4 Ways Biotechnology Companies and Hospitals Can Benefit from Hiring a Healthcare Attorney

Biotechnology companies and hospitals play an important role in society. They provide society with various care options for patients. Both the delivery of healthcare in a hospital setting as well as the innovative solutions delivered by biotechnology companies have improved by leaps and bounds just within the last decade. Because biotechnology companies and hospitals both seek to provide the best possible experience to their patients while also having the finances required to grow, these major players in the healthcare industry often face a set of unique challenges. The good news is that they do not need to face those challenges alone. Partnering with a healthcare attorney can help both biotech companies and hospitals minimize risk while also being prepared to take on the future.

In this article, you’ll learn about four ways that biotech companies and hospitals can benefit from hiring a healthcare attorney.

Related: Medical Technology Licensing: Consideration to Ensure You’re Getting the Most for Your Money

Drafting, Reviewing, and Negotiating Employment Contracts

Both biotechnology companies and hospitals have specific needs when it comes to employment contracts. These contracts may have different titles, such as a physician agreement. The goal of an employment contract is to explain the duties, rights, and obligations of both the employer and the employee. Both biotech companies and hospitals may need employment contracts that include non-disclosure clauses, non-compete clauses, and non-solicitation clauses. Both may also need confidentiality clauses to help protect business secrets that the new employee may learn during their course of employment. One specific need that hospitals may have is the insertion of language that explains whether the employee can teach, lecture, or continue to run their own practice when they are not on duty. Since there are unique circumstances that directly impact how these contracts are drafted and negotiated. Drafting, reviewing, and negotiating employment contract is just one way that a biotechnology company or a hospital can benefit from hiring a healthcare attorney.

Both biotech companies and hospitals may also find that they have a need to partner with another business to provide services of some kind. Occasionally, these businesses may be vendors, but sometimes they may be seen more along the line of an independent contractor. These contracts must also be carefully drafted. Drafting standardized contracts for use in these situations is one option. There are also times when the other businesses may already have a contract ready to present. These contracts should be reviewed and, if necessary, negotiated by an experienced healthcare attorney to ensure that it meets the needs of the biotech company or hospital.

Guidance Through Mergers & Acquisitions

In a previous article, we discussed some of the ways businesses could take some of the fear out of mergers and acquisitions. Both biotechnology companies and hospitals are certainly no strangers to M & As. Yet, just because there’s a history of M & As performed in the healthcare industry doesn’t mean that these companies should try to take the process on without help. Susan Larsen is a healthcare lawyer that also holds higher degrees in both technology and business. Combined with Susan’s 30 years of experience as a healthcare attorney, biotech companies and hospitals can rest assured that have a knowledgeable partner on their team to help them determine whether the M & A is best for the company as well as what needs to be done to remain in compliance with the law.

Leasing New Facilities

There are many types of commercial lease agreements. Yet, not all commercial lease agreements are great fits for bio tech companies or hospitals. Because a commercial lease explicitly outlines how the commercial property may and may not be used as well as outlining the financial obligations of the tenant, it’s critical that those making the decision on choosing the right commercial property truly understand the terms within the document.

A healthcare attorney can help both biotech companies and hospitals by reviewing the lease before it is signed. It may also be possible to negotiate better terms within the lease. However, even if negotiation isn’t an option, hiring a healthcare attorney allows biotech companies and hospitals to have a partner who can understand and explain the obligations they may have as a result of signing the commercial property lease.

Reviewing Technology and Software Licenses

The healthcare care industry depends on technology more than ever. As a result, both biotech companies and hospitals routinely secure licenses for use of various types of technology as well as software. These licenses aren’t always straight forward. It’s crucial that companies understand what they can and cannot do with the technology or the software. It’s also crucial for companies to consider the cost of acquiring the licenses, the use of the technology or software, costs of maintenance (if any), and the long-term financial impact on the company. Going back for just a moment, consider that a hospital leases MRI machines. Reviewing the license or contract must be done as it explains whether the hospital or the company providing the MRI machines are responsible for inspecting the units and performing maintenance. Even if the company providing the MRI machines both inspects and maintains them, it’s important for hospitals to know if those services are included in the cost or if it is provided at an additional cost. Knowing this information can help hospitals better determine which provider better fulfills their short-term and long-term financial condition.

Larsen Law Offices, LLC – Denver’s Healthcare Attorney

For more than 30 years, Larsen Law Offices, LLC has provided services as a healthcare attorney. We’ve worked with large hospital networks, independent offices, biotechnology companies, and other healthcare industry businesses. Located in Denver, Colorado, Susan Larsen provides services as a healthcare attorney across the United States. To learn more about our services and to schedule your consultation, call Larsen Law Offices, LLC now at 303-520-6030.