When I was growing up in the 1960s, at the height of the Cold War, there was always some smart aleck boy on the playground who had "facts" to share about the Soviets. His recitation was meant to emphasize how weird, how different, how other our arch enemies were. "They make you wear all brown and gray there." "They eat only boiled cabbage and potatoes." "They tell you what to say and think." And the zinger: "The doctors there are all women."
What a strange place indeed, where the doctors were women! So unlike what I knew. In my world, or at least in my neighborhood, the doctors were men. These included my dad and his male friends, nearly all of them M.D.s. Those who weren't surgeons or the occasional psychiatrists or obstetricians were called "medical men" – that quaint old term for those who practiced internal medicine.
In 2013, the HIPAA landscape changes for solo practitioners and medical groups alike. The final Omnibus Rule amending HIPAA and the HITECH Act (the "Mega Rule") became effective on March 26 and must be complied with beginning September 23, 2013. This means that solo practitioners and provider groups have only six months to update notices, revise privacy policies and procedures, train employees and possibly revamp systems.
As a physician, you are most likely very aware that we live in a litigious society. In fact, asset protection is often the first topic that individuals in the medical profession address with their attorney and financial advisor. If you haven't incorporated asset protection planning as part of your financial plan, your assets may be vulnerable to potential future creditors. Lawsuits, accidents and other financial risks are facts of everyday life. What can you do?