Practice Management

Thinking about changing jobs? Here’s what physicians should consider.

Finance
July 5, 2019

A large percentage of doctors end up switching jobs within the first five years of practice.  This really isn’t surprising given that the medical training experience doesn’t necessarily correlate with the medical practice experience. Many doctors work hard throughout their entire training only to realize that their expectations do not necessarily align with reality.  Is it our fault that we don’t really know what we got ourselves into?

Perhaps taking q3 …

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8 incredible side effects of being debt free

Finance
July 5, 2019

Most Americans live their lives on borrowed money, constantly spending a little more than they make, leaving them with a growing debt. These debt payments, and the added interest they must pay on their debt, decreases the amount of money that they have available to spend on future needs. Paradoxically, borrowing to buy depreciating items, decreases one’s net worth.

Stop the madness this year. No more spending more than you make. …

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Practicing medicine full-time in America is very difficult. It’s time to think outside the box.

Physician
July 4, 2019

Talk about physician burnout and job dissatisfaction is everywhere right now. If you are a doctor, you cannot escape the news. Within the last couple of weeks, organizations in Massachusetts (a mecca of healthcare and hospitals) declared physician burnout a “major public health crisis.” This all sounds rather dramatic. On the surface, physicians are reasonably well paid, still enjoy a good degree of autonomy (certainly compared with many other …

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Why is it so difficult for Americans to make doctors’ appointments?

Policy
July 3, 2019

Jill Ladkin was already having a terrible autumn. It began with a seizure that put her in the hospital with what seemed like scores of unfamiliar physicians attending to her state of health. The brain scan revealed a mass in the lining of her brain, a location usually signifying a benign tumor; but, given her seizure, the tumor was hardly what you would call a harmless growth. The surgeon had a theory of what …

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10 tips for success after you finish residency

Physician
June 28, 2019

If you’re done with your residency or fellowship, you’ve paid your dues. And I am excited for you. Life is about to get better. A lot better.

If you read my prior article about going unmatched, you know that things have not always gone smoothly for me. But now, after a reasonably good first year out of training, I feel compelled to reflect on why things are going well, and also—to offer any …

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How becoming a doctor can help and hurt the ability to build wealth

Finance
June 26, 2019

I recently graduated from medical school and will soon start residency. Yay! Although I’m happy with my decision to become a doctor, I can’t help but notice that there are several ways that going to medical school and becoming a physician helped — and hurt — my ability to build wealth.

Ways it helped me build wealth:

1. I will have a high income. Most of us doctors will make at least …

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Travel during residency: perspective of a resident’s spouse

Physician
June 26, 2019

My husband and I are nearing the completion of a fifth and final year of residency. I say “we” because, as all residents know, the training years involve the entire family. As I reflect on the struggles and successes over the past five years, there are a few things that I know have helped us cope with the challenges, and one of those things has been travel.

We made significant life …

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4 reasons why doctors are bad with money

Finance
June 22, 2019

Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked.  Almost universally, they wonder why we don’t save enough money.  They understand that – to become a doctor – you must be hardworking, intelligent, and dedicated to the cause.  These are the same attributes – when they are applied correctly – that result in financial success.  How in the world can …

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Maximize locum tenens income: 4 tips to make more and work less

Physician
June 17, 2019

Every hospitalist heard that locum tenens work pays better than permanent. Of course, I did, too, when I first started practicing. This was one of the reasons why I switched to the full-time locum tenens years ago.

Now, things have changed since then, and employed hospitalist salaries have been rising steadily over the years. It became obvious, then, that $150 per hour for locum tenens work doesn’t cut it …

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How failing Step 1 helped me pass the boards. Twice.

Physician
June 13, 2019

I remember the day well. The dean of my medical school called me directly. As soon as she announced herself on the other end of the line, I knew it was bad news. Deans don’t tend to make social calls, and I was right. She was calling to tell me that I had failed the USMLE Step 1, the first in a long series of standardized national exams to complete …

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If you won the lottery, would you quit being a doctor?

Physician
June 10, 2019

On October 23, 2018, the Mega Millions lottery jackpot was 1.6 billion dollars, making it one of the largest lottery jackpots in history.

The hospital was abuzz with chatter in the week leading up to the drawing. Discussions about the possibility of becoming an instant billionaire were just too good to resist.

During that week, I found myself sitting at the nurse’s station in one of the ICUs at midnight. A nurse …

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9 things I learned when purchasing disability insurance

Finance
June 9, 2019

As an incoming resident physician, I need disability insurance. Although a group policy is offered through my employer, it doesn’t provide enough coverage to adequately cover my monthly expenses or insure my future income. Thus, I purchased an individual long-term disability insurance policy. This is what I discovered:

1. Disability insurance is expensive. A substantial number of people use disability insurance, so companies raise the price to cover the payouts and ensure …

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How to save tens of thousands of dollars on your medical school loans

Finance
June 5, 2019

If you’re planning on applying for Public Service Loan Forgiveness (PSLF) and spending the first ten years of your career in academic medicine or working for 501c(3) employers, this scheme could mean paying off your loans six months sooner, saving you an average of $30,000.

Consolidate your loans with your loan servicer and begin one of the income-driven repayment plans (IBR, RE-PAYE, ICR, or PAYE) immediately, foregoing any deferment or grace …

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It’s time to rethink what it means to be a DO

Education
May 30, 2019

The future of our profession lies in our ability to come together with a unified voice. We must also recognize that the practice of osteopathic medicine, and the training of osteopathic physicians, has evolved significantly since A.T. Still, MD, DO, created osteopathy.

The AOA recognized this when its Board of Trustees announced that the AOA will start providing two pathways for board certification. DOs will be able to …

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Home buying tips for physicians

Finance
May 29, 2019

Financial planning is comprised of the six decisions people make with their money. Physicians need to make decisions as to how you earn, spend, save, borrow, give, and protect yours. Home buying typically touches on all of the six money decisions.

Home buying often begins with a mortgage, so you will have to make decisions about borrowing money. You also must earn money or at least have the potential to earn …

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Physicians and the risk of a plateauing net worth

Finance
May 28, 2019

Wealth accumulation can follow many trajectories, depending on discipline and external factors like stock market health or economic fluctuations.  With a proper financial plan, doctors can stick to a game plan that should allow them to reach financial milestones rather predictably.  The adage that wealth begets wealth certainly does hold true most of the time, but it doesn’t necessarily guarantee financial victory.  One of the issues with wealth accumulation is …

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The financial disadvantages of being a doctor in California

Finance
May 20, 2019

Geographical arbitrage is a huge component to being able to build wealth in a timely manner.  For doctors, the formula for rapid wealth accumulation calls for geographical arbitrage even more strongly as our salaries do not have wide ranges across the country.  A doctor in Texas will probably command a similar salary in Arizona (maybe slightly less).  A doctor in the midwest might earn more, spend less, and work less …

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