A recent article by Laura Landro in the May 10, 2016 Wall Street Journal had some interesting observations about the burdens many physicians face from malpractice suits. According to a 2013 study in the Journal of Health Affairs, the average doctor spends over 50 months — or about 11% of a 40 year career —
Medical Malpractice Claim Can Take Both an Emotional and Financial Toll
In a post on February 8, 2012 I referred to an excellent article by Pauline W. Chen, M.D. She described how involvement in a medical malpractice action can negatively impact a physican’s way of practicing medicine.
Dr. Chen recently published another article in the New York Times that is also noteworthy. She explains how a medical malpractice
Private Practice Physicians Should Make Asset Protection a High Priority
The possibility of a malpractice lawsuit is a constant concern for most physicians. A malpractice lawsuit can have serious personal and financial consequences. And physicians in private practice face another financial worry. They are running a business; and that business (like any other business) can face a sudden, serious downturn or even go bankrupt.
A recent on-line article
$8.5 Million Jury Verdict Reflects Cost of Lifelong Care
An $8.5 million jury verdict seems high, doesn’t it? But if you consider that the injured party was an infant who suffered brain damage (and will require lifelong care), then the amount of damages could be perfectly reasonable.
According to a recent article by Tom Feran in the Cleveland Plain Dealer, a Cuyahoga County Common
Medical Malpractice Suit can be Emotionally Devastating to a Physician
Being named as a defendant in a medical malpractice case can be emotionally devastating to a physician — even if the physician is only peripherally involved in the case. Very few people fully appreciate how troubling it can be for a doctor who is named in such a lawsuit.
Physician Asset Protection: Another State Court Strikes Down Cap on Malpractice Awards
Just in case you need another reminder to develop your own personal asset protection plan…
More than half the states have tried to place caps on jury awards in malpractice cases. But the caps have been struck down by courts in several states. On Monday, the Georgia Supreme Court (in a seven-zero decision) struck down a
Personal Asset Protection for Physicians
Whether you are a physician in private practice or working for a hospital or other health care organization, you should consider some basic steps to protect your assets. Here are a few suggestions:
- Maximize contributions to IRA’s and other qualified plans. Assets in IRA’s and qualified employee benefit plans are generally awarded special protection from creditors. Many plans
Asset Protection Strategies for a Private Medical Practice
A couple weeks ago I posted some general observations about asset protection planning for physicians. While a doctor should be taking steps to protect his or her own personal assets, physicians in a private medical practice should be taking additional steps to protect the private practice itself. Here are some items worth thinking about:
1. Consider
Physician Asset Protection: An Overview
Physicians should have no hesitation whatsoever in protecting their assets to the greatest extent allowed by applicable laws. Physicians have a greater need for asset protection planning than many other individuals simply because of the nature of their work.
If a professional baseball player consistently strikes out half of the time but gets a base