An attorney representing the purchaser of a medical practice must take into account all of the usual issues presented with any business transaction, but that attorney also must understand and be sensitive to the nuances uniquely affecting the medical profession. As with any business transaction, counsel needs to ensure that the assets being purchased are viable, intact, and free of liens, but perhaps even more than other businesses the fragile goodwill that goes along with those assets needs to be protected and preserved. Despite paying full value for a practice, a purchaser may discover that patients are reluctant to consult with a medical practitioner with whom they are unfamiliar or uncomfortable, which means the purchaser’s first interactions with patients are very important. Moreover, insurance and regulatory considerations create issues unique to the medical profession. When undertaking the representation of a purchaser, it is incumbent upon counsel to become familiar with these issues.
Read more “Prescriptions and Proscriptions: Specific Considerations When Representing Purchasers of Medical Practices”
