Don't Leave Money On The Table

By Larry W. Dykes, CLU, ChFC, AAMS

One of the biggest advantages to a group practice is the ability to achieve economies of scale in purchasing power. One area that we find to be often overlooked is in the purchase of insurance. The vast majority of our clients have personal disability insurance in addition to group long-term disability plans. In many instances, the opportunity to receive a premium discount through a list billing is overlooked.

Example: If five physicians in a group practice have personal disability insurance with the same carrier but are billed individually, they are leaving 10 to 20% in premium savings "on the table." Achieving these savings does not have to restrict individual choice. In a group of fifteen or more physicians, simple coordination could yield these premium discounts with up to three different insurance companies.

The same approach also can yield premium discounts in the purchase of long-term care insurance.

The business of medicine requires more focus on the bottom line than ever before. Don't leave money on the table!

Please contact us for a complimentary assessment of your group and individual physician disability and long-term care policies. If you have any questions about this topic, please do not hesitate to contact Larry direct at 317.472.2112.