Do Not Forget to Review These Items in the New Year
The following article, written by Stephen H. Siegel, was published in the January 2018 edition of South Florida Hospital News and Healthcare Report.
With the holidays behind us, the world should become a more orderly place. In fact, that frequently is not the case. In addition to remembering to use 2018 as the correct year for checks, etc., every new year seems to be the point in time to start new diets, new exercise plans, and other well-intentioned resolutions. The start of the year is also an excellent time for medical practices and other healthcare businesses to either review or make plans to review a number of important matters. Here are a few of the issues that merit review, either early in the year or at a later pre-determined time.
Licensure and Certification
Even if the time for renewing professional or business licenses, permits, or certifications is not early in the year, now is the time to add these items to your calendar to be done at a later date. DO NOT rely on receiving and timely acting once the notice for renewal is received from the Board of Medicine, Secretary of State, or another licensing or accrediting organization, like the Medicare program. If those licenses and permits are not timely renewed, the business will be harmed with little opportunity or relief, especially inexpensive relief.
Typically, a healthcare business is organized as a professional corporation, limited liability company, or partnership in order to take advantage of certain federal tax benefits available to these entities. In any case, it is prudent to review the businesses’ articles of incorporation/organization, operating agreement/bylaws, etc., at least annually in order to ensure that they accurately reflect both what the owners want and what the business is doing.
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