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Forward Looking: How to Prepare for 2021

fhlfhealthcarebusinesslawBy: Chase Howard

With 2020 coming to a close, and COVID-19 still very much a concern for businesses, there are a number of things for healthcare businesses and practices to consider before the New Year.

Here’s a list of items to review:

  1. Employee Handbooks: With uncertainty regarding shutdowns and public health, it’s important to ensure that you have a plan in place should COVID-19 linger on and continue to affect daily life. Having a plan in regards to employees (forced time off, work from home policies, safety guidelines, etc.) will help smoothly transition to new regulations, if any.
  2. Lease Agreements: Whether it be for your practice location or equipment leases, the end of the year is a good time to review and potentially begin to renegotiate the terms of your lease or renewal. Landlords and companies are in an uncertain time as well and getting a good deal locked in before the end of the year might save you some money or create more favorable terms.
  3. Marketing Agreements: Marketing, while a big expense, might be one of your most important expenses. Companies that continued to stay present in patients and clients eyes successfully re-opened without issue. Review your marketing agreements to plan for reduced and focused spending, as well as prepared plans in case of limitations due to COVID. Aside from COVID, you’ll also want to ensure the terms of your agreements protect your business from any unauthorized or unlicensed usage of media by your marketing team on your behalf.
  4. Corporate Documents: COVID or not, it’s a best practice to annually review your corporate documents as you end and begin each year. Ensuring that your By-laws, operating agreements, buy-sell agreements, etc. are up to date, accurate, and relevant heading into 2021 is one step to take to ensure your company is maintaining the corporate veil.

It’s not too late to get a jump on the above and doing so will have you not only prepared for 2021, but moving along well as the New Year begins.