March Risk Tip

Have you ever considered what might happen to your practice and records if you suddenly became ill or died? Thinking about illness, disability, death, or other disruptions in your work can be very uncomfortable. Addressing some of the following issues is designed to bring you peace of mind and provide guidance to your family and friends before an emergency occurs.

• Give someone durable power of attorney to manage your affairs should you become ill or die. Determine who is going to pay your bills, deposit your checks, and manage your financial and professional affairs in the event of your incapacitation or death. Make sure your spouse has contact information for your business manager, CPA, and attorney. Designate a custodian of your medical records in the event of your inability to practice. And appoint a colleague to assume the care of your patients.
• Plan for the inevitable now, not later. A shocking number of doctors have not written a will, much less filled out the document that spells out their wishes about life support and “comfort care” in the event they no longer have the ability to make their own healthcare decisions.
• Tie up loose ends to make things easier for your survivors. If you have dependent children, name a guardian to take care of them. If your spouse or children will need financial support, consider purchasing life insurance.

How you plan — or don’t plan — ahead for both normal and unpredictable life changes can affect your patients, family members, friends, and colleagues.