Physicians who are also business owners have two jobs: treating patients and running their business. Hiring and keeping employees is one of the job descriptions of the latter. It is no surprise that choosing and maintaining employee benefits is not at the top of an exciting to-do list. Even if hospital systems are not your direct competition, they are often competing for …
Physicians dedicate years of training to caring for patients, often at the expense of their own financial well-being. While most doctors are well-versed in diagnosing illness, far fewer have the tools to diagnose the emotional and behavioral challenges that affect their relationship with money. In a recent episode of my podcast, I sat down with orthopedic surgeon Greg Gilot, MD, and financial therapist Erika Wasserman to explore the emerging field …
Remember the “before times” pre-pandemic, when most doctors had a single job that they went to every day, saw patients, did surgeries, took call for the same employer or practice?
Then in March 2020, the unthinkable happened. There was a worldwide shutdown of almost everything, including physicians’ offices, except for emergency rooms, ICUs, and other essential health care functions.
Once the realization set in that medicine was going to have to change …
An excerpt from Taking Care of Your Future: Your Simple System for a Big Retirement.
Whose plan? Is it yours or someone else’s?
Your financial plan is too important to be someone else’s. It must be yours. This book will help make it so.
It all starts with your vision.
Ever notice that when you get a new car, you suddenly see the same model all over the road and in about every …
You spent years learning how to save lives, diagnose complex cases, and manage high-pressure situations. But nowhere in medical school did they teach you how to create a retirement plan, minimize taxes, or structure an investment portfolio.
Yet many doctors try to manage their own finances, thinking, “I am smart and disciplined; I can figure this out.” The truth? Being your own certified financial planner (CFP) often ends up costing more …
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Family physician Amir Atabeygi discusses his article “Building trust in dyad leadership partnerships.” Amir explains why trust is the foundation of successful dyads, highlighting how implicit follow-through and consistent communication turn a …
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Cardiologist Stanley Liu discusses his article “The business lesson new doctors must unlearn.” Stanley explains why the habits of being a “good soldier” during residency—such as accepting excessive workloads, never questioning compensation, …
In some careers, your job is not something you do; it is something you are. Medicine, acting, and politics are intimate, high-visibility professions that blur the lines between personal identity and professional role. You are not just executing a skill; you are bringing your whole self into the room, exposed and accountable.
When things are going well, that visibility can feel exhilarating. You are recognized, affirmed, even admired. Your face becomes …
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Attorney and wealth manager David B. Mandell discusses his article “Why physicians are unlike the ‘average’ investor,” highlighting why doctors face unique financial challenges compared to most U.S. investors. David explains the …
I’m often asked about how to pursue a physician entrepreneurial career pathway. Like Peter Medawar opined in his “Advice to a young scientist”, allow me to offer some advice:
You will not learn about innovation or entrepreneurship in medical school or residency. Medical education is designed to teach students clinical care and research methods. If you have an entrepreneurial interest, you will have to pursue it using alternative …
Medical errors happen every day, and patients are being harmed in hospitals. Despite years of tracking and reporting outcome-based quality measures, preventable harm remains widespread, prompting the Centers for Medicare & Medicaid Services (CMS) to launch the Patient Safety Structural Measure (PSSM). This measure, released in August 2024, focuses on structural and cultural root causes of harm rather than just retrospective results of quality improvement initiatives.
In our consultancy practice, we’re …
A physician’s financial journey isn’t always linear, and the journey can’t always be predicted in a how-to book. While the hospital-employed physician normally gravitates toward a path filled with benefits and retirement plans, the equity owner physician, or physician practice owner—both terms used interchangeably—has a much different pathway. Let’s dive into the equity owner physician a bit further.
Why choose ownership?
Like the term “business owner,” equity ownership physician is a generic …
I have only recently started thinking about strikes. They seemed like something other people did: railway workers, bus drivers, teachers, dockworkers. People with contracts. People who clocked in and out. Not doctors. Not surgeons. Certainly not me.
You and I were supposed to absorb and adapt. To advocate from within. And we did, for a long time. We bent ourselves into shapes that did not fit. Worked around all the broken …
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Critical care physician Jess Bunin, co-founder of All Levels Leadership, discusses the article, “Civil discourse as a leadership competency: the case for curiosity in medicine.” They challenge a core tenet …
Surthriving in the brave new world of sick care requires not just a new playbook, but players with new skill sets to execute the plans. Knowledge technicians are as obsolete as an NFL team with a running game but without a passing and special teams plan. Unfortunately, HR managers are getting it wrong. The biggest risk to future success and becoming a disruptor is a company’s existing …
Physicians joining private practices have a relatively new issue they should be aware of. As more practices are taken over by private equity, the traditional concerns of a physician joining a practice as an employee with the hope of becoming an owner are heightened.
Traditionally, the physician would join the practice as an employee, work for a few years, and get the “golden ring” of ownership after a few years. Often …
We don’t send SEAL teams into the field without backup, but we routinely send health care workers into no-win situations and tell them: don’t fail.
I celebrated friendship and teamwork during a Change of Command ceremony this week—full of honor, tradition, and those stirring reminders of what it means to lead. But one repeated phrase stuck in my craw: “This is a no-fail mission.”
It’s meant to inspire. It’s meant to light …
Don’t let a lawsuit undo decades of hard work. Here’s how to keep your wealth safe!
According to the American Medical Association, approximately one-third of all physicians will face a malpractice lawsuit, and just under 2 percent of physicians will face a lawsuit each year. While the volume of lawsuits seems high, roughly half of these lawsuits are considered frivolous. These statistics should prompt any physician to add asset protection measures …
The culture of medicine is shaped in quiet ways, by the way meetings begin, the pregnant pauses before a response, and the energy transmitted in emails sent and received. These seemingly insignificant experiences ripple outward, setting the tone for entire teams, shaping what is spoken and what is not, shaping what feels possible and what feels unsafe.
The culture of medicine is not an abstract force. It is built moment by …
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Health care marketing strategist Sara Meyer discusses her article, “First impressions happen online—not in your exam room.” She explains why a physician’s online presence is often the deciding factor for potential patients …
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