Strategies to Stay Competitive as a Benefits Broker: Mastering the Doctor Market

The benefits landscape grows more complex each year, but one market segment offers exceptional opportunity: doctor groups. With a projected shortage of 124,000 doctors by 2034 and 62.8% of doctors reporting burnout symptoms, the need for specialized benefits expertise has never been greater. 

Successful brokers recognize that serving doctor groups requires more than traditional benefits knowledge. It demands deep understanding of doctors’ unique challenges, from complex income structures to specialty-specific disability needs. The most successful brokers focus on this high-value niche, building lasting relationships through education and expertise. 

This guide explores five proven strategies to help benefits brokers thrive in the doctor market. Whether you’re established in the healthcare space or looking to expand your practice, these approaches will help you deliver more value to doctor groups while growing your business. 

Let’s explore how you can transform your practice by focusing on doctors’ unique needs. 

Strategy 1: Specialize in High-Value Niches 

In today’s competitive benefits landscape, successful brokers focus on high-value niches rather than trying to serve everyone. Doctor groups represent an especially attractive specialization, offering unique opportunities for brokers who understand their specific needs and challenges. 

Why Focus on Doctor Groups? 

Doctor groups present an ideal specialization because they combine high earning potential with complex coverage needs. Doctors are the #1 buyers of individual disability insurance, demonstrating their strong understanding of income protection needs. However, many doctors face significant coverage gaps between their individual policies and traditional group coverage. 

Understanding Unique Practice Dynamics 

Doctor groups differ significantly from typical professional practices. Most doctors work 50-59 hours per week, far exceeding the traditional 40-hour workweek. They perform physically demanding work in a professional setting, combining blue-collar physical risks with white-collar income levels. Additionally, in the United States, there are more specialist physicians than primary care physicians, often with complex compensation structures that include salary, bonuses, and practice ownership income. 

Building Deep Relationships 

Specializing in doctor groups allows brokers to develop expertise that generic brokers can’t match. By understanding specific challenges like: 

• Complex income structures where ownership can represent over 50% of income 

• The impact of specialty-specific CPT codes on disability definitions 

• Unique risks from infectious disease exposure and physical demands 

This specialized knowledge transforms your role from product vendor to trusted advisor. 

Action Steps for Brokers 

To succeed in this niche: 

• Study the unique aspects of doctor group practices in your area 

• Learn the specific disability risks associated with different medical specialties 

• Understand how traditional group LTD policies often fall short for doctors 

• Build relationships with carriers who specialize in doctor coverage 

By focusing on doctor groups, brokers position themselves to serve a growing market with sophisticated insurance needs and the resources to pay for proper coverage. 

Strategy 2: Build Long-term Relationships Through Education 

Successful brokers understand that selling to doctor groups requires more than product knowledge. Doctors value education and detail, making them ideal clients for brokers who invest in knowledge-based relationships. 

Moving Beyond the Transaction 

Doctors approach insurance decisions differently than other professionals. They’re skeptical of insurance companies and want to see the fine print in their policies. Instead of focusing on quick sales, successful brokers: 

• Take time to explain policy details 

• Highlight specific coverage features that matter to doctors 

• Address common misconceptions about group LTD coverage 

• Demonstrate understanding of doctors’ unique income protection needs 

Master the Complex Details 

Doctors appreciate brokers who understand the nuances of their coverage needs. Key areas to master include: 

• How traditional LTD policies treat ownership income during disability claims 

• The impact of “maximum capacity” language on benefit payments 

• Why the standard 40-hour workweek definition doesn’t fit doctor groups 

• How CPT codes affect disability definitions 

Create Valuable Educational Resources 

Develop resources that address doctors’ specific concerns: 

• Coverage comparison guides showing gaps between individual and group coverage 

• Case studies demonstrating real claims scenarios 

• Practice-specific risk assessments 

• Educational sessions for practice managers and key decision makers 

Build Trust Through Expertise 

Start conversations that demonstrate your understanding of doctor-specific challenges. For example: 

• “How does your current LTD policy account for ownership income that you would still receive if disabled?” 

