Physician Financial News in Asset Protection

September 1, 2004
By Michael Joseph

Why should physicians worry about their assets or finances? Because over 95% of physicians in just a 25-year career will suffer a malpractice lawsuit in the higher risk states.

And we all know this crisis is malignant and is spreading nationwide. 20 years ago the average malpractice lawsuit award was around $46,000. 10 years ago that jumped to $250,000 and today it has soared to a crippling $1,000,000.

With such actions being taken against the medical community why shouldn't doctors learn how to protect themselves? With financial situations placed on physicians due to rapidly rising insurance costs why those same physicians shouldn't learn more about protecting their assets and ultimately their livelihoods.

The simple fact of the matter is these people are doctors, not financial experts. When it comes to protecting your assets one person with whom you should speak is that of an attorney. With the proper attorney a physician can protect his or her assets from outrageous insurance fees and malpractice lawsuits. A physician can also be more proactive in their financial affairs by learning more about asset protection. A doctor can go online and search for either a reputable law firm that deal primarily with this situation or find "self-help" websites to aid in dealing with their financial affairs.

In the end only doctors can help doctors by being more active in their finances and in protecting their assets. If doctors cannot afford to practice medicine then what will become of the rest of us who depend on their services and expertise in this wide field? By taking the financial initiative can physicians truly protect themselves, their assets, and their livelihoods from disappearing from the medical scene altogether. By simply being educated in asset protection physicians can save themselves a lot of headaches and financial difficulties.