FOLLOW US :
212-300-5196

White Glove Service. Excellent Results. Strong Reputation.

Read Our Reviews

Lawyers For Buying and Selling Healthcare Practices

During the sale or purchase of a physician group or healthcare practice there are several challenges that you need to overcome. One big challenge is ensuring that you have complied with the federal and state regulations and laws during the transaction. The regulations become complex especially when the buyer is a hospital, physician-owned, a physician, or any other healthcare entity that has to comply with the Stark Law and other ordinances. Therefore, do not think that you can handle such a situation alone. Consult an accountant and a lawyer. In some cases you may even require an appraiser and a business broker who have experience in such transactions.

 

Before you decide on whether to sell or buy a practice you need to have planned for at least a period of one year. Some of the processes that are involved in selling of a healthcare practice include;

Notifying Patients

It is your obligation to provide patients with proper care. Therefore, you should assure them that even after selling your practice they will continue getting the same care. This means that you should provide your clients with a notice and ensure that there is a proper transfer and custody of the clients’ medical records. If you decide to skip this step you can be sued for patient abandonment which is classified as a malpractice or professional misconduct.

Transfer and custody of medical records

You should also arrange for the custody and transfer of all the medical records. However, this will depend mostly on the provisions of the sale. In some cases the buyer can take up the responsibility for the maintenance of the original patient records. Whatever your agreement is, make sure you talk to an experienced attorney who can advise you on the relevant steps to take including the best way to comply with the Health Insurance Portability and Accountability or HIPAA.

Review of Employment Contracts

When you are selling your practice you should also remember your role as an employer. With the help of an attorney you can review all the employment contracts to make sure that your employees are noticed and that you have complied with all your obligations towards employees. This includes the notice of termination of employee benefits.

Substance Control

The issue of substance control is important when transferring your practice. In case you want to quit your practice permanently you should dea/defense-lawyers/dea-registration-surrenders/” >surrender your DEA or Drug Enforcement Administration registration. You should also safely dispose of any drug samples. Physicians in New York have a variety of options including returning the drugs back to the distributor or manufacturer or surrendering them to State Department of Health or the Drug Enforcement Administration. Each option has protocols that have to be followed.

Taking Care of The Contracts

During the time you worked in your practice your office has made many contracts. This can include contracts with management firms, insurance companies, equipment suppliers, and other providers. Make sure that you review each contract individually with the help of your attorney to determine what you will be obligated to do when you cancel them or assign them to the new owner.

The Selling Process

The selling process will take anywhere from 1 to 3 months. The first month is for the initial negotiations and receiving the letter of intent, three weeks will be spent on due diligence, and one month to close the sale. However, in the process of selling your practice ensure that the physician buying your practice has signed a non-disclosure agreement to protect your private information. After the physician who intends to purchase your practice has agreed to your terms, you can then proceed to the letter of intent. This letter is not a binding agreement but a confirmation of the transaction terms and some of your obligations as the seller. Some of them include

• To cooperate with the purchasing physician in due diligence.

• Not to accept any other offers for a specified time.

Due diligence is meant to benefit both parties. The buying physician will undergo the due diligence to know more of the practice. You will also have enough time to prepare for any problems that the buyer can identify to avoid reducing the asking price. It is important that you determine what levels and timing of information the buying physician has access to.

The due diligence review focuses on the following:

• Why you are selling your practice. This can be any reason, for example, retirement.

• Patient base and goodwill. Goodwill is the selling of your good reputation. However, because healthcare is a very personal practice, the buying doctor should get a discount in case patients leave after you sell your practice.

• Employee base. The physician who is interested in your practice should make sure that the hygienists and managers come along after the sale. There is also the possibility of unwanted employees being terminated.

• Capitalization. This is for the stock sale. The physician buying your practice should ensure that it will get a clean title that is near a majority if not 100% of the business’ stock.

• Assets, Accounts, and Leases. It is the responsibility of the interested physician to inspect the fixtures and equipment and make sure that the trade name is transferrable and protected. The buyer should also get an aging of the accounts receivable and review all the leases.

• Liabilities. The buying physician should also check if there are any unpaid back taxes, liens, unpaid bills, potential lawsuits, and unpaid vacation liability.

• Financial review. The buying doctor will insist that you produce the income tax return and financial records of the business for the last few years. This information will allow the doctor to determine whether the business is profitable or not. It is important for you to have an accountant and an appraiser to value your property. A bare bone appraisal can cost anywhere around $5,000.

The selling or buying of a healthcare practice is complex. In case you complete any of the steps incorrectly, those involved may suffer monetary and professional consequences. Therefore, to make your sale as smooth as possible consult an experienced healthcare attorney.


