The possibility of a malpractice lawsuit is a constant concern for most physicians. A malpractice lawsuit can have serious personal and financial consequences. And physicians in private practice face another financial worry. They are running a business; and that business (like any other business) can face a sudden, serious downturn or even go bankrupt.
A recent on-line article by Parija Kavilanz at CNN Money highlighted the fact that private practice physicians face ever increasing business risks. Some have even been driven to bankruptcy.
Given the risks faced by physicians in private practice, those physicians should all be taking steps to protect both their personal and business assets – – to the greatest extent allowed by applicable law.