Among the multiple advantages that a healthcare transaction lawyer brings to your team, there are three primary benefits to engaging one. Put simply, you gain access to three major elements that will assist you when making a deal:
There is no substitute for these. Knowledge and experience are intangibles that may have a greater impact on a deal than participants realize. Protection in the event that something goes amiss is also invaluable.
The point that healthcare transactions are complex and complicated cannot be over emphasized. They involve a large number of laws and regulations designed specifically for the healthcare industry. Rather than try to learn what is or isn’t applicable, an experienced healthcare transactional attorney knows what to look for and how to appropriately address any issue that can and will arise.
In addition to knowing what the law is, they have working knowledge of how courts have interpreted various laws in prior cases that have arisen. It’s the job of the healthcare transactions lawyer to stay up-to-date not only on the various rules and regulations, but also on how such regulations have been addressed in court settings.
Through their knowledge, attorneys can benefit clients by ensuring all relevant options have been considered. They also help move the process along efficiently by knowing immediately what can and cannot be done.
For example, if you are an urgent care center owner and want to take part in a joint venture with a hospital, you can find a healthcare transactional lawyer who is familiar with that particular type of transaction. That lawyer can help develop an agreement that works best based on their prior knowledge of healthcare joint ventures.
In most cases, the owners of a healthcare business are not going to be involved in more than one or two transactions in a lifetime. These types of transactions are not repetitious events for small businesses. Healthcare transactions lawyers, particularly those whose primary focus is healthcare transactions, bring in a wealth of experience simply by virtue of having been involved in multiple deals before. They can draw on things that they have already witnessed to provide better counsel over the course of a transaction.
Just because something looks good on paper does not mean it plays out the same way in the real world. The benefit of having someone experienced in healthcare transactions is they can instinctively recognize potential pitfalls and steer you clear of them.
Experienced healthcare transactional lawyers also can manage client expectations by informing them of what can be done within a particular timeframe and how long things are likely going to take. Client frustration is eliminated because an attorney may draw from experience to explain the entire process of the transaction.
Finally, having an attorney who specializes in healthcare transactions provides an extra level of protection. A client can rest assured that the deal is going to be done correctly and in accordance with all local, state and federal regulations. It takes the burden off your shoulders and places it in the hands of an expert. As a result, you as an owner can focus on your business rather than worrying about all the details and complications involved in the transaction.