Dental and Medical Practice Legal Services
Our dental and medical practice legal services cover a broad range of legal and business needs for professional dental and medical practitioners.
Whether you are newly licensed or a seasoned dentist or physician seeking to develop an exit strategy, we can assist dental and medical practitioners at any stage of the life cycle of their dental or medical practice career.
Our menu of dental and medical practice legal services include the following:
Entity Selection, Formation and Structuring
Selecting the right entity for your dental or medical practice is an important decision that can affect your business now and in the future. We can advise you on the pros and cons to forming a particular professional entity. You will want to be informed about the various types of entities and the tax and business implications of each. We will work with you to review your goals and circumstances in order to make the proper entity recommendation for your business.
Dental and Medical Practice Sales and Acquisitions
Whether you are selling or purchasing a dental or medical practice, developing the proper strategy and following certain guidelines are essential to a successful transition. Practice valuation, cash flow and indebtedness, leases, financing, contract negotiations, numerous business agreements and documentation are some of the areas where a trusted, professional dental transition broker can add tremendous value.
Employment Agreements
Employment Agreements include Full-Time and Part-Time Agreements for Employees and Independent Contractor Agreements. These agreements typically provide a job description, and they may address employee compensation, reimbursement of expenses, terms of employment, termination provisions and more. Employment agreements may also contain clauses that address a dentist’s purchase into the practice.
Dental and Medical Service Organizations
A Dental or Medical Service Organization (DSO or MSO) provides non-clinical administrative services to dental and medical practices that are owned and controlled by licensed dentists or physicians. A DSO or MSO can free health care professionals from the day-to-day distraction of tending to the business side of a dental or medical practice. It’s very important to have a comprehensive agreement in place that specifically addresses the many issues that can arise with this type of arrangement.
Commercial Lease Agreements
There is more to lease negotiations than one might expect. Dental and medical practices are attractive tenants to a landlord seeking to fill a commercial space. Effective negotiation is critical to leveraging lower lease payments, favorable terms, and worthwhile inducements that could be paid by the landlord. We can help secure the best deal possible for your dental practice office space.
Office Space and Expense Sharing Arrangements
Sharing arrangements typically involve two or more individuals or entities as owners where physical space and expenses are shared, but the individuals or entity operate as individual practices. While such arrangements can provide an abundance of advantages, a successful relationship requires extensive communication, planning, and a binding written agreement. We have vast experience providing comprehensive office space and expense sharing agreements which greatly enhances the chance for success.
Buy-Sell Agreements
If your dental or medical practice consists of one or more partners, it is critical to establish a Buy-Sell Agreement. Should a partner die, become disabled, retire, or leave the practice for any reason, this agreement dictates the terms of the purchase of a partner’s share of the practice.
Enforceability of Restrictive Covenants
Whether non-compete or non-solicitation, restrictive covenants must be very specific in scope, outlining precisely what the involved parties can and cannot do. Covenants, not to compete or solicit, that are too broad or overreaching may not be enforceable. Restrictive Covenants for dental or medical practice transitions are complex and should be handled by knowledgeable attorneys specializing in purchases and sales of dental or medical practices.
Practice Succession and Transition Planning
There is much to consider when contemplating next steps for a dental or medical practice at the end of a long career. The best transitions are planned carefully with an expert in dental and medical practice transitions. We can help individuals determine whether an outright sale of the practice, hiring an associate with the intention to sell later, co-ownership, or a merger is the best option.
Practice Dissolution
There are many reasons for dissolving a dental or medical practice. Divorce, partnership issues, and retirement are a few. A competent attorney, experienced in practice dissolution will have in-depth knowledge of the legal and tax implications inherent in practice transitions. We have vast experience in practice dissolutions and can provide expert guidance to help ensure the most favorable outcome for our clients.
Partnerships, Limited Liability Companies, and Corporations
Drafting dental or medical partnership agreements, operating agreements, or shareholders agreements is a detailed process that can protect the financial health of the partners, members or shareholders, and impacts the ability for the partners, members and shareholders to operate an efficient organization. We help partners, members and shareholders understand which pitfalls most commonly affect dental and medical partnerships, limited liability companies and corporations, and explain how best to avoid them.