The Importance of an Experienced Healthcare Business Attorney in California
California is genuinely the most challenging environment for any company with employees. This is especially true in the case of a medical practice or healthcare-related business. The extensive federal, state and local laws, ordinances and regulations are continuously changing increasing the risk of operations in a competitive environment with shrinking margins.
Your skilled healthcare business attorney should offer decades of experience advising and providing legal services to medical practices and healthcare business entities. You will need sound legal counsel and services at every step of the way. The risks for licensed professionals and those who work and serve in this complex business and legal environment increase with each passing year. Look for an experienced healthcare lawyer who can keep your corporate entities up-to-date and in compliance.
Business formation for a healthcare entity is highly regulated in California. California offers it’s own Professional Corporation or “PC” as an entity for licensed professionals, including those in healthcare. The PC provides additional protections for licensed professionals who are in business with one another as well as additional deductions and perks which are unavailable through standard corporate entities.
The Management Service Organization or MSO has become a valuable tool for the healthcare field. An MSO is able to offer non-medical support services which facilitate the practice of medicine or a healthcare business without participating in or interfering with the practice of medicine. The ability to own or lease facilities, furnishings and equipment, provide electronic equipment and secure networks as well as business services such as accounting, tax preparation and even billing and collections relieves the medical side of the business from the operational concerns of a typical corporation. The MSO is an effective tool for reducing costs, increasing retained earnings and reducing risk while improving both the delivery of healthcare related services and the patient experience.
Mergers and acquisitions are quite common in the healthcare industry. An experienced and skilled healthcare business attorney should provide extensive advice, counsel and legal services through these legally and financially complex transactions. Due diligence is the key to successful mergers and acquisitions. Look for attorneys with decades of experience in healthcare-related business transactions, mergers, asset purchases and stock acquisitions.
Healthcare corporate governance and compliance is another critical concern for any medical practice or healthcare entity. The healthcare industry is highly regulated and consistent vigilance must be maintained in order to protect the corporate veil while ensuring consistent legal, ethical and operational integrity.
Your skilled healthcare business attorney should also be a valuable resource in the event of any dispute or lawsuit. How will your legal partner help to reduce the likelihood of any legal or financial exposure? What can be done to prevent employer-related lawsuits, PAGA actions, business litigation or regulatory violations? The responsibilities, risks and opportunities in this highly regulated industry are substantial. You will need an experienced and skilled healthcare business attorney to guide your entity in every aspect of corporate life.