Medical/Dental Professionals

Protection for Medical/Dental Professionals

The United States is the most litigious country in the world, and the medical profession is perhaps the most vulnerable.

At any given time, there are 83,000,000 (that’s 83 Million!) active cases in state courts. That doesn’t count the hundreds of thousands of cases in federal courts and appeals courts.

According to one source, 55% of all doctors have already been sued once, half of those have been sued more than once, and of the 45% who have not been sued (yet), those in a high-risk specialty are 99% likely to be sued in the future, and even those in low-risk specialties are 75% likely to be sued before their career is over.

So if you work in the medical profession, that should scare you!

Yes, you likely do have malpractice insurance. But what protection does that really afford you? Answer: not as much as you think. Read here to find out where malpractice insurance coverage begins and ends.

Yes, you probably also do business through an LLC or corporation. But you probably did not know that having a business entity affords you absolutely no protection from a medical malpractice lawsuit. Read here for the details.

If you want to protect your license and your assets from the negative effects of a malpractice lawsuit, you have to be proactive. You have to do more than your fellow doctors are doing or you are get the same results as your fellow doctors.

To protect your license, you need to be aware of the rules that apply to the National Practitioner’s Data Bank. Read here to learn more about what you can do to protect your license (and livelihood) from the negative effects of a medical malpractice settlement.

To protect your assets, not only from excess malpractice verdicts, but from any liability that might be created from any source—visitors to your home, your teenage children driving, or conditions on your rental properties—you’ll want to start with a property created business structure. And that’s exactly what we do.

You will also want to make sure you take full advantage of charging order protection. To get all the advantages of this kind of protection, you’ll have to include certain provisions in your operating agreement. Read a little more about that here.

Potential litigants are not the only danger to your financial security. The U.S. Government is also entitled to some of your money, but not as much as you may think.

You have a legal right to conduct your business and affairs in such a way that you can minimize your tax burden. Part of this is going to come from structuring your business correctly. Part of it will be from being smart when you invest.

At the Fortune Law Firm protecting medical and dental professionals is almost all we do. Contact us to learn more.