Disclosed are new classes of diphenol compounds, derived from tyrosol or tyrosol analogues and hydroxybenzoic acid, which are useful as monomers for preparation of biocompatible polymers. Also disclosed are biocompatible polymers prepared from these monomeric diphenol compounds, including novel biodegradable and/or bioresorbable polymers of formula. These biocompatible polymers or polymer compositions with enhanced bioresorbability and processibility are useful in a variety of medical applications, such as in medical devices and controlled-release therapeutic compositions. The invention also provides methods for preparing these monomeric diphenol compounds and biocompatible polymers.