Dr. Stevens and Dr. Johnson have had a successful medical practice for 23 years. They were profitable. They were responsible businessmen in their planning – including substantial insurance to protect the practice and their families.
Then 18 months ago, something went terribly wrong. An accidental human error resulted in a long-term disability for a patient and a major malpractice claim. The damages were greater than Drs. Stevens and Johnson ever anticipated, exceeding their liability coverage by $2.4 million. Their practice was forced to close and, since their homes were not protected, both families are about to lose everything.
Had Concentrix been able to analyze their situation, we would have identified the potential for catastrophic circumstances and the weakness in their financial and legal structure. A restructuring of their business and personal ownership of assets and their insurance portfolio would have enabled Drs. Stevens and Johnson, and their families, to weather this tragedy and move on. It’s all in the planning.
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