Illinois Pharmacy Transfer of Ownership Lawyer

Attorney to Oversee the Sale or Purchase of an Illinois Pharmacy

If you want to start, buy, or sell a pharmacy business, you must comply with a complex web of regulations involving state and federal licensing authorities, insurance companies, pharmacy benefit managers, and medical suppliers. To ensure a smooth start-up or transfer of ownership, you will need an attorney with a comprehensive understanding of pharmacy operations as well as real estate transactions.

The Law Offices of Joseph J. Bogdan, Inc. have offered pharmacy transfer-of-ownership services in Illinois for over 16 years. Attorney Bogdan is uniquely qualified to provide these services because he holds doctorates in both law and pharmacy and is a board member of the Illinois Pharmacist Association. His rare combination of legal and pharmaceutical experience makes him an invaluable partner to anyone buying or selling a pharmacy.

Complete Pharmacy Sale or Purchase Package

Our firm offers a complete package of services to ensure that your pharmacy sale or purchase is completed smoothly, with no detail overlooked. Our pharmacy sale-or-purchase package includes:

• Performing due diligence on an existing pharmacy business. Pharmacies are governed by the Illinois Pharmacy Practice Act (225 ILCS 85) and must comply with numerous regulations regarding structural and equipment standards, sanitary conditions, and so forth. It is also important to understand whether existing contracts to which the pharmacy is a party will transfer or terminate upon its sale, such as contracts to service major clients such as local hospitals or nursing homes, or contracts related to group purchasing, computer systems, or marketing services.
• Providing an objective valuation of the business. Understanding of pharmacy industry trends is particularly important, as the number of independent pharmacies and the annual sales and profits per store have been declining. In addition, the ideal location of a pharmacy has changed over time: convenience to a high-income, high-traffic shopping area is now considered more important than convenience to the doctor's office or medical center.
• Negotiating, preparing, and reviewing offers, letters of intent, and purchase contracts, which may involve either an asset purchase or a stock purchase.
• Preparing and filing business entity formation documents, such as setting up a corporation to own the pharmacy.
• Applying for the required Illinois state pharmacy license and controlled substances license.
• Updating the designated Pharmacist in Charge with the Illinois Department of Financial and Professional Regulation (IDPFR).
• Registering the pharmacy with the federal Drug Enforcement Administration (DEA).
• Enrolling the pharmacy as a provider with Medicare, Medicaid, pharmacy benefit managers (PBMs), and private insurance companies.
• Obtaining full-line or partial Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) accreditation.
• Coordinating supplier agreements with drug manufacturers and wholesale distributors.
• Developing customized business policies and procedures to ensure ongoing compliance with state and federal regulations as well as insurance company and PBM mandates.
• Developing employee agreements and policies to ensure HIPAA compliance, define safety and security measures, prevent fraud and abuse, etc.
  
• Supporting and defending the pharmacy with regard to audits and enforcement actions involving the Illinois Board of Pharmacy, the DEA, the Centers for Medicare & Medicaid Services (CMS), PBMs, or other organizations.

Choose an Attorney Who Understands the Intricacies of Pharmacy Ownership

If you are buying or selling a pharmacy business, you need an attorney with more than just real estate transaction experience. You need an attorney with specific and long-term experience in the purchase and sale of highly-regulated pharmacy businesses, which you will find at The Law Offices of Joseph J. Bogdan, Inc.. Contact us at 630-310-1267 for a free consultation.