Practice Management

Physicians writing on KevinMD about running a practice: staffing and overhead, the payer paperwork that arrives with every patient, ownership and consolidation, the administrators and executives who now employ most physicians, and the models physicians have built to get out from under all of it. Four maintained records draw on this archive: Primary care: what physicians say, in their own words, Direct primary care: what physicians say, in their own words, Physicians and administrators: what physicians say about who runs medicine, in their own words, and Private equity and corporate medicine: what physicians say, in their own words.

How this physician became an art mogul

DocG, MD

Physician Finance

February 8, 2018

I truly believe that the business asset class is important in supercharging the race to financial independence. While many dream of starting their own Google or Amazon, I find myself much more interested in the small, less scalable business. The kind that spins off some revenue, builds experience and know how, and is fun.

Although I have owned multiple small businesses (mostly medical practices and real estate), the one that I …

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How this physician became an art mogul

The blueprint to be financially free from medicine

Passive Income, MD

Physician Finance

February 7, 2018

I am so excited to write this post. It’s been a long time coming, but in fact, it’s come years sooner than I had even dared to hope. Now, I can finally say that I am truly financially free from medicine and I wholeheartedly believe that anyone can achieve this.

Setting the scene

First, a little background. My wife and I are both physicians, and we’re both about six years out of training. We’ve …

Financial independence means nothing if you don’t have your health

Live Free MD

Physician Finance

February 6, 2018

Money is great. It provides security, options, and freedom. If you work hard, practice relative deprivation, and save enough money to become financially independent, you will have reached a commendable milestone.

However, financial independence means nothing if you don’t have your health. It doesn’t matter that you have $5 million if you aren’t around to enjoy it, or if your health is so poor you can’t travel, start a business, teach a class …

5 mistakes this doctor made when negotiating his contract

Mitchel Schwindt, MD

Physician

February 5, 2018

The final year of any residency is a time of accelerated independence, moonlighting, and an intense search for that first job as an attending. This decision is critical as one embarks on a life-long career in medicine, and it will undoubtedly blend a mix of analytics, emotion, and finance into the final analysis.

With a bit of candor, I want to share the mistakes I made when accepting my first contract …

Should physicians invest in municipal bonds?

Wall Street Physician, MD

Physician Finance

February 5, 2018

The primary benefit of municipal bonds compared with other bonds is that the interest earned is typically exempt from federal income taxes. In general, income from municipal bonds is also exempt from state income taxes if you live in the state where the bond is issued.

Calculating the equivalent return of municipal bonds

Municipal bonds will typically have lower returns than an equally risky corporate or government bond. However, the interest on corporate and …

Should physicians pay off debts or invest? Here’s a detailed answer.

James M. Dahle, MD

Physician Finance

February 4, 2018

We’re going to address the most common question I see. Should you pay off debt or use your money to invest? Over and over again it is asked, always with slightly different details. 95% of the time, the answer is a simple “It depends.” So today, we’re going to talk about what it depends on. I’ve written about this topic before, but it has been six years. I …

One house, one spouse, one job. How did this physician do?

Dads Dollars Debts, MD

Physician Finance

February 3, 2018

I recently posted a graph of my net worth since I started tracking it in 2014 on Twitter. Despite becoming an attending in 2012, I did not track my net worth early on. As you can see, it has been a slow and steady climb to a positive net worth. I posted this, and the White Coat Investor stated this is a good case to discuss one house, one …

The single most important phrase every doctor must learn

Cory Fawcett, MD

Physician Finance

February 2, 2018

I have been helping doctors with their personal finances for a long time. I recently realized that there is a single statement, if doctors would learn to use it, that would change their lives.

It is very common for me to encounter doctors who are in over their heads financially, struggling with debt, and living paycheck to paycheck. They have a high income, but never seem to have money left over …

A physician ponders early retirement and faces the wall of fear

DocG, MD

Physician Finance

February 1, 2018

My mother, the accountant, threw out 10 million. An I just took it. Accepted it. Calculated the number of years, and I was off. But it didn’t feel right. So I asked my financial advisor. A few weeks later and after much information was solicited, I was given 85% chance of my money lasting through retirement. He went on and on about Monte Carlo and all sorts of other rubbish, and …

It’s time to debunk the myth that doctors’ dollars come easily

Nisha Mehta, MD

Physician

January 31, 2018

A few months ago, I hired a contractor for a home improvement project. He didn’t know that I was a physician at the time, and we came to a mutually agreeable price.

