What You Need to Know About 24-Month Benefit Limitations

Some disabilities are diagnosed based on limited or objective medical evidence, regardless of whether they are physical or psychiatric in nature. For example, with lupus, a physical autoimmune disease, diagnoses can be elusive and symptoms vary greatly. While there are established criteria for diagnosing lupus, many patients may have it while still not meeting the full criteria. Clinical depression, bipolar disorder, anxiety disorders, and post-traumatic stress disorder, which can all be complex and/or nebulous when it comes to diagnosis, are examples of psychiatric disorders.

Because the diagnosis of some disabilities is based on limited or objective medical evidence, many insurance companies limit benefits for these types of claims to 24 months. This means that a policyholder diagnosed with depression would receive benefits for a maximum of two years.

While it varies by state, many insurance companies already have a 24-month benefit limitation or are moving towards one. Be sure to review a policy’s coverage of psychiatric disabilities before purchasing it or ask an expert. Contact Doctor Disability at 866-899-7318 to get personalized information regarding available options.

Knowing What Your Board Exam Requires

Many of the residents that I speak with tell me about the stress of board examinations and the difficulty of preparing for them while working such long hours. The fact that the requirements for board exams and certification vary by specialty can make the entire process confusing. Internet message boards for residents are littered with posts about books, diagnostic exams, review courses, and changes in exam locations. Knowing exactly what you are preparing for and how to prepare for it can alleviate some of that stress.

It is paramount to be aware of how board certification for your specialty is structured. For example, the American Board of Internal Medicine has information on becoming board certified in 17 different subspecialties. You can learn about the requirements for certification and find out about the exam itself—content, location, and registration deadlines and fees. The American Board of Pediatrics offers information about 20 subspecialties as well as general pediatrics certification.

The American Board of Medical Specialties lists contact information and websites for all 24 of its member boards. Each website has all the information you need about the board exam for your specialty. Even if you think you already know exactly what you are preparing for, it’s not a bad idea to double check.

General Insurance Tips: When to Buy

Personal insurance (health, life, and disability) policy rates are based on a number of factors. Two of the primary ones are age and health of the insured at the time of policy purchase. Many health problems are difficult, if not impossible to predict, but there are some that insurance companies try to anticipate.

For example, because 6 to 13 percent of women experience some form of postpartum depression after having a child and may have an increased suicide risk, life insurance rates may be higher right after childbirth. A woman shopping for a policy during pregnancy may also find higher rates and might have difficulty finding any policy once she is in her third trimester. The best solution in this example is to purchase a life insurance policy before becoming pregnant.

When it comes to investing in most types of insurance policies, the general rule is the sooner the better. Through the non-profit trade association MIB, the medical information that you submit to one insurance company can be shared with other companies in an effort to prevent fraud. While the MIB is actually a good thing for consumers (less fraud means lower insurance rates), its existence means that you should not delay the purchase of your next insurance policy. Going back to the postpartum depression example, even a woman who has been successfully treated can still have higher insurance rates. Buying a policy now eliminates the chance of increased rates down the road due to unforeseeable diseases, disabilities, or accidents.

If life were predictable, you wouldn’t need any insurance. Since you can’t predict what’s coming, take advantage of what you can control. To obtain the lowest possible rates, keep your eyes open for the trends that insurance companies follow.

Tax Deductions for Your Practice

Though you have had a couple of months to prepare and file the tax return for your practice, the majority of individuals don’t end up filing their professional taxes until March or April. If you have your own practice, there are many deductions to be aware of, some of which specifically apply to physicians more so than others.

Medical Economics highlights some of the deductions that may be available to you. The article covers property depreciation, travel, entertainment, and vehicle expenses, and casualty and theft losses (section B is for business property).

Some deductions that could be of particular interest to physician are write-offs for new equipment purchases or practice-related expenses such as membership and professional society dues. Insurance premiums, including malpractice or business overhead expense insurance, can also be deducted. The aforementioned Medical Economics article offers basic advice on how to claim these deductions. All you need is Schedule C, and in some cases, Schedule A.

While it covers a lot more than just deductions, the IRS website has a section on forms and instructions for filing and paying business taxes that is also a useful resource.

Whether you file your own taxes or seek advice from a tax professional, take some time to investigate the possible deductions that can save you money this year and in the future. After all, you can’t expect the IRS to let you know about which deductions you missed out on.

