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Join Dennis Hursh, a health care attorney. Dennis sheds light on the often misunderstood world of physician contract negotiations, emphasizing the importance of understanding one’s true value. He shares insights from his practice, …
Contract negotiations: When physicians ask for too much [PODCAST]
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 …
Are hospital CEOs overpaid? One lawyer’s skeptical take on executive compensation.
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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 …
Transforming health practices through feedback [PODCAST]
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 …
The medical profession’s silent struggle: Business knowledge matters
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, …
Government neglect and the erosion of private medical practice
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 …
The top 3 factors influencing how patients choose your health care practice
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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 …
Solving health care’s staffing crisis [PODCAST]
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 …
Senior health care leaders: This is what a psychopath looks like. Please fire them.
“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. …
Why private practice doctors are vital
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 …
Freedom to roam: Breaking down the boundaries of non-competes
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 …
Should you fire back after a stealth firing?
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 …
Practice permanently closed: How to avoid this costly mistake
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 …
Tax tips for employed doctors: the allure and hazards of safe harbors
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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 …
Very rarely, a physician can ask for too much
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 …
2024: Is it time to (re)negotiate your physician contract?
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 …
I discovered the Holy Grail for doctors
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 …
The doctor’s guide to dividend wealth: Building a resilient portfolio with smart investments
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 …
Breaking free: Health care workers pursuing purpose-driven careers
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 …
Gathering clinician feedback at a growing practice
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 …
What to put in Roth vs. traditional IRAs: It can make big differences
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