Practice Management

Empowering health care workers amid consolidation

Physician
November 27, 2023

If there is one root cause of all the disgruntlement among health care workers, it is that we lost autonomy due to hospital consolidation. Relationships are largely about leverage. With rare exceptions, a single doctor cannot dramatically impact the bottom line of a hospital chain, whereas the loss of your professional income—particularly for those of us geographically rooted in an area with few alternatives—is devastating.

The beauty of locums is that …

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Job stacking for doctors: a modern approach to work-life balance

Finance
November 23, 2023

The medical profession has long been associated with intense personal commitment and time-consuming work. However, in recent years, a new concept called job stacking has emerged, and it is revolutionizing the way physicians work.

In this post, I will explore the concept of job stacking for doctors, discuss its benefits, and provide guidance on how to implement it effectively.

What is job stacking?

Job stacking is the practice of working multiple jobs in …

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Why physicians need financial independence and how to achieve it

Finance
November 18, 2023

In the modern world, physicians are respected and highly regarded for their compassion, dedication, skill, and knowledge. People value the effort physicians put into taking care of others often before taking care of themselves. While this noble profession was once lucrative, many now find it challenging to make ends meet, given falling reimbursements, lack of independence, and exorbitant student loans. Achieving financial independence is not just a personal goal; it …

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4 questions every doctor must ask their financial advisor

Finance
November 14, 2023

Hiring a financial advisor can be a strategic move to ensure your financial health aligns with your professional success. However, the effectiveness of this partnership depends on asking the right questions. In this article, we’ll explore four essential questions doctors should pose to their financial advisors to pave the way for a secure and prosperous financial future.

“What is your experience working with medical professionals?”

Doctors face unique financial challenges, from managing …

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Fundamental vs. technical stock market analysis: Which one is right for busy doctors?

Finance
November 10, 2023

There are two primary methods that stand out for evaluating securities: technical analysis and fundamental analysis. Both approaches offer unique insights into the financial markets, each with its own set of advantages and disadvantages. Understanding the distinctions between these methods can empower investors to make informed decisions about their investment strategies.

Technical analysis: Uncovering market trends

Technical analysis involves the examination of historical market data, primarily price and volume, to predict future …

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From “reverse” to “self” leadership: a journey of survival and thriving

Physician
November 10, 2023

It’s the early 1980s.

My homeland Iran is torn apart between a bloody revolution and a looming war. The militia of the Islamic regime raids houses overnight and arrests politically active people. We hear rumors that they’re tortured and pressured to rat out friends and family. Young people disappear one by one, and some of them never come back. People are terrified. We’re scared of our neighbors, friends, teachers, and each …

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Prioritizing physician wellness and industry change [PODCAST]

Podcast
November 7, 2023
YouTube video

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

Join Dike Drummond, a family practice physician, burnout survivor, and executive coach. In this episode, we’ll delve into the future of health care in the United States, discussing workforce demographics, the impact of burnout, the role of …

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How to reduce your taxes as a doctor

Finance
November 7, 2023

Understanding and implementing effective tax planning strategies can make a significant difference in your financial health. Doctors often face unique tax challenges due to their high-income nature, and this article will explore key tax planning strategies tailored to the needs of medical practitioners.

1. Choose the right business structure. One of the initial steps in tax planning for doctors is selecting the most advantageous business structure for your practice. The most …

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Expertise about a drug doesn’t make you an expert about the stock

Finance
November 5, 2023

As doctors, we are highly skilled in our respective specialties, but when it comes to managing our finances and investments, we may encounter unique challenges. One common pitfall is the tendency to invest heavily in medical stocks or health care-related assets due to familiarity and overconfidence. Just because we know a disease or drug doesn’t mean we can make a good decision on the stock of a company. Even if …

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From compassionate care to corporate medicine: Physicians speak out

Physician
November 5, 2023

Four years ago, I (JEL) had just finished a fellowship and was elated to start my dream job in a physician-owned and operated group practice. The doctors in the group were tight-knit supporters of each other and the local community. Right away, I began building meaningful relationships with the patients and colleagues that I thought would be with me for decades. But without warning, in year two, the group’s senior …

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Not all physicians are nice

Policy
November 4, 2023

I have been representing physicians for over 40 years, and the vast majority of the people I work with are genuinely nice. Overworked, stressed, sometimes distracted – yes, but most physicians entered the profession because they were sincerely concerned about people and wanted to help. Medicine can be a truly thankless job, and the vast majority of physicians don’t pursue it solely for the money.

