Practice Management

The secrets of physician signing bonuses

Finance

September 18, 2024

When a physician signs on at a new hospital, a signing bonus is often included in the compensation package. This bonus can range from a small perk to a significant percentage of income, and its structure can be either straightforward or confusing. The signing bonus is one of the items in a physician’s compensation contract that can be negotiated, although some give-and-take is often involved. For example, in some situations, …

The truth about entrepreneurship: What no one tells you about business success

Shakeel Ahmed, MD

Physician

September 16, 2024

“Give every man thy ear, but few thy voice; take each man’s censure, but reserve thy judgment.”
— William Shakespeare.

In the dynamic world of business, the landscape is littered with tales of success and failure. However, a recurring narrative that I see repeated over and over and that ensnares many novice entrepreneurs is the misleading promise that “you can strike it rich or be successful with all ventures.” This piece of …

Systemic collusion: How big business and government herd physicians into traditional employment

Tod Stillson, MD

Physician

September 15, 2024

As a physician, I spent years training to care for patients, only to realize by the time I completed my education that I wasn’t truly in control of my career. Like so many of us, I had been funneled into a rigid system that pushes physicians toward employment with large health care systems rather than allowing for independent practice or entrepreneurial ventures. It felt like I had been herded—herded by …

How health systems can combat a $3B+ patient retention issue

Palak Shah, PT

Conditions

September 9, 2024

In today’s health care ecosystem, patient retention has become a $3 billion dollar issue for health systems, with patient leakage (also known as patient keepage) at its core. Despite efforts to keep patients within their networks, a significant portion continue to seek care elsewhere, leading to financial losses. Interestingly enough, physical therapy proves to be key in improving patient retention, as recent data shows that rehab-related leakage is the number …

Why all physicians are leaders [PODCAST]

The Podcast by KevinMD

Podcast

September 6, 2024

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In this episode, neurosurgeon Leon Moores delves into his book, All Physicians Lead: Redefining Physician Leadership for Better Patient Outcomes. He challenges the traditional view of physician leadership as limited to formal titles, …

Empowering female doctors: How investment education can combat burnout and build wealth

Roma Mehta, MD

Finance

September 6, 2024

In today’s financial landscape, it is imperative for women in medicine to take charge of investing their own money. Physicians face a myriad of disadvantages when it comes to wealth building. The average medical student will be saddled with an average of $200,000 in student loan debt. The nature of prolonged medical training puts physicians at another disadvantage, with a high debt-to-income ratio until their mid-to-late 30s, causing them to …

Physician collective negotiations: Securing fair compensation [PODCAST]

The Podcast by KevinMD

Podcast

September 3, 2024

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Join us as we explore two compelling case studies featuring Jon Appino, the driving force behind Contract Diagnostics. In the first, three interventional radiologists, earning over $700k but under-compensated by market standards, sought …

Why every physician is a leader

Leon Moores, MD

Physician

August 30, 2024

An excerpt from All Physicians Lead: Redefining Physician Leadership for Better Patient Outcomes.

I Googled the term “physician leadership” and got 183,000,000 hits in 0.45 seconds. There are seemingly endless courses and programs devoted to developing physician leadership, and there’s no shortage of attention to the topic.

Almost uniformly, however, the books and courses approach the topic from a similar angle. Physician leadership is often viewed as something that occurs when …

Read more…

Why every physician is a leader

A family medicine playbook to earn a million dollars [PODCAST]

The Podcast by KevinMD

Podcast

August 28, 2024

Subscribe to The Podcast by KevinMD. Watch on YouTube. Catch up on old episodes!

Join us on this episode as we talk with Tod Stillson, a family physician and entrepreneur, who has successfully transitioned from traditional employment to becoming a high-earning independent contractor. Tod shares his journey, …

Tax-free income with the Augusta rule [PODCAST]

The Podcast by KevinMD

Podcast

August 22, 2024

Subscribe to The Podcast by KevinMD. Watch on YouTube. Catch up on old episodes!

In this episode, we explore the Augusta Rule, a unique tax strategy that allows homeowners to rent out their property for up to 14 days annually without paying taxes on the rental income. …

Money dysmorphia: the new financial disorder affecting millions

Shane Tenny, CFP

Finance

August 18, 2024

A new, concerning trend in society has emerged online and across social media: money dysmorphia. It’s the latest version of the comparison trap and aims to describe a distorted view of one’s financial situation and how one is doing financially.

