(a) Physicians are free to enter lawful contractual relationships, including the acquisition of ownership interests in health facilities, equipment or pharmaceuticals, but these can create potential conflicts of interest.
(b) The potential conflict of interest shall be addressed by the following:
(1) The physician has a duty to disclose to the patient or referring colleagues such physician's ownership interest in the facility or therapy at the time of referral and prior to utilization;
(2) The physician shall not exploit the patient in any way, as by inappropriate or unnecessary utilization;
(3) The physician's activities shall be in strict conformity with the law;
(4) The patient shall have free choice either to use the physician's proprietary facility or therapy or to seek the needed medical services elsewhere; and
(5) When a physician's commercial interest conflicts so greatly with the patient's interest as to be incompatible, the physician shall make alternative arrangements for the care of the patient.
(c) The board shall have the authority to promulgate rules and regulations to effectuate this section.
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