You are an integrative health practitioner, an acupuncturist, a yoga instructor, a massage therapist, naturopath, or health coach. You help others, and are an expert in your field, having studied and worked hard to develop your practice. However, a practice involves business know-how. Entrepreneurs, Cynthia Pasciuto of True North Business Consulting and Laura Greer of Mandala Services have formed the Institute of Integrative Business Studies to provide online business education to health and wellness practitioners.
Cynthia and Laura are not newcomers to the health and wellness field. Cynthia has taught at the local acupuncture school along with teaching at the undergraduate level. Laura has helped practitioners start, grow and manage thriving health and wellness practicices, has worked for yoga studios and has been a yoga instructor for over ten years. They both noticed there was a need for business knowledge often being asked for advice on social media, marketing, management and legal assistance. They wanted the health and wellness practitioners to succeed.
The Institute of Integrative Business Studies℠ is launching The Integrative Business Program℠, a series of online seminars aimed at helping integrative health practitioners learn what it takes to start, maintain and grow a successful practice. The objective of the Integrative Business Program℠ is to educate integrative health practitioners in order to improve their chances for success and to increase the accessibility of qualified practitioners available to the consumer. The program teaches participants crucial business and practice management principles in the areas of Patient & Clinical Management, Marketing & Public Relations, Accounting, Insurance and Finance, and Business Law.

The Integrative Business Program℠ consists of a number of courses that run for a length of -6 weeks each. Weekly online sessions are 1 hour in length and each course is taught by an expert in the topic.

Courses start in September. Sign up today for a free introductory webinar on Tuesday, August 30th- Jumpstart Your Business: Top Ten Things You Need to Know! Sign up for the free webinar at http://www.integrativebusinessstudies.com/jumpstart

The Institute of Integrative Business Studies℠, where holistic health and business practices meet, is sponsored by the Acupuncture & Oriental Medicine Association of Massachusetts and The National Institute of Whole Health.

More information at http://www.integrativebusinessstudies.com or
Contact: inquire@integrativebusinessstudies.com

As an attorney I understand the importance of law, especially when it comes to protecting businesses. Contracts are needed and some thought to the creation of a business entity. But there is another level that often goes ignored and is just as important as the legal aspect of your business. Do not forget about insurance protection.

Insurance protection comes in many forms. First, when you are unable to legally contract away your risk, insurance is what fills in the gap. One the most important types of insurance is malpractice. Malpractice insurance provides coverage when you are working in your profession. Should one of your clients have an adverse reaction, then you do not have to pay out-of-pocket. You would have insurance coverage.

Some other the types of insurance you want to think about is property coverage—insuring what you use in your business in case of a loss. There is also liability coverage, separate from malpractice, which has to do with someone injuring themselves on your premises.

We can group together life, accident and health insurance since these are for yourself and not necessarily your business. Should something happen to you and you are the sole practitioner, then life insurance may be a product that can help your beneficiaries after you are gone. Also think about accident or disability insurance—if something happens to your hands, your legs, then how will you be able to work? How will that time off effect your business? Disability coverage could help. Lastly health insurance is good to look into and be informed about coverage and cost.

True North Business Consulting provides legal coaching and thinks about the impact of insurance on your business decisions.

Welcome to TrueNorth Business Consulting presentation of a Business Makeover. Each month will feature an idea that can help your business. True North focuses on helping health and wellness practitioners to maintain and grow their business using the areas of law, marketing, insurance and project management.
Health insurance is a hot topic, as the President tries to press forward on Universal Health Care. Universal health care is healthcare coverage for all eligible residents of a country, which covers medical, dental and mental health. In most countries is it paid for by the public in the form of taxes. The United States does not have this type of system for all its citizens. Medicare gives health insurance benefits, under age 65 with certain disabilities and to those with End-Stage Renal Disease. To understand the topic, there needs to be a discussion of the basics of health insurance.

At least 15% of people in the United States are uninsured. Those that are insured, who are not Medicare participants have one of the three basic types of health plans:

• Health Maintenance Organizations: HMO Plans pay for your coverage in advance, rather than paying for each health-related service separately. For the price of a monthly premium, your HMO will offer you a range of benefits from preventative care to dental or vision coverage. You choose a primary care physician and will need referrals to specialists. You pay a co-payment for each visit.
• Preferred Provider Organizations: PPO Plans negotiate lower overall fee arrangements with an assortment of doctors, hospitals, clinics, and other health providers. Your cost-sharing rate will be lower in-network than out, but you still have the freedom to step out of the network for treatment if you prefer.
• Fee-for-Service Plans (Indemnity): This plan reimburses medical providers for each service received on a case-by-case basis. A Fee-for-Service plan requires payment of an annual deductible before it begins to reimburse the insured for covered services. It also gives family members the freedom choose doctors, hospitals, and clinics.
The problem with these plans is the cost and coverage. The deductibles that need to be met prior to the insurance becoming effective can be high as a cost cutting technique. It is not unheard of for a deductible to $4,000 to $6,000. In an average year most individuals and families will not meet that threshold, therefore paying their medical expenses out of pocket.
The other issue is that most employers do not cover health insurance fully. A percentage is taken out of each paycheck. This lessens the take home pay.
Then there is the 15% that do not have insurance. Prior to Massachusetts making health insurance a requirement, it like New Jersey required the hospitals to take in charity cases. Currently in Massachusetts with some exceptions, individuals who cannot show proof of health insurance coverage that meets the standard of minimum creditable coverage by Dec. 31, 2007, will lose their personal income tax exemption when filing their 2007 income taxes. Failure to meet the individual mandate in 2008 will result in a fine for each month the individual does not have coverage. The fine will equal 50 percent of the least costly available insurance premium that meets the standard for minimum creditable coverage. Other states do not have any system, leaving the uninsured to navigate.

The uninsured can be further broken down by those who are employed, but their employers are not required by state law to provide any health insurance as a benefit; the unemployed; and those that have pre-existing conditions which make them uninsurable.

Universal health care may or may not be the answer. There are multi-level issues, which need a multi-level approach. When looking at this complicated issue, discussions should focus on how to lower healthcare cost, retain quality, lower deductibles and decrease the cost of health insurance.

Insuring Your Risk
by Cynthia Pasciuto

Welcome to TrueNorth Business Consulting’s presentation of a Business Makeover. Each month will feature an idea that can help your business as featured on Diva Toolbox Radio. True North focuses on helping health and wellness practitioners to maintain and grow their business using the areas of business law, marketing, insurance and project management.

What is insurance?

Insurance provides risk management where the person purchasing the insurance or paying premiums transfers the cost of a potential loss to an insurance company. One might think in a business such as health and wellness practice that there are limited risks or only the rare occasion of malpractice. However, risk from the point of view of clients is very different and very much a reality.

What are the risks I need to protect from?

I have a quick analysis for you. Identify everything that can possibly happen from the instant your clients enter the front door of your office or space until some time well after they leave. For example:

• Trips and falls
• Injuries or ailments from what you did

Then you want to do the same, but from your perspective. What could you possibly lose?

• Fire loss
• Stolen items
• Disability
• Sickness

Insurance provides you will strategies to deal with all foreseeable scenarios.

What types of insurance should I get?

First, sometimes you are able to contract your risk away with another party taking the risk for you. They would be willing to pay out, but if that is not the case then insurance is an essential and cost-effective way to protect yourself and your business.

Looking back on the foreseeable scenarios—ones we can guess could happen. This is where you want to ignore all the crazy stories you have heard about from other people in your same line of work. This will focus on the common types of losses.

• Trips and falls in addition to fire loss and stolen items are covered under a Business Owners Policy, which covers your liability and property. This is in regards to your premises only.
• Injuries or ailments from what you did are covered under a malpractice or errors and omissions policy. This covers you in regards to your profession.
• There are disability policies and also health insurance to provide coverage for yourself.

Exclusions

I have heard countless stories from clients that they had insurance, but didn’t realize their loss was not covered because it was excluded on the policy. An exclusion is a person or incident that is not covered under your insurance policy, meaning the insurance company will not pay.

The exclusions need to be reviewed with the utmost case. This section varies from one insurance company to the next and could be the determining factor when choosing an insurer (an insurance company). You want to make sure you are not violating the insurance company’s guidelines.

Insurance can help you and your business. It may just seem like an expense that you will never use. I hope so! In the meantime though you will have peace of mind and don’t forget you can advertise that you are insured to make you stand out from other businesses that are not.