Using Office Layout and Aesthetics to Your Advantage

Whether you are planning your office for a new practice or just need to spruce up your existing office, don’t underestimate the importance of office layout and aesthetics. A medical office is different from other offices and should be treated accordingly.

Be sure to consider possible layouts when evaluating potential office sites. Architect Richard Haines suggests clustering exam rooms to cut down on the time you spend walking and increase productivity. Besides considering which layout will be most effective for you, imagine what your office layout will convey to your patients. Streamlined floor plans make sense for a physician and prevent patient confusion. If your patients are sick or in pain, the last thing they need is stress from trying to find their way out of your office labyrinth.

Waiting room layout is also significant. This Medical Economics article offers a formula for waiting room size and offers tips about where a receptionist desk should be. Don’t forget to check local building, safety, and accessibility codes for physician waiting areas.

The cosmetic appearance of your office can affect how your patients perceive you. Decisions regarding lighting, seating, window placement, and wall covering can set the tone for patient visits. Hiring a designer is not for everyone, but it can’t hurt to at least weigh the cost versus the benefits. Architects and interior designers that specialize in physician offices often yield impressive results.

When considering the practicality of a layout or evaluating decorating options, always be aware of factors such as privacy and comfort. You should also be mindful of your patient demographic, which can vary greatly by specialty.

As a resident, if you plan to open your own practice, you are in a better position to control many of the aforementioned factors than a physician that already has an established office. Carefully planning your office now will pay dividends down the road.

Do Physicians Need Agents?

Negotiating and signing your first physician contract can be a time-consuming process filled with many unknowns. In light of the complexities of a contract and the relatively high income that is at stake, many physicians are turning to agents to job hunt, and more importantly, negotiate their contracts.

Whether this growing trend is fiscally successful for physicians is arguable and depends upon several factors. Up front, it will cost you; some agents charge an hourly fee, while others may take a percentage of your first year salary. On the other hand, having an expert that fully understands your fair earning potential could net you a much larger salary than you might be able to negotiate. Physician agents also have experience and knowledge regarding non-compete clauses, bonuses, and fringe benefits. In addition to their expertise and the possible financial benefits, an agent will surely save you time.

There are other questions to consider before deciding whether hiring an agent is best for you, such as how your prospective employer will feel about working with an agent or even how you go about finding an agent. Synerge is a physician representation agency that addresses several general FAQ about agents. Physicianjobs.org also has a section on physician agents and liaisons.

Exactly how much an agent might improve your overall employment package will vary based on your specialty, prospective employer, and location, among other factors. Determining the advantages of hiring an agent is somewhat of an inexact science, but then again, so is negotiating your first contact on your own.

The Emergence of the Health Coverage Coalition for the Uninsured

The lack of affordable health insurance and the number of Americans that live without it is undeniably a problem. In 2006, insurance premiums for an employer-sponsored health plan for a family of four averaged $11,500. Those prices have resulted in, at last count by the Census Bureau, 46.6 million uninsured Americans, or 15.9 percent of the population. Many of those uninsured Americans are children. Those figures don’t look like they will be improving anytime soon. In 2007, children’s health insurance programs in 17 states face a budget shortfall of $800 to $950 million, which could affect over 500,000 low income children.

On Thursday, however, a historic coalition of national organizations announced a proposal to confront those problems by expanding health coverage to the uninsured. The coalition, known as the Health Coverage Coalition for the Uninsured (HCCU), is made up of 16 organizations, ranging from the U.S. Chamber of Commerce to Johnson & Johnson to the Catholic Health Association. The groups have met 15 times over the past two years, but have not been in the public eye until yesterday.

The HCCU unveiled its plan to help reduce the number of America’s uninsured through tax breaks and by expanding existing programs. While the first phase of the plan is focused on enrolling eligible children in Medicaid and the State Children’s Health Insurance Program, the second phase would allow states to expand Medicaid to low-income adults.

The HCCU did not offer concrete ideas for paying for their plan, but seems content to “provide a roadmap” and let Congress take action from there. There is still skepticism about how Congress will react, though the new Democratic majority seems open to change in healthcare legislation. In addition, the diversity and influence of each individual organization behind the HCCU can only benefit its proposal.