Tex.
Occ. Code Section 162.051
Authority to Form Certain Jointly Owned Entities
(a)
Except as provided by Section 165.155 (Solicitation of Patients; Penalty), a physician and an optometrist or therapeutic optometrist may, for a purpose described by Subsection (b), organize, jointly own, and manage any legal entity, including:(1)
a partnership under the Texas Revised Partnership Act (Article 6132b-1.01 et seq., Vernon’s Texas Civil Statutes);(2)
a limited partnership under the Texas Revised Limited Partnership Act (Article 6132a-1, Vernon’s Texas Civil Statutes); and(3)
a limited liability company under the Texas Limited Liability Company Act (Article 1528n, Vernon’s Texas Civil Statutes).(b)
An entity authorized under Subsection (a) may:(1)
own real property, other physical facilities, or equipment for the delivery of health care services or management;(2)
lease, rent, or otherwise acquire the use of real property, other physical facilities, or equipment for the delivery of health care services or management; or(3)
employ or otherwise use a person who is not a physician, optometrist, or therapeutic optometrist for the delivery of health care services or management.(c)
Only a physician, optometrist, or therapeutic optometrist may own an interest in an entity authorized under Subsection (a). This subsection does not prohibit an entity from making one or more payments to an owner’s estate following the owner’s death under an agreement with the owner or as otherwise authorized or required by law.(b)
A physician shall notify the Department of State Health Services of any ownership interest held by the physician in a niche hospital.(c)
Subsection (b) does not apply to an ownership interest in publicly available shares of a registered investment company, such as a mutual fund, that owns publicly traded equity securities or debt obligations issued by a niche hospital or an entity that owns the niche hospital.
Source:
Section 162.051 — Authority to Form Certain Jointly Owned Entities, https://statutes.capitol.texas.gov/Docs/OC/htm/OC.162.htm#162.051 (accessed Jun. 5, 2024).
