When running a medical practice, you know better than anyone how long the days can be and how tough work can be.
That said you want to do all you can to make sure your practice is in good hands.
This is even truer if unfortunate enough to deal with a major medical issue or serious accident of your own. Yes, at a moment’s notice, both your professional and personal lives could change and not for the better.
So, have you taken all the steps needed to make sure your medical practice is in good hands?
Are You Covered if Something Happens?
In looking at how good of shape your practice is now, stop and think about if the unimaginable did happen.
Say you come down with a serious illness or are the victim of a serious accident. What would happen with your medical practice in the meantime?
One thing you should look into if you have not is some physician long term disability insurance.
Such insurance will help you maintain a financial base. That is from which you can get through everyday affairs. Not having that insurance can spell doom for you and your financial well-being.
As you look for such insurance, be sure to do the following:
· Review as many insurers as you feel needed – While you may get your insurer with a single review, review many. The more insurers you have to review, the more you can compare and contrast them.
· Put the Internet to work for you – With all the info that is online, it only makes sense to put the Internet to work for you. Many such insurance providers have websites. As a result, lean on those sites to gather as much info as you need about each insurer.
· Know your financial needs – Knowing where you are with your finances at this point in your life is key too. So; whether a younger physician or nearing retirement, be sure to put such info into play on coverage.
By taking your time and being selective, you stand a better chance of landing the right coverage.
Do You Have a Backup Plan in Place?
It is also important that you have thought of a backup plan. That is should something unfortunate occur in your life as a physician.
For example, are you the only physician at your practice or are you in with other doctors? If the latter, the hope is that they would be able to hold the fort or even take over the practice. This would be if you were unable to continue down the road.
While such discussions can be a little uncomfortable, they still need to be discussed at the end of the day.
Finally, make sure patients are kept abreast of any important matters going on.
If you do need to take a leave of absence for a period of time, you want your patients to know what is going on. Without getting into details, you can let them know that their medical needs will be met and they are in good hands.
If your practice is in good hands, you can rest a little bit easier as you take care of people needing your expertise.
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