“Golden handcuffs” are used to create a financial incentive to keep valuable employees on the payroll. If your job is to manage the practice, and you want a set of “golden handcuffs” for yourself, here’s a way to persuade your employer, the practice owners, to give you a financial reward with money being spent on something else.

It can happen when you show the owners how to turn an existing expense into an asset.

Among the many benefits of a Captive Insurance Company (CIC) for a medical practice, is the ability to turn an existing expense into a financial reward for the practice owner and, if you do it right and they agree, for you too.

Across the country, millions of dollars are spent by medical professionals on annual premiums for medical malpractice insurance. It’s seen as a necessary expense, just like rent, or mortgage payments; and it’s become almost invisible.

There is now a way for you to convert some of those premiums into a set of golden handcuffs. It’s a creative way to have the same insurance coverage, yet cause the dollars spent to be multi-tasked and provide a suplemental retirement benefit.

If you are a practice manager, you should pay attention to this idea.

In virtually every privately owned medical practice, dollars leave the practice as insurance premiums and are gone forever. But there is now a way for you, the practice manager, to redirect some of those premiums so they come back to the practice owners, and you.

Professional liability coverage, purchased from Physicians Benefits Resources Risk Retention Group (PBRRRG), provides a unique feature in that the insureds who experience few or no claims are rewarded financially for practicing good medicine. Think about this; how often has your current insurance company offered to return 50% or more of your premiums for having few or no claims?

And if you are the practice manager, there is a way for you to participate in this process and give yourself a set of Golden Hancuffs by helping your practice limit claims. Does your car insurance send you refunds if you don’t have an accident? Does your home owners insurance company send money back when you don’t file a claim? We do.

Please watch The Six Minute Solution to get a quick understanding how this works. Click on this image and you’ll discover something new and unique.