Posted January 10, 2024:

The American Dental Association provided the synopsis below on the new Corporate Transparency Act enacted by Congress in 2021 to combat illegal activities, such as money laundering, by foreign or domestic threats in all sectors of the US economy. Thanks to Chad Olson and members of the Washington DC team for this information.

“A new law effective Jan. 1, 2024, requires certain businesses to report beneficial ownership info to the U.S. Dept of the Treasury. The Corporate Transparency Act, enacted by Congress in 2021, intends to combat the use of businesses as money-laundering operations. Effective Jan. 1, 2024, the law now requires certain businesses to report beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Unit. Reporting companies created or registered to do business in the U.S. before Jan. 1, 2024, must file by Jan. 1, 2025. All existing dental practices and companies that meet the requirements have one year to file before facing penalties.

“The ADA created a FAQ document to help dentists with any questions. Visit fincen.gov/boi to file a report, view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report. For sharing out with members, the ADA News article explains who is subject to reporting requirements and other relevant details.

“As of January 2024, there is pending federal legislation that, if passed, would extend some of the filing windows outlined in the FAQ document. This legislation has passed the U.S. House of Representatives and is awaiting action by the Senate. Should this legislation be signed into law, this FAQ will be updated, and we will let you know. Currently, existing practices will need to report information on both the practice itself and its beneficial owners unless Congress changes that.”

For the past two years, ASDA actively has been advocating for an increase in Medicaid dental fees, which have not been adjusted for 15 years. Although earlier efforts fell flat, a new push with the Arkansas Department of Human Services (DHS) points to the possibility of at least bringing the issue to the attention of those who can make the change.

In preparation for the current campaign, ASDA conducted a Medicaid Workforce Survey during the last week of July 2022 in which more than 20 percent of current Medicaid providers participated. The results were astonishing:

• 98% indicated that current Medicaid fees do not adequately reimburse dentists
• 84% indicated they will have to stop accepting Medicaid patients if fees are not increased.
• 80% indicated they would have to stop accepting Medicaid patients in the next 3 years if fees are not increased.

It goes without saying that the Medicaid dental program would be in critical trouble if fees are not increased. Considering the high rate of no-shows among Medicaid patients and the impact on all dental practices regardless of size or business model, its no wonder that more and more dentists are facing the difficult decision to discontinue participation in the program.

Presently, Medicaid reimburses at a rate roughly equal to 95% of the 2007 Delta Dental of Arkansas Premier Schedule. The new ask is that the fees be updated to the 2022 DDAR schedule, in addition to other administrative and procedure additions.

ASDA continues to work toward increases that will keep the Medicaid program valid with an adequate number of dentists. If a Call-to-Action is necessary, staff will reach out. So, stay tuned.

Call ASDA for a copy of the letter to DHS and Governor’s Office.

Reprinted from Arkansas Democrat Gazette, December 30, 2023:

Article by John Lynch

Heifer Project International filed a lawsuit Friday over the failed sale of its Little Rock headquarters for a planned Lyon College institute housing schools of dentistry and veterinary medicine.

The hunger-fighting charity filed the suit to claim about $550,000 left over from the unsuccessful sale and to force the failed buyer to pay unspecified damages for not completing the purchase, which Heifer claims is a breach of contract.

The plan — as described when the sale was announced in May 2022 — was for Arkansas health care provider OneHealth to buy Heifer’s downtown campus to house the Batesville liberal arts school’s pending dentistry and veterinary schools while leasing office space back to Heifer.

The plan was touted for more than a year as a significant development for downtown that would also provide an economic shot-in-the arm for the community.

The purchase price for the Heifer campus was not disclosed then, and it’s been scrubbed from the pleadings in the litigation.

The cash is the leftovers of the $750,000 earnest money put up by OneHealth as a deposit against the sale. Heifer has already collected the other $200,000 due to OneHealth twice pushing back the closing date, according to Heifer court filings.

The litigation began Friday when Standard Abstract & Title Co., which has been holding the earnest money, petitioned Pulaski County Circuit Judge Tim Fox to allow Standard to deposit the money with the court while OneHealth and Heifer work out which one is entitled to the money.

About an hour later, Heifer responded by filing its claim to the money, disputing that OneHealth has any right to the funds, and its suit against OneHealth alleging breach of contract.

The suit shows excerpts of email correspondence between Heifer’s chief financial officer Marcia Rasmussen and OneHealth’s co-founder and chief executive officer Merritt Dake on Nov. 3, three days before the closing date.

“We are prepared to close the transaction as described in the purchase and sale agreement. We’ve not seen much movement from your team over the last few weeks in connection with closing. We’ve also not received responses to our or the title company’s inquiries regarding closing. Do let us know, by close of business today, your intentions regarding closing,” Rasmussen wrote.

Dake described OneHealth’s reasons for being unable to complete the purchase.

“For the reasons we discussed on our recent call, primarily the need to shore up construction financing in a commercial real estate lending market that has turned decidedly unfavorable, and related to that, the request for a single tenant triple net lease with a sublease to Heifer, we are not going to be able to close on November 8th,” Dake stated.

Dake declined to comment when reached by phone Friday night.

The Little Rock-based OneHealth describes its work on its web site as assisting health care providers with capital, finding office space and technology to help manage patient care and payment, while also supporting “the launch of highly innovative & efficient professional healthcare programs.”

The litigation shows Heifer’s 28-acre property and 94,000 square feet of office space was to be purchased by a OneHealth affiliate, OneHealth East Village Development LLC, which was incorporated about two weeks before the sale was announced. It’s another OneHealth affiliate, OneHealth Education Group, established in February 2022, that has partnered with Lyon to establish its veterinary and dental schools.

In November, Lyon president Melissa Taverner said the college still wants to put the schools in Little Rock. The college’s stated plan has been to start classes in late summer or early fall 2025. She did not return a voicemail Friday night.

Lyon has been approved to offer Doctor of Veterinary Medicine and Doctor of Medical Dentistry professional degrees and has hired its first dean for its dental school and a founding dean for the veterinary school.