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The Risks Facing Medical Professionals

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  • DEATH ONE OUT OF ONE DIES
HOW TO MITIGATE THE DISASTER OF AN EARLY DEATH... LIFE INSURANCE 
 
 
HOW TO MITIGATE EFFECTS OF DISABILITY... DISABILITY INSURANCE 

Many people associate serious disability with freak accidents, and they can't envision themselves disabled or in a wheelchair. Such disabilities are actually very rare.  The reality is that most serious disabilities are caused not by injuries, but by illness.  More that 90% of long-term disabilities result from illness (Source: 2014 CDA Long-term Disability Claims Review). Just over 1 in 4 of today's 20 year olds will become disabled before they retire. (Source: US Sociality Security Admimistration Face Sheet, January 2015).
 
Illness strikes thsoe who are young, as well as old.  In fact, the average age of onset is faily young for many disabling diseases, including Rheumatoid Arthritis (25-35) 

MEDICAL MALPRACTICE LAWSUITS THE OTHER RISK FOR MEDICAL PROFESSIONALS
 
 According to 2016 study by the New England Journal of Medicine, about 75 percent of physicians will be sued for medical malpractice in their careers.  Roughly 20 percent will have to pay an indemnity because of a judgement against them.
 
The AMA Warns Most Doctors Will Face Medical Malpractice Lawsuits in their Career.  Nearly 17 percent had been sued at least twice. 

HOW TO MITIGATE EFFECTS OF FRIVIOLOUS MEDICAL MALPRACTICE LAWSUITS

 
Asset Preservation/Protection works for one simple reason, it removes the economic incentive for an individual and their attorney to even initiate a legal action against you or your practice.
 
What are the chances of being sued for malpractice?  A survey by the American Medical Association (AMA) showed more than one-third of respondents had been sued at least once. Nearly 17 percent had been sued at least twice.
 
It's not the sort of thing that you want to think about.  But as a new survey shows, you should look at preparing for it.  We're talking about medical malpractice lawsuits and the findings of a new survey just released by the American Medical Association that shows that most doctors will be sued for malpractice at some point during their careers. 
 
According to the survey, more than 60% of doctors aged 55 and above have faced a medical malpractice lawsuit at least once in their career.  That makes it a shocking 95 medical malpractice lawsuits filed for every 100 physicians currently in practice.  Even though most of thses lawsuits are either dropped or dismissed, the fact is that most doctors can expect to face a medical malpractice lawsuit at least once in their career--5,825 doctors were included in the survey.
 
 

Some doctors were found to be more susceptible to claims and litigation than others.  General surgeons and obstetricians/gynecologists were up to five times more likely to be sued, compared to pediatricians and psychiatrists.
 
Approximately half of all obstetricians/gynecologists below the age of 40 had been sued.  90% of surgeons about age 55 had been named in a medical malpractice claim.  Male doctors were more likely to be sued than female doctors.  That could simply be due to the fact that male doctors tend to be concentrated in the specialities that are frequently targeted in claims.
 
Approximately 65% of all claims are dropped or dismissed.  That doesn't mean however that these lawsuits do not cost these doctors.  The average defense costs for a medical malpractice lawsuit that is dropped or dismissed amounts to a whopping $22,000.  For cases that go to trial, the defense costs can shoot right up to $100,000.
 
Most medical malpractice trials last 2-4 weeks, but some can go on for months.  The length depends on the complexity of the case, the number of witnesses, and the court schedule.  Some courts conduct trials only on certain days of the week.
 
In the recent survey, 40% of those whose cases went to trial spent more than 50 hours in court and trial-related meetings.  One doctor commemted, "(I was) in court for 8 weeks.  Couldn't practice.  I should have sued the patient for lost wages."  Another said, "Trial lasted 3 weeks--I lost 12 pounds."
 
In a long trial, you might be able to get a pass of sorts.  Your attorney might request the judge to instruct the jury that you will not be able to attend every day, owing to your work schedule.
 
Asset Preservation/Protection works for one simple reason: It removes the economic incentive for an individual and their attorney to even initiate a legal action against you or your practice.
 
HOW TO MITIGATE THE RISKS FACING MEDICAL PROFESSIONALS
 
FOR A COMPLIMENTARY NO-OBLIGATION CONSULTATION ON ALL OF THESE TOPICS, PLEASE CONTACT RICHARD MOORE.