Consent to Settle: Who Decides?

The consent to settle provision of a professional liability insurance policy can affect more than just a suit's outcome.

By Bruce Armon and Jennifer L. Beidel | Legal Matters | Spring 2010

 

NEITHER A PHYSICIAN NOR ANY PROFESSIONAL likes to be accused of wrongdoing or sued for negligence. Litigation is time consuming and can be filled with anxiety regardless of whether the dispute ends in a verdict or settles during the litigation process.

According to Americans for Insurance Reform, a national coalition of public interest organizations that supports insurance industry reforms, approximately 85,000 medical malpractice lawsuits are
filed annually. A physician who is sued and has professional liability insurance — most states require a physician to have this coverage—will generally have counsel appointed by his insurance carrier. A 2007 report published by the U.S. Department of Justice’s Bureau of Justice Statistics says that between the years of 2000 and 2004—the most recent period for which information is publicly available—approximately 95 percent of all medical malpractice claims settled prior to trial. more »

 

0 Comments

National Practitioner Data Bank—and
Your Career

Knowing what information the data bank contains - and correcting any errors - could be critical to credentialing for new jobs or applications to professional organizations.

By Bruce Armon and Justin Ettelson | Legal Matters | Winter 2010

 

Are you applying for employment or affiliation with a health care entity? Do you have an application pending before a state licensing board? Do you have clinical privileges at a hospital? If the answer is yes to any of these questions, then you should be aware of the importance the National Practitioner Data Bank maintained by the Department of Health and Human Services (HHS) can have on you and your career. more »

 

0 Comments

Protection From Wrongful Termination Action

Downsizing is a reality - even for physician employees. Discover how the right termination strategy can save your medical practice aggravation in the long run.

By Bruce Armon | Fall 2009 | Legal Matters

 

Donald Trump turned two words You’re fired! into a cultural sensation. With the economy still in trouble, “You’re fired” has become an all too common reality for professionals throughout the country as employers downsize (or “rightsize”) staff. Medical practices, like any other type of employer, face economic challenges, and unfortunately doctors are not immune to job loss. As a business, physician owners must act appropriately when looking to terminate a physician employee. more »

 

Topics:

0 Comments

Who is Dr. Wiki and Why You Need to Know

Managing the risks of online medical communities. How to safely enjoy your time online.

By Bruce Armon & Jim Keller | Legal Matters | Summer 2009

 

American society is more wired than ever. “Texting,” emailing, and “tweeting” have all but replaced calling and writing. Online social networking communities like Facebook.com™ and MySpace.com™ are quickly growing in popularity. It is not just teenagers and college students who are partaking. Professionals, including physicians, are joining and participating in online networks. Several networks have been created for use exclusively for physicians including Sermo.com™ and Medpedia.com™. Other networks are designed to be forums to exchange information between physicians and patients. While patients can benefit from their physicians’ ability to connect and consult with thousands of other physicians in the United States and around the world regarding treatment advice or similar case studies, these online communities can expose physicians to a host of risks and potential liabilities. more »

 

Topics:

0 Comments

The Necessity of “Asset-Protected” Investments

In these uncertain times, be careful not to leave your assets vulnerable to malpractice judgments.

By Jason O'Dell, Stan Miller, JD, and David B. Mandell, JD, MBA | Legal Matters | March/April 2009 | Uncategorized

 

We have been helping the medical community shield assets from potential lawsuits for years. While we often establish sophisticated trusts, limited partnerships, captive insurance companies, and even offshore arrangements to protect our clients’ assets and help them save taxes, often we need not be that creative.

In many states, the law gives us tremendous opportunities to protect wealth and lessen income taxes—through life insurance vehicles and annuities. If shielding your net worth from a potential lawsuit is important to you—and if you would like to pay less in income taxes—you must consider these tools as part of your financial plan. The question then becomes: if you have a choice between two fairly equal investments, why not use the one that is asset-protected and enjoys special tax treatment under the law? The wise choice is to make use of the asset-protected, tax-deferred investment. Let’s see how that works. more »

 

Topics: ,

0 Comments

Get Your Own Bailout

The federal government won't pay you just for the asking, but you can recover investment losses with a variety of tax benefits.

