The Watkins firm has served as San Diego medical practice and healthcare business attorneys for more than four decades. We provide valuable counsel and services wherever you may be within the life-cycle of your practice or healthcare business. As medical practice and healthcare business formation lawyers, we help clients to consider the nature of their business and to select the best business entity for the type of business they intend to conduct.
The California Professional Corporation or PC
If you are a healthcare business or professional practice a California Professional Corporation or PC may be the best alternative as an entity for your new company. The PC provides benefits that are unavailable to other forms of business entities that are tailored to licensed professionals and the unique manner with which they conduct their business. Ask about the opportunities to restructure costs as legitimate expenses under a California PC and other benefits and protections offered by this form of corporate structure.
Management Service Organization or MSO
Another important entity our San Diego medical practice and healthcare business attorneys are often asked about is the Management Service Organization or MSO. An MSO allows physicians and other licensed medical professionals to leverage investment capital to structure an entity to provide many of the necessary business administration and support functions associated with a medical practice or healthcare business.
The MSO can hold the real estate associated with your practice or company while providing valuable marketing, electronic assets, business functions such as accounting and payroll, tax administration and other support services. This strategy provides additional profit and tax advantages while increasing not only the quality of care and the customer experience but all important patient satisfaction metrics. There are inherent risks for licensed professionals which must be mitigated and strategized, but an MSO can help to improve many aspects of any healthcare business or medical practice.
Our San Diego Medical Business Advisers and Healthcare Attorneys Provide Sound Counsel and Advice
The “Counselors at Law” portion of our title refers to the deep experience and expertise we have earned over the decades as we’ve guided thousands of businesses in virtually every aspect of medical practice and healthcare related products and services. Just as every Olympic athlete needs a coach, every medical business professional needs a legal adviser and counselor they can trust and depend upon. As San Diego business advisers and attorneys we can help you to avoid the traps that have brought financial setback or ruin to other companies, while helping you to position your medical business for the fastest possible growth and profitability.
Experienced and Proven San Diego Healthcare Attorneys
You will face several opportunities to expand your medical practice or healthcare business along the way. We will help you with the business contracts, policies, procedures, handbooks and guidance necessary to hire key people, acquire the assets of a competitor or utilize a stock purchase to expand your operations and the reach of your company. We work to ensure compliance with all of the myriad federal, state and local laws and ordinances which complicate any medical-related business or practice.
Pro-Tip: “MSOs are all different. Some of your biggest organizations in the United States are run by MSOs or a combination of an MSO and other entities. Sometimes you get so big you have to have individual contracting entities that just do that. Yes, they go out and find you the best pricing, or they’ll work with a multitude of other healthcare practices and do a group location of better pricing and contracts for the doctors
MSOs are different for every kind of practice. Hmm. And every kind of practice has a classification under the code as to what they can’t do, who they can’t hire, and who they can practice medicine with, or who can supervise who. Hmm. And we do that with various different types of ancillary service organizations, which means like X-ray companies, MRI, PT, physical therapy, imaging, all those things that you run your business with and the rules on how you can and cannot work with them, those can be covered with your MSO.
Sometimes our medical practice or healthcare business clients will be approached by people who want to set up MSOs. And sometimes the driving factor is the MSO itself who’ll go out and locate a doctor and say, look, I’ve got this great business model. We collect more. We save your personal time and we make you more profit. Once you come with us. Then they’ll come to us and say, write up a custom MSO with this doctor in mind with these parameters, and set it up for us. And we do that. We bring two parties together and write it up in such a way that they can start a profitable business relationship.” – Dan Watkins, Founding Partner
Business is an exciting journey and the San Diego medical practice and healthcare business attorneys at the Watkins Firm want to help you to succeed and profit. We invite you to review our podcast Episode 30 – Management Services Organization or MSOs as well as the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.