Charle Butler
Charle Butler
2021-03-12
Verified
I was hesitant to hire the Spodek Law Group. I read reviews and knew they have a great reputation. However, I thought I would spend money and not see or speak to my attorney. From the beginning to end of my case Todd and the entire staff were available and willing to help. We worked towards and end result that was way above my expectation and Todd delivered. I am forever grateful for patience and long days and night spent working on my case. Thanks Todd and the entire team!
Mesonista parsons
Mesonista parsons
2021-03-05
Verified
My attorney at Spodek was Abigail. She was very knowledgeable and helpful with all my questions and concerns, as well as responsive. Her fees are affordable and Abigail took the time to make sure I understood everything relating to my case. I highly recommend Abigail and will request her services in the future.
debabrata chakraborty
debabrata chakraborty
2021-03-03
Verified
Todd A Spodek is the experienced and best criminal lawyer at USA. He is very professional and always respond on time. Alex also very cooperative and always help me. They took care me and my problem like family member. I am 100% satisfied for their professional service. My result was unexpected and amazing. They dismissed my case. I am really grateful to them. I will recommend you to go there if you want to solve your problem. I wish all the best for them.
Asata Hendricks
Asata Hendricks
2021-03-02
Verified
Truly appreciate the work the guys did!. Exceptional team & I know they care about each and everyone of their clients. I am super thankful to be referred to Spodek Law Group and I am grateful Todd & Alex were able to work diligently to achieve an outcome I am pleased with. Despite COVID they stayed on top of things and kept me informed every step of the way. Very thankful.
Mike Moroff
Mike Moroff
2021-02-26
Verified
I'm very satisfied with the services rendered by Todd, Alex and Mary Lou. I whole heartedly recommend Spodek Law Group . I've worked with and have retained other attorneys in the past with Todd's firm being the cream of the crop for many reasons. A very serious legal matter was resolved after a year's hard work and effort. Todd expertly guided me through the process and was able to navigate and make the good journey bearable as well as successful. Mary Lou initially provided excellent assistance before referring my case to Todd. Alex's support was effective and timely. The customer portal (MyCase) is an invaluable communication tool that also kept track of my case. Various aspects of my case were explained and there were several options provided but I made the final decision of how the case would be handled. The legal fee was reasonable considering the effort and amount of work plus it was a flat fee regardless of the length of time required to conclude my case. Todd made himself available to me and we had many scheduled meetings to go over the progress and to discuss the next steps. I felt more confident after many discussions with him. You will not go wrong choosing Spodek Law Group for legal matters.
Josh Katz
Josh Katz
2021-02-24
Verified
Being that it was the first time that I was in need of an attorney, I was afraid and hesitant and knew I needed the absolute best. It is beyond understood why Spodek Law Group has a reputation of being the top, if not the best law firm in New York. Alex and Abigail were there every step of the way even at the most unconvenient hours. I could not have asked for more. They are extremely good at what they do and they delivered much much more than just winning my case. A big thank you to Alex and Abigail for all the guidance and counseling and their upmost loyal support that extended far more than just legally. If you need the absolute best than don't hesitate to hire Spodek Law Firm.
L.C.
L.C.
2021-02-24
Verified
I cannot tell you how thankful I am to Todd and Alex for their hard work and dedication to my case. I had never been in any trouble before but I had an unfortunate event occur and in the midst of COVID-19 at that therefore I knew I needed a team that was dedicated to my success. Today- my case has been finalized and I’m walking away with no record and can continue life as a mother and a Grad student worry free. I cannot express enough gratitude for their assistance.
AnnMarie Soliman
AnnMarie Soliman
2021-02-23
Verified
I received a summons and called Spodek law group for a free consultation. Alex took my call and was very quick and responsive. He was available anytime through multiple platforms and very reassuring when needed. They are extremely organized and thorough. They got my case dismissed! I’m very grateful. Thank you Alex and Todd!

FREE CONSULTATION

Testimonials

Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.

~ David Bruce

Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.

~ Rowlin Garcia

Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.

~ Francis Anim

Spodek Law Group

White Glove Service

We provide superior service, excellent results, at a level superior to other criminal defense law firms. Regardless of where your case is, nationwide, we can help you.



Hear From Our Clients

"Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them..."

David Bruce

"Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet."

Rowlin Garcia

"Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind."

Francis Anim
Read Our Reviews
Get In Touch

Schedule Your Consultation

Los Angeles

555 W 5th St 35th floor, Los Angeles, CA 90013

212-300-5196



get directions

Queens

35-37 36th St, 2nd Floor Astoria, NY 11106

212-300-5196



get directions

NYC

85 Broad St 30th Floor, New York, NY 10004

212-300-5196



get directions

Brooklyn

195 Montague St., 14th Floor, Brooklyn, NY 11201

212-300-5196



get directions

Call Us