If you have been offered the opportunity to buy into a medical practice, congratulations! For most physicians, this will be a tremendous opportunity. Being offered an ownership interest indicates that the current owners recognize your worth and are inviting you to “join the club.” It is hard to imagine a greater validation from your peers.
At the same time, physicians do need to protect themselves from a bad deal. In my …
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Pediatric gastroenterologist Michele Cho-Dorado discusses her article, “Empowering our children with financial literacy: Raising bold thought leaders and compassionate changemakers.” In this episode, Michele draws from her experience as a physician to …
When it comes to retirement savings, 401(k) and 457(b) plans are both popular options, but they have some key differences. While private employers typically offer 401(k) plans, 457(b) plans are available to employees of state and local governments and tax-exempt organizations under IRS Section 501, excluding churches and church-controlled organizations.
What is a 457 plan?
While a 401(k) is considered a defined contribution retirement account, a …
Most provider groups are not optimized to manage patient billing, and it’s breaking the bank. The problem often starts with the EHR systems that they have adopted, which are designed with insurance reimbursement as the priority, not the patient experience in mind.
For decades, providers operated in a world where the vast majority of their revenue came from insurance reimbursements. For most provider groups, patient billing was an afterthought. …
As a former health care executive, I have witnessed many leaders at all levels sabotage their own success. Most of it was unintentional but rather the result of a failure to learn from those who have gone before. Many in the health care industry are promoted into leadership roles without the benefit of leadership or management training and are then left to their own devices to learn “on the job,” …
Is caring the missing ingredient in health care leadership?
As physicians and health care professionals, we are called to care for patients, their families, and trainees. Yet, the health care team is often not cared for by leaders. This has resulted in staggering rates of burnout. It has led to many physicians and nurses leaving the field, creating more stress on an already overworked workforce. The question is: How …
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Family physician Tony Gerk discusses the article, “Even medical practices aren’t immune from the high cost of employer-provided health insurance.” In this episode, Tony explains the challenges small medical practices face due …
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Health law attorney Dennis Hursh discusses his article, “Doctors beware: How vague contracts put your job at risk,” revealing how poorly defined termination clauses in physician employment agreements leave doctors vulnerable to …
Some physicians have a clear moment when they know they’re done with clinical practice. A good friend of mine left emergency medicine just five years after residency—she simply knew it was time. There was no doubt, no wavering. She saw the road ahead, and it wasn’t one she wanted to keep traveling. When I said my ego loved the job, one of her comments resonated deeply: “But there’s more to …
We, as physicians, dedicate years to rigorous education and training to excel in our chosen specialties. We endure periods of sleepless nights, poor nutrition, personal sacrifices, time constraints, and modest pay. For many, this journey is further compounded by the significant burden of student loan debt. We do this with the expectation that we will be able to make up for lost time later. Yet, too often, when financial stability …
No one knows for sure what’s coming in health care in the months ahead, but one thing is clear: The landscape in 2025 will undoubtedly be changing—and challenging. For physicians and others working in such fields, this is not new but an acceleration of recent trends. External factors, like the COVID-19 pandemic, and internal, more systemic ones have increasingly taken power away from doctors—impacting everything from patient care to physician …
What sets great physician leaders apart? How do they ensure their leadership remains sharp, effective, and impactful?
Physicians often recognize the need to refine their leadership skills when they notice breakdowns in communication, delays in response times, or a lack of team cohesion. If you’re experiencing these challenges, it may be time to evaluate how you’re engaging with your team.
A common leadership misstep
Imagine …
Interest in unconventional jobs among physicians and other medical providers is growing. These roles differ from traditional, full-time positions in hospitals or medical practices due to their work settings, schedules, responsibilities, or other factors.
Conventional medical practice often comes with bureaucratic burdens, insurance paperwork, and documentation that lead to frustration and burnout. Many providers seek more autonomy and fulfilling work. They frequently find this via a job change to something unconventional. …
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Most physicians subconsciously know there are many significant and persistent challenges to their ability to reach their ultimate medical practice potential. Coupled with the intense pressure all physicians are increasingly being forced to tolerate over decades of independent medical practice, they gradually become indentured servants of the medical-industrial complex.
The three sources of administrative manipulation of medical careers stem from the overriding desire for government control, not just of health care, …
“The doctor was wonderful, but her staff …” “The receptionist was so rude. I won’t be back.” “They never sent the referral even though I called several times.” Ever seen reviews like these?
No matter how good a doctor you might be, you’re not the one making the first impression at your practice. Your office staff and their practices set the tone of the visit. Their conduct can make or break …
Providers must stop subsidizing payors’ profit margins. Consider UnitedHealthcare, which boasts a 6 percent margin on revenue (equivalent to $22 billion), while hospitals manage a slim 3 percent margin, and physician practices often struggle to stay financially viable. This imbalance underscores the urgent need for hospitals, health systems, and physicians to negotiate rates that not only cover their costs but also generate margins sufficient to offer competitive salaries and reinvest …
Nothing is more of an insult than suggesting that the 1.2 million very intelligent practicing physicians in our nation, whom we trust to keep us healthy, have never come up with a revolutionary cure for what has now become health care and physician crises. Who knows better about the actual practice of medicine and the multiple problems and challenges they face daily than physicians themselves?
The mental function of due diligence …
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We dive into the critical yet often overlooked topic of wealth-building for physicians. Guest Amir Baluch, an anesthesiologist and financial expert, shares actionable strategies for diversifying investments, creating passive income streams, and leveraging …
Physicians face immense challenges, from demanding work schedules and administrative burdens to the emotional toll of patient care. Burnout, turnover, and even suicide are distressingly prevalent in the profession. While systemic changes to health care environments are essential, financial well-being is an often overlooked factor in mitigating these challenges. Personal financial education and planning resources should not be considered taboo but a vital component of physician well-being. When openly addressed, …
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Join us as we explore the hidden pitfalls of behavioral finance with financial planner Shane Tenny. Discover how cognitive biases like overconfidence, confirmation bias, and loss aversion can derail even the most successful …
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