Risk Management for Physicians
Broadly speaking, risk management is the collection of strategies that aim to reduce and minimize a negative consequence. In any business or financial planning process, risk management is an essential operation. Without a risk management plan as part of their overall financial structure, individuals are vulnerable to liabilities and unforeseen losses.
Risk management is especially crucial for physicians. An adverse outcome, like a malpractice suit, can effectively cripple an otherwise successful career. In many instances, physicians are as much business owners as they are medical practitioners. As such, they need to consider the business planning aspects of their career in addition to their medical expertise.
Any risk management plan for a physician will begin with malpractice insurance. While the core concept of malpractice is simple enough, the modern malpractice landscape can be complicated and tricky to navigate. Physicians often struggle with determining the amount of appropriate coverage. This can be a big problem—too little and you risk not being covered in particular situations, too much and you pay unnecessarily high premiums.
As specialists in physician planning, Cambridge Financial Group can guide you through all of your professional liability insurance and risk management options. While malpractice insurance is a key component of a physician’s risk management plan, other things such as asset protection and business structuring, may come in to play. With expertise in many areas of planning, Cambridge Financial Group is your ideal resource for all of your financial planning needs.
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