Guess what? You’re surrounded by rich doctors. You probably didn’t even know it. You know why? Because doctors don’t talk about that filthy lucre known as money. So while you’re assuming that all the other doctors in your group, office building, and hospital are in the same position as you, you’re wrong. Some of them are rich. There are ten things they’re not telling you, but which …
No, I’m not saying that the process of investing in index funds is difficult. In fact, it’s actually quite simple to build a diversified index portfolio, whether your money is invested at Vanguard, Fidelity, Schwab, or Etrade.
What makes investing in the stock market so difficult is tolerating its high volatility. Many investors are unable to stick with the stock market in the long run because of the ups and downs.
But those who stay invested …
Let’s be real here. Women make babies. Women also kick butt working. Sometimes women need to make babies while kicking butt working. So, you know, the human race can survive … no big deal. But, all too often, families are unfairly burdened by our dismal maternity support system. Bleary-eyed and bloody, new mamas emerge from childbirth facing a mountain of medical bills and no income.
For my first pregnancy, my family …
I learn all manner of interesting things from the information sheets posted on the walls of the employee bathrooms at my hospital. I learn, for example, about upcoming CME offerings for advance practice providers, how many seconds one has to scrub the hub of a central line, and what the new process is when nurses need to call in sick. They call a specific phone number and state that they …
There is a taboo in medicine. It is becoming less prominent, but it still exists. You’re not supposed to talk about money. Not how much something costs a patient, not how much you get paid, not how you invest, and certainly not about the freedom from medicine that financial independence can bring.
This first shows up as you are applying to medical school. You don’t want anyone writing a …
The process of setting up a new pain management clinic has allowed me to critically consider the role of patient intake forms, an area that has traditionally been ignored by technological advances and institutional innovation.
Health care must empower patients to conveniently complete intake forms digitally — whether at home, en-route to our clinics, or in our waiting rooms. When done correctly, the forms can greatly enhance the patient …
It’s been said that 80 percent of success is showing up, but that’s simply not true. Showing up is not enough. Showing up reliably and giving your best is not enough. You’ve got to be seen showing up. So, how do you raise your professional visibility? Here are five tips for the modern physician leader. If you are a traditionalist, please keep an open mind. The strategies below aren’t that …
In 2002, when I began my first hospitalist job, I was a dyed-in-the-wool hospital medicine convert, convinced that the transfer of inpatient care to true specialists in hospital medicine (hospitalists) would dramatically improve the quality and efficiency of inpatient care, increase patient satisfaction and decrease costs.
By 2008, I had developed serious doubts, which prompted me to publish an editorial in the Journal of Hospital Medicine, entitled “The Expanding or Shrinking …
I started internship July 1, 2008, as a terrified 25-year-old blank slate. Most days started with a combination of nausea and dread as I pumped myself up in the resident parking lot — conveniently located a mere 1/2 mile from the entrance to the ivory tower I called home.
The days were long. The nights were longer. Every month I had the chance to be a brand new idiot as a …
The landscape of health care has changed nearly beyond recognition in the past decade. If you’re a veteran of the profession, you’ve seen the other side of things — you once had the chance to live the dream, to swim in the pool of autonomy and self-employment, to call the shots and act on behalf of the patient without the constant supervision of bureaucracy. If you are new to the …
Nobody punched me in the face. Maybe I would have preferred being punched in the face, though. And yes, I was bullied. I’m not going to talk about my own experience in this post however, because I already have post-traumatic stress disorder from the experience. I’m not ready to revisit it in detail yet.
I don’t need to talk about myself to tell you about bullying in the medical arena. I …
We are human, we are not indestructible. We have feelings and emotions that can get hurt, probably more than the average person based on the careers we have chosen. Yes, we will pass up on our well-being (such as sleep, hygiene, exercise, relationships with family and friends) to be there for our patients. To receive our critical training to be able to care for others. This is our sacrifice, and …
So last week, I did the bravest thing I have done in a very long time — I quit my job. Yes, I put in my 60-day notice. This was my dream job post service in the U.S. Air Force. I had dreamed of working in this establishment for months before my service time was up. I could not have been happier when I joined their team, a group practice …
First of all, I am far from a financial genius. I am also not a natural saver. Thanks to scholarships and jobs, I made it out of college without loans. But, I took out a $191K for medical school. In the middle of med school, I took a year off to teach. During that year, I didn’t put anything towards student loans and lived it up. Unfortunately, in forbearance, those …
Burnout has been a descriptive term for years, but lately, psychologists and others have assigned it specific characteristics with a view toward being able actually to study and measure it. One common definition of burnout is a state of chronic stress that leads to physical and emotional exhaustion, cynicism, detachment, and feelings of ineffectiveness. The PICU environment is often one of high stress, so it’s a place where this …
One common question that doctors face in estate planning is whether to establish a trust. This topic gets brought up in the doctors’ lounges, especially after someone gets a pitch from their financial planner. Most doctors who bring up the topic are quite enthusiastic, and cite that doctors need a trust because “we make a lot of money.”
Fair enough.
Medical students and residents probably do not need a trust
I’ll get this …
Vanguard, Fidelity, and Schwab have been engaging in a fierce competition to claim the mantle as the leading provider of low-cost index funds. As a result, each has aggressively lowered their fees for their index fund offerings over the past few years and advertised their low-cost offerings to investors.
After the latest round of fee reductions in mid-2017, I wrote a post speculating whether it was inevitable that Vanguard, Fidelity, …
The past decade has seen an enormous upheaval in the practice of medicine. The private independent medical practice is in danger of extinction. Management overhead and red tape has skyrocketed due to government regulations and private insurance and pharmaceutical benefit rules. Added to that are multiple electronic medical records that need to be implemented, vary from one hospital to another, and often do not “talk” to one another. Thus, it …
If money is the root of all evil, what does that make debt? Evil’s ugly big brother.
A report by the Association of American Medical Colleges (AAMC) revealed that over 86 percent of medical graduates carry an educational debt principal of over $160,000, with a significant number of graduates reporting debt totaling over $350,000. In addition to massive student debt, personal financial challenges include the loss of nearly a decade of …
“My group has been approached by a private equity company. It sounds like a great deal! Any questions I should ask?”
Whether it be through one on one discussions or through the Physician Side gigs group, I’ve found myself having this conversation with increasing frequency. Part of the reason for that is because I find it fascinating, albeit also sometimes terrifying. As the trend towards consolidation …
Get free updates delivered free to your inbox.
