Chris Mariani’s latest article in the Spring 2016 edition of the Private Practice Magazine, available from here
When establishing your medical practice, aim for 3 levels of protection
- First Level – Asset protection/structure – what can you do to protect assets?
- Second Level – Risk management – identify and manage your risks.
- Third Level – Insurance – purchase the right insurances to cover your key insurable risks.
Insurance is simply a mechanism to transfer risk to an insurer in return for payment of a premium. But no amount of insurance can protect a doctor’s largest risks – their medical registration. Insurance should be a part of your ‘risk management framework’. Get advice from relevant experts on mitigating your key risks – accountants, lawyers, risk managers, insurance brokers, financial planners, IT consultants, medical billing experts, etc. Think in terms of “what can I do to protect my assets, liabilities, reputation and revenue?”
