Health law is the federal, state, and local law, rules, regulations and other jurisprudence among providers, payers and vendors to the healthcare industry and its patient and delivery of health care services; all with an emphasis on operations, regulatory and transactional legal issues.
Thinking About Selling Your Practice? Preparation is key and the difference between a successful sale and seller’s regret.
Step 1: Call Your Financial Planner
Be sure that you can afford to leave the business
Most buyers will require a comprehensive non-compete and you should be certain that you are financially prepared to retire, sell, or move before signing any restrictions.
You will also want to ensure that you are planning for the income you are about to receive. Are there vehicles in place or options that are best to ensure the purchase price is put to its best use for you.
Consider post sale options if not retirement – are you going to be employed by the buyer? Are you selling to an associate and will phase out? Are you just moving and will need to find new employment/open a practice?
Step 2: Visit Your Accountant
Your business is only worth as much as can be defined on paper.
If a potential buyer cannot make sense of your accounts and assets, you may leave significant value on the table.
Get your financial history in order by reviewing tax returns, profit statements, AR reports, and payroll history for prior 3-4 years.
Clean up creative bookkeeping – you will have to promise the buyer that your financial statements are true and accurate.
Have your accountant help value assets of your business – or use an appraiser if necessary.
Discuss company structure – there may be restructuring needs or you may need to transition to a different structure for tax purposes.
Florida Healthcare Law Firm is offering advisement by way of webinars to dentists and dental professionals during the Covid-19 pandemic. The firm, which offers legal assistance to medical professionals and businesses, is working in the dental law field and assisting professionals who are currently not working due to the coronavirus so that they can continue to provide assistance to their patients. With education top of mind for the firm, the telehealth and teledentistry campaign is to inform dental professionals on how to directly stay in contact with patients and offer services via audiovisual telecommunications.
“The coronavirus has hit our country hard and most small businesses. Dentistry is at the top of the list and even though dental law is one of our top fields, we wanted to make sure that we adapted to the times and offered a reliable service to our clients and those in the field impacted by this pandemic. Technology allows doctors to connect with patients from anywhere in the world and knowing that you can reach a medical professional who you’ve trusted for years is important, especially right now.” Florida Healthcare Law Firm Representative. “Although dental services have been deemed “non-essential business,” we know how important dental health is. Patients will still have dental questions or concerns during the office shut-downs.”
Because telemedicine is not a service usually offered by dentist offices, many doctors and business owners are finding it difficult to adjust and offer remote service. The law firm has stepped in and is offering free information webinars and other forms of digital content which can provide clarity and guidance for these small businesses so that they can stay open and provide care for their patients. With a limitation elective services, as well as many in the public not wanting to leave their homes right now, telehealth provides a bridge where patients can still get reliable care and advisement from someone they trust. read more
Like most medical practices and businesses in Florida, dental practices have been deemed non-essential except for emergency type services. For good reason, non-life threatening care, surgeries and services are put on hold to help curb the spread of COVID-19, which has left providers with the question of what they can do to maintain and treat patients remotely.
Teledentistry is the use of a telehealth system through a variety of different technologies to deliver virtual health services, including dentistry.
Telehealth includes live video (synchronous), store and forward (asynchronous), remote monitoring, and mobile health. Live video is a live, two-way transmission of audiovisual telecommunications. Store and forward is a recorded file of the patient’s health information. Remote monitoring allows a provider to track patient health data through the use of devices which transmit data to a portal which the provider can securely access. Mobile health is the use of personal devices to share health information and education.
The ADA has echoed local governments calls to alleviate the pressure on emergency services by having healthcare professionals postpone all elective services and non-emergency care. The ADA put forth guidance to help individuals and dentists determine what constitutes a dental emergency, which includes issues that are potentially life threatening and require immediate treatment. Immediate treatment would include stopping bleeding or treating severe pain, infections, or conditions. A more complete guide can be found here. read more
Chase Howard will present this live lunch n’ learn webinar for attendees interested in learning more about how to effectively prepare for the sale of their dental practice. He will cover issues like who and when to contact when considering a sale, proactive steps to lessen business disruption, when to tell your employees, and other important transition topics.
