate transactions
• Professional service arrangement
You will want to have these agreements reviewed to ensure business terms and regulatory compliance is met. For this reason, you want legal expertise from a law firm that not only understands business transactions, but also understands how certain fraud laws can affect those transactions for a healthcare provider.
Protecting Your Business Interests
Whether guidance is needed for an acquisition, disposition or reorganization of your existing healthcare facility, legal assistance can help to make sure you are headed in the right direction. Financing or assistance in litigation matters also requires having solid counsel. Doing so can make the difference between completing a transaction for your healthcare facility where you close on favorable terms and prickly situations that see the deal go south. You want a positive outcome for the transaction that happens because you began with a sound strategy.
Receive Comprehensive Counsel from Our Healthcare Corporate and Transactional Lawyers
Whether you have a healthcare transaction that involves a joint venture, merger, risk assessment, loan negotiation or compliance issue, lawyer with Raiser & Kenniff, PC will give you the best advice that advances your interests.
From outlining a strategy to negotiating and drafting final agreements, our savvy New Jersey healthcare corporate and transactional lawyers deliver comprehensive legal service.
We become your internal partner to coordinate work for your business. Regular communication to help ensure a timely conclusion is what we do for our clients. Services that you can expect include:
• Negotiating and drafting a sale or acquisition agreement
• Negotiating and drafting loan agreements to ensure your healthcare facility has sufficient financing to delivery services without interruptions
• Agreements for joint ventures
• Investigations for due diligence
• Assess your practice for fraud and abuse vulnerabilities
• Assessments fir legal compliance of Medicare, Medicaid and other public health laws
• HIPAA law and state privacy law
• ERISA and pharmacy law
• Research and development agreements
• Evaluate how any transaction may affect the business under existing finance agreements, insurance policies and managed care documents
Bottom line, we are here when you need us with a proactive response to everything that can impact the success of your healthcare facility. We anticipate regulatory trends and prepare you for how the impact can affect the service you provide.
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