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The document packet banks require to open accounts, split by entity type. Newly formed professional entities are a harder onboarding case than a normal LLC, because the bank must verify both the entity and the license behind it.

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For a professional entity (PC / PLLC / PA)

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For the MSO

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The beneficial ownership problem

Standard beneficial ownership questionnaires do not understand this structure. The form asks: “Who owns 25% or more of the entity?” For the PC, the honest answer is the clinician, 100%, even though the economics are governed by the MSA and the equity is subject to a transfer restriction. That is the accurate answer, and it is the one to give. For the MSO, the answer is your actual cap table. Answer accurately and be prepared to explain the structure. Guessing at what the bank wants to hear produces an inaccurate filing. Some banks will follow up; a one-paragraph written explanation of the MSO-PC relationship, prepared in advance, resolves most of it. Also expect questions about control: who directs the entity’s activities, and who has authority over the accounts. For the PC, the answer is the clinician-officer. If you find yourself wanting to answer “the MSO,” that is a signal worth examining in your CPOM self-audit.

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The per-entity folder template

Maintain this for every entity, so entity twelve’s onboarding takes an afternoon rather than a week:

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Timing

Budget one to three weeks per entity. Professional entities frequently trip automated KYB flows, because the system cannot verify a two-week-old PC with a licensed owner and a d/b/a. Expect manual review or a branch visit. Start this in parallel with NPI and CAQH work, not after. The account details are a prerequisite for EFT enrollment, which is a prerequisite for getting paid.

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The name must match, everywhere

The legal name on the CP 575 must match:
  • The bank account
  • The W-9
  • NPPES
  • Every payer enrollment
  • The claim’s billing provider name
One mismatch produces enrollment rejections across every payer, and resolving it means re-filing with each of them. Record the CP 575 name exactly as printed, including punctuation and abbreviations, and use that string everywhere. See Get NPIs.

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What to have ready before you apply

  • All documents above, current and legible
  • The CP 575 legal name recorded exactly as printed
  • A one-paragraph written explanation of the MSO-PC structure
  • The list of authorized signers, with the PC’s officer identified
  • Read-only access requirements for bookkeeping
  • The naming convention for the accounts
  • Confirmation the bank surfaces ACH addenda data — you need the TRN to reconcile 835s to deposits

Related topics

Step 7: Open bank accountsOpen bank accounts for your MSO and PCsStructure accounts across your entitiesWhy MSO-PC banking is differentPer-entity account & access checklist