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 provide additional financial protection for your practice.
One such type is Business Overhead Expense (BOE) insurance.
The world is changing at mind-boggling speed. It’s hard to predict what our lives will be like in the next 24 hours – let alone in the future.
That said, if our income is exposed to risk – due to the possibility of a serious illness or injury – it could put our long-term financial health in jeopardy.
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.
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.
Imagine it’s a hot summer day, you’re at the beach and the sun is blazing. So what do we do for protection? We spread on the sunscreen.
But what if we miss a spot – say, on our back, arm, or leg? Well, you know what happens. If we leave a part of our body exposed, that night we’ll likely be treating ourselves for painful sunburn damage.
As a practice owner, you are acutely aware of the many considerations that are involved in successfully running your practice. You know the things that make your practice unique, that make it your own. You also know well the extraordinary amount of expenses that you need to cover every month ... the many thousands of dollars that it takes to keep your practice operating. What would happen to your practice if you became sick or were injured and unable to work for an extended period of time?
If you ask most independent practice owners, chances are they will tell you that owning a medical practice can be immensely rewarding – but also very challenging.
On the one hand, you have the freedom to practice medicine on your own terms. But you also have an added layer of responsibilities. You are not only responsible for the care of your patients, but you must also look out for the welfare of those who work beside you every day.
So if for some reason you were not able to go to work – if you were ill or unexpectedly injured – that could have significant financial ramifications for you, for your staff and for your practice.
As a medical practice owner, you work incredibly hard for the benefit of your patients, and you deserve sincere and whole-hearted thanks.
We appreciate all the good you do for your patients, your staff, and your community. One of the ways we have chosen to express our appreciation is by creating the 25% Thank You Credit on TMA Member Business Overhead Expense insurance issued by The Prudential Insurance Company of America. That means your premium payments would be 25% lower*. If you don’t already have this coverage, now may be the right time to seriously consider it.
