<physicians advantage>
  • physicians advantage
  • physicians advantage
  • physicians advantage
  • physicians advantage
  • physicians advantage
  • physicians advantage

1. What is CAPS+?
CAPS+ is an acronym for Comprehensive Asset Protection Solutions. The CAPS+ program assembles an integrated team of experienced attorneys, accountants and financial professionals. CAPS+ is an educational process that consists of all facets of financial planning, including tax reduction, business and estate planning with a strong emphasis on asset protection.
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2. Why CAPS+? Why now?

Physicians today face increasing risks of liability and, unfortunately, are not able to obtain adequate insurance coverage. An average medical malpractice settlement or judgment is over $500,000, and the majority of physicians in Florida carry the minimum coverage of $250,000/$750,000. Therefore, in the event of an excess judgment, physicians face the risk of losing personal assets. This problem is further magnified by an ever-increasing standard-of-care benchmark and ever-increasing third-party payer cutbacks. Physicians are working harder than ever, yet are making less, while being exposed to potentially devastating risks of liability.

Today, being a good physician is just not good enough. With that said, the Florida Medical Association (FMA) is continually addressing these issues and fighting for physicians from a legislative standpoint. However, the FMA wanted to create a program in which physicians could take individual action to protect themselves and their families without being dependent upon the legislative process. Our answer to that directive is CAPS+.
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3. What makes Physicians Advantage different than anyone else offering “asset protection”?

One of the main differences is that Physicians Advantage recognizes that no single advisor can address all of the necessary components to obtain satisfactory planning. Instead, the physician needs a team of advisors that is able to work on an integrated basis on behalf of the physician with a cross-disciplinary approach. Physicians Advantage has assembled a team of attorneys, accountants and financial profesionals who are recognized experts in their respective fields. We have negotiated terms to make this team financially accessible to the physician within the CAPS+ program. In addition, Physicians Advantage provides management and oversight to assure the physician is getting a total, truly integrated solution.
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4. How long does the planning take once someone joins the CAPS+ program?
It all depends upon the complexity of the physician’s individual situation and the commitment to the process. Typically, a physician should be able to complete the initial palnning process, including implementation of all asset protection strategies, within six to nine months.
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5. I have noticed that one of the components of CAPS+ is a compliance audit completed on my pension and profit-sharing plan every year. Why is that necessary?
Most physicians have significant assets in these types of plans, which are protected under federal laws and regulations. But the plans must be administered correctly within the law and according to the plan’s document. Unfortunately, about seventy percent of the plans that have been audited through the CAPS+ program have failed to meet these requirements. Not only is a “non-compliant” plan subject to creditors, it also creates serious potential tax liabilities.
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6. I have already done some domestic planning. Do I still need CAPS+?
Many physicians have done some planning, but most have not had anyone examine their entire financial situation to ensure that their planning has been properly integrated. Moreover, we have found that many physicians may have engaged in some aspects of asset protection planning without considering how this planning may affect their estate planning and financial planning. CAPS+ addresses these issues by reviewing the planning to ensure that it has been done correctly and then makes recommendations on how to improve upon this initial planning by integrating the collective expertise of a team of advisors.
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7. At what point should a physician consider joining the CAPS+ program?

