Medical Practice Dissolution in Florida
Dissolving any type of business in Florida can be a complicated process. To ensure that things are wrapped up properly, there are many different critical issues that will need to be addressed. With medical practices, dissolving a business can be even more challenging. There are several industry-specific matters, from HIPAA requirements to other patient needs, that must be handled with extreme care. Here, our experienced Miami physician practice management attorneys discuss some of the most important things you need to know about medical practice dissolution in Florida.
Florida Medical Practice Dissolution: Seven Things Business Owners Must Consider
- Short-Term Patient Needs
When dissolving your medical practice, you may need to make arrangements to deal with your patients, and specifically, those patients who have immediate medical needs. To ensure proper patient care, it is important to keep the needs of your patients in mind when winding down your practice.
- Protection of Sensitive Medical Information
Under state and federal regulations, including HIPAA, doctors and healthcare providers have a legal obligation to protect sensitive patient information. When dissolving a medical practice, you must have a plan for dealing with all of your patient records.
- Filing for Business Dissolution With the State of Florida
Unless you own a sole proprietorship, you must dissolve your medical practice in accordance with the rules and regulations set forth by the relevant Florida law. Partnerships must look to the Revised Uniform Limited Partnership Act of 2005 and limited liability companies must look to the Florida Revised Limited Liability Company Act.
- Notification of Affected parties
Florida also requires business owners to notify certain affected parties if they choose to dissolve their company. This is a critically important aspect of winding down a business. You should be prepared to notify any:
- Insurers; and
- Settlement of Debts
If your medical practice is carrying debt, you will need to make arrangements to settle that debt as part of the dissolution process. This is critically important, as you do not want to be held personally liable for unpaid debt.
- Division of Assets and Liabilities
You also need to work with your co-owners to determine how all remaining assets and liabilities of the medical practice will be distributed. It is highly recommended that you are represented by a business law attorney during this aspect of the process. Your financial interests must be protected.
- Protection of Referral Sources and Future Competition Issues
Finally, unless you are retiring from the field, you will need to plan for the next step in your medical career. You may want to negotiate and draft agreements to protect sources of referral, certain business relationships or to limit direct competition between you and your former partners.
Contact Our Miami Business Dissolution Attorneys Today
At Pike & Lustig, LLP, our dedicated business law attorneys have extensive experience handling medical business dissolution. No matter your needs, we have the skills and legal knowledge needed to protect your legal rights and financial interests. For a free case review, please call us now at 305-985-5281 (Miami office) or 561-291-8298 (West Palm Beach office).