We have provided legal advice to professional practices even before the professional service corporation law was enacted by New York State in 1970. We work with healthcare practitioners not institutions (i.e. hospitals) to provide conflict-free advice on all aspects of healthcare practices.
We also counsel clients on the federal and state laws and regulations governing self-referral, anti-kickback, HIPAA, fee-splitting, corporate practice of medicine issues, and professional misconduct issues
Opportunity: Our client, a 70 year old sole practitioner dentist, wanted to retire from the practice of dentistry.
Action: We advised that he should consider selling his practice to a Private Equity firm. A Private Equity firm raises funds from investors and seeks to purchase privately owned businesses. Historically Private Equity has shied away from investing in professional practices in New York State due to its strict regulations preventing non-professionals from owning professional practices and its strict fee-splitting laws. Private Equity has now cracked the code on how to properly structure the purchase of a professional practice in NYS and private equity firms are investing heavily in this area.