Owning a health care practice is a fruitful, worthwhile venture for many medical professionals who have a vision for their own business. Given the importance of this endeavor as well as the personal and financial investments involved, seeking outside legal counsel from North Carolina health care practice attorneys can help to avoid common pitfalls and costly errors along the way.
NC Planning is a leading corporate counsel firm with two offices in Cary and Raleigh, NC, focusing on professional practice formation, management, and succession planning. Our team of experienced North Carolina health care practice attorneys work closely with business owners and entrepreneurs to plan for the success of their practice and minimize their risk and liability at every step of the way. To learn more about how we can help establish your practice or expand your current business, consider contacting our Cary office at (919) 900-4720 or our Raleigh office at (919) 568-3681 today.
Health Care Start-Ups
There are unique challenges and legal compliance matters that must be addressed when establishing a health care start-up in North Carolina. Aside from the laws surrounding licensure when establishing a health care practice (Chapter 55B of the Professional Corporation Act), there are also specific liability concerns and planning that must be conducted to ensure the process is as smooth and efficient as possible. Having worked with a range of professionals looking to create a health care start-up in the state of North Carolina, we proudly offer assistance with the following matters:
- Professional practice formation, including business structure (LLC, PLLC, corporation, etc), drafting bylaws, operating and partnership agreements, and joint venture documentation
- Ensuring that state licensure requirements are met, insurance credentialing, and registration
- Negotiating and forming employee and staff agreements
- Crafting internal business agreements such as shareholder agreements, buy-sell documentation, and non-disclosure agreements
- Review commercial lease agreements for medical office or clinic space
- Securing insurance for workers’ compensation, malpractice, and others
- Regulatory compliance with HIPPA, Medicare, APA, etc.
Starting a health care practice takes a great deal of time and effort. As North Carolina health care practice attorneys, our primary goal is to deliver high-quality legal counsel to professionals to protect their investments and set their practice up for success.
The processes and policies that you use to manage your practice have a major impact on the overall success of your business. The right processes can achieve efficiency and productivity, therefore driving revenue, increasing employee retention, and improving patient communication. As the owner of a health care practice, you have a range of responsibilities. Often, you may find yourself as the manager, marketer, administrator, and accountant of your practice. Managing a health care practice is arduous, leading many professionals to seek outside counsel from an experienced attorney. We provide practical advice regarding all aspects of practice management, including:
- Managing facility and office staff
- Implementing marketing and sales strategies to optimize profits
- Improving processes for record-keeping, billing, and ordering equipment
- Ensuring compliance with state and federal legal requirements
- Identify critical areas of opportunity and offer tailored solutions to drive efficiency
Buying or Selling a Health Care Practice
For many health care practice owners, buying or selling their practice is a significant business venture. Buying a practice can be an important step for the growth of a business, opening up new markets and increasing your revenue potential. Selling a practice, alternatively, can be an ideal way to benefit from the value of years of hard work . These transactions are complex, however, and missteps during the process can have serious financial and legal consequences. Organizing a team to advise and guide you through this process can be incredibly helpful. Your financial and legal advisors at NC Planning can provide assistance with the following aspects of the transaction:
- Performing a business valuation of your practice
- Navigating asset purchase and minimizing risk and liability
- Negotiating acquisition agreements
- Transferring medical records under HIPPA
- Ensuring compliance with federal anti-kickback law
- Canceling ongoing contracts with payors
- Re-assigning commercial and equipment leases
- Navigating tax compliance issues
- Closing and transferring employee benefit plans
- Arranging continuity of care for patients
Due to the nature of their work and the liability they assume in their practice, physicians are at risk of having their wealth compromised by legal issues. Personal legal matters such as divorce or medical malpractice suits can leave your assets vulnerable, making it essential to establish an effective asset protection plan. Our North Carolina health care practice attorneys are well-versed in leveraging business structure, trusts, and comprehensive insurance policies to fully protect the assets of medical professionals.
Tax concerns are a serious consideration for many health care practice owners. Diligent planning in this area has the ability to single handedly increase revenue for your business, but with tax laws constantly changing, it can be difficult to establish a set plan of action. At NC Planning, a large facet of our work is tax planning for professional practices. With a curated team of attorneys and financial advisors, we have the skill and experience necessary to manage the following for our clients:
- Identifying potential tax credits for your practice
- Maximizing the asset depreciation to minimize your tax liability
- Deferring tax obligations through the creation and strategic use of retirement accounts, pension plans, etc.
- Leveraging investments to produce tax-exempt income
As your health care practice continues to grow, it becomes increasingly necessary to plan for unexpected events in the future. Succession planning refers to the process of identifying critical roles in your business and developing high-potential employees to fill these positions in the event of unanticipated vacancy. Planning for succession is key to business continuity and consistent performance, especially during times of leadership change. Without a succession plan in place, a practice is left vulnerable, risking disruption to workplace processes and mission critical knowledge.
How to Choose the Best Health Care Practice Attorneys for Your North Carolina Practice
The North Carolina health care practice attorney that you hire will have an undeniable impact on the success of your business. For this reason, choosing the right legal counsel for you and your practice is a key business decision. You will be working closely with this individual to review your business’s finances, policies, and plans to develop strategic solutions to improve your practice. Before hiring an attorney, schedule initial consultations to see if their firm is a good fit for your needs and goals. During this consultation, you may find it helpful to consider the following:
- How much experience does the attorney have working with professionals in the health care industry?
- Do they have a certified CPA on their team to help with complex financial and tax matters?
- What is their fee structure?
- Do I feel comfortable with this attorney and confident in their ability to offer solutions for my business?
- How will the attorney communicate with me and who will be primarily working on matters related to my practice?
How NC Planning Will Help You Plan for the Road Ahead
There is a great deal of planning that must go into opening and managing a health care practice. Our interdisciplinary approach is what sets us apart. We have the knowledge and experience necessary to help establish your practice, grow your company, and minimize the risks and liabilities associated with owning a health care business. If you are ready to begin planning for your future and implementing new strategies to improve your practice’s efficiency, consider scheduling a consultation with a North Carolina health care practice attorney at our Cary office at (919) 900-4720 or our Raleigh office at (919) 568-3681 today.