Independent Practices, Specialty Groups & Physician Organizations

Physician practices and physician organizations need clear, practical guidance to capture maximum practice value without sacrificing their independent medical decision-making. We help you develop efficient clinical operations, design compliant ancillary revenue streams, evaluate alternative reimbursement models, and thoroughly vet potential management partners, supply chain vendors and suppliers so your business goals and clinical autonomy remain protected.

How We Help

Operational Counsel for Compliance and Governance
Our physician and physician group clients receive comprehensive counsel across the full spectrum of regulatory and operational challenges facing modern medical practices.

Phelps advises clients on federal and state health care regulatory compliance, including the Stark Law, the Anti-Kickback Statute, HIPAA, the Corporate Practice of Medicine and other reimbursement and fraud-and-abuse considerations. We serve as outside counsel to practices of all sizes, offering practical, day-to-day guidance on governance, contracting, risk management and strategic growth initiatives. This integrated approach allows physicians to focus on patient care while navigating an increasingly complex regulatory environment with confidence.

Phelps also provides targeted support on licensure, credentialing and medical staff matters, including disciplinary proceedings, peer review issues and hospital privileging disputes. By combining regulatory insight with operational experience, Phelps delivers tailored, business-oriented legal solutions that align with physicians’ clinical, financial, and professional objectives.

Core Practice Agreements
We provide comprehensive support to physicians and physician groups in preparing, drafting, revising and negotiating core practice agreements. We advise on a wide range of contracts, including physician employment agreements, operating agreements and management services arrangements, ensuring that key financial, governance and compliance terms align with both regulatory requirements and business objectives.

Phelps also negotiates vendor, supply chain, EHR, and emerging AI-related software agreements for clients, helping practices navigate evolving technology, data privacy and risk allocation issues. By delivering practical, detail-oriented counsel across all contractual relationships, we enable physicians to operate efficiently, mitigate risk, and position their practices for long-term success.

Ancillary Revenue and Alternative Reimbursement Opportunities
We assist independent groups and physician organizations  with the structure and development of ancillary revenue streams, including in-office diagnostics, laboratory, imaging, therapy, pharmacy and telehealth that allow physician practices to capture additional revenue streams, improve patient convenience, and strengthen continuity of care. 

We help clients with develop alternative reimbursement opportunities, including value-based contracts and value-based enterprises. When structured in compliance with applicable regulatory requirements, these ancillary service lines and value-based platforms provide a meaningful avenue for revenue diversification, operational efficiency, and long-term practice value.

Who We Help

Our work spans the full range of participants in the consolidation market:

• Physician-owned practices and specialty groups
• Physician-owned organizations including ambulatory surgery centers and other outpatient platforms
• Independent physicians evaluating ancillary revenue opportunities, partnership or sale
• Dental and other professional service organizations
• Physicians or physicians groups pursuing hospital or health system alignment
• Management services organizations and practice management companies
• Medical Spas, Concierge Medicine Platforms, and other alternative care environments
• Federally Qualified Health Centers
• Private equity sponsors and their portfolio companies

• Lenders and investors financing practice platforms

What Sets Us Apart

We counsel physician owners, independent groups, physician organizations,  in every phase of a practice’s life cycle. We protect physician autonomy and business goals at the same time. The best structures let physicians keep control of medicine. We know how to draw that line so it satisfies regulators without hollowing out the business objectives.

We watch the laws that are changing this space. State legislatures and attorneys general are actively reshaping the rules on practice ownership, physician participation, management control, operational standards and transaction review. We track those changes closely so your practice structure is built for where the law is heading, not just where it was when you signed.