By Mitchell Nelson
The delivery and payment of health care is changing very quickly. The Affordable Care Act has created new dynamics within the practice of medicine. With many physicians and graduating residence becoming employees of large hospital networks, even less are becoming medical practice owners. However, with the changing health care rules, higher administration costs, lower reimbursement schedules and more pressure to see larger amounts of patients per day, there is an emerging trend toward the old fashion practice of medicine. With change comes opportunity and some physicians are maximizing upon this opportunity. Concierge medicine mixed with emerging technologies leave a bright future for the patient/physician relationship.
Growing premiums, smaller networks and larger deductibles are producing challenges for physicians and patients alike. Patients are demanding more for their out-of-pocket costs and physicians are answering the call, literally. Physicians are stepping away from the control of insurance companies and Medicare/Medicaid demands and are offering more personalized care. Through monthly
What Does This Mean For Disability Insurance Planning?
The expanding role of concierge physicians will place new value on existing policy features.
Definition of Disability
The Specialty Own Occupation definition of disability takes on new meaning when evaluating Concierge physicians. Often, Specialty Own Occupation policies cost more in premium, however, if you are a physician considering the move to concierge medicine or already have, a re-evaluation of your existing policy language is recommended. Concierge medicine places new responsibilities on the physician not normally experienced by the medical profession today. The added work requirements of driving to patient homes or the need for marketing the concierge programs takes on more a entrepreneurial feel then hospital based employment. Because of these unique and still developing additional work requirements, concierge physicians should not take the risk with a less than strong definition.
Definition of Residual Disability
Another consideration for a Concierge physician’s disability insurance policy is how would benefits activate under a partial disability scenario?