Physician practice management services organizations and physician practices or groups will soon be required to send a comprehensive filing for transactions to the state of New York, JDSupra reported May 5.
These transactions include mergers, acquisitions and affiliation transactions with one or more healthcare entities. Filings must be submitted within 30 days of any kind of eligible transaction.
MSOs and physician practices will not be required to have the state Department of Health's approval before closing a transaction, but the filing may extend the timeline to close a transaction, require additional resources to prepare the materials for submission and bring more regulatory background to the transaction.
The department will also post public summaries of each transaction going forward.
Article 45-A will not affect transactions that would increase a healthcare entity's gross in-state revenues by less than $25 million or transactions that are subject to Department of Health review under the New York Public Health Law.
The requirement will go into effect August 1.