Practice Management

Why private practice doctors are vital

Physician
February 1, 2024

“The sustenance of private practice doctors, like the survival of small bakeries amidst the sprawling dominion of retail giants, nurtures a tapestry of diverse health care providers, ensuring that patients have access to a symphony of medical options in close proximity to their communities.”
– Dr. Clarissa Meadowsong, patient advocate and champion of health care diversity.

As physicians and related health care providers, we all remember the golden days of private practice. …

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Freedom to roam: Breaking down the boundaries of non-competes

Finance
January 30, 2024

Change is a constant in the medical field, and one significant shift that’s been shaking up the world of health care employment is the reform of non-compete contracts. Understanding the implications of these changes is crucial to every doctor. I believe it’s important for you to grasp what the new non-compete contract reforms mean and how they might affect your career.

During the first 15 years of my career as a …

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Should you fire back after a stealth firing?

Physician
January 26, 2024

Stealth firing is a term used to describe the cold, unexpected firing of employees by their managers and/or individuals from human resources (HR) departments – sometimes without the manager’s awareness and even after years of loyalty for some. The Bureau of Labor Statistics cannot adequately track this statistic because its definition lacks precision, but it is not uncommon in certain practice areas, such as law, tech, and financial firms. The …

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Practice permanently closed: How to avoid this costly mistake

Tech
January 23, 2024

Imagine a patient searches online for you only to discover your online business listing says your practice is permanently closed.

This recently happened to a well-respected, mid-career surgical oncologist with a loyal patient base. Opting for a new role, he joined a hospital an hour from his previous workplace. Unfortunately, his former employer managed his online business listing, marked his practice permanently closed, and offered no forwarding contact information. This made …

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Tax tips for employed doctors: the allure and hazards of safe harbors

Finance
January 16, 2024

As a dedicated professional, your work is incredibly challenging as you strive to maintain your primary focus on providing excellent patient care. Your inherent business powers that generate revenue make you a highly valued asset in the health care marketplace. This is why many large corporations have offered financial incentives for you to join their employed workforce. As a result, you can expect a predictably substantial paycheck deposited regularly into …

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Very rarely, a physician can ask for too much

Finance
January 15, 2024

For over 40 years, I have been harping on the fact that physicians rarely understand their true value when they are looking for a new position. I always advise physicians that they get 0 percent of what they don’t ask for.

In my practice, I review physician agreements and provide a letter on my law firm stationery requesting changes. I frequently need to convince physicians that they should send my letter …

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2024: Is it time to (re)negotiate your physician contract?

Finance
January 11, 2024

Most of us fall short of making New Year’s resolutions.

The reason is simple: unrealistic goals. Negotiation or renegotiation of your physician contract is attainable. Your income is paramount to financial freedom, job satisfaction, and avoiding burnout risk and stress.

Hospital or practice employment has increased among physicians. The motivations include financial stability, lower risk, steering clear of managing employees, running a business, and negotiating rates with insurers.

What do physicians look for …

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I discovered the Holy Grail for doctors

Physician
January 8, 2024

A recent post on KevinMD resonated with me, probably because I am a doctor who grew up in a rural area and returned to a small-town practice in my home county. Like the author, I experienced the suffocating grip of traditional hospital employment as it slowly drained the life out of me.

Before burnout consumed me, I took proactive steps to start a micro-corporation and transitioned …

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The doctor’s guide to dividend wealth: Building a resilient portfolio with smart investments

Finance
December 22, 2023

Dividend investing, a strategy centered on generating income through regular dividend payments, holds particular relevance for doctors aiming to build a resilient and diversified financial portfolio. In this guide, we’ll explore the benefits, risks, and tax implications of incorporating dividends into a doctor’s financial strategy.

Benefits of dividend investing for doctors

Stable income stream. Dividend-paying stocks, often from established and financially sound companies, provide a consistent and reliable income stream. For doctors, this …

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Breaking free: Health care workers pursuing purpose-driven careers

Physician
December 19, 2023

Burnout and visceral discontent are rapidly becoming the most pressing crises for modern health care professionals. The reported rates of burnout and work dissatisfaction exceed 50 percent in practically every specialty of medicine, regardless of the stage of training or career. The impact of COVID on health care professionals, and physicians in particular, is beginning to become clear. The U.S. alone lost over 100,000 physicians to retirement or other careers …

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Gathering clinician feedback at a growing practice 

Tech
December 15, 2023

Provider feedback is a powerful tool for behavioral health practices, as it is a valuable indicator of whether or not patient care is on the right track. Gathering feedback, and then acting on it, can also improve a practice’s efficiency.

