Practice Management

Moonlighting is the side hustle for the not so lazy

DocG, MD

Finance

April 26, 2018

Physicians-in-training make a pittance when one looks at the hourly rate, Especially when I was residency, in the early 2000’s. I often worked upwards of 100 hrs per week and made $30,000 per year. The first year, called internship, is replete with long hours and crushing responsibilities. Opportunities to make an extra buck are all but impossible. In the second and third years, however, there is much more elective time. During these …

Taking risks and the costs of inaction

Passive Income, MD

Finance

April 25, 2018

Every day, we’re presented with choices. Some are larger than others, and though some make little difference in the grand scheme of things, some choices can be life-altering. In life and in business, when we have a big decision to make, it’s all too easy to err on the side of caution–sometimes to our personal or financial detriment. It’s human nature.

But what is it that keeps us from making tough …

Read more…

Taking risks and the costs of inaction

6 things this physician learned after retiring

Cory Fawcett, MD

Finance

April 20, 2018

In February 2017, I saw my last patient and left clinical medicine. Most people would say I retired. I have chosen to say I have repurposed. I no longer see patients, but I still work. I am writing the Doctors Guide series of books, keeping up a blog and working with physicians who need help with a financial makeover, usually to eliminate their debt, set themselves up for retirement or …

How physicians can start lazy side hustles

DocG, MD

Finance

April 19, 2018

How do I start a side hustle?

I have heard this plea so often, It is no wonder there are many how to blog posts trying to answer this exact question. As helpful as they may be, most of the ideas espoused are both time and energy-consuming. For instance, starting a blog is great! But if you want to truly make money, be prepared to put in full-time hours. Or Read more…

How physicians can start lazy side hustles

Emergency physicians are glorified secretaries with medical degrees

Edwin Leap, MD

Physician

April 15, 2018

We had a pretty busy shop when I was in residency. So busy, in fact, that we had three secretaries working simultaneously — one for paging, one for order entry, and one for admissions. I haven’t been back there in a long time, but I hope the secretarial staff has grown commensurately with the volume and acuity of the ED. But from what I’ve seen around the country in my …

11 physician finance lessons from The Greatest Showman

James M. Dahle, MD

Finance

April 15, 2018

I love movies. Not the artsy types that win awards; I most enjoy the big, expensive popcorn blockbusters that take you away to a different time and place. However, as our income and wealth has grown, we’ve maintained a few of our “cheapskate” habits from when we were poor. One of these is we see almost all of our movies at the “dollar theater,” a second-run theater where the entire …

Do whatever it takes to have fun and spend time with your family before it is too late

Cory Fawcett, MD

Finance

April 13, 2018

Recently I had three important events happen during a three day period that reminded me of the brevity of our life and the need to live life to the fullest every day.

On July 4th, having planned celebratory events that day with friends and family, a CRNA in my home town awoke feeling poorly just before sun up. He was in great health the day before and lived a very active …

Financial independence: the story of the 3 brothers

DocG, MD

Finance

April 12, 2018

There was once three brothers who set off on the journey of a lifetime by embarking on three separate roads. Each brother was uniquely different, and quickly these roads diverged.

It was believed that the eldest brother was most wise because his path was clear and straight.

The middle brother was a strong walker but easily distracted. It was hard to keep him concentrated on the task at hand.

And finally, the youngest …

The many benefits of self-rooming patients

Diane W. Shannon, MD, MPH

Physician

April 7, 2018

In 2017, the flagship multispecialty practice of Oregon Medical Group, moved into its new digs — a 46,000 square foot redesigned medical office building. Practice leaders and the 30-odd clinicians in six different specialties were committed to a coordinated patient experience. They wanted to ensure that patients could move smoothly between sequential visits with different care providers — on the same day. To this end, the group invested in a …

Doctors wear white coats. But what do their spouses wear?

