If you do business in the Midwest, then it’s time to take note. After Illinois Governor JB Pritzker’s signing of House Bill 500 (Public Act 104-0782) into law, the state now has significantly increased its scope of oversight. This law takes effect at the start of next year, and it means real changes for private equity firms and MSOs (management services organizations).
Understanding these shifts is a big advantage. At Medical Auditing Solutions, we work hard to help practices, providers, and larger entities navigate regulatory changes. These can differ greatly between states and jurisdictions, so make sure that you’re keeping up with the laws in your area. And when you have a question about regulatory oversight in the state of Illinois and beyond as a private equity healthcare investor, reach out to a trusted team.
Illinois is casting a much wider oversight net and MSOs are now subject to more scrutiny in your state. Find out more with Angela Miller-Leathers at Medical Auditing Solutions.
Covered Transaction Definitions Have Expanded
Up until the passing of House Bill 500 (Public Act 104-0782), the state of Illinois limited its regulatory capacity to mergers, acquisitions, and contracting partnerships that directly dealt with provider organizations or healthcare facilities. But now, they have the ability (and duty) to look much further. Now, they can and will check out transactions related to MSOs.
Even if a private equity firm does not primarily work in the healthcare industry, they can and will be subject to additional oversight. This law focuses on deals indirectly related to healthcare, beyond simply looking at facilities and provider organizations. Those companies who meet certain conditions need to factor in an additional 30 days for a formal notification to the Illinois Attorney General.
How Does This Affect A Practice Or An MSO?
While oversight rule changes in the state of Illinois are specifically designed to look at private equity deals, your average medical practice might notice them, too. If you are thinking about a transaction that requires something like corporate restructuring, then it’s important to include time for a 30-day pre-closing notification window.
Having a talented team by your side through administrative changes can be a real advantage. That’s one thing that we do here at Medical Auditing Solutions, and we have resources for people in every state. Stop struggling to understand regulatory shifts; speak to a team that’s been here before.
Understand Healthcare Oversight In Illinois With Medical Auditing Solutions
Failing to account for oversight can result in serious administrative delays. To learn more about Illinois House Bill 500 (Public Act 104-0782), call Medical Auditing Solutions and My DME Billing at (972) 459-1508.