Profile
- Southeastern Medical
- 15 surgeons, specializing in general, orthopedic, thoracic, urology
- 23 staff, including nurse practitioners, janitors, etc
Problem
- Medical Malpractice insurance
- Premium after malpractice suit went up by $1 million/year
Solution
- Company contacted UA Healthcare to find better coverage and see what other options are available
- UA Healthcare, with their partners, helped replace their insurance and saved $350,000/year
Additional Solution
While visiting with the managing physician, we discussed other needs of the practice, the physicians and the professional staff. The practice's 401(k) plan has been severely depleted by a 40% reduction in value, and the practice was looking for an alternative. The highly compensated physicians preferred to have their share in the 401(k) separately managed, and because of the size of their individual investments, we were able to significantly increase the up-side potential for many of the physicians. We restructured the investments for the rank and file members, driving down cost and driving up total return.
Many of the physicians had concerns about adjustable rate mortgage loans on their personal residences. We were able to secure low interest rate/fixed interest rate loans for those that required them.
We have established and currently are working through each individual physician developing sophisticated financial plans, updated wills, trusts, and tax-deferring estate programs.
Due to the time constraints of these very active surgeons, nine have chosen to participate in the UA Family business office. UA Healthcare was able to refinance three yachts, two personal air crafts, and other personal assets. Annual meetings with each physician have been established and will be scheduled out on a quarterly basis, as needed. Each physician participant has a dedicated family business officer assigned to their relationship.