Can Your Practice Survive Without You?

Running a medical practice can be rather fulfilling despite the long hours needed.

Yes, physicians get stressed as do other people in the medical profession.

That said what do you do when you hit with a major medical issue or have suffered a serious injury? Yes, your life can be on hold in a variety of ways.

So, could your practice survive without you for any length of time? As important, how would you get by during such trying times?

Can Your Practice Survive Without You

Do You Have Protection Covering You?

If hit with a sudden illness or injury and had to take time off from work; chances are you could get back at some point.

But what happens when you are dealing with something quite serious? Do you have the financial protection in place to cover you?

With disability insurance for physicians or even looking at disability insurance for medical residents, feel better about things.

Such coverage will allow you to cover your financial expenses and not lose as much sleep at night. Knowing you have coverage and will not be out on the streets or worse should give you some peace of mind.

In searching for such protection, take the time to go on the Internet. Review some of the different providers in the marketplace. By being an informed consumer, you stand a better chance of finding the best plan out there.

Having the Best Working Conditions

When in the medical field and with responsibility of running a practice, things can get tough.

With that in mind, have you put in place more than disability insurance protection?

As an example, are there any other physicians in the practice with you? If so, are they on equal footing with you? If not, could you see one of them taking over the practice should you be unable to move forward?

It is always good to have a backup plan in place. Doing so lessens the chance of the business falling completely apart if the lead person is down.

Such plans should be spelled out in writing from day one.

While some may think a handshake or verbal agreement is enough, most will tell you that is in fact not enough. Having plans in place should something happen is key.

You also want to be sure you’ve done all you can to make sure your employees will be okay if something happens to you.

Yes, the women and men who’ve come to work day after day and given you and your patients their all.

Do your best to be sure these people would be taken care of should something bad happen to you.

Last, you want to keep an eye on your practice’s finances on a regular basis.

Yes, you have a lot on your plate taking care of people. As a result, it can be easy at times to lose track of the financial picture.

By knowing how your practice is doing with money, there is less chance of a major issue befalling you.

When it comes right down to it, your medical practice needs you.

Be smart with how you operate and always be thinking about how best to protect your investment.

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