Practice governance involves hands-on, day-to-day management and oversight, along with a strong basis in group culture and structure. The group’s structure and to some extent its culture is defined in its ownership and operating documents. Our article “Essential Steps to Smooth Practice Governance” that was initially published in the May/June 2022 (Volume 57, Issue 3) edition of the Radiology Business Management Association’s RBMA Bulletin offers a complete review of steps to help your practice operate smoothly through adherence to its foundation documents.
Practice documents cover two broad categories - practice ownership and practice operations.
Ownership documents include:
- Formation documents such as Articles of Incorporation or Certificate of LLC Formation
- Buy/sell agreements such as a Shareholders’ Agreement, Stock Purchase Agreement, or an LLC or partnership Operating Agreement
Operating documents include:
- Bylaws of a corporation, or the Operating Agreement of an LLC or partnership
- Employment agreements for the practice physicians
- Procedural rules for the Board of Directors, including the definition of officers’ and committees’ responsibilities
Our article provides tips for smooth and efficient practice operation through periodic review of its governing documents and annual meeting policies and best practice. A reprint of the RBMA Bulletin article is available for download here.
Rebecca Farrington is the Chief Revenue Officer at Healthcare Administrative Partners.
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