Practice Management

Money dysmorphia: the new financial disorder affecting millions

Finance
August 18, 2024

A new, concerning trend in society has emerged online and across social media: money dysmorphia. It’s the latest version of the comparison trap and aims to describe a distorted view of one’s financial situation and how one is doing financially.

What is money dysmorphia?

Money dysmorphia is a psychological condition where individuals have distorted perceptions of their financial status, often leading to unhealthy behaviors and attitudes toward money. Similar to body dysmorphia, …

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Compensation for mentoring residents [PODCAST]

Podcast
August 15, 2024
YouTube video

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

Join us as we delve into the evolving landscape of physician employment agreements with Dennis Hursh, an attorney. Discover the significance of the new Individual Specialty Residency Program Agreements that compensate physicians for …

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How physicians can learn to love their private medical practice

Finance
August 15, 2024

Having an ambitious understanding that small private medical practice businesses are the “belt and suspenders” that enable your medical career to approach your elite expectations for your medical career success is only part of your drive toward an illustrious medical career.

Your medical training, knowledge, and skills are how you grow, expand, maintain, and earn income. Physicians have struggled for decades to weave these two pillars into a highly functional, well-oiled, …

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Physicians create their own practice misery by following groupthink

Physician
August 7, 2024

Purposeful disregard for business education tears away the only platform that guarantees the highest incomes in private medical practice.

Along with the other challenges that continually reinforce physicians’ financial problems, the indoctrination of all medical students and later physicians with the “groupthink” myth that has been destroying physician practice careers for the last century is added to the list. You know, “You can practice medicine without a business education.”

The fact that …

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Physicians’ access to maximum potential in medical practice has vanished

Physician
August 1, 2024

Practicing physicians have been extremely lucky over the last century to have survived financially in the health care system to the degree that they have today. Judging from my 25 years of medical practice research and 40 years of clinical medical practice experience, I have been watching the self-disintegration of most physicians’ value to the profession.

Your personal values become hostage to the Medical-Industrial Complex or Medical Deep State. Just the …

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Private equity’s takeover of health care: a patient’s nightmare

Policy
August 1, 2024

As private equity (PE) plays a larger role in health care, we likely have a patient-centric image of who these individuals are and what these institutions do. But what does health care look like to PE, and what does health care do from their perch? While attending a housewarming party of an acquaintance who works in PE and specializes in GI clinic acquisitions, these questions were answered, and it was …

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How physicians can find true happiness beyond wealth

Finance
July 29, 2024

Most physicians step into their careers already burdened with over $200,000 in student debt, no assets to speak of, and a nagging feeling that they’re way behind. If you’re the primary breadwinner in your family, this pressure can be even more intense. Interestingly, most doctors didn’t pursue medicine for the paycheck. But once that MD is proudly displayed after their name, they are thrust into a relentless sprint to catch …

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10 essential tips for doctors: Mastering contract negotiations

Physician
July 24, 2024

Negotiating a contract can be daunting, but it’s a critical skill every physician must master. When I received my first contract, I was overwhelmed by the legal jargon and the sheer number of clauses. It wasn’t just about the salary; it was about securing a fair and comprehensive agreement that would set the stage for my entire career. Through trial and error and a lot of research, I’ve gathered these …

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2024 MGMA DataDive: Unveiling key trends in physician compensation

Finance
July 22, 2024

The wait is over! The highly anticipated 2024 MGMA DataDive, a federally recognized gold standard for physician compensation data, has finally arrived. This comprehensive analysis offers unparalleled insights into physician and advanced practice provider (APP) compensation, making it a crucial resource for staying informed in today’s health care landscape. While some may consider it the current “gold standard,” it is essential to remember that even the best data sets can …

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A simple, quick activity to build community within your health care team

Conditions
July 18, 2024

I’ve been using experiential activities from improvisation as a modality for teaching communication-related skills for about two decades. Because they are based on a “YES AND” philosophy, which requires everyone’s participation, they are inherently inclusive and social.

