I made the decision to get an MD/MBA when I was still in high school. I had an interest in medicine but hated the idea of being yet another Indian doctor. How unoriginal. So when my dad introduced me to someone who had done this dual degree, it was my “aha!” moment. As far as I knew, this was something different. It could set me apart, and no one else …
Why this physician has an MD and an MBA
We hear all the time that maternity leave in the U.S. is in shambles. Let’s clarify: There’s no such thing as guaranteed maternity leave. Some companies are obligated to give some leave to some employees — that’s as good as it gets. No companies are obligated to give paid leave.
Medical training adds complexity to parental leave. Residents and fellows are expected to be deferential, the lowest on the totem pole …
Pregnant and in medical training? Here’s how to do it.
In the recent years, there is a growing trend in the health care industry whereby private practitioners and independent groups are being acquired by larger companies. This trend is a result of growing complexities of running a private practice and increased expectations of hospital administrators from hospital-based specialists such as anesthesiologists, radiologists and pathologists.
I will concentrate on anesthesia as it is my area of specialization, and I have some relevant …
When private physician groups get acquired: Who loses?
Upon retiring from clinical medicine and becoming a full-time author/coach (I like to say I’m repurposed), I was uncertain as to the amount of taxes I needed to pay. I have a complicated tax return with several K-1s that don’t surface until March. My final return totals 32 pages for federal and 5 pages for state. After making an estimate of my tax bill at year end, I figured I …
This doctor retired from clinical medicine. Here are his tax surprises.
In 2013 I began searching for ways I could change my career to reduce my workload, but not give up medicine altogether. During that time I took a cruise and looked at various jobs I could do on a cruise ship. One of the jobs I was qualified for, I thought, was to be a Cruise Ship Doctor.
After talking with the ship’s doctor to find out what it was like …
What to do if you want to be a cruise ship doctor
I have spent a good part of my career investing time and energy towards side hustles. I generally categorize them into two distinct types of ventures. The lazy side hustle involves starting a business or consulting in a field tangential to ones main hustle. For example, an accountant who works normally as an auditor may do a few tax returns on the side during tax season. I call his …
The good, bad, and the ugly of being a medical expert witness
I recently needed to transfer my patient to a larger medical center for some urgent care. As I sat there in my relatively small hospital working out where they would be best served, a famous academic medical center that was not too far away, came to mind. I placed a call to the facility’s bed facilitator, who took the patient’s details from me, and was told to await a callback …
Why the battle against being called a provider is probably lost
I’m always intrigued by those who earn millions of dollars per year or even per month. Some manage to blow all that money and then some. Others, like a select few NFL players, choose to spend wisely and save prodigiously.
Today’s Saturday Selection highlights the habits of one athlete who was among the highest paid NBA stars for many years. The headlines sadly feature athletes with similar …
Personal finance lessons from Shaquille O’Neal
Just sign here.
How many times a day are we asked to do this? “Just sign here.” “Just put down your license number.” “We need a stamp with your doctor’s info on it.” “Give us your NPI.” “Initial here, here, and here.”
If we took the time to read all the things we’re signing, we wouldn’t have time to do any doctoring.
The other day I was asked to hand-write the date on …
Too many things need physicians’ signatures
Once every couple of years I have medical students from the local medical school over for dinner. At some point, the conversation usually turns to finance, and I commiserate with them about their loan burdens. I typically toss them a few pearls of wisdom, wish them good luck, and we move on to something else. They always think it’s funny when I say, “If you can’t live on $200K, you …
10 reasons why doctors spend too much money
Change and health care are closely interconnected. Health care organizations are continually faced with the need to adapt to change, whether it be advances in medical care or technology, growing demand for care delivery, a patient population that is increasingly active and involved in their own health and well-being, or evolving reimbursement and cost models. By recognizing that change is inevitable in the health care sphere, organizations can focus on …
What makes you an effective change agent in health care?
Do you ever feel like time is always slipping away? Do you feel like you hardly get time to enjoy the things you love? For example, do you feel like you get enough time in your day to spend with your kids? If your answer is “no,” welcome to the club. You are not alone! I am a physician mom of young kids who used to feel like I never …
A physician’s guide to getting more time with family
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 …
Moonlighting is the side hustle for the not so lazy
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 …
Taking risks and the costs of inaction
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 …
6 things this physician learned after retiring
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
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 …
Emergency physicians are glorified secretaries with medical degrees
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 …
11 physician finance lessons from The Greatest Showman
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 …
Do whatever it takes to have fun and spend time with your family before it is too late
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 …
Financial independence: the story of the 3 brothers
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