OrthoConnecticut has received approval to undergo restructuring without seeking a certificate of need from the state's Office of Health Strategy, according to a Sept. 27 report from the Hartford Business Journal.
OrthoConnecticut, which has nine offices across the state, is being converted from a professional corporation to a professional limited liability company.
Its nonclinical assets will be transferred to a management services organization, according to an Aug. 28 affidavit. Current shareholder physicians will retain controlling interests of the practice.
The Office of Health Strategy determined that no certificate of need is required because OrthoConnecticut's ownership will not change as a result of the restructuring.
The management services organization, which is unnamed in the filing, will partner with payers, health systems, medical practices and other stakeholders to develop "value-based care programs," according to the report.