Despite the breadth of information included in the term sheet, it does not contain much detail and it does not legally bind either party. Rather, it is merely an expression of each party's intent. Once a term sheet is drafted, the parties must negotiate the details. For example, ownership of assets must be established. While the issue of ownership of most property is fairly straightforward, deciding who should have control of medical records is more complicated.
Patients often stay with the same physician.
Thus, selling their records to a departing physician may be more cost efficient than making copies. However, the network may want to retain access in the event that a suit is filed against it. Insurance is another issue. Physicians previously covered under a company malpractice policy must purchase an individual policy. Furthermore, to ensure continuous coverage, the type of policy purchased should be consistent with prior policies.