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.
The new rules and temporary waivers to help combat the COVID-19 pandemic seem to be changing everyday and questions about telemedicine seem to be flying in. Even though CMS has created some flexibility during this incredibly uncertain time telemedicine laws remain tricky and one size does not fit all! Join Attorney Susan St. John of the Florida Healthcare Law Firm for this informative presentation and get questions answered about the new rules, the setup basics, the billing recommendations and the potential pitfalls.
Hosted by Candela and Crystal Clear Digital Marketing, Florida Healthcare Law Firm attorney Chase Howard will be a panelist. Back by popular demand, join us for another Virtual Practice Workshop & uncover the growth opportunities you can capitalize on now, while also protecting your practice in today’s disruptive landscape.
AGENDA: 2:00 PM – 3:00 PM | EXPERT ROUNDTABLE Industry influencers share tools, resources & strategies for improving patient engagement, creating treatment demand & taking advantage of growth opportunities to meet the needs of today’s changing climate. Moderators: David Pataca, MSL, LSO, Executive Regional Director, Candela Medical Audrey Neff, Marketing Director, Crystal Clear Presenters: Chase Howard, Attorney, Florida Healthcare Law Firm Ilanit Samuels, Medical Director & PA-C, MCMS, Baumann Cosmetic Dermatology Dr. Tali Arviv, MD, Arviv Medical Aesthetics
If you run medical practice, you receive subpoenas. Here are a few tips to help you respond to a common form of subpoena without having to involve your attorney.
The most common form of subpoena is a “Subpoena Duces Tecum.” A Subpoena Duces Tecum requires the recipient to provide specific records, and the custodian of the records who can answer a few basic questions at a deposition about how the records are generated and kept by the practice. A deposition is just an interview under oath, conducted by one or more attorneys, that is recorded. The subpoena will set the date for the deposition.
Depositions are inconvenient, as you will have attorneys in your office for all your patients to see and gossip about, and someone on your staff will have to take time to be the subject of the deposition. In the vast majority of cases, the attorneys will accept the records by mail if they are accompanied by a written certification signed before a notary. You see, in order for the records to be useful to the attorneys, they need to know that the records are accurate and complete, were generated and maintained in the ordinary course of the practice’s business, and haven’t been changed in response to the subpoena; and this is what they intend to learn from the deposition. Most attorneys will accept answers to these questions in a written certification in lieu of an in-person deposition.
When you receive a subpoena duces tecum, you should call the issuing attorney and ask if you can respond to the subpoena via written certification rather than a deposition. You should call the issuing attorney immediately, as subpoenas are time sensitive and often require speedy compliance. In addition, if the subpoena was not accompanied by an authorization for release of records signed by the patient, then you should ask the issuing attorney for that authorization as a condition of your compliance with the subpoena. Never discuss the patient’s treatment with the issuing attorney.
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.