Being a physician has never been easy. But these days, the challenges seem greater than ever; especially for practice owners. As you work tirelessly for the good of your practice, creating new safety standards and serving the backlog of patients that have been waiting for your expertise, you have other issues to consider as well.

Help Keep Your Practice Running

Now, more than ever, your practice is depending on you to be in good health. If you should fall seriously ill or become injured, who would see your patients, and how would your staff be paid? How would your practice’s expenses be covered? A Business Overhead Expense (BOE) policy can help offer stability to  your practice if you do become ill or injured and can’t work for some time.

Valuable Coverage for Your Practice

TMA members have exclusive access to the TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America, which has benefits that were designed with member needs in mind.

The benefits can be used to help cover many types of expenses that your practice incurs while you are away: lease or mortgage payments, employee salaries, payroll taxes, utilities, office supplies and equipment, maintenance services, loan payments, property taxes, and even the cost of a locum tenens physician to treat patients while you recover.

Outlined below are important plan features:

• Pays a monthly benefit of up to $50,000 per month
• Pays benefits up to 24 months, twice the benefit of some other carriers
• Offers a lower cost when compared to some competing plans – a great value for TMA Members
• Covers the cost of a locum tenens physician
• Makes the first payment retroactively after you have been disabled for 30 continuous days
• Waives premiums during the time you are disabled, so your coverage will continue at no cost to you
• Pays benefits even if you suffer a partial disability
• Bases coverage on your actual overhead costs so you don’t pay for more coverage than you actually need

Our Advisors Put Your Needs First

For decades, we have worked diligently for the needs of Texas physicians, and pride ourselves on giving unbiased advice that will help protect the interests of each physician we serve. Speak with a TMA Insurance Trust advisor today at 800-880-8181 to apply for this practical coverage for your independent practice.

Keeping Your Practice Viable

As some practices reopen, financial viability has become an issue. If this has become your concern, please know that the Texas Medical Association has resources available for you. You may find the Viability FAQ to be a helpful starting point. Other physicians have appreciated the Road to Practice Recovery: A Guide for Reopening Your Practice Post-Covid-19. (This helpful guide also counts toward your CME requirements and is available at no cost.)

Smart financial choices are of primary importance, like cutting expenses while working toward a new operational budget. That is why it’s a great idea to take a fresh look at necessary expenditures, like insurance premiums, and see if savings can be found. By partnering with TMA Insurance Trust, TMA members can also enjoy a 25% statement credit on TMA Member Long-Term Disability*. Taking advantage of these plans may bring some substantial savings. Speak with an advisor today for more details.

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.