SPRINGFIELD – To better protect consumers faced with problems in dealing with their health care providers, Limited Liability Companies (LLCs) formed by licensed health care and other professionals will now be required to register with the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation (IDFPR). Medical and Professional Service Corporations have long been required to register with IDFPR, and this law expands that requirement to cover LLCs established by licensed professions, including doctors and dentists.
The purpose of registration is to provide information to consumers as well as assist the Department in its enforcement activities. Registration provides basic information about the LLC and most importantly discloses the licensee(s) responsible for the operation of the LLC. Patients dealing with the LLC for billing, scheduling and other business related activities can seek assistance from IDFPR if they have problems not directly related to the work of a licensed professional. This registration requirement establishes a new level of regulatory oversight to make sure health care consumers receive the same protection regardless of how their provider’s practice is structured.
Applications for registration of limited liability companies are now available. The application packets contain detailed instructions and other information which can be viewed and printed at www.idfpr.com. The initial registration fee is $50 and the annual renewal fee is $40. Applications are required to be submitted by existing limited liability companies as well as new entities just forming with the Illinois Secretary of State.
All LLCs are expected to be licensed within 90 days and the department will begin enforcement for failure to be licensed on that date.