The CAPS+ program was designed to respond to the issues that face a physician throughout his or her practice, from leaving residency to joining a practice to starting a practice to planning for retirement. Through the CAPS+ program, we provide a range of planning services, from assisting new physicians in maximizing the financial efficiencies of their practice structures and planning for educational expenses to assisting entire practices with their business-succession and retirement plans. Because CAPS+ is a customized solution, our services are designed to meet the needs and goals of the physician at every point in his or her career.
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8. Asset protection is great and something that I definitely need. Can you help me grow what I have already accumulated?
Absolutely. CAPS+ is much more than asset protection. Although many physicians are particularly concerned about asset protection issues in today’s environment, the complexity and the comprehensiveness of the planning itself presents other opportunities such as estate and tax planning. We create a comprehensive plan for the physician that incorporates advanced financial planning strategies.
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9. What are the medical malpractice defense services offered through CAPS+?
The law firm of Rissman, Barret, Hurt, Donahue & McLain, P.A., directs this section of the program, which has proven to be one of the most important benefits for CAPS+ physicians. The attorneys at Rissman Barrett have consulted on thousands of medical malpractice cases and truly understand how these cases are actually litigated. Physicians Advantage included this defense component within CAPS+ to ensure that CAPS+ physicians receive immediate legal assistance if they receive a Notice of Intent. Rissman Barrett attorneys will ensure that CAPS+ physicians receive the benefit of any insurance they may have, and if a CAPS+ physician has no insurance, Rissman Barrett, facilitates access to accomplished defense attorneys at reduced rates. In addition, Rissman Barrett will provide the CAPS+ physician with an honest evaluation of the merits of the suit and the likely outcome.
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10. Does the CAPS+ program offer a discount to groups?
Yes, we have recently introduced a discount program for groups. We are now offering 5% off the CAPS+ initial fee for groups of two or more, 10% off for groups of five or more, 15% off for groups of ten or more, and 20% off for groups of twenty or more.
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11. What is the corporate history of Physicians Advantage?
 Physicians Advantage is a family business that builds upon the Bryan family’s eighty-year tradition of service and trust in the financial services industry. The Bryan family was one of the original founding families of publicly traded Independent Life and Accident Insurance Company of Jacksonville, Florida. Independent Life was sold to American General in 1995. The Bryan family has a history of community service, particularly with regard to health-care issues. Carter Bryan, the chairman of Physicians Advantage, has been a lifelong supporter of the American Cancer Society, having served on the National Board. Carter also currently serves on the Board of Wolfson Children’s Hospital in Jacksonville.
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12. Do I have to attend an CAPS+ Seminar to join the CAPS+ program?
No. The CAPS+ Seminars are, first and foremost, educational events, providing a comprehensive introduction to the many facets of CAPS+. Engaging in the CAPS+ process itself will provide the same education, but it will be tailored to your unique situation.
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13. I have never had a lawsuit, and I am only going to practice for a short period. Why do I need CAPS+?
You still face the risk of medical malpractice lawsuits “following” you into retirement. Moreover, malpractice risks are not the only threats you face to your assets. You also face other threats, whether in the form of non-medical malpractice suits or simply estate taxes. CAPS+ not only addresses asset protection issues, but taxation and financial-planning issues as well. If you are planning to retire in the near future, enrolling in CAPS+ will give you access to professionals who can assure that you properly plan for your retirement and the succession of your practice.
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14. I already have a pending lawsuit. Should I wait to join?
No. A pending lawsuit limits some of the planning that you can undertake during the pendency of the lawsuit so as not to run afoul of Florida’s fraudulent-transfer laws. However, the CAPS+ legal professionals will ensure that your planning takes into consideration this pending suit, and you can still benefit from engaging in the CAPS+ process.
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15. Do you think CAPS+ will help with the medical malpractice lawsuit epidemic?
We think it can. Other physicians have told us that if every physician in the state of Florida were enrolled in the CAPS+ program, this would essentially be tort reform from a grassroots level. If that were the case, then hopefully we would see fewer frivolous lawsuits being filed, because attorneys would understand that physicians are no longer easy targets.
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16. I don’t think I need all of the components of CAPS+. Can I pick and choose?
Although components of the CAPS+ program can be purchased separately, we feel strongly that successful planning must be undertaken on the integrated basis that CAPS+ provides. This way, we have the opportunity to assist physicians with comprehensive plans that best serve their interests.
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17. Should I drop or reduce my insurance coverage after joining CAPS+?
Physicians Advantage does not recommend that physicians drop their malpractice coverage or “go bare.” Obviously, if you are already bare or going bare, CAPS+ is essential. However, we feel that the choice of having coverage or going bare is a personal decision. In general, we believe that if you can afford your insurance, you should keep it. Through the CAPS+ program, our team will be happy to review your current policy and help make sure you are maximizing your insurance dollars.
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18. Do I get unlimited domestic legal work during the first year of CAPS+? Does this include wills, trusts and estate planning?
Yes. One of our goals in creating the CAPS+ program was to remove the “fear of the billable hour.” This means physicians can engage well-credentialed attorneys to undertake the complex planning necessary for the efficient protection and transfer of wealth. In the first year of the CAPS+ program, physicians receive unlimited domestic planning from our attorneys. This planning includes unlimited complex asset protection and estate planning, including the creation of FLPs, LLCs, wills, trusts, ILITs, CRTs, and other instruments.
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19. If I join CAPS+, how does it work?
Typically, within two to three days after subscribing to the CAPS+ program, you will receive your CAPS+ enrollment package. This package will include detailed information on the process and the team, as well as an explanation of the services and a detailed “fact-finder” form, which you will need to complete. During that same period of time, your personal CAPS+ Coordinator will contact you. The CAPS+ Coordinator will be your case manager and liaison to the team of CAPS+ professionals. He or she will schedule all appointments between you and the CAPS+ professionals and will guide you through the process in an organized and timely fashion.
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