One such activity is called “I am _____________.” It can be used in any meeting, class, or workshop and only takes about ten minutes. It is simple to teach and is a great way …

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How hospitals’ requirements lead to staffing shortages

Policy
July 17, 2024

Most hospitals are now also requiring fingerprinting and immunizations, with some demanding double PPDs. Extra COVID boosters and proof of previous immunization for MMR, Hepatitis B, and Varicella are now required. They require current titers. COVID cards are no longer valid and also require a printout of where you received them. Hospitals are reaching a point where they will have no one to work.

Working in credentialing now and being on …

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A case study: How group negotiations led to better contracts for interventional radiologists

Finance
July 17, 2024

The group’s story: facts and dynamics

This unique group of three interventional radiologists, each making a substantial income, found themselves in a situation where their compensation was not commensurate with their contributions. Their pay structure had not been updated in eight years. According to our analysis, each was making good money, but the pay was not fair (over $700k) by market standards. They were paid on a 1099 basis, paid their …

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How do our own characteristics as doctors limit the change we can make in health care?

Physician
July 15, 2024

All around the world, health care systems are crumbling, resulting in less effective clinical care and damage to health care workers. We all recognize the need for change and want to see it. But could doctors’ psychological makeup hamper the achievement of the actual change we wish to see in our systems?

The nature of doctors

Worldwide, those who enter a medical career are intelligent and driven individuals. Throughout our training, we …

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Optimizing operations at doctors’ offices: the power of asset tracking

Finance
July 15, 2024

In the fast-paced environment of a doctor’s office, accuracy and operational effectiveness are paramount. Often bustling with activity, meticulous office coordination is needed to guarantee that every aspect runs smoothly. From managing patient records to ensuring the availability of medical equipment, the daily operations of health care facilities hinge on the seamless integration of various components. Every piece of equipment, every supply, and every record needs to be in the …

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Avoid these common mistakes in your first doctor employment contract [PODCAST]

Podcast
July 10, 2024
YouTube video

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

Join us for an insightful episode as we navigate the complexities of negotiating your first employment contract as a doctor. Our guest, attorney Ethan A. Nkana, shares invaluable advice on avoiding common mistakes, …

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A group of 4 successful surgeons negotiate better contracts: a case study

Finance
July 9, 2024

How can a group of dedicated general surgeons transform their compensation and work conditions in six months? Here’s their story.

The group’s story: facts and dynamics

Four general surgeons, one NP, and one PA for a specific physician have been practicing at a small community hospital with three ancillary facilities in the Northeast for many years. The group and staffing have been dependable, without turnover, for the past three years. Three physicians …

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Key strategies for private medical practices [PODCAST]

Podcast
July 8, 2024
YouTube video

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

We dive into the challenges and strategies for private medical practices to thrive, featuring our guest, pediatrician Nneka Unachukwu. We discuss the importance of adopting an entrepreneurial mindset, effective business practices, and the …

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Success reinvention: a guide for health care professionals

Physician
July 5, 2024

Success in the health care industry often demands technical expertise, a resilient mindset, and an unwavering commitment to personal growth. We will delve into key lessons, focusing on how health care professionals can leverage these insights to excel in their demanding careers.

The importance of a strong “why”

Motivation. In health care, the “why” often stems from a deep-seated desire to help others and make a difference. This intrinsic motivation is essential for …

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Abused physicians: Quitting practice only hurts yourself and your patients

Physician
July 5, 2024

Quitting your practice rarely happens when you have a backup support system in place. Have you ever wondered why so many of our physician associates are permanently leaving medical practice intentionally or rapidly jumping into medical practice employment positions without hesitation? The temptations are enormous.

Our business advisors, medical literature, and articles exposure pound us with jobs outside of medical practice on the fringes. But who wants to start a new …

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Why physicians should consider investing in residential assisted living homes

Finance
July 3, 2024

As a physician, you are accustomed to thinking about the future and planning for the well-being of your patients. However, have you considered applying the same foresight to your financial future? Investing in residential assisted living (RAL) homes is an opportunity that offers both financial security and the chance to make a meaningful impact on the lives of seniors. Here’s why RAL homes are an excellent investment now and for …

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