The unique regulatory landscape that owners and operators of healthcare facilities, including hospitals, makes very important to have business transactional needs met. Demands on the healthcare industry creates a fruitful ground for lawsuits, penalties and fines if one thing is not in alignment with the rules. Such costly mistakes become easier to avoid when attorneys who have industry experience and knowledge of corporate governance.
Protecting and Promoting Your Interests
Whether you need assistance with a reorganization or disposition, guidance during an acquisition or assistance with legal matters, having a solid law firm can make the difference between closing a deal on favorable terms or a contentious battle that kills the deal.
What matters during either one of these situations is having a team of experts with the breadth and depth of healthcare law experience. You need a firm that is fully committed to ensure your healthcare business is abiding by the most current regulatory laws within the industry.
Attaining a positive outcome for your transaction is the number one priority in dealing with a wide range of business issues that concern your healthcare facility such as:
• Dispute resolutions
• Real estate
• Mergers & acquisitions
Planning for Your Medical Practice
Just like any other business, your medical practice should cover the basic rules of business planning. Serving patients by delivering quality care is the service you offer. To make things run smoothly, you must have the backend of the operations in order.
With the current healthcare environment, being innovative in how your practice functions is vital. Profitable healthcare delivery models will help to ensure your business stays abreast of changes that could influence how services are delivered.
Legal guidance during these decisions can determine whether any of the models you want to consider are feasible and sustainable. Many considerations go into making that final decision:
• State and federal licensing regulations
• Corporate practice of medical issues
• Certificate of need
• Payor requirements
• HIPAA compliance with business associate partnerships
• Federal fraud and abuse laws such as anti-kickback and Stark regulations
The Business Side of Healthcare Agreements
Your medical practice is a healthcare delivery medium as well as a business. As such, you will need general healthcare agreements to function. Individual practices and full healthcare businesses usually require different business relationship agreements such as:
• Independent contractor and/or full-time employment
• Real estate
• Leased space
• Equipment leases
• Professional service
Each one of these agreements should be reviewed to make sure the business terms are favorable to your practice. Additionally, there are legal guidelines that these agreements must meet. Regulatory compliance is critical to the survival of your practice. Not only services, but your reputation is at stake if a violation is found.
Your attorneys can draft and analyze all contractual business relationships before you sign. This helps to ensure you are not legally bound by terms that conflict with the regulatory requirements that you must uphold within the healthcare industry.
Comprehensive Legal Counsel
Whether you have transaction that involves a joint venture, merger, risk assessment, loan negotiation or compliance with legal matters, you need the savvy legal skills of a law firm that has your best interests in mind.
Comprehensive counsel throughout the process gives you a better chance for success. Attorneys can outline the strategy and structure the negotiating so by the time the final agreements are drafted, everything you need to get the best deal possible is included.
In addition to what has already been discussed, specific services that you should expect include:
• Due diligence investigations
• Legal compliance assessments – evaluation of public health law requirements including Medicare and Medicaid, state privacy laws, pharmacy law, ERISA and HIPAA
• Assessments for potential fraud and abuse exposure
• Research and development agreements
• State certificate of need, Medicare and Medicaid certification process
• Evaluate transactions under finance agreements, union contracts, managed care documents, insurance policies and any other contractual arrangement that may influence or contradict the transaction
Houston Healthcare Corporate and Transactional Lawyers Provide Proactive Service
As healthcare business grows, Raiser & Kenniff, PC grows with it to ensure we bring our clients the best and the latest information that could impact their practice. We are aware of policy developments by maintaining industry relationships. Because of our keen understanding of healthcare law, we also anticipate regulatory trends and make sure you are prepared.
Contact us to begin discussing how our effective and creative business counsel can benefit your healthcare practice.
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If you work on the corporate side of a hospital, medical practice, or other healthcare company, you know that there is much more to running the business than just making sure doctors perform their services appropriately. While the side of the business that actually performs the healthcare services is extremely important to the success of the company, there still need to be a business foundation for doctors and nurses to work from.
The corporate side of a healthcare business runs very similarly to that of a business in a different industry. From negotiating purchases and agreements to creating contracts that put those agreements into motion, business experts work extremely hard to keep the hospital or medical practice running smoothly and efficiently.
Unfortunately, as with any business, things don’t always go the way that the business leaders planned. Bad deals can be made, distributors may try to get away without meeting their agreements, or employees may make serious mistakes. In those situations, it can be difficult for the business leaders alone to know what to do.
Lawyers are nothing new to the business world. In business, new contracts or agreements are made so frequently that it just makes sense to keep an attorney nearby who can oversee the decisions and legal documents before the company signs anything.
In the healthcare industry, it’s the same. Although many people may think that the healthcare industry is only between healthcare providers and their patients, there is actually a whole web of business minds keeping the hospital running. As with business leaders in other industries, these individuals use negotiations, contracts, agreements, and partnerships to help their company grow.
The healthcare industry has a different set of standards than other businesses. Because a hospital or medical practice is dealing with patient’s lives and health, there are serious consequences if a mistake is made or something does not go as planned. For this reason, healthcare businesses will want to hire healthcare specific attorneys to work with them.
A Healthcare Corporate and Transactional Lawyer knows all the rules and regulations that a hospital or medical practice must follow. Where a standard business attorney may have the company’s best interests at heart, they may get the healthcare business into trouble if they are unaware of the different standards to which a hospital and medical practice is held.
What Does a Healthcare Corporate and Transactional Laywer Do?
The job of a Healthcare Corporate and Transactional Lawyer is quite varied in their day-to-day activities. Because a healthcare business can need very different things depending on where they are in the growth of their company, a Healthcare Corporate and Transactional Lawyer needs to be able to do a lot of different things.
In the beginning stages of a healthcare business, a New York Healthcare Corporate and Transactional Lawyer may help determine the best structure of the business. They can help form the entity for the healthcare business and ensure it has a solid foundation to begin on.
During growth stages of a healthcare business, a New York Healthcare Corporate and Transactional Lawyer can create contracts and negotiate agreements to help the business hire employees, acquire space, and develop relationships with distributors and suppliers. While these kind of transactions and deals may slow down once the healthcare business acquires some growth, it is still likely that the business will continue hiring individuals and buying new equipment, so keeping a Healthcare Corporate and Transactional Lawyer around can continue to be beneficial.
Finally, a Healthcare Corporate and Transactional Lawyer can help with the day-to-day decisions that business professionals must make. By looking at each decision with a legal perspective, a lawyer can help healthcare businesses avoid issues, infractions, or illegal activity. If an infraction or illegal decision was made, having a trusted lawyer already working for the business can allow for better protection and a better defense to minimize damage or risks.
Contact a Healthcare Corporate and Transactional Lawyer to see what they can do specifically for you and your healthcare business.
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