Having your medical license revoked by the Office of Professional Medical Conduct (OPMC) or Office of Professional Discipline (OPD) may negatively impact your reputation within the New York State medical community. What is arguably just as bad, though, is that the loss of your medical license may cause you to take a great financial hit. Follow along to find out the financial impact of losing your medical license and how one of the proficient New York physician defense lawyers at Walker Medical Law Can help you get back on your feet.
What is the financial impact of losing my medical license?
There is no denying that the loss of your medical license directly correlates to the loss of your main source of income. This comes with greatly negative financial implications. Examples may include, but may not be limited to the following:
- You may now financially struggle to pay off your outstanding student loans from your medical schooling.
- You may now struggle to financially support your dependents or fulfill your child support/alimony orders.
- You may now be financially obligated to pay fines from a guilty verdict in a criminal case filed against you.
- You may now be financially obligated to compensate a plaintiff in a medical malpractice claim filed against you.
- You may be financially obligated to pay for continuing medical education courses once you can reinstate your license.
- You may struggle to find future employment within the New York State medical field once you can restore your license.
How can I soften the financial blow of my lost medical license?
It can be argued that, in some cases, it is better to plead guilty and negotiate a settlement agreement with the OPMC or OPD rather than fight to prove that you are not guilty of medical misconduct.
If you claim that you are not guilty but the OPMC or OPD Board ultimately rules that you are guilty, the loss of your medical license may be almost guaranteed. This means that the financial blow may be all the more devastating for you, with having to face any or all of the struggles mentioned above.
But if you admit you are guilty from the jump, your repercussions may be minimized to receiving a censure, a letter of reprimand, or a fine. This means that you may negotiate for your right to continue practicing. But also, you may negotiate your right to stay on the provider’s list for the Health Maintenance Organization, Medicare, and Medicaid, stay off or probation, and stay away from a practice monitor, among other things.
In conclusion, as soon as you receive a letter from the OPMC or OPD, you must retain the services of one of the talented New York physician defense lawyers. Contact our Walker Medical Law office today.
