The present invention provides new classes of phenolic compounds derived from hydroxyacids and tyrosol or tyrosol analogs, useful as monomers for preparation of biocompatible polymers, and the biocompatible polymers prepared from these monomeric hydroxyacid-phenolic compounds, including novel biodegradable and/or bioresorbable polymers. These biocompatible polymers or polymer compositions with enhanced bioresorbabilty and processability are useful in a variety of medical applications, such as in medical devices and controlled-release therapeutic formulations. The invention also provides methods for preparing these monomeric hydroxyacid-phenolic compounds and biocompatible polymers.