Many of you will start the new year making resolutions. The same should be true for your practice.
Just like making a personal resolution, practice resolutions should be made after reflecting on concerns or issues that may have occurred throughout the year and how improvements can be made moving forward. Having worked with professional practices for many years, I've found the following to be good starting points for thinking about meaningful resolutions as we head into 2022.
1. Review corporate contracts.
Many practices continue to operate off old documents that are sorely outdated. The parties actually may be applying compensation or other formulas that do not match the written agreements, which could result in an unexpected wage claim or other legal dispute for not following the documents.
Similarly, a retiring owner of a practice may be on the receiving end of an overly rich severance formula or buy-out computation that harms a practice because of documents that were written when the practice was more financially successful. Most importantly for healthcare practices, it is essential to review all corporate documents regularly to assure ongoing compliance with state and federal healthcare laws. This coming year, every practice should make it a project to work with healthcare counsel to review their documents and revise and update as needed.
