3 Financial Recommendations for Small Business Medical Practices
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2. Asset Protection
Asset protection is another extremely important concern for physicians.
Unfortunately, we live in such a litigious society, physicians must be sure they’re protected in a big way for any liabilities. Protecting the assets they are working so hard to save, build, and accumulate is critical. Physicians are very aware of their open-ended liability as they are many times targets and often sued.
They want their assets protected from lawsuits and creditors and need to be aware of what investments and savings are creditor protected and which are not.
There are also other measures physicians can take to protect their assets. There are things such as asset protection trusts.
Obviously, they need to make sure they have the best coverage on their malpractice insurance.
3. Earnings
Physicians also need to protect their ability to go out and earn a living, even more so than someone without a specialty.
They are most likely earning the most operating within their chosen field or specialty. This needs to be protected as they will not earn as much as they do now if they are not in their chosen specialty or practice.
They need to be sure that if they cannot practice medicine as they do now, they get paid avoiding a huge gap in earnings.
Most physicians have worked so hard and for so long to become a physician and build their practice. It would be a shame to have it all under attack from things that are out of their control. Physicians need to be sure to have the necessary items in place so this doesn’t happen to them.
They need to make sure all of their protection components are properly coordinated.
Confidence and security come from knowing they’ve taken the right steps.
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