Mobile Menu

  • Personal
    • Homeowners Insurance
    • Auto Insurance
    • Life Insurance
    • Umbrella Insurance
    • Earthquake & Flood
  • Commercial
    • Commercial Insurance
    • Community Associations
    • Medical Professional Liability
    • Group Benefits
    • Cyber Insurance
  • Condo
    • Property & Liability
    • High Rises
    • Directors & Officers
    • Earthquake & Flood for Condos
    • Condos & HOAs
    • Crime, Fidelity & Fraud
    • Builder’s Risk Insurance
  • Specialty
    • Film, Arts, Entertainment
    • Apartments, Dwellings, Mobilehomes
    • Earthquake, Flood, DIC
    • Cannabis Business Insurance
  • Financial Planning
  • Resources
    • News Articles
    • Request Certificates
      • HOA/Condo Association Certificate Request
      • Medical Professional Liability Certificate Request
      • Commercial Certificate Request
      • Premium Payment – Pay Online
    • Update Your Information
    • Get a Quote
    • Life Insurance Quote
  • About
    • About Us
    • Meet the Team
    • Reviews
  • Contact Us
  • Email
  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube
  • Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

American Benefits Insurance | Portland, Oregon

American Benefits Inc. provides superior insurance products and services to businesses and families throughout the Portland metropolitan area and the Western U.S. ABI is a one stop shop for every insurance needs .

  • Personal
    • Homeowners Insurance
    • Auto Insurance
    • Life Insurance
    • Umbrella Insurance
    • Earthquake & Flood
  • Commercial
    • Commercial Insurance
    • Community Associations
    • Medical Professional Liability
    • Group Benefits
    • Cyber Insurance
  • Condo
    • Property & Liability
    • High Rises
    • Directors & Officers
    • Earthquake & Flood for Condos
    • Condos & HOAs
    • Crime, Fidelity & Fraud
    • Builder’s Risk Insurance
  • Specialty
    • Film, Arts, Entertainment
    • Apartments, Dwellings, Mobilehomes
    • Earthquake, Flood, DIC
    • Cannabis Business Insurance
  • Financial Planning
  • Resources
    • News Articles
    • Request Certificates
      • HOA/Condo Association Certificate Request
      • Medical Professional Liability Certificate Request
      • Commercial Certificate Request
      • Premium Payment – Pay Online
    • Update Your Information
    • Get a Quote
    • Life Insurance Quote
  • About
    • About Us
    • Meet the Team
    • Reviews
  • Contact Us
listening to a patient cm

Physician Owned Practices Create Insurance Opportunities

You are here: Home / Commercial / Physician Owned Practices Create Insurance Opportunities

October 7, 2019 //  by abipdx

Physician Owned Practices Create Insurance Opportunities

listening to a patient cm

For most of human history, people dealt directly with their doctors. Those doctors essentially operated as their own small business owners and handled those duties on top of practicing medicine.

The post-World War II era saw huge changes in the health care industry, with government-sponsored insurance programs drastically altering the relationships between doctors and patients. Health Maintenance Organizations came along later, in the 1970s, making third parties a larger part of the equation.

Those trends continued into the early part of this decade. The passage of the Affordable Care Act lead to larger conglomerate health care groups, systems and hospitals acquiring smaller, more independently run practices. Industry publications attribute that to the ACA’s shift from fee-based systems to those based more on incentives for improving overall public health.

However, industry data indicates that those trends are reversing again, and the traditional physician-owned practice seems to be on the upswing. This new trend also creates the opportunity for specialized insurance coverage to be offered to these new businesses.

More doctors appear willing to take the leap into self-employment for a variety of reasons. One is that larger health care conglomerates tend to have more strings attached to conditions of employment that limit their ability to treat their patients.

Going into business for themselves gives doctors more flexibility and control over their schedules. It allows them greater freedom to provide more individualized and personalized patient care.

Another benefit of this patient-centered approach is that it allows those doctor-patient interactions to occur somewhere other than a hospital. Many people don’t like hospitals and are not comfortable in that kind of a setting. They are less likely to mind having their doctor visits in a smaller facility located in a shopping plaza or other more convenient, consumer-friendly location.

