Patient records are included in the sale and in most states, must remain with the practice, unless individual patients choose to go elsewhere. Some states require patients to be notified of the sale. In many cases, if the practice is being sold to a doctor who is already part of the practice and the owner is retiring, the transition will be seamless to patients anyway.
There’s been a trend of smaller practices being acquired by larger, regional practices or health or hospital systems. In these situations, the doctors themselves become employees or independent contractors of the larger practice. If that’s the case, it’s especially vital for the seller to do their due diligence on the buyer, since they are going to be an employee.
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Whether you are buying or selling, it’s important to get your lawyer, accountant and if applicable, a business broker involved early in the process, do your research and due diligence, and go into the process with your eyes open. Every sale is different and brings with it unique issues specific to your practice and your circumstances. If you do your homework and work with an experienced deal team, the whole process will be easier before, during, and after the sale.
About the author: Barry A. Posner, Esq. is a partner at Kudman Trachten Aloe & Posner LLP. His legal expertise includes general business and commercial advisory and consulting services in mergers & acquisitions, divestitures, joint ventures and strategic relationships, public and private equity financings, venture capital raises, complex commercial debt lending transactions and alternative financing arrangements, with a particular emphasis on healthcare providers, including medical practices and pharmacies.
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