36
|
Volume2 Issue4
S
upporting
Y
our
P
ractice
RiskMay Be Unavoidable…
BUT IT ISMANAGEABLE
RenataWhiteman
SeniorAdvisor
(Insurance)
CDSPIAdvisory
Services Inc.
Ms.Whiteman isa licensed
insuranceadvisoratCDSPI
AdvisoryServicesInc.,with
anexclusivefocusondental
professionals.Shecanbereached
at
1-800-561-9401ext.6806
or
fora
no-cost,no-obligationreviewof
your insuranceportfolio.
Restrictionsmayapplytoadvisoryservices
incertain jurisdictions.FinancialPlanning
AdviceandAdvisoryServicesare
providedby licensedadvisorsatCDSPI
AdvisoryServices Inc.
Canadians tend tohavemixed feelingsabout risk.On theonehand,
acceptingacertaindegreeof risk for futuregain isacknowledgedas
commendable; on theother, undertakingunnecessary riskcanbe seen
as foolhardy. Sowhat is the rightpath to travel?
Formostpeople, andbusinesses, insurance isakeymethod toprotect
againstpotential risks that couldcausefinancial hardship, or evenfinancial
ruin. In fact, insurancecoverage isonecomponent inanentirediscipline
of riskmanagement thathasevolved in recent years. Riskmanagement
principles canbeapplied toeverything from teachingakindergartenclass
to running theNASA spaceprogram. They run thegamut fromavoiding
riskentirely, tomitigating itwherepossible, toacceptingacertainamount
of riskdependingonyourpersonal circumstancesand tolerance level, to
transferring riskbyusing insurancepolicies.
If you’reapractisingdentist you’vealready takenona fair amountof risk.
You’ve investedconsiderable timeandmoney inyour education; youhave
toworryaboutmaintaininga steady streamofpatients; if you’reapractice
owner, youroverheadmaybehigh; and then there isalways the looming
threatofmalpractice suitsorother liabilities.
The following isa strategicoverviewof 4corecomponentsof risk
management andhow theymight apply todentistry (seealso
Table
➊
):
AVERSION
Peoplegenerally stayaway from situations theyfind stressful. Thosewho
areuncomfortablewith investing tend to stayaway from the stockmarket;
othersavoid fatty foods if they’reworriedaboutheartdisease, or take
public transit if they’reconcernedabout car accidents.While it’spretty
much impossible toavoid riskcompletelyasapractisingdentist, thereare
ways toavert asmuch riskaspossible. For example, youcouldpractiseas
anassociate, teach, orworkat ahospital.
REDUCTION
We lockourdoors,wear cyclinghelmets, usepasswords, install firealarms
and takecountlessothermeasures to reduce risk inourpersonal lives.
