Discuss Latest WCI Blog Post: How Physicians Can Prevent Getting Sued

[The White Coat Investor]

It turns out you don't have as much control over whether you get sued as you thought you did. So go worry about something else.

The post How Physicians Can Prevent Getting Sued appeared first on The White Coat Investor - Investing & Personal Finance for Doctors.



Click here to view the article!

[Random1]

The only way to prevent getting sued is to have good outcomes. When a error happens but the outcome is good , people tend not to care as much. But a poor outcome even with appropriate care still can cause someone to get named in a suit. And what you consider as a good outcome as a physician is a lot different than what a patient may consider a good out come.

[Steven Podnos MD CFP]

Jim, I think your advice to downplay the risk of a malpractice suit is a disservice to the forum readers. In many states, it is relatively easy and very inexpensive to protect assets from malpractice (and other) creditors in advance of a suit. Often the same factors protect from non malpractice creditors as well (tenants by the entirety ownership in some states, using LLCs for rental properties, etc). To not at least investigate the ways to protect one's assets in advance of a lawsuit makes no sense to me as both a physician who has been sued and as a financial planner.

[The White Coat Investor]

Jim, I think your advice to downplay the risk of a malpractice suit is a disservice to the forum readers. In many states, it is relatively easy and very inexpensive to protect assets from malpractice (and other) creditors in advance of a suit. Often the same factors protect from non malpractice creditors as well (tenants by the entirety ownership in some states, using LLCs for rental properties, etc). To not at least investigate the ways to protect one's assets in advance of a lawsuit makes no sense to me as both a physician who has been sued and as a financial planner.

You're telling me I don't talk about asset protection enough? You know I published a book last month on the subject, right? This is a ridiculous complaint.

[Steven Podnos MD CFP]

From your article:

In reality, the biggest risk to your assets isn't malpractice. Unfortunately, it's divorce. The average divorce rate is 50%. Among physicians, it's 25%, but that's still significantly higher than the risk of an above-policy malpractice suit.

Want to protect your assets? Focus on your spouse, not on complex asset protection plans. If your partner's happiness is your top priority and yours is theirs, it's very unlikely that you will ever get divorced. The best asset protection technique: date night.



Maybe I sound a little Pollyannaish, but when I think about all the risks in my life, losing a bunch of money in a malpractice suit isn't one that I'm going to spend much time worrying about. After reading this paper, I'm going to worry even less.

[Tim]

What would actually add to the conversation would be statistics that the malpractice insurers have. By specialty, sub specialty, state etc.
Just saying extrapolation has some disadvantages.
EM has specific attributes and risks.