Bad Legal Advice on Insurance, LLCs Can Wipe You Out

Business owners, doctors and entrepreneurs are often targeted with asset protection sales pitches from unqualified advisors. Let’s review some of the questionable advice you are getting and how to qualify your advisors. The (not so) Magic Umbrella Policy I was recently contacted by a physician with seven figures in exposed home equity and other significant […]

Personal Liability Insurance Umbrella Policies Remain Vital Asset Protection for Doctors, Business Owners

The law, like medicine, offers few absolutes: Personal liability umbrella policies are not a “magic bullet” that either always or never works. Despite their limits, they remain a key tool in your personal asset-protection plan and your most essential (and affordable) first line of defense. We’ve discussed the fact that many doctors and business owners […]

Personal Guarantee Insurance for Doctors, Investors, Business Owners

Personal Guarantee Insurance for Doctors (and everyone else) Source: Physicians Practice Non-medical business exposures that threaten doctors’ financial solvency continue to grow in scope and number. This week we take a look a relatively new type of risk-management product: Personal Guarantee (PG) Insurance. We’ve covered both exposure related to residential and commercial real estate debt […]

Medical Practice Liability Insurance Tune Up: The First Line of Defense

We’ve previously detailed both the most common fatal flaws in physicians’ asset-protection planning and the reasons insurance alone is inadequate to protect doctors. Those issues aside, insurance against known and recurring exposures is always the essential first line of defense.   As you’ve seen in this column before, it is unreasonable to think that we […]

What Medical Practices Must Know About RAC Audits and Insurance

 Medical Billing & Collections, Risk Management By Ike Devji, JD   In a series of recent discussions we have examined exposures like ELPI Insurance, cyber liability insurance, and the need for directors and officers coverage by many physicians and practice owners. Continuing our examination of commonly overlooked medical practice risk management issues we turn to […]

Directors and Officers Liability Insurance Issues for Physicians

A commonly overlooked area of risk management in physician’s business and asset-protection planning is the need for “Directors and Officers” coverage, commonly referred to as D&O insurance.   In previous articles we have covered a variety of essential life, disability and liability insurance strategies, always the first line of defense. This week we examine the […]

HIPAA EXPOSURE GETS EVEN MORE ONEROUS – Medical Practice

As we’ve discussed in several previous articles, insurance that covers corporate and executive liabilities in an essential first line of defense, including Data Breach or Cyber Liability Coverage for doctors. This coverage grew even more important on Jan 25, 2013 as DHS provided additional rules and liability for medical practices which go into effect on March […]

Is a Captive Insurance Company a Fit for Your Business or Medical Practice?

In our two previous discussions we introduced the general concept of a captive insurance company (captive) as well as specific qualifying questions to help doctors pick a good captive administrator. This week we examine some key issues that can help determine if your specific medical practice is at the point where a captive may create […]

Doctors Pleading To Misdemeanors for Heath Care Fraud – Fight or Settle?

We are in the golden age of health care fraud prosecution as means of revenue and income protection by both the government and insurance companies. Doctors are increasingly  in a position where they need to make a decision to fight or settle, regardless of the veracity of the claim or the actual intent involved. This article sheds […]

Computer Disposal at Your Business or Medical Practice: The Other Hazardous Material – Asset Protection

We start 2012 by addressing something you may have already done — replaced or updated computers and other electronic equipment in your practices – and the liability it creates. Like many other businesses, medical practices often replace or order new computer and electronic equipment at year end to generate additional expenses and deductions and to […]