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When Can an NP Have an Independent Practice?
By Bradford Adatto, JD, ByrdAdatto Nurse practitioners (NPs) have been gaining increasing autonomy in their practice, allowing them to ...
Posted By Mike Meyer, Thursday, July 27, 2023
By Madison M. White, JD, ByrdAdatto
State notice requirements are becoming more common in health care transactions, and New York is one of the latest states to enact legislation that requires both physician practice management services organizations (MSOs) and physician practices to submit a filing to the New York Department of Health (DOH) 30 days prior to closing a “material transaction.”
A material transaction is any of the following, occurring during a single transaction or in a series of related transactions that take place within a rolling 12-month time period, and meet or exceed thresholds for factors including, but not limited to changes in revenue:
During the 30-day period prior to the closing date, the DOH will post on their website:
The notice requirement becomes effective on August 1, 2023.
Failing to submit the notice to the DOH at least 30 days prior to closing a material transaction may result in civil penalties of up to $5,000 per day.
ByrdAdatto recommends anyone who is a party to a health care transaction in New York with plans to close after August 1, 2023, continue to watch for DOH guidance and begin preparing the required items for submission to the DOH.
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If you have further questions about the legalities of mergers and acquisitions, join AmSpa and schedule your complimentary 15-20-minute consult call with ByrdAdatto today.
Madison M. White, JD, routinely assists clients with a variety of business matters, primarily in the health care industry. She regularly advises clients in connection with mergers and acquisitions and other corporate transactions, as well as a range of health care legal and regulatory compliance issues. White combines her past health care litigation experience, regulatory and business expertise, and relationship skills to meet the critical business and legal needs of her clients.
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