Diagnostic Imaging, July 8, 2016
Depending on specialty and geographic area, malpractice insurance can add significant costs to running a medical practice. According to the Physicians Practice 2015 Physician Compensation Survey, the mean annual expense for malpractice coverage in a nonsurgical or obstetric specialty, was $9,697. For an obstetric or surgical specialty, this jumps to $102,678. It’s no wonder then that physicians are willing to advocate for tort reform and also seek alternative ways to protect their practices and assets from lawsuits.
Recently, Physicians Practice associate editor Erica Sprey spoke with Philip Garrett Panitz, a tax attorney based in Westlake Village, Calif., a suburb of Los Angeles, in a two-part interview. Panitz is certified by the California Bar Association as a tax specialist and represents clients in confrontations with the IRS and other taxing agencies. He has also become an expert in an area called captive insurance, which is a vehicle that allows physicians to establish their own malpractice insurance companies.