Unfortunately, this characterization of physicians is …

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20 reasons every resident should form a micro-corporation

Physician
October 30, 2023

The majority are wrong.

Is it possible that the growing majority of doctors are mistaken in their decision to choose traditional employment? How is it that the most intelligent group of individuals on earth can be influenced to believe that being confined to traditional employment is in their best interest, especially when the burnout rate is approaching almost 60 percent?

Don’t follow the herd.

In a world where the “herd mentality” often prevails, …

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Revolutionizing health care ops: data connectivity and AI insights [PODCAST]

Podcast
October 26, 2023
YouTube video

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

Join nurse executives Linda Knodel and Karlene Kerfoot as they share their 45 years of experience in health care administration. In this insightful podcast, they discuss the urgent challenges facing health care organizations, the power of data …

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Are you taking advantage of all of your tax deferred investment options?

Finance
October 25, 2023

Given the tax bracket most doctors are in, reducing their tax burden is a key factor in their investment success and long-term retirement plan. At this time of year, many doctors may not have maximized all of their retirement tax-deferred options. Here is a summary of different options to consider.

Traditional 401(k) plans

Benefits

Tax deductions. Contributions to a Traditional 401(k) are tax-deductible, reducing an individual’s taxable income for the year in which …

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Private medical practice: thriving with business knowledge

Finance
October 23, 2023

Are you happy and satisfied with your private medical practice today? Over 65 percent of physicians admit they aren’t. Such a high percentage is indicative of serious problems within the medical profession that aren’t being resolved. These issues are increasing, not decreasing.

Some believe it’s the result of several stress factors among practicing physicians stemming from variable pressure-inciting sources inside and outside the medical practice business. Others sanctify their distress and …

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My takeaways from an entrepreneur and real estate conference for physicians

Finance
October 20, 2023

Navigating the dynamic world of real estate investment and entrepreneurship has always been an exhilarating journey for me. As both an investor in real estate and the proud business owner of a coaching program, I’ve always believed in the power of continuous learning and forging meaningful connections. I recently attended one of the largest entrepreneurship and real estate conferences for physicians.

I attended with three clear objectives: to connect with like-minded …

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Too big to fail: health care’s moral quandary

Physician
October 16, 2023

This could be the mythical and mystical tale of organized health care. Humans and their systems may become organized to evolve as large and stable entities, as disorganized ones may never grow large and may remain perpetually unstable, risking disintegration. However, once they reach the status of being “too big to fail” and become self-aware of this situation, the lines between ethics, morality, and legality may begin to blur. This …

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Financial challenges for early career physicians

Finance
October 15, 2023

Early in your career as a physician, with a good income, but often significant debt, physicians can make critical financial planning mistakes that follow them their whole career.

Avoid them!

Early career physicians face unique financial challenges, from student loan debt to the need for investment and insurance planning. In this article, we will provide a comprehensive guide to financial strategies tailored for physicians in the early stages of their careers, with …

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Secrets to reviving physician autonomy [PODCAST]

Podcast
October 14, 2023
YouTube video

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

Join Diane Shannon, an internal medicine physician and physician coach. Explore the evolving landscape of physician autonomy and discover actionable insights on how health care professionals can regain agency and empower themselves for a more fulfilling career …

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Harnessing ignorance: quantum reality and medicine

Physician
October 8, 2023

Scientists refer to this seeming paradox as being derived from the nature of quantum reality and Heisenberg’s Uncertainty Principle. Ignorance can be a “strength.” For example, when we want to identify someone, the photons that arrive at our retinas will be different depending on the many other factors surrounding that person.

However, we tend to disregard most of the objects, colors, or obstacles in the way and conclude that it is …

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