What is money dysmorphia?

Money dysmorphia is a psychological condition where individuals have distorted perceptions of their financial status, often leading to unhealthy behaviors and attitudes toward money. Similar to body dysmorphia, …

Compensation for mentoring residents [PODCAST]

The Podcast by KevinMD

Podcast

August 15, 2024

Subscribe to The Podcast by KevinMD. Watch on YouTube. Catch up on old episodes!

Join us as we delve into the evolving landscape of physician employment agreements with Dennis Hursh, an attorney. Discover the significance of the new Individual Specialty Residency Program Agreements that compensate physicians for …

How physicians can learn to love their private medical practice

Curtis G. Graham, MD

Finance

August 15, 2024

Having an ambitious understanding that small private medical practice businesses are the “belt and suspenders” that enable your medical career to approach your elite expectations for your medical career success is only part of your drive toward an illustrious medical career.

Your medical training, knowledge, and skills are how you grow, expand, maintain, and earn income. Physicians have struggled for decades to weave these two pillars into a highly functional, well-oiled, …

Physicians create their own practice misery by following groupthink

Curtis G. Graham, MD

Physician

August 7, 2024

Purposeful disregard for business education tears away the only platform that guarantees the highest incomes in private medical practice.

Along with the other challenges that continually reinforce physicians’ financial problems, the indoctrination of all medical students and later physicians with the “groupthink” myth that has been destroying physician practice careers for the last century is added to the list. You know, “You can practice medicine without a business education.”

The fact that …

Physicians’ access to maximum potential in medical practice has vanished

Curtis G. Graham, MD

Physician

August 1, 2024

Practicing physicians have been extremely lucky over the last century to have survived financially in the health care system to the degree that they have today. Judging from my 25 years of medical practice research and 40 years of clinical medical practice experience, I have been watching the self-disintegration of most physicians’ value to the profession.

Your personal values become hostage to the Medical-Industrial Complex or Medical Deep State. Just the …

Private equity’s takeover of health care: a patient’s nightmare

Joseph Lanctot, FNP-C

Policy

August 1, 2024

As private equity (PE) plays a larger role in health care, we likely have a patient-centric image of who these individuals are and what these institutions do. But what does health care look like to PE, and what does health care do from their perch? While attending a housewarming party of an acquaintance who works in PE and specializes in GI clinic acquisitions, these questions were answered, and it was …

How physicians can find true happiness beyond wealth

W. Ben Utley, CFP

Finance

July 29, 2024

Most physicians step into their careers already burdened with over $200,000 in student debt, no assets to speak of, and a nagging feeling that they’re way behind. If you’re the primary breadwinner in your family, this pressure can be even more intense. Interestingly, most doctors didn’t pursue medicine for the paycheck. But once that MD is proudly displayed after their name, they are thrust into a relentless sprint to catch …

10 essential tips for doctors: Mastering contract negotiations

Miguel Villagra, MD

Physician

July 24, 2024

Negotiating a contract can be daunting, but it’s a critical skill every physician must master. When I received my first contract, I was overwhelmed by the legal jargon and the sheer number of clauses. It wasn’t just about the salary; it was about securing a fair and comprehensive agreement that would set the stage for my entire career. Through trial and error and a lot of research, I’ve gathered these …

2024 MGMA DataDive: Unveiling key trends in physician compensation

Contract Diagnostics

Finance

July 22, 2024

The wait is over! The highly anticipated 2024 MGMA DataDive, a federally recognized gold standard for physician compensation data, has finally arrived. This comprehensive analysis offers unparalleled insights into physician and advanced practice provider (APP) compensation, making it a crucial resource for staying informed in today’s health care landscape. While some may consider it the current “gold standard,” it is essential to remember that even the best data sets can …

A simple, quick activity to build community within your health care team

Beth Boynton, RN, MS, CP

Conditions

July 18, 2024

I’ve been using experiential activities from improvisation as a modality for teaching communication-related skills for about two decades. Because they are based on a “YES AND” philosophy, which requires everyone’s participation, they are inherently inclusive and social.

One such activity is called “I am _____________.” It can be used in any meeting, class, or workshop and only takes about ten minutes. It is simple to teach and is a great way …

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