Practice Management

How to make $5 million from investing in real estate

Finance

August 6, 2019

When I first started working on this blog post, the working title was “Different Ways to Make $1 Million in Real Estate.”

However, I realized that if you’re reading this, you’re likely looking for a similar type of life that I’m interested in: a life of financial freedom where I’m also able to make huge contributions to society as well.

Unfortunately, $1 million may not be enough these days to make that …

Work hard now, enjoy later. Is it time to rethink that?

Passive Income, MD

Finance

August 2, 2019

Something I’ve been thinking about lately is the path that we’ve all been somewhat conditioned to take. And that is working really hard now so we can reap the rewards later. If you don’t work really hard now, you risk not being able to enjoy life when “later” finally comes.

Does that sound familiar to you? Well, it should, because that’s the exact path we took to become successful in our careers. …

I’m sorry: Why I lost my love for medicine

Anonymous

Physician

July 31, 2019

I’m sorry you are sick. I’m sorry you had to wait a long time in the waiting room. I’m sorry you haven’t gotten your pain medications. I’m sorry I don’t have an answer. I’m sorry the department is busy. I’m sorry it’s loud. I’m sorry I don’t know why it smells in here. I’m sorry your neighbor is screaming. I’m sorry you are in pain. I’m sorry you are uncomfortable. …

Which retirement account is best for physicians?

Altelisha Taylor, MD, MPH

Finance

July 30, 2019

Whether you are starting a new job, like me, or extending the contract at your current one, part of the process may involve signing up for retirement accounts. Most people have heard of a 401(k), but you may have other options available to you such as a 403(b) and Roth IRA. Let me breakdown the pros and cons of each account, so you can better determine which one is best …

How physicians become medical narcissists

Shannon Casey, PA-C

Physician

July 30, 2019

It is no secret that health care providers shoulder a lot of responsibility. As a whole, they take this on with both competence and kindness. Sacrificially, they go above and beyond in order to provide patients with the highest of quality care. They juggle a multitude of professional and personal responsibilities in creative and admirable ways. Meanwhile, each health care provider learns to adopt a unique combination of coping mechanisms …

What to do when physicians get subpoenaed as witnesses

Judy Melinek, MD

Physician

July 29, 2019

You’re a clinician. You had a patient die under your care, and now your hospital is being sued. You are not named in the lawsuit, but you are being asked to give a deposition. How much of your time is this going to take? If some lawyer sends you thousands of pages to review before scheduling multiple phone calls …

Physicians are overwhelmed by alarms and alerts

Fred N. Pelzman, MD

Physician

July 29, 2019

Yesterday, I got just about the strangest version of “MD aware” I have ever had.

We all know what this is, the person who is relaying some critical clinical information (positive blood cultures, Mr. Smith in Room 402 is having chest pain, etc.), and then they ask for your name so they can write it down somewhere in the chart.

In this case, …

The experiences in medicine shape your future

Stephanie Wellington, MD

Physician

July 26, 2019

Hitting a roadblock in your life and career? Don’t get frustrated. Use the resources that are readily available to you.

Not sure what they are? Think about it. You have had access to them all the time.

The moment you decided to become a doctor, you became unstoppable. You may have followed the traditional path and went from college into medical school and then residency. Maybe your path took a few turns before medical …

Understanding professional liability insurance in physician employment contracts

Elizabeth Shubov, JD

Policy

July 23, 2019

An excerpt from Physician Employment Contracts, The Missing Module: A comprehensive introduction to physician agreements written for doctors.

Professional liability or “malpractice” insurance protects a physician and the employer from claims related to the negligent practice of medicine. Two common types of professional liability coverage carried by major insurance companies are “claims-made” …

Define what true resilience means for you

Sarah E. Jorgensen, RN

Policy

July 22, 2019

Can you let things roll off your shoulders? Are you the tough, no-nonsense, tell-it-like-it-is, stand-your-ground type? Do you show up to work no matter what? Has no one ever seen you cry at work?

Are these things resilience?

We nurses openly divulge the issues that make us leave the bedside, even amid a vast shortage of nurses. Professional organizations report these issues, and academic, and research institutes aggregate data for a convenient …

The secret to ending cynicism in medicine

Roger Harrie, MD

Physician

July 19, 2019

To fill an assignment in an undergraduate medical sociology class, my friend and I made an appointment with the assistant administrator in a local hospital. After the interview, we proceeded towards the exit by cutting through the obstetrical wards. We passed an exhausted young doctor with a stethoscope draped over his neck and hunched over a stack of charts. He glanced up as we passed, and we introduced ourselves as …

Medicine is my passion. I love my job, but I am human.

Kacey Gibson, DO

Physician

July 19, 2019

I am a small-town family physician, and I am blessed enough to be living my dream.

You see, I have always wanted to be a doctor. I cannot think of one other occupation choice that has ever entered my brain. I have wanted this since I was four-years-old, and I can remember in vivid detail telling the world this was what I was destined to be.

So what happens when your dream …

Considering locum tenens? Think about these factors first.

Cory Fawcett, MD

Finance

July 16, 2019

Locum tenens is a great way to make a living or earn some extra income. But frankly, there are some groups of physicians who should not even consider doing locums work. When you pair the right person with the right job, you can get employment bliss. But when the wrong person takes a job, both the employer and the employee are often unhappy.

I believe everyone should enjoy the work they …

The pros and cons of being a part-time physician

Passive Income, MD

Finance

July 12, 2019

“Burnout” has been a buzzword circulating in the medical community quite a bit lately. The World Health Organization has just recognized the term as an official medical diagnosis as part of ICD-11.

One moment you’re graduating medical school, full of hope and excitement for residency. The next moment, you’re overly stressed and working insane hours every week. Honestly, it isn’t a huge surprise that nearly half of all physicians …

The conundrum of dual physician households

Smart Money, MD

Finance

July 10, 2019

Two incomes are better than one, right? As we all know, the answer isn’t clear cut. If we have to actively “work” to generate income, we have to balance exchanging time for money. Nothing comes for free. When you throw in a tax system to convolute matters, certain households are actually punished for going into the workforce. There is a delicate balance between each income-earning member and what each profession …

Before starting your own practice, do these 3 things first

Frederick Gandolfo, MD

Physician

July 10, 2019

If you’re a young doctor reading this, chances are you are employed by someone else. Your paycheck may come from a hospital system or a group of other doctors, but you’re not your own boss. This may be working out just fine for you: I hope you are happy and have a well-balanced work and personal life, and are getting a fair paycheck. I hope you have a sense of …

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

Smart Money, MD

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 …

8 incredible side effects of being debt free

Cory Fawcett, MD

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. …

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

Suneel Dhand, MD

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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