Protecting What Matters Most

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 TMA Member Business Overhead Expense plan issued by The Prudential Insurance Company of America. This plan is designed to help protect your practice, and your savings if you become too sick or injured to work. If you don’t already have this coverage, now may be the right time to seriously consider it.

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.

Question: Would you purchase insurance that protects just half of your house? What about half your car? Or your family?

Most likely you would not. So why would you settle for insurance coverage that might only protect half of your finances?

How did you fare during this year’s cold and flu season? A cold or bout with the flu can slow you down - perhaps you missed a few days of work - but before long, you were back to your routine of seeing patients and taking care of your practice. Minor illnesses create minor inconvenience, and these are overcome quickly. But if you are a practice owner or partner, what would happen to you if you became seriously ill or injured? Without the proper protection, these can create major stumbling blocks that are able to destroy your practice and your financial livelihood.

“That won’t happen to me.” Though no one wants to dwell on the possibility, succumbing to a serious illness or injury is alarmingly common.

For example, during the 2017 calendar year in Texas, *17,546 people sustained serious injuries in vehicle crashes. (This figures to be 2 people each hour!) As an independent physician, what would happen if you were the injured party and you could not practice medicine for several months? Think about your practice...Who would see your patients? How would you cover salaries for your employees? How would you pay your lease and utilities?

Everyone knows the principle behind a backup generator. When the electricity goes down, the generator powers on. In the event of an outage, your equipment stays up and running. Nothing skips a beat. Business goes on uninterrupted.

Don’t Let a Disability Disrupt Your Practice

As an independent physician and business owner, you have big responsibilities. You are first and foremost responsible for the care of your patients. Then there is the time, energy, and significant expense involved in running your office.