Outside General Counsel for Healthcare Businesses: When to Hire, What to Expect & Cost-Effective Models
Your healthcare small business has legal needs across a variety of areas. An experienced physician-owned clinics attorney at Innova Health Law can serve as outside general counsel for your business when needed.
The size of your company, and your budget to hire employees, does not impact whether you need legal help. There are times when you may not have a need for a full-time employee, but you still need someone to perform the functions that your own general counsel would handle. In these instances, you can hire outside general counsel who can perform in the same manner that your own employee would.
To learn more about how an outside general counsel can help your healthcare business, speak to a healthcare practice attorney at Innova Health Law by calling us at (281) 936-9904. We can discuss your legal needs and explain how we can partner with your business to help you achieve the best possible legal outcomes.
Your Healthcare Business Needs Legal Help Even When You Do Not Hire Your Own General Counsel
The legal landscape for healthcare businesses is continuously in flux. Laws and regulations often change, as do an individual government agency’s interpretation of them. Against this backdrop, you are attempting to maximize your company’s revenue and run your business as best as you can.
Not every healthcare company has the budget necessary to hire its own internal general counsel and legal staff. This does not mean that you do not have a need for legal services. Small businesses also have legal issues, especially those that operate in a realm as complicated as healthcare. The good news is that it is still possible to get the legal help that you need. There are arrangements that allow you to retain counsel who can act as your attorney. A lawyer who is not an internal employee of your company can still provide you with the same services.
When Your Healthcare Business Can Benefit from Outside General Counsel
To be clear, it always helps to have access to an experienced attorney who is knowledgeable in the healthcare field. There are certain occasions when you may have even more of a need for a lawyer who can serve as your outside general counsel. Here are some scenarios in which your business can benefit from hiring an outside general counsel:
- Your company is in growth mode, and you are adding new businesses or seeking to raise outside capital
- You have particular compliance challenges, either in a new business area or when there are shifting regulatory interpretations
- Your business has regular legal issues, but you do not have the budget to hire a full-time lawyer on your staff
- You need a strategy to help your company manage its risk
When you hire outside general counsel for your health care business, you gain a partner who learns and knows your business well. This attorney is there for you when you need them, both to deal with ongoing legal issues and challenges as they arise. Your outside legal counsel will work with you on matters relating to your business, providing you with customized legal solutions and advice every step of the way. You will always have access to an attorney, while saving money on overhead that may come with hiring full-time members for your staff.
Cost Structures for Outside General Counsel
Your healthcare business needs a cost-effective arrangement that can help you get legal assistance within your budget. There are numerous cost structures that can allow you to afford outside general counsel for your health care company. Outside general counsel can work for you in a number of ways. Perhaps the most common fee arrangement is for outside counsel to bill your business on an hourly basis. Here, you pay only for the legal services that you need as you require them. There is the possibility that you can also pay outside legal counsel on a flat fee basis. Then, the attorney agrees to provide you with all necessary legal services in exchange for that fee. You may also consider hybrid arrangements with a flat fee, plus hourly compensation for certain matters.
The amount of services that you require from outside general counsel can scale along with your business. There may come a point in time when your business grows, and you need to hire your own in-house lawyer. Until that point, you can take comfort in knowing that you have the legal protections that come with having an experienced attorney at the ready.
Contact a Healthcare Practice Law Firm Today
A healthcare practice lawyer at Innova Health Law has extensive knowledge of the regulations your practice must comply with and can help keep you informed while supporting you with proactive strategies. You can schedule a free discovery meeting with a healthcare practice lawyer by visiting our website or by calling us today at (281) 936-9904.