What you need to know about forming your medical entity

If you have made the decision to form a medical entity, it’s important to obtain the specific business advice to ensure adherence to federal and state guidelines. You will probably need to enlist the services of legal counsel experienced in this area. They will be able to explain exactly what you need to know about forming your medical entity.

There are a number of considerations surrounding startup, taxation, and compliance that must be looked at when establishing a medical business. These include:

•    Ownership and management structure.  Some states have specific laws governing ownership structures involving physicians and non-physicians. Therefore you need to be aware of the types of proprietorships allowed, so that you choose strategic partners carefully.
•    Financing Options. Understanding the public and private sources through which startup capital can be raised, is often a challenge for prospective business owners. Proper planning and research is needed to ensure that adequate financing can be accessed.
•    Licensing and permit requirements: There are various licensure requirements across the various US states for medical entities. Understanding this information is vital, in ensuring that the application for license is properly completed.
•    Compliance with Health Care Laws: It is also important to be aware of the various state and federal health care laws, with which your medical entity will have to ensure continued compliance. In particular, there is the far-reaching Health Insurance Portability Accountability Act (HIPAA).

In California, the statutes and regulations regarding medical businesses are somewhat detailed, so you may need counsel from an experienced healthcare attorney. Nelson Hardiman, LLP, Los Angeles, routinely assists clients in this regard. With our help, forming your medical entity can be an easy, convenient process. Why not give us a call today at 310-203-2800 and set up a consultation.

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