Fast forward a few weeks, when we realized that we needed an extra, seemingly small, addition to our project. By this point, we’d gotten to talking, and he’d learned that my husband and I were both physicians.

To my surprise, …

This physician loves being a doctor. He just wants to do it less.

Passive Income, MD

Physician Finance

January 31, 2018

Recently, I made the announcement that I am financially independent from medicine. As a quick recap, I’ll just say that I no longer have to rely on my physician’s salary as my primary source of income thanks to my other ventures, and yes, passive sources of income. Since then, the number one question I’ve received is this: “So, when are you going to retire?”

Retirement as a way of life

Well, the fact is …

How to raise financially successful children

Live Free MD

Physician Finance

January 30, 2018

The other day, I read a proposal about the government (taxpayers) giving newborn babies anywhere from $20,000 to $50,000 to help fund their future. I am not going to comment on the politics of this proposal, but it did get me thinking about how to set your kids up for financial success.

Give your kids a good home

If your kids grow up in a safe, stable, supportive home, they are more …

A physician’s guide to life insurance

Wall Street Physician, MD

Physician Finance

January 29, 2018

Life insurance is one of the key foundations of a good financial plan. In this article, we will discuss the basics of life insurance.

Why life insurance?

While you might feel invincible and 100% healthy, as physicians we all know patients or colleagues who were diagnosed with terminal cancer or died suddenly because of an accident or health condition.

If someone is dependent on your income (usually your spouse or children), then life …

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A physician’s guide to life insurance

This physician bailed on the stock market in 2008. What now?

James M. Dahle, MD

Physician Finance

January 28, 2018

Q. Should I get back into the stock market?

I am 11 years out of residency and have made many of the mistakes you have listed on the site. The primary one was getting OUT of stocks entirely with the 2008 crash. Oi. Now I have all this cash and some bonds, and I want to reinvest, slowly, and think the market is overvalued. I hate the thought of getting back …

How this doctor eliminated $500,000 in debt

Cory Fawcett, MD

Physician Finance

January 26, 2018

In my last post, I told my story of how I got out of medical school with only $18,000 of debt. By the time I left residency, I had that whittled down to $6,000 at 3% interest. Then during the next three years after starting my practice, I had accumulated almost $500,000 of new debt.

Initially, I didn’t think anything of this new large debt, after all, I …

The Tesla and a failure of stealth wealth

DocG, MD

Physician Finance

January 25, 2018

I loved my Prius.

I’m not a car guy. I’m really not. But when my Prius started to fail after 120K miles, I took an active interest in picking my new mode of transportation. I had a few caveats. I was driving 100 miles a day. I wanted either a hybrid or fully electric car. And I needed something safe for the snow. Preferably four-wheel drive.

My first instinct was to get …

Using a mortgage to force savings: a good idea?

Passive Income, MD

Physician Finance

January 24, 2018

I’ve been thinking about mortgages and savings a bit more than usual lately, and with good reason. My father recently retired from his nearly 40-year career as a physician, and in trying to be a good son, I’ve been helping him prepare for the transition financially. This involved taking an account of what he has saved up, his investments, and his expected cash flow. For him, the future that many …

When should physicians retire?

Wall Street Physician, MD

Physician Finance

January 22, 2018

The decision to retire is a difficult one for anyone, including physicians.

However, with everyone’s investment accounts so flush with money because of the bull market, a lot of physicians younger than the traditional retirement age of 65 have enough money to retire early. Some have chosen to do so; others have chosen to continue to work even though they are financially ready for retirement.

So what …

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When should physicians retire?

Physicians: Beware lifestyle inflation

Live Free MD

Physician Finance

January 21, 2018

At some point in our lives, most of us have learned to live on very little. For example, if you’ve ever been a college student, you’ve mastered the art of living in the same house with a dozen other people, finding free meals, and using public transportation.

Back in the early 2000’s, when I was a college student, I estimate that I spent about $15,000 per year on living expenses (aside …

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Physicians: Beware lifestyle inflation

What a toddler can teach physicians about the stock market

Dads Dollars Debts, MD

Physician Finance

January 20, 2018

We are now almost 2 1/2 years into this parenting thing. It is a pretty amazing thing, raising a toddler. There are a lot of awesome days, watching him learn and explore his surroundings. The sentences that are coming out of his mouth now are pretty wild. He is funny, has a good amount of potty humor, and is all around a cool kid (at least I think so).

That is …

Practice Management

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