Preparing your dental practice for sale is quite possibly the biggest decision one can make! Understanding the legal landscape, the investment trends and options as well as what can optimize your business’ sale is essential. This webinar platform provides attendees to ask questions and chat directly with a highly qualified health law attorney.
Those in the practice of dentistry today have many options when it comes to building a practice. Should you work for an employer? Build your own? What about buy a practice? More and more, we see young dentists wishing to avoid private equity and buying out a retiring dentist’s practice. The amount of regulation imposed upon those entering into the dental practice arena can be staggering. Further, buying a dental practice requires many considerations that are unique to other areas of business. Understanding the purchase process will help protect your investment and could keep you from experiencing any unnecessary liability.
First, organize a team of specialized dental experts, such as a dental CPA, Professional Practice Lender, dental law attorney, and a practice consultant. Having a team of professionals guide you through all aspects of the deal will keep you on track, avoid potential issues, accomplish specific task items, and properly comply with any legal considerations. read more
Botox. Fillers. Lasers. The aesthetic options for patients today are endless with more and more treatments available all the time. The “MedSpa” world is booming, and anyone can get in on the expected growth, including dentists. If you’re a dentist and you’re thinking about adding aesthetic treatments to your practice, you should first consider the following:
Scope of Practice. While most medspas provide full body aesthetic treatments, Dentists are limited to providing treatments that are with her or his scope of practice. For example, Botulinum Toxin-A may be prescribed by a dentist, but is limited to the face and neck of patients. This also means that for nurse practitioners working under the supervision of a dentist, they too are limited in practice. While certain other treatments don’t require any specific medical license or training, dentists should evaluate the type of treatments they wish to provide or supervise to ensure it is within their scope of practice.
Ownership. While medspas may be owned by anyone, including non-licensed providers, Dentists must be careful if taking on business partners due to corporate practice of dentistry. Under Florida law, no person other than a Florida licensed dentist, nor any entity other than a professional corporation or limited liability company composed of dentists may employ a dentist in the operation of a dental office. While most aesthetic services are not dental services, a non-dentist may not directly employ a dentist. Violation of these laws will subject the dentist to disciplinary action. If you’re a dentist in Florida, you can legally add limited aesthetic treatments to your practice. If you’re opening a new business with non-dentist partners, however, you will need to be cautious of these laws.
Keeping Things Separate. Adding aesthetics to your practice carries not only financial risk, but also professional risk. It’s recommended that rather than operate and bill for aesthetic services under your dental practice entity, incorporate a new entity to keep your new business separate from traditional practice.
Regulatory Compliance. Although aesthetic treatments are primarily elective and paid in cash, certain Florida laws still apply to dentists, patients, and marketing and referral arrangements. Dentists must maintain compliance with the Florida Patient Brokering Act when it comes to marketing or referral arrangements. Understanding these laws and exceptions is significant when it comes to avoiding scrutiny.
HIPAA. While it may seem obvious, many believe that because aesthetic services are elective, patient confidentiality does not apply. That is simply not true and providers must maintain compliance with HIPAA, even for such elective treatments.
Training. Anytime a medical business is expanded with the addition of new services, it is vitally important to be well-trained and educated in delivering such treatments. Even if you are not individually performing a treatment that you supervise, it is highly recommended that you be trained in such procedures. Aesthetic and elective services are just as highly litigated by unhappy patients and patients that feel as though a treatment resulted in negative outcomes. Even as a supervising providing, your license is at risk.
While there are many more considerations to adding aesthetic services to your dental practice, the above stated would be sufficient to get a dentist in Florida started on the path to adding a new line of business to their traditional practice.