Lara McElderry

Physician

April 4, 2018

When we first met and got married, my husband Josh wanted to be a math teacher. Since I was also pursuing a career in teaching, I thought this was a great idea. I envisioned both of us teaching together in the same school district for forty years, becoming local superstars! We would know all the kids in town and spend our summer vacations traveling to exotic locations around the globe. …

How to do risk-adjusted diagnosis coding the right way

Betsy Nicoletti, MS

Policy

April 3, 2018

Medical practices with risk-adjusted contracts must sharpen their diagnosis coding. Practices that are part of accountable care organizations (ACOs) or that have risk-adjusted contracts with commercial payers have an economic incentive to accurately report the disease burden of their patients. In fee-for-service medicine, physicians are paid based on the fee schedule associated with a CPT code, and any modifier attached to that code. The diagnosis code establishes the medical necessity …

So you missed the bull market. What can you do now?

Wall Street Physician, MD

Finance

April 2, 2018

We are now nine years into the current bull market, and the S&P 500 has risen over 300% from its March 2009 low.

Unfortunately, there are some investors that have been left behind. They sold their stock in 2007-2008 and never got fully back into the stock market. For example, a reader on the Bogleheads forum recently posted this question:

“I have had about $450k sitting in cash for too …

Enjoy financial freedom by reaching the land of critical mass

Live Free MD

Finance

March 20, 2018

If you’re doing investing right, you’re saving a large percentage of your income every month (like 25-50%) and stuffing it into stocks, bonds, and real estate investments.

At first, even with a high savings rate, your net worth will be low, and the money made by your investments will also be low, like maybe a few hundred dollars a month. However, as your net worth increases, your investments will make more …

The implicit biases of gender stereotypes in medicine

Jenny Hartsock, MD

Physician

March 15, 2018

I was lucky to be raised in a place and time where I have not had any significant barrier in my way because I am a woman. I have been allowed to make my own choices and pursue my own path in life. My gender never deterred me from achieving what I set out to do. Can you imagine being a woman a hundred or two hundred years ago or …

5 ways to be financially successful as a physician

Mick Connors, MD

Finance

March 15, 2018

I was doing a procedure on a child last night, and the mother said to her son: “I want you to be a doctor, make lots of money and buy me a house.”

Of course, it was 11 p.m. on a Friday night, and I was making my riches doing a procedure on an anxious four-year-old in the emergency department.

Doctors make a good income after they finish 25 years of education …

Physicians: Get rid of car debt. Or, how to buy a car with cash.

Live Free MD

Finance

March 13, 2018

Cars are incredible inventions. They allow you to transport yourself hundreds of miles, whenever you want, in a relatively short time period. Cars allow you to arrive at your desk job without any sweat or dirt on your face. They also allow you to take amazing road trips and might even act as a camper on a rainy night.

Cars are a depreciating asset

However, don’t forget that cars are a luxury …

Pay down student loans or invest: What should doctors do?

Wall Street Physician, MD

Finance

March 12, 2018

There are a lot of competing goals when you first get out of residency.

You have hundreds of thousands of student loans to pay off.

You need to build up your investment accounts, which lag far behind your college classmates who have been working for the past decade.

You need to save up for a down payment for your dream home.

If you have kids, you need to begin saving for their college educations.

And of course, you’ve been living like …

If physicians are burned out, why don’t they just quit? Here’s why.

Nisha Mehta, MD

Physician

March 3, 2018

Those of you that follow me know that I write and speak often on the topic of physician burnout. About a year ago, after my grandmother passed away, my extended family and I got together for a few days. One night, my cousin and I got to talking about my work, and he pressed me on a question that so many have asked me before, “What makes physician burnout different than that which every other profession experiences — and if …

You’re a physician and a parent. Which comes first?

Nisha Mehta, MD

Physician

March 1, 2018

If you’re a physician-parent, no doubt you’re familiar with the helplessness associated with the phone call informing you that your child is sick — and needs to be picked up within the hour. You know, the one that coincides with when you were about to start a procedure or a time where there’s no backup available to take over your responsibilities. Murphy’s law.

Many of us have nannies exactly for this …

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