• “Does your policy consider the specific procedures you perform when defining disability?” 

• “How would your current coverage respond to an infectious disease claim?” 

These questions open meaningful discussions about coverage gaps many doctors don’t realize exist. 

Long-term Success Through Education 

When you position yourself as an educator rather than just a seller, you: 

• Build stronger relationships with practice decision-makers 

• Generate referrals from doctors who value your expertise 

• Create opportunities for ongoing coverage reviews 

• Establish yourself as a trusted advisor rather than a vendor 

Remember: Doctors invest years in specialized training and expect similar dedication to expertise from their advisors. By committing to education-based relationships, you demonstrate value that extends far beyond policy premiums. 

Strategy 3: Stay Ahead of Healthcare Industry Trends 

Understanding healthcare industry trends helps brokers anticipate doctors’ changing coverage needs and position themselves as informed advisors. Current trends create both challenges and opportunities for brokers serving the doctor market. 

The Growing Doctor Shortage 

The Association of American Medical Colleges projects a shortage of up to 124,000 doctors by 2034. This shortage affects the market in several ways: 

• Doctors gain more negotiating power for benefits 

• Healthcare employers need better benefits packages to attract talent 

• Practice groups must protect their existing doctors 

• Coverage becomes more critical as workloads increase 

The Burnout Crisis 

With 62.8% of doctors reporting burnout symptoms, mental health coverage has become crucial. Smart brokers understand: 

• The importance of per-occurrence mental health coverage versus lifetime limits 

• How burnout affects disability claims 

• Why self-reported condition coverage matters 

• The value of voluntary rehabilitation options 

Evolving Practice Models 

Today’s healthcare landscape continues to change how doctors work and earn income: 

• More doctors combine private practice with hospital privileges 

• Partnership tracks affect income protection needs 

• Multiple income sources require sophisticated coverage solutions 

• Remote care options create new risk considerations 

Compensation Complexity 

Modern doctor compensation often includes: 

• Base salary 

• Production-based pay 

• Partnership income 

• Bonus structures 

• Profit sharing 

Each income source needs protection, yet traditional LTD policies often miss crucial components. Understanding these structures helps brokers identify coverage gaps and recommend appropriate solutions. 

Using Trends in Client Conversations 

Transform industry knowledge into meaningful client discussions: 

• Share relevant statistics about doctor shortages in their specialty 

• Discuss how burnout affects their practice and coverage needs 

• Review how their practice model impacts disability protection 

• Explore gaps in their current coverage based on compensation structure 

Looking Ahead 

Successful brokers: 

• Subscribe to healthcare industry publications 

• Follow medical practice management trends 

• Monitor changes in healthcare delivery models 

• Stay informed about doctor compensation trends 

This knowledge helps you anticipate needs, suggest proactive solutions, and position yourself as a valuable resource for doctor groups. 

Strategy 4: Master Doctors’ Unique Income Protection Needs 

Doctors’ income protection needs differ significantly from other professionals. Understanding these unique requirements helps brokers provide more valuable solutions and identify often-overlooked coverage gaps. 

Complex Income Sources 

Doctors often receive income from multiple sources, each requiring specific protection: 

• Base salary from their practice or hospital 

• Production-based compensation 

• Partnership distributions 

• Bonus structures 

• Profit sharing from practice ownership 

Many traditional LTD policies only protect base salary, leaving significant income exposed. Ownership income can represent over 50% of a practice partner’s income, yet some group LTD carriers reduce benefits if this income continues during disability. 

Common Coverage Gaps 

Standard group LTD policies often create unexpected gaps: 

• Inadequate coverage for high earners 

• Reduced benefits due to continued ownership income 

• Insufficient protection for specialty procedures 

• Limited coverage for infectious disease exposure 

• Restrictive definitions of disability 

Most doctors purchase individual disability insurance (IDI) early in their careers. However, as their income grows, this coverage often falls short. A policy that initially covered 60% of a $200,000 income may only cover 24% when income reaches $500,000. 