There are some potential disadvantages to doctors going into business for themselves. Any entrepreneurial venture involves some semblance of financial risk. That can be dauting for anyone facing thousands of dollars in student loans from years of medical school.

Owning your own business requires discipline and some level of acumen. Practicing medicine and running a business are completely different skill sets. It’s also a lot of responsibility, especially once you hire employees. Their livelihood depends on your success, and that can keep some people up at night.

However, doctors who are uncertain of their ability to manage the business side of things can mitigate those risks by creating partnerships with people who are more familiar with running those kinds of operations.

There’s also the initial capital investment involved in acquiring your own facility and installing the proper required equipment. Those dollar figures can be quite intimidating. However, banks typically consider medical offices to be good investments and are often willing to lend the startup capital that can help to make it happen.

Every one of these independent practices is going to need multiple kinds of insurance, creating opportunities for professionals in that industry. Aside from medical malpractice and medical professional coverage, they will need insurance for data breach and cyber liability in order to satisfy HIPPA compliance requirements. They will also need business owner policies with enhanced coverages for specialized medical equipment.

Located in Beaverton, ABI Insurance offers these kinds of coverages, and more. For more information on ABI’s commercial and medical liability insurance options, call Art Richards or Justine Avera at 503-292-1580.

Category: Commercial, Medical Professional LiabilityTag: ABI Insurance, commercial and medical liability insurance, doctors, Insurance, physician owned practice

Related Posts

You may be interested in these posts from the same category.

admin ajax 4 350x263

City of Portland Reverses Course on Homeowner Flood Damage

A warehouse worker fallen after tripping on some debris. cm 350x263

The Importance of Near Miss Reporting

Computing and malware concept cm 1 300x200

Professional Liability 101: What Is It and Who Needs It

Project debriefing cm 1 300x219 1

Debriefing: The Value in Seeing How You Could Have Done Things Differently

Contractors Database cm 1 300x173

Independent Contractors and Subcontractors – Are You Covered?

work incident injuri form cm 300x200

How to Investigate Workplace Accidents

Greenhouse cm 350x263

Organic Pesticide Recall Could Threaten Family Farms

An industrial safety topic. A worker tripping over a trash on a factory floor cm 440x293 350x263

Avoiding the Most Common OSHA Violations

Woman Filling Work Injury Claim Form cm 440x293 350x263

A Guide to Preventing Workplace Illness and Injury

admin ajax 5 350x261

Combating Workplace Depression

Close up of Employee termination form cm 300x200

Navigating the Termination Process

Diverse businesswomen shaking hands at group meeting or job interview cm 300x200

A Guide to Last Chance Agreements

Previous Post: «Computing and malware concept cm 1 300x200 80x80 Professional Liability 101: What Is It and Who Needs It
Next Post: Starting a Video Production Company From Scratch Photo TV Studio crew with camera cm 440x293 80x80»

Primary Sidebar

Contact Us Today!

Call Us

(503)292-1580

 

Want a free, no obligation quote?

Get a Quote

Footer

ISU Network Member

Did you know ABI is part of the ISU Network? Click the logo below to learn more about this Network.

isu network logo

Open Hours

Monday – Friday 9am – 5pm

Our Address

4800 SW Griffith Dr #300, Beaverton, OR 97005

Contact Us

Call us at (503) 292-1580

Email us at info@abipdx.com 

About Us

For over 35 years, American Benefits Inc. has provided superior insurance products and services to businesses and families throughout the Portland metropolitan area and the Western U.S.

Learn more

Recent Posts

unnamed 2 150x150Client Spotlight – Life After Covid at Hotel Indigo Spokane
unnamed 1 150x150Historic Properties – A Window Through Time
unnamed 150x150Historic Properties – Reconstruction and Restoration
black and silver laptop computer on tableFBI warns of Imminent Ransomware Threat
clap board roadside Jakob and RyanReopening Oregon for Productions
jake hills 23LET4Hxj U unsplash 150x150Client Spotlight – Loaded Image Entertainment / The Dark Divide Movie
100BestLogo
commercial insurance coverage
  • Home
  • Contact Us
  • About
  • Meet the Team
  • News Articles
  • Newsletter sign up

Site Footer

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

© 2021 American Benefits, Inc. All rights reserved.