By Carole C. Foos, CPA and David B. Mandell, JD, MBA | January/February 2009 | Legal Matters

 

The recent developments in 2008 have left many of us with less wealth than we had just a year ago. Our home and stock market investments are likely worth a lot less…and it may be years until the values of these assets return to previous levels. The federal government has agreed to spend hundreds of billions of dollars to bail out poorly run or mismanaged corporations. These bailouts will ultimately result in significant tax increases for all of us. It is natural for you to feel frustrated and upset that you will have to pay for other people’s mistakes. What you didn’t know, until now, was what you could do to get the government to help bail you out with some tax savings. Though our firm has strategies for managing investments in this type of market, the purpose of this article is to highlight a few tactics for regaining some of your lost wealth. The strategy has two simple steps to help you make up for lost wealth. First, you will reduce your taxes now so you will have more to add to your short term investment portfolio. Second, you will focus on building future wealth more tax-efficiently for the long term. Let’s examine both ideas. more »

 

Topics:

0 Comments

The ABC’s of CIC’s (Captive Insurance Companies)

For the right type of practice, with proper set-up and maintenance, our case study shows that captive insurance companies can be a vital part of doctors' financial plans.

By David B. Mandell, JD, MBA & Claudio A. Devellis, JD, CPA | Legal Matters | November/December 2008

 

As frequent speakers to physicians on asset protection and advanced planning, we are often asked about captive insurance companies (CICs). Certainly, CICs can be ideal tools if they are created for the right type of practice and are established and maintained properly. In this article, we will examine the benefits and costs of CICs and then demonstrate a case study of two doctors who use CICs to significantly enhance many areas of his comprehensive financial planning. more »

 

Topics:

0 Comments

Rethinking Asset Protection

The most effective ways to minimize financial risks over the long term may be surprising

By David B. Mandell, JD, MBA and Jason M. O'Dell, CWM | Legal Matters | September/October 2008

 

Too many physicians over the last decade have sought cookie-cutter asset protection plans to give them some “peace of mind” that if they ever endure an outrageous malpractice case, they won’t lose everything. While we admire these doctors’ commitment to pro-actively managing their risk, we have to remind doctors we speak with that all “asset protection plans” are not created equal. In fact, many will not even work if they ever are relied on. Why is this? Essentially, it is because of a basic tenet of asset protection: that any asset protection plan that will truly stand up if challenged must have economic substance. Taken a step further, superior asset protection planning would involve tools that are primarily used by people for non-asset protection purposes. In this way, the best asset protection plan involves tools typically not thought of as “asset protection tools.” In other words, “the best asset protection is not asset protection.” more »

 

Topics:

0 Comments

Administrative Duties

Taking on the business side of a practice can net you invaluable experience, but preparation for the role is key.

By Bruce Armon | July/August 2008 | Legal Matters

 

Time is money. And lost time means less money. First and foremost, physicians and physician practices need to be excellent clinicians. However, top-notch clinical skills do not necessarily translate to increased revenue or better financial performance.

Unless your practice is a cash-and-carry or concierge type practice that can effectively market the reputation of its physicians and charge patients accordingly, your revenue stream will be dictated largely by your negotiations (or lack thereof) with your third party payors. Increasingly, physicians’ revenues are not keeping pace with practice expenses or with the rate of inflation.

There are only so many realistic patient hours in a day. There are constraints on staffing that preclude most practices from having daily weeknight hours or regular weekend hours. An entrepreneurial physician who has tireless energy or would like to expand his or her revenue base may seek additional administrative responsibilities or commitments to supplement a salary. more »

 

0 Comments

 

Return to Top

Page 4 of 41234