Woodbridge, NJ (PRWEB) October 13, 2011
Conventus Inter-Insurance Exchange is pleased to make available an important advisory that can save physicians time, money and frustration amidst the ever-changing healthcare environment.
Entitled “Practice Sale Considerations Advisory: Acquisitions, Mergers and Alignments,” this free guide can help physicians make prudent decisions about their financial options as the three "R's" ― reimbursement, reform, and regulation ― impact private practices today.
According to a recent survey by the Society for Healthcare Strategy and Market Development, increasing cost and administrative burdens associated with managing a private practice are leading some physicians to consider aligning with hospitals and other organizations. In fact, it is anticipated that physician employment will increase significantly across the nation.
Conventus' point of view, however, is that it may be in physicians' best interest to not simply react to these pressures, but rather, take the time to know all of the pertinent facts. In these difficult times, this Advisory’s checklists can help physicians make informed decisions.
This is particularly true when it comes to their medical professional liability coverage. What would happen, for example, if the hospital with which a physician aligns then merges with another . . . or if that physician's services are terminated? Will the change force him or her to purchase tail coverage, as opposed to receiving it for free at retirement?
A recent article in "FAST Practice: Medical Practice Information at the Speed of Sound" (Volume 4, Issue 5) discussed a real-life example of a New York hospital that went into bankruptcy and left employed physicians individually responsible for tail coverage. Unfortunately, this scenario and others like it leave physicians struggling to make snap decisions that they sometimes regret later. These can range from not knowing the group or hospital’s long-term strategy (and where the physician fits within it), to not carefully evaluating the value of one's practice, as well as how one's base salary and incentive compensation will be calculated.
“The top priority at Conventus is to protect its New Jersey physician-members so they can dedicate more of their time and talents toward taking care of patients," said Lyn W. Winters, President, Conventus Inter-Insurance Exchange. "With good information, independent and small practices can not only survive but also thrive in this current healthcare environment."
To request a free copy of this valuable advisory, please click here. Conventus stands ready to help explain the issues more thoroughly and to help physicians make informed decisions that will ultimately benefit them.
Conventus Inter-Insurance Exchange is the only medical professional liability insurance company in New Jersey that is 100% owned and governed by its physician members. Formed in response to New Jersey’s medical professional liability insurance crisis, Conventus is a non-assessable reciprocal insurance exchange that is managed by experts in the property and casualty insurance industry. Its management team has extensive experience in medical professional liability insurance and in managing underwriting results for companies like Conventus.