Have you ever asked yourself, “Can my business survive if I’m not there”? Most physicians would say no since their practice relies on them so much. Whether you are just starting your own practice, or you are growing an existing one, it’s important that it keeps running smoothly even if something should happen to you.
Like most physicians who own a small or midsize practice, you are the key player in keeping your practice profitable, and if you’re not there to see patients, your practice will quickly fail. Well, that’s what Office Overhead Expense Insurance is there for – a way to keep your business functioning even when you can’t be there.
You know that running a successful medical practice isn’t cheap. According to the Medical Group Management Association the median overhead for a primary care practices is 59.5% of revenue. With over half of revenue being spent on overhead expenses, it’s easy to see why having a security net for your business is so important.
The Overhead Expense Insurance protects your business by continuing to pay your employees’ salaries, paying all your business expenses such as rent or mortgage, electricity and property taxes – all of the expenses you can’t forego when you are too hurt or sick to work. As reported by the Bureau of Labor Statistics, the annual median pay of a Physicians Assistant is $90,000 a year and growing. So, even if you aren’t planning on being away from your business for a year, you would still need to pay your valuable assistant approximately $7,500 a month, and that’s for only one key employee.
Having a plan in place to pay monthly bills and salaries could be the difference between staying in business and having to close your doors. Plus, with an Overhead Expense Insurance plan, your savings will stay intact – so you don’t have to spend retirement/vacation money on your business needs.
Top 4 Reasons to Buy Overhead Expense Insurance:
You don’t want your business to suffer because of your disability – It doesn’t matter whether you have partners or not, if you are on leave due to a disability, your business will suffer. According the American Academy of Family Physicians, family physicians said they spend 34.1 hours in direct patient care each week. In another survey by the Physicians Foundation, they found that 39.8% of doctors see 11-20 patients per day. That means you would potentially be missing out on the revenue of up to 20 patients per day.
You want to keep your employees – Your employees have been loyal to you and you want them to be okay should you need to take some time off. Overhead Expense Insurance will pay for your employees’ salaries and benefits while you’re away.
You want your business to keep its momentum – This is true no matter if you have a long-standing practice, or you are just starting one. Also, with the funds you will have, you could potentially hire someone to work in your stead until you are back on your feet.
You don’t want to lose your storefront – An Overhead Expense Insurance plan will pay for your lease, rent or mortgage, so you don’t have to worry about losing your business space. Having to move your business causes confusion, which may result in your patients moving to another medical practice.
You have a company that you built, the last thing you want to do is have it crumble beneath you. With Overhead Expense Insurance, you can ensure that your business is taken care of. Contact us to learn more about the benefits of Overhead Expense Insurance.