Fostering an open environment, one where providers feel heard and valued improves provider retention. Provider retention is key for any behavioral health practice because when a provider leaves, there is a …

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What to put in Roth vs. traditional IRAs: It can make big differences

Finance
December 14, 2023

Before diving into the allocation strategy, let’s briefly revisit the fundamental differences between Roth and traditional IRAs.

Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals, including earnings, are tax-free.

Traditional IRA: Contributions are made with pre-tax dollars, providing an immediate tax deduction. Withdrawals, however, are subject to income tax.

Assessing current and future tax scenarios

To craft a personalized strategy, it’s crucial to evaluate the current and anticipated future tax scenarios …

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Financial considerations for dual-doctor households

Finance
December 12, 2023

Being in a dual high-income earner household — like a dual-physician or dual-dentist marriage — has unique career and family experiences. And it comes with a ton of financial assumptions.

As with most things, there are some advantages and disadvantages, both real and perceived. While individuals in these households typically enjoy mission-driven companionship, doctors face unique financial challenges during every stage of their careers.

Tax withholdings. When you have two earning spouses, …

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How to select the right mutual funds for your goals

Finance
December 10, 2023

As the year comes to an end, it’s time to start thinking about investment allocations for 2024. Many of us own mutual funds.

But how do we select the right ones for our goals?

Investing in mutual funds is a common strategy for physicians seeking diversification and professional management of their portfolios. However, with a vast array of mutual funds available, selecting the right ones can be a daunting task. To make …

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The middleman dilemma in health care

Physician
December 10, 2023

Imagine this scenario.

You’re negotiating the sale of your widget. Despite your earnest efforts, you hit a deadlock. The buyer, after consulting an expert on “fair market value” for widget prices, firmly states they won’t purchase your widget for $5.

In a new tactic, you turn away from the customer, shed your white coat, don a pair of Groucho Marx glasses, and pivot back.

“I’m the CEO of WidgetCorp. Ten bucks, take it …

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Physicians are burned out. Could entrepreneurship be a cure?

Physician
December 7, 2023

Recently, roughly 400 primary care and urgent care physicians at Allina Health System voted to unionize. In doing so, they became the largest group of unionized private-sector physicians in the country. Their decision is indicative of a hard reality of American health care–physicians are burned out.

Research shows from 2021 to 2022, 63 percent of surveyed physicians experienced at least one symptom of …

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How to sell your losing stocks to reduce taxes

Finance
December 6, 2023

Defining tax loss selling

Tax loss selling, also known as tax-loss harvesting, is a strategy employed by investors to offset capital gains and reduce their taxable income. This approach involves selling stocks or other securities that have experienced losses to counterbalance capital gains realized throughout the year. By doing so, investors aim to mitigate their tax liability and potentially improve their after-tax returns.

Mechanics of tax loss selling

Identifying losses. Investors begin by …

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Physician well-being: Overcoming administrative hurdles

Policy
December 6, 2023

Representatives of a battered and stressed Canadian medical profession gathered in Montreal and virtually last week for the 7th annual Canadian Conference on Physician Health (CCPH) – the first such meeting in four years and the largest to date. One of the main pain points identified as facing individual physicians is the burden of administrative work, and this was the focus of a special cross-border plenary session featuring Canadian Medical …

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3 key things to do before year end to reduce taxes

Finance
December 3, 2023

As the year draws to a close, it is important that we maximize our opportunities to reduce our taxes. Let’s explore three essential moves that doctors should consider before the tax year concludes to reduce their tax liabilities.

1. Contribute to tax-advantaged retirement accounts.

One of the most effective ways for doctors to reduce their taxable income is by contributing to tax-advantaged retirement accounts. Not only does this help build a secure …

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Empowering health care workers amid consolidation

Physician
November 27, 2023

If there is one root cause of all the disgruntlement among health care workers, it is that we lost autonomy due to hospital consolidation. Relationships are largely about leverage. With rare exceptions, a single doctor cannot dramatically impact the bottom line of a hospital chain, whereas the loss of your professional income—particularly for those of us geographically rooted in an area with few alternatives—is devastating.

The beauty of locums is that …

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