Practice Management

Are hospital CEOs overpaid? One lawyer’s skeptical take on executive compensation.

Finance

February 20, 2024

As somebody who has reviewed physician employment agreements for 40 years or so, I have to admit I am more than a little jaundiced when it comes to the subject of hospital executive compensation. I’m not altogether convinced that one health system CEO really “earned” the $35.5 million he was reported to have been paid in 2021. I’m sure the pandemic was hard on him. Seeing all those physicians exposing …

Transforming health practices through feedback [PODCAST]

The Podcast by KevinMD

Podcast

February 18, 2024

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

Join Ram Krishnan, a technology executive. Discover the power of provider feedback in improving health practices and gain valuable insights into fostering a supportive feedback culture, anonymous feedback mechanisms, and leveraging technology for continuous improvement. Learn from …

The medical profession’s silent struggle: Business knowledge matters

Curtis G. Graham, MD

Finance

February 18, 2024

Isn’t it incredible that generations of physicians today still do not know how to make money in a professional business way that is easy to learn, implement, and use?

Aside from the fact that every medical school in our nation over the last century has refused to even tell medical students that they would benefit from business education, you’d think that they had somehow been blinded to the fact that all …

Government neglect and the erosion of private medical practice

Curtis G. Graham, MD

Finance

February 15, 2024

Who could imagine that physicians born with an enigmatic passion to be in a position where the health of our civilization depends on them would be caught in so many obstructive and despicable circumstances that have led to increasing attrition of physicians in clinical medical practice. It is not so much about the overwhelming challenges that physicians are expected to overcome, but far more about the fact that our government, …

The top 3 factors influencing how patients choose your health care practice

Marita McCahill, MBA

Finance

February 14, 2024

When building your practice, knowing what factors influence how patients find you and ultimately choose to be treated by you is critical. As a health care provider, you focus on treating patients and providing the best care possible. The business side of health care may be of less interest to you. However, to effectively grow your practice, it’s essential to know how new patients find you and why they chose …

Solving health care’s staffing crisis [PODCAST]

The Podcast by KevinMD

Podcast

February 4, 2024

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

Join Patrick Dotts, a health care executive. We’ll delve into the pressing challenges faced by the health care workforce, including high turnover rates and low employee satisfaction. Patrick will share insights on how health care organizations can …

Senior health care leaders: This is what a psychopath looks like. Please fire them.

Dike Drummond, MD

Physician

February 3, 2024

How do you spot a “psychopath” inside a complex bureaucracy?

It is a consistent feature of bureaucracy. Psychopath doctors and senior leaders almost never get walked out of the building despite years of complaints and truly outrageous behavior. When they finally are fired or brought to justice, just a small amount of digging reveals National-Enquirer-headline-style shenanigans.

Here is the latest in the health care industry press: “Prominent Johns Hopkins physician on …

Why private practice doctors are vital

Shakeel Ahmed, MD

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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Why private practice doctors are vital

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

Tod Stillson, MD

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 …

Should you fire back after a stealth firing?

Arthur Lazarus, MD, MBA

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 …

Practice permanently closed: How to avoid this costly mistake

Marita McCahill, MBA

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 …

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

Tod Stillson, MD

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 …

Very rarely, a physician can ask for too much

Dennis Hursh, Esq

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 …

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

Contract Diagnostics

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 …

I discovered the Holy Grail for doctors

Tod Stillson, MD

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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I discovered the Holy Grail for doctors

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

Amarish Dave, DO

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 …

Breaking free: Health care workers pursuing purpose-driven careers

Ketan Kulkarni, MD

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 …

Gathering clinician feedback at a growing practice

Ram Krishnan, MBA

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 …

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

Amarish Dave, DO

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 …

Financial considerations for dual-doctor households

David Belinkie, CFP

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, …