Specialty-Specific Protection 

Different medical specialties face unique risks: 

• Surgeons need protection for specific procedures 

• Emergency medicine doctors face higher infectious disease risks 

• Specialists often have higher incomes requiring additional coverage 

• Practice owners need protection for both clinical and management duties 

Successful brokers understand how CPT codes define disability for different specialties and ensure coverage aligns with actual procedures performed. 

Solutions for Complex Needs 

Address doctors’ unique needs with comprehensive solutions: 

• Layer individual, group, and high-limit coverage 

• Ensure “own occupation” definitions match specialty practice 

• Protect against partial disability based on procedure limitations 

• Consider supplemental coverage for high earners 

• Review retirement protection options 

Key Policy Features 

Look for coverage that includes: 

• No mandatory rehabilitation requirements 

• No self-reported condition limitations 

• Protection for specialty-specific procedures 

• Appropriate handling of lagged income 

• Coverage without “maximum capacity” restrictions 

Building Better Protection 

Help doctors evaluate their coverage by: 

• Analyzing all income sources 

• Reviewing current individual and group coverage 

• Identifying specialty-specific risks 

• Calculating true income replacement needs 

• Recommending appropriate coverage combinations 

Remember: Doctors invest heavily in their education and skills. They need income protection that matches their investment and unique practice requirements. 

Strategy 5: Create Value Through Strategic Carrier Partnerships 

Success in the doctor market requires more than just product knowledge—it demands partnerships with carriers who truly understand doctors’ needs. The right carrier partnership transforms your ability to serve doctor groups effectively. 

Why Generic LTD Products Fall Short 

Traditional group LTD policies often miss crucial doctor-specific needs: 

• Fail to properly address ownership income 

• Use restrictive “maximum capacity” language 

• Apply limiting 40-hour workweek definitions 

• Include mandatory rehabilitation requirements 

• Restrict coverage for self-reported conditions 

• Impose lifetime limits on mental health coverage 

The Power of Specialized Coverage 

Doctor-focused coverage provides essential features: 

• Disability definitions based on actual CPT codes 

• Protection for ownership income 

• Coverage for procedures specific to each specialty 

• Per-occurrence mental health provisions 

• No mandatory rehabilitation requirements 

• Proper handling of lagged income 

Finding the Right Partner 

MGIS’s Disability Guard for Doctors™ combines the best features of individual disability insurance with the cost and underwriting advantages of group coverage. This unique solution: 

• Protects all income sources 

• Uses CPT codes to define disability 

• Provides coverage without “maximum capacity” restrictions 

• Includes per-occurrence mental health coverage 

• Offers voluntary rehabilitation options 

• Addresses practice ownership concerns 

Benefits of Doctor-Focused Partnership 

Working with a specialized carrier like MGIS helps you: 

• Access expert support for complex cases 

• Provide solutions other brokers can’t offer 

• Build credibility with doctor groups 

• Deliver better claims outcomes 

• Protect more doctors comprehensively 

Taking Action 

To leverage strategic partnerships effectively: 

• Learn about specialized coverage features 

• Understand how doctor-focused policies differ 

• Build relationships with carrier experts 

• Use carrier resources for education and sales 

• Stay updated on new coverage solutions 

Remember: Your carrier partnership choices directly affect your ability to serve doctor groups. Choose partners who understand doctors’ unique needs and provide specialized solutions to match. 

Conclusion: Your Next Steps 

The doctor market presents a significant opportunity for brokers who commit to specialization, education, and partnership with the right carrier. By implementing these five strategies—specializing in doctor groups, building educational relationships, staying ahead of trends, mastering income protection needs, and partnering with doctor-focused carriers—you position yourself to succeed in this growing market. 

MGIS stands ready to help you serve doctor groups with specialized solutions like Disability Guard for Doctors™. Our expertise in the doctor market, combined with your commitment to excellence, creates a powerful partnership for success. 

Ready to learn more about serving the doctor market? Contact MGIS today to discover how we can help you grow your practice with doctor groups.