In our Sound Business Insights Podcast Episode 37 – Medical and Healthcare Business Corporate Governance Dan Watkins provides insight into the complicated world of corporate governance and compliance in the setting of a medical practice or healthcare-related business. There are so many Federal and State agencies and entities that regulate, oversee or control a medical practice or healthcare business. What are the issues any healthcare-related company will face when working on corporate governance and compliance in California?
Episode 37 – Medical and Healthcare Business Corporate Governance Corporate Governance provides an over of many of the agencies and the issues they address, and how this is different in a healthcare setting when compared to any other “normal” corporate environment. Doctors and medical practices are told where they can get their patients from, what to do and not do (i.e. Stark Law anti-kick back regulations) and the substantial risks of penalties, fines and even licensing issues.
Episode 37 – Medical and Healthcare Business Corporate Governance Corporate Governance shares the types of compliance work required and how the Watkins Firm can contribute more than 40 years of experience to make that job simpler and to ensure governance and compliance requirements are met. “They don’t teach this in law school. They don’t teach this in your M B A program. It had to be a specific program. The MBA program would teach it, but it only teach the business side. So you only learn this (healthcare governance and compliance) by experience. You only learn it by working at a firm that did this 40 years ago and carrying on the tradition.
Dan Watkins even discusses the topic of “dead wood,” the process of providing for physicians who have already given years of service: “There’s a way where the older doctor who’s earned his or her right to have that equity and that s egg going forward has to be compensated. And where it won’t cost the newer doctors anything really, if they structure things right. And they are given information about new ways to structure things and to move forward. So you can literally give both parties the best of both worlds. The conversation concludes with Dan’s thoughts on independent contractor agreements and the role and benefits of an MSO not only to the practice but in terms of governance and compliance.
Draw from Dan’s more than 40 years of experience and insights on some of the challenges faced by California physicians, medical practices and healthcare entities in terms of corporate governance and compliance. We invite you to listen to our new podcast Episode 37 – Medical and Healthcare Business Corporate Governance, review the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
