New Jersey residents may have heard that the Pascack Valley Hospital in Westwood, New Jersey is reopening as a full-time emergency facility with 128 beds. Renamed HackensackUMC at Pascack Valley, the new business will be run jointly as a for-profit facility by Hackensack UMC and a Texas-based group.
In reopening the facility, the governor has fulfilled his promise to ensure that the emergency care center went back in business. Residents will now face lessened driving times when they are in need of emergency care. It also eases the burden on ambulance services that had increased since the hospital closed in 2007.
The State Health Commissioner's move to approve the reopening has raised some eyebrows. Other medical centers have claimed that it may have a negative effect on their business, and one hospital spokeswoman said her organization was contemplating taking legal action.
Lawsuits such as those of competitors can present themselves at any time, and a sound business formation plan would cater to such possibilities. In opening a new business, taking precautions against lawsuits in the form of liability provisions is essential.
Organizational documents could outline how personal assets may be protected from corporate or limited liability. In a new business, decision-making plays an important role, and proper processes need to be outlined for both major and minor decisions.
These foundational documents need to be finalized and drafted clearly at the earliest possible stages of a company's formation. Not only does thorough planning boost possible investments, it also protects the company for years to come.
Source: NJ.com, "State approves reopening of Pascack Valley Hospital in Westwood," S.P. Sullivan, 28 Feb 2012