Physicians writing on KevinMD about their own money and the business of practice: student loans and forgiveness, disability and life insurance, index funds and retirement accounts, whether to hire an advisor, financial independence and retiring early, side income and real estate, contracts and negotiation, selling a practice to private equity, and leaving insurance for direct primary care. Three maintained records draw on this archive: Physician personal finance: what physicians say about their own money, in their own words, Private equity and corporate medicine: what physicians say, in their own words, and Direct primary care: what physicians say, in their own words.
“You’re a doctor; focus on being a doctor.”
This piece of advice was recently given to me by my own father, in regards to my multiple ambitions outside of the medical field. He himself only recently retired from a long career as a surgeon, so his opinion is the result of years of experience.
His advice got me thinking.
What makes for career longevity in our field? Statistics show that more than half …
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For a long, happy career, be more than just a doctor
In an era of increasing transparency in medicine, the Centers for Medicare & Medicaid Services (CMS) has been publishing data annually on payments to individual physicians since 2014. The database, officially called the Medicare Provider Utilization and Payment Data: Physician and Other Supplier Public Use File, has been a window (albeit a cracked and opaque window) into the practice patterns and reimbursement of individual physicians.
It includes most payments for services …
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Compare your own practice patterns to the national average. Here’s how.
There is a lot of talk on the web about having an emergency fund. Typically this is three to six months of expenses. Some would argue to keep three to six times bare bones expenses, and others would argue to keep three to six times the average amount you spend on expenses. Having an emergency fund makes sense to cover life’s unexpected occurrences. What could these be? Well, the biggest …
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Do doctors need an emergency fund?
This is a tough post to write. I struggle with this issue daily. Is it OK for a physician to retire early? The obvious answer is: yes. Each individual should live their life as they see fit. But with a continued shortage of physicians (granted this is more in rural areas and not big metropolitan cities), and the time, money and resources required for training physicians, is it selfish to …
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Is it OK for a physician to retire early?
I get on the phone with a physician. She is stressed. Her tone is exasperated. Her frustration has been building and building. I hear the stress in her words.
She feels like she has been juggling ball after ball after ball. Living her circus of a life. Taking care of her patients. Pulling extra shifts and doing locums.
Somehow, fitting in a little bit of time when she can for her caring …
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Am I using money, or is money using me?
I feel privileged to be practicing medicine. Many people consider doctor careers and imagine how great it may be. Is it the right thing for you? Yes there are days of frustration, exhaustion, and utter defeat, but at the end of the day I home and know that I helped at least one person if not two from the 16 I meet.
The fact that I alleviated one individual’s anxiety or …
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10 reasons why being a doctor is a privilege
Recently, I had the privilege of presenting the Clinical Specialty Award for General Surgery at the 2017 Graduate Awards Celebration at Western University of Health Sciences College of Osteopathic Medicine of the Pacific (COMP-NW). It was amazing to hear all the accomplishments and meet so many wonderful new doctors in this year’s class. I also got the opportunity to meet a few proud parents and professors.
The list of accomplishments of …
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In this world of burnout, doctors have to remember why they do this
In honor of everyone graduating and moving on to the next step, let’s talk about money. And by money — I mean debt because new doctors don’t have any money! All we have are bills to pay!
I am the one who does the finances in our household. It really happened by accident. My husband was deployed shortly after we got married, so all daily responsibilities were de facto handed off …
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Don’t just learn about medicine. Educate yourself about money, too.
My cousin visited me in sunny Cali this past weekend. She lives a life that many in the medical community can appreciate: a stable and successful job for many years, but burnt out. She then decided to take six months to work on her writing and try establishing herself through various pursuits. While successful in some ways, she decided she needed a more stable position. So she found a job, …
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4 ways to take a break from your career
There has been much talk over the years about resident work hours. How long is a safe shift? With safety being considered for both the patient and the resident. But no one ever discusses attending work hours. If putting in a 24-hour shift is bad for a resident, isn’t it bad for an attending as well? When I was working in critical access hospitals, I usually was on call for …
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Other jobs have strict rules on hours worked. So should doctors.
D.J. is a 55 year-old woman with recently diagnosed early-stage left-sided breast cancer. She just had a lumpectomy to remove the tumor, and now has to decide whether to undergo chemotherapy after surgery. Her oncologist carefully discusses the clinical and pathologic data about her tumor, in terms D.J. can understand. She discusses the risks, benefits, and side effects of chemotherapy, and recommends treatment. D.J., having learned about the risks and …
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Doctors need to become informed physician investors
Are you a medical resident or fellow? Do you have a family to provide for? Do you feel that your biweekly paycheck is not quite enough to justify the hard work you put in? Luckily for you, your program offers the great benefit of “moonlighting.” Should you take advantage? Here are some of my thoughts on the matter.
What is moonlighting?
Like so many other things we take for granted in medicine, …
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The pros and cons of moonlighting for medical trainees
Despite above average intelligence and work ethic, the average physician is an absolute imbecile when it comes to the topics of personal finance, investing, and business. The lack of expertise on these critical life topics is having a dramatic effect not only on the financial lives of physicians but also their rates of burnout and thus their patient care. In past decades, by virtue of their above average income, a …
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Physicians are financially illiterate and it’s time for that to change
Debt is destroying the lives of doctors everywhere. The cost of getting an education has moved into the ridiculous range. Many doctors are now starting their practice so far in the hole, that they do not see the way out.
I would not have been able to start on my debt-free journey (I peaked at more than $600,000) if I had not developed a new attitude toward debt. Putting debt into …
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Debt should have an ICD-10 code
Who Retires at 30 to 35?
Retiring after a career of zero or a few years may sound ludicrous, but there are a few scenarios that are not so far-fetched.
The stay-at-home spouse. A handful of physicians complete residency, but never pursue employment, often choosing to start a family instead. I know one physician who made this choice at age 29, actually.
The suddenly wealthy. A large windfall at the beginning of one’s …
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Who are the physicians that retire early?
Most physicians, including me, would fall into the category of type A personalities, always on the go with a constant need to be productive. We cram every minute of the day with productivity and leave little time in our schedule for fun and recreation. Even type A personalities need a break from working to recharge their personal batteries. How often have you been packing for a vacation and included work …
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If you use your vacation time to work, what is the point of the vacation?
If you stay in medicine long enough, you will encounter physicians who seem to care more about the paycheck than the patient in front of them: think Dr. Farid Fata. You may find those colleagues revolting; I know I did. I despised these physicians and felt nauseated even to be in the same room as them. But as time went on, I realized that almost nobody starts a career …
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Some doctors do it for the money. Here are some reasons why.
As a physician who is planning an early retirement, and is writing about the topic often, I find that retirement is frequently on my mind. It’s not difficult to articulate my desire for an early retirement. I crave the freedom and time with my family. I look forward to restful nights free from the threat of the loathsome pager. Another round of MOC is not for me, and I’m ready …
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When this doctor retires early, here are 4 things he’ll miss
What is your dream job? It’s the one you would do every day even if no one paid you. When you find it, you never really go to work each day, you go and play. If that is the kind of joy received from working, then burnout will likely be a long way out of reach. Are there any jobs like that out there for doctors? Yes, there are. But …
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When looking for a physician job, salary is the least important factor
I would like to discuss how I achieved financial independence at age 39, and how it allows me the freedom to practice medicine in a way that keeps me happy.
Financial independence is defined as having enough money saved and invested in a way that would allow you to quit gainful employment and continue your present standard of living. The math, based on a 4 percent withdrawal rate, requires you to have …
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How this doctor achieved financial independence at age 39
