Being a transactional lawyer for physicians is never dull because the more the regulations, guidance, and laws change, the more questions everyone has. But it’s more than just getting an answer to a question and being in compliance. Doctors are feeling overly worn down and out of control, and the risks that face their practice are real. It contributes to burnout and apathy, as it’s hard enough to keep track …
You may never have created a budget. Not everyone does. For many of us in medicine, our saving so completely dwarfs our spending that we’ve never needed to use a budget. We just wing it. Why do some physicians spend so little?
Spending money is hard for many people, including physicians. After years of frugality in education and training, then funneling money into investments, planning for the future, building life for …
As a physician’s attorney focusing on physician contract review, I spend all of my professional life reviewing and negotiating physician employment agreements. In my experience, women physicians have several issues that need special attention when negotiating their physician employment agreements.
Any physician needs to be familiar with appropriate compensation through benchmarking data such as that published by the Medical Group Management Association (MGMA). However, while this may be one of several …
An excerpt from Soul in the Game: The Art of a Meaningful Life.
A rental car counter clerk had the audacity to tell me that the SUV I ordered was not available and I could only have a minivan. (I know, I can feel your blood boiling, too.) In …
With many health care systems around the world an elaborate mess, real estate can be an efficient strategy for doctors to ensure their financial future after retirement. They can benefit from long-term appreciation and tax breaks by investing in real estate.
As economies and technologies continue to evolve, many physicians have started buying real estate for investment purposes. Some doctors choose to invest their money in real estate to diversify their …
Military physicians leaving the military have several issues that should be carefully evaluated before executing a contract with a civilian employer.
First of all, the income is definitely going to be higher than the military physician salary. Much like a physician coming out of training, military physicians should ask whether the salary is fair, not if they will be making more than they currently earn. Medical Group Management Association (“MGMA”) benchmarks …
An excerpt from Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. Copyright © 2022 Ulysses Press. Reprinted with permission from Ulysses Press. New York, NY. All rights reserved.
You are going to die.
Imagine that I have walked into your hospital room …
The unpaid time between training and practice is probably the one area of planning that catches most residents and fellows off guard. Transition planning involves preparing for the financial and lifestyle changes as you transition from training to practice.
Many new decisions will need to be made during this time, such as:
…
We all know that physicians can make a good amount of money every month as their income. On the other hand, it has become increasingly apparent that the financial blunders they make at some point in their lives contribute to making things difficult while managing finances.
So, it is essential for both young as well as experienced physicians to understand the possible mistakes they have been making and how they can …
You can get a better deal paying out-of-pocket for routine medical care even if you already have coverage. Another key advantage of going self-pay for medical care is freedom of choice—since every provider takes cash, you don’t have to rely on the whims of an insurance network. You’re then free to pursue whatever doctor or facility you trust the most. That being said, keep your health plan and instead let …
Selecting a mortgage can be daunting. Understanding the mortgage terms, the total cost, estimated property taxes and insurance, and the bottom line on a month-to-month expense can be a lot to take in.
For many individuals, utilizing a mortgage to purchase a home can lead to months of underwriting, painful discovery and disclosure of financial documents, and consistently changing deadlines. This process aims to prove that due diligence is completed thoroughly …
Whether we are considering a new job or up for review at our current place of employment, there are several things we should negotiate. Many of us focus solely on salary, but there are other things we should be sure to negotiate as well:
1. Benefits and insurance. One of the first things to consider besides salary is benefits. For physicians and other young professionals with college degrees, student loan forgiveness …
I have never known a doctor who wasn’t interested in bringing more money into their home. There are so many reasons for this that can range from paying off large loans to the costs of having children (nannies, sitters, private schools, college, weddings, etc.) to the growing sense that your employer undervalues you.
Regardless of your reason, most of you will attempt to fill this void by working harder or by …
ADVERTISEMENT
This article is sponsored by Masterworks, the art investment platform.
Physicians face a dilemma.
U.S. physicians make $237,000 a year on average. That’s 4x more than most Americans. Very impressive if you ask me. But despite high earners, they still rarely achieve early retirement.
In fact, physicians usually retire …
If you have never heard the term “financial infidelity,” it doesn’t mean you don’t know what it is. In fact, according to a recent creditcards.com survey, 32 percent of respondents have financially cheated on their partners. Both finances and cheating can be complex subjects to discuss, even with and, sometimes especially with, those closest to you. Not surprisingly, this topic is pertinent to physicians and dentists because they tend to …
These are my views and should not be construed as investment advice.
If you’ve tuned into the news over the last year, you’ve probably heard of people spending millions on digital JPGs, or people acquiring these digital images and then “flipping” them for a profit. Many of my friends made six-figure profits last year by speculating on digital NFTs, though I don’t recommend it.
You’ve probably heard of terms …
ADVERTISEMENT
There are so many paths to financial freedom. It does not matter if it’s starting another business, investing in real estate, or saving in your 401(k). You will reach financial independence as a physician if you save and invest. The most crucial factor in achieving financial independence is consistency.
While chatting with a physician client of mine recently, an important topic came up that she hadn’t really asked about previously. My client is in her late 40s and is currently single with no plans of getting married. She’s the only child of her aged parents, and after working as a physician for over 15 years, she has become financially successful enough to slow her career down a bit. Her …
It’s 2022, and many of us want this year to be better than last year. Instead of just hoping this happens, let’s make some realistic goals and put steps in place to achieve them. Here are some of my 2022 goals:
1. Continue to invest at least 10 percent of my salary in retirement accounts. Investing money gives me the opportunity to allow my money to grow. Because of inflation (the …
ADVERTISEMENT
As an attorney who negotiates physician employment agreements with hospitals on a daily basis, I have developed a healthy skepticism about mindset of hospital executives. It is painfully obvious that most executives in our hospital systems have a business school mindset, that views physicians as necessary (albeit expendable) cogs in the magnificent machine that is the hospital.
Executives can hardly be blamed for this attitude. Physicians will always …
Get free updates delivered free to your inbox.
