Woman & Doctor

Physician Owned Practice Representation

Our physician owned practice representation services help general physicians and specialists with the following:

  • Full-Service Acquisition Representation for Practice Buyers

  • Full-Service Representation for Practice Sellers

  • Partnership Changes (Buy-Ins & Buy-Outs)

  • Closely-Held Transactions (Mentor/Associate & Family Owned Practices)

  • Commercial Lease Review for New Practices (Start-Ups)

  • Commercial Lease Negotiations (for Renewals)

  • Real Estate Purchase Contracts

  • New Entity Creation

  • Multiple Practice Ownership

  • Associate Agreements (Graduating Students, Associates and Employers)

  • Management Services Organizations (MSO)

  • And More...

Medical Practice Representation

One of the biggest challenges for our healthcare clients is understanding the value of hiring a law firm to help navigate a practice sale or purchase especially when a practice can be purchased with cash proceeds or through seller financing (meaning, the buyer pays the seller incrementally).  

 

The problem with structuring a sale of assets and goodwill or equity (a purely legal process) without the help of a team that understands both law and healthcare is that it can cause that presumably “easy sale” to evolve into a post-closing nightmare.  Believe it or not, acquisitions are not as simple as a handshake agreement and change in vendor/insurance contracts.  At minimum, an acquisition conducted through a seasoned legal eye with substantial experience in healthcare practices will consider the following:

 

  1. How will the sale be structured?  Can the buyer obtain traditional bank financing to minimize any post-closing risk of default as a result of not paying the monthly payments that were promised to the seller?  
     

  2. How will the transition period be structured? For example: will a traditional asset sale be sufficient for a large multi-location urgent care clinic where insurance credentialing needs to be considered?
     

  3. Does the purchase agreement adequately outline how the seller’s account receivables will be collected and how on-going procedures (if any) will be handled
     

  4. Are there any practice liens that need to be cleared at closing to make sure that the buyer is not taking on unexpected debt? For example: think of cosmetic/ plastic surgery offices with multiple laser machines and leased equipment.  

 

We approach every deal with the understanding that our clients are equipped with making their own business decisions but need education and legal guidance to execute their business decisions. Whether you are a buyer or a seller of a medical practice, the acquisition process can be cumbersome. Our goal is to guide you through the process to ensure that you are fully supported at each stage of the process to achieve your goal with transparency of fees so that you can focus on your deal without concern about your legal bill.

 

The practice acquisition process has multiple steps, particularly for buyers, including but not limited to:

 

  • Financing/Approval Process

  • Initial Preview of the Practice/Letter of Intent

  • Purchase Agreement Drafting/Negotiations

  • Fulfillment of Lending Requirements (if applicable)

  • Obtaining Insurances

  • Entity Formation

  • Lease Review/Assignment or Purchase Contract for the Underlying Real Estate

  • Ancillary Matters Such as Post-Closing Seller Transitional Services and Staff Considerations

  • Closing/Escrow/Disbursement of Funds

 

We also provide limited-scope services in the event that you only want a review of the purchase agreement or lease, but we strongly encourage our clients to take advantage of our full-service, flat-fee solution to make sure your deal is handled appropriately.

What Can You Expect When Engaging The Gillis Firm?

We know you are busy seeing patients.  We conduct a lot of our communications and follow-ups by email to give you the time you need to review your case process and respond without concerns about having to call us to discuss a specific concern. When we do get on a call to discuss contracts, we will follow-up with text message reminders and calendar invitations to help you keep track of your appointment.

 

We focus on efficiency by turning the transition into a process-driven project to help give you more control over substantive items rather than worrying about minute details of the acquisition process.  This allows us to have more ability to steer your deal smoothly while allowing you to focus on the target practice.  

 

We work under a transparent flat-fee model for most of our transitions to avoid budgeting concerns especially for our new practice owners or sellers who are concerned with their bottom-line net after the sale.

 

We work professionally to give you quality services and confidence in the process. As a courtesy to our healthcare clients, we provide existing clients with flexible teleconference options to discuss your case.

 

If you are a practice buyer or seller looking for assistance with your future sale or healthcare practice acquisition, feel free to contact us to schedule your complimentary 30 minute orientation call.