Finance

Special contractual issues for female physicians

Finance
August 2, 2022

As a physician’s attorney focusing on physician contract review, I spend all of my professional life reviewing and negotiating physician employment agreements. In my experience, women physicians have several issues that need special attention when negotiating their physician employment agreements.

Any physician needs to be familiar with appropriate compensation through benchmarking data such as that published by the Medical Group Management Association (MGMA). However, while this may be one of several …

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Why doctors are increasingly investing in real estate

Finance
July 20, 2022

With many health care systems around the world an elaborate mess, real estate can be an efficient strategy for doctors to ensure their financial future after retirement. They can benefit from long-term appreciation and tax breaks by investing in real estate.

As economies and technologies continue to evolve, many physicians have started buying real estate for investment purposes. Some doctors choose to invest their money in real estate to diversify their …

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Military physicians leaving the military

Finance
July 8, 2022

Military physicians leaving the military have several issues that should be carefully evaluated before executing a contract with a civilian employer.

First of all, the income is definitely going to be higher than the military physician salary. Much like a physician coming out of training, military physicians should ask whether the salary is fair, not if they will be making more than they currently earn. Medical Group Management Association (“MGMA”) benchmarks …

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Transition planning: financial moves for medical residents and fellows

Finance
June 9, 2022

The unpaid time between training and practice is probably the one area of planning that catches most residents and fellows off guard. Transition planning involves preparing for the financial and lifestyle changes as you transition from training to practice.

Many new decisions will need to be made during this time, such as:

  • Determining which benefits you can and should continue from your former employer.
  • Electing benefits offered by your new employer.

    • …

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10 financial mistakes physicians should avoid right away

Finance
June 6, 2022

We all know that physicians can make a good amount of money every month as their income. On the other hand, it has become increasingly apparent that the financial blunders they make at some point in their lives contribute to making things difficult while managing finances.

So, it is essential for both young as well as experienced physicians to understand the possible mistakes they have been making and how they can …

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Keep your medical insurance, but pay the doctor with cash

Finance
June 5, 2022

You can get a better deal paying out-of-pocket for routine medical care even if you already have coverage. Another key advantage of going self-pay for medical care is freedom of choice—since every provider takes cash, you don’t have to rely on the whims of an insurance network. You’re then free to pursue whatever doctor or facility you trust the most. That being said, keep your health plan and instead let …

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What are physician mortgages?

Finance
May 25, 2022

Selecting a mortgage can be daunting. Understanding the mortgage terms, