A stake in a business partnership is an amazing asset, but one that comes with responsibilities. What if you or a partner suddenly can’t work due to a disability? It usually makes sense for all parties to have an insurance-funded buy-sell agreement.
Many factors are involved in getting good employees to fill the seats at a medical practice, but job candidates consistently rank group benefits as one of the top factors impacting their decision to accept a job offer. Benefits packages matter; a robust package can make their lives much easier, while a barebones offering forces them to bear most of the monetary or administrative costs themselves.
When you own a successful medical practice there are many people that have helped you grow it. Your amazing team, the ones your practice couldn’t survive without, have had a hand it your success.
According to the National Association of Insurance Commissioners, small businesses are extremely dependent on just a few key people for their success, and 71% say that they are “very dependent” on only one or two key people.
That’s why you should consider purchasing key person life and key person disability insurance for your practice.
Healthcare is one of the most expensive benefits you can offer employees. As a medical practice, employees often assume they will receive healthcare benefits.
However, health care comes at a cost. According to Kaiser Family Foundation survey, the average annual cost of a single premium per enrolled employee for employer-based health insurance in Texas is a total of $5,386, with an employer contribution of $4,251.
That’s a pretty sizable amount of money to be spending towards health insurance alone. So how can you spend less on health insurance, but still have quality coverage? By leveraging the benefits of HSA, HRA and FSA.
Have you ever asked yourself, “Can my business survive if I’m not there”? Most physicians would say no since their practice relies on them so much. Whether you are just starting your own practice, or you are growing an existing one, it’s important that it keeps running smoothly even if something should happen to you.
Like most physicians who own a small or midsize practice, you are the key player in keeping your practice profitable, and if you’re not there to see patients, your practice will quickly fail. Well, that’s what Office Overhead Expense Insurance is there for – a way to keep your business functioning even when you can’t be there.
If you are a Texas physician who owns or co-owns a practice, you know there is a lot at stake in addition to your patients’ health. All of the time, energy, money and planning put forth for the practice to be successful should be protected – this is where an Office Overhead Expense Insurance policy comes into play.
An overhead policy can help keep your office running smoothly in the unexpected event that you or another physician becomes disabled and cannot work. Adding up employee’s salaries, utilities, rent, taxes, equipment leases, and other miscellaneous fees, bills begin to mount quickly and can be an added burden upon the practice and the physician while recuperating. Office Overhead Expense Insurance can help keep the doors open and assist you in a variety of ways.
As a Texas physician, owning a medical practice not only offers the opportunity to help heal patients, but it also gives you a chance to run your own business. While owning a practice is both exciting and rewarding, it does come with a related set of challenges such as operating expenses. One of the greatest operating expenses your practice will endure is providing group insurance and/or health benefits for your employees.
