In 2019, did you expect that a pandemic would sweep the nation? Some practice owners faced insurmountable obstacles outside their control and their practices did not survive. Those that still own viable practices may be thinking of ways to better protect their practices in the future. Though there is no insurance against a pandemic, there are types of coverage that can help provide additional financial protection for your practice.
One such type is Business Overhead Expense (BOE) insurance.
If you are a practice owner, the COVID-19 pandemic and resulting shelter-in-place order is likely taking a toll on your business. Many practice owners have either reduced their staff’s working hours or have had to furlough employees. Though you are concerned for your patients’ and your staff’s health, you’re also rightfully concerned about what the future will bring for your practice.
Recently, many practice owners who have secured group health insurance through TMA Insurance Trust have contacted us with questions about their group benefits. Please know that if you need assistance with benefits questions, we are available to help you.
You are your business.
That statement is true for any physician who owns their own practice.
Why? Because you are the backbone of your practice – which is literally your business. If you were ill or injured and couldn’t work, who would be responsible for keeping your practice up and running? You would, of course.
You are responsible not just to earn income for yourself and your family, but you must also be there for your patients as well as your staff.
We all know that for individuals, health insurance renewals and changes happen during the November and December calendar months. But if you’re a practice owner or manager, your group health insurance can renew at any time throughout the year. Whether your plan is up for renewal, or you’re offering group benefits for the first time, we want you to know that TMA Insurance Trust can help you year-round. We do the research, look for superior options, and always provide the best in service. Read on to see how your practice can benefit from getting assistance from our team.
As a solo practitioner or partner in a practice, you’re responsible for paying monthly overhead expenses that keep your business up and running. If something happens and you’re unable to work due to a disabling injury or illness, the personal disability insurance you have won’t be enough to cover your payroll and business operating expenses.
Imagine going to a very nice restaurant. You sit down at a table and the waiter asks for your order. After you place your order he points to the kitchen and says “Please pick it up in 10 minutes. And when you’re done, kindly bring your dishes back to where you got them.”
Is this the type of service you expect from a high quality restaurant?
As the owner of a medical practice, we don’t have to tell you that providing group benefits for your employees can be costly. In fact, you could be paying a significant part of your revenue for employee benefits. So it makes sense that you are entitled to ask this question – am I getting the service that I’m paying for?
It’s no secret that today’s health insurance marketplace can be complex, chaotic and confusing. And as a practice owner, you certainly know that trying to control health insurance costs can be a challenge.
But we found some information that might surprise you. It’s not very well publicized but it could be extremely helpful if you want to gain more control over your health insurance costs.
The cost of running a practice seems to rise each year. Depending on the type of medical practice, overhead expenses may be a significant percentage of your practice’s total revenue, estimated to be as much as 60 percent.*
