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Protecting What Matters Most

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Protect Your Financial Independence with Business Overhead Expense Coverage

As Texans, we treasure our independence, and it shows. In Texas, 63% of physicians are independent, either in a solo or small practice of no more than three physicians. But as the saying goes, ‘responsibility is the price of freedom.’ The burden of financial responsibility can be a heavy one for physicians, especially independent or solo practitioners.

Overhead: The Price of Independence

As you are aware, medical practices divide the cost of overhead among its physicians. If you are ill or injured and are not able to see patients for several months, you are still responsible for taking care of your share of the business overhead expense. In a situation like this, you still want everyone who depends on you to be supported. This includes, not just your family, but your patients, partners and staff. That’s why it makes so much sense for a physician to carry business overhead expense coverage.

Some physicians reason that their personal disability insurance will cover the expenses and they’ll get through somehow. However, it’s important to look at the financial bottom line. The MGMA reports that about 60% of every dollar you generate for your practice will go immediately to pay overhead costs, leaving you with only 40% of generated revenue. Therefore, if you use personal disability benefits to pay for business expenses, every penny of your policy benefits would be absorbed, and you would still come up 20% short. Where would this 20% come from? Your savings or investments? And most importantly, what would be left for your family to live on?

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Your Future Protected

Consider instead what will happen when you have a business overhead expense policy in place. Your patients will continue to receive regular care because your policy will provide funds to recruit and pay for a locum tenens physician. Your employees will continue to be paid, and your practice’s expenses will be covered. Your savings, investments, and personal income will be protected, so you can focus on the task of getting well and getting back to work.

Business overhead expense acts like a disability insurance policy for your practice; it ensures that your business will be financially healthy when you are ready to resume working. In the unlikely event that your disability will be long-term, your business overhead expense benefits will allow you the time you need to find a suitable buyer for your share.

Superior Coverage for a Protected Future

As a full-service insurance agency, our goal is to find a policy that provides the best coverage at the most affordable rate for you. For example, TMA Insurance Trust has access to many business overhead expense policies. We can provide comprehensive coverage that offers superior protection.

  • Some policies limit their benefits to a 12-month period; we can secure a policy with benefits for a full 24 months.
  • Some plans cap their benefits to $20,000 monthly; we can secure a policy that extends up to $50,000 in monthly benefits.

Your Partner in Financial Independence

As a physician, you pride yourself on anticipating and caring for your patient’s needs; it’s what you do best. At TMA Insurance Trust, our job is to anticipate and care for your needs as a Texas physician; it’s what we do best. Not only do we provide our members with an excellent product, we make finding exactly the right amount of coverage for your situation effortless.

Some say that being an independent physician is getting harder every day. At TMA Insurance Trust, we can make it just a little bit easier. Call us today.

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For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.

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