A Must for Buying or Selling a Physician Practice, Dental Practice or Medical Business
If just wish to get some legal input but are not ready to fully engage an attorney, you may consider making a 1 hour appointment to discuss the specifics of your situation, for a prepaid legal fee of $475 legal, click here
1) For starters, you will need a letter of intent. Below is a Sample Letter of Intent to Purchase a Physician Practice click on the document below:
Know that this is a sample letter that can be tweaked in many many ways to favor the Buyer or the Seller. It is can be binding or non-binding, so you should consult an attorney. If you have any questions call us.
This is LOI can also be modified and used to purchase a dental practice or a medical business. Please do not put this together without the assistance of an attorney, meaning that you may be over looking things that otherwise should be included, like: what if there is a dispute, what if confidential information is leaked, how to best handle patient health information, what if the seller walks away from the signed LOI, what if the practice is in the middle of a pending investigation or a law suit, etc.
2) Next, you will need to have a game plan in mind, and know what you are looking for from your target Physician Practice, Dental Practice or Medical Business. For a Sample Due Diligence list click on the document below:
Know what you should be asking for. This is not an exhaustive list, and you should consult an attorney. If you have questions call us.
3) However, if you have not done this in a while you may want to refamiliarize yourself with how the process works. To better understand How Mergers and Acquisitions are Done! click on this information based Webinar - Click here
Webinar Objective: Learn about healthcare mergers, sales, and acquisitions. The Business Side of Medicine. This can be applied to purchasing a physician practice, a dental practice or even a medical business, but it has to be tweaked.
Webinar Description: Covers acquisition issues such as asset vs corporation, accounts receivable, software rights, assumed liabilities; stock sales, mergers, member substitutions; Hospital management reps and warranties, medical staff matters, regulatory risks in closing the transactions; Acquisition of Physician Practices, deal structure, fee splitting, employee leasing, corporate practice of medicine, and due diligence in preparing for the deal.
Below is the Slide Presentation in a PDF Document of the 20 Steps Involved in doing Mergers and Acquisitions in Healthcare:
Good Luck to you and Let me know if I can be of help.
4) Last but not least, you will need an attorney on your side who understands who not only understands the law but also the business and financial side of things. You may want to review Ben Mirza's profile If you are looking for a well rounded, strategic thinking attorney, you are at the right page.
If you wish to just wish to get some legal input but are not ready to retain a formal legal counsel, you may consider making a 1 hour appointment to discuss the specifics of your situation, for a prepaid legal fee of $475 legal, click here
NOTE THIS IS NOT LEGAL ADVICE - THIS IS ONLY AN INFORMATIONAL PAGE WITH RESOURCES THAT WILL HELP YOU UNDERSTAND WHAT TO LOOK FOR - ULTIMATELY YOU WILL NEED TO CONSULT AN ATTORNEY who knows the law and understands financial issues.
This is only intended to help you start the process of doing acquisitions in Healthcare, whether purchasing or selling a physician practice, dental practice or a medical business.
Ben Mirza is not only an attorney but was formerly a CPA, with a masters of public health. There are over 100,000 attorneys in Florida, less than 500 of whom were ever Certified Public Accountants, and even less have the trifecta combination of law/finance/strategic healthcare background. The benefit of this combined and layered skillset works well for clients who want an advocate to approach the issues holistically.