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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "The slide uses a diagram to illustrate the MSO (Management Services Organization) structure used to navigate Corporate Practice of Medicine (CPoM) laws.",
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      "text": "HIMS has adopted the “Friendly PC” structure in order to bifurcate administrative business functions and the provision of medical care by physicians.",
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      "text": "Key Elements of the \"Friendly PC\" Structure: maintain exclusive authority, state-licensed physicians, 100% physician ownership, restrictive stock transfer, long-term management services agreement.",
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      "text": "HIMS has adopted the \"Friendly PC\" structure in order to bifurcate administrative business functions and the provision of medical care by physicians. HIMS refers to these entities as Affiliated Medical Groups (AMGs)...",
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      "kind": "quote",
      "text": "“maintain exclusive authority regarding the provision of healthcare services” — HIMS 10-K",
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      "text": "Source: Spruce Point Research, HIMS 2022 10-K",
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      "text": "HIMS Uses The \"Friendly Professional Corporation (PC)\" Structure In An Attempt To Comply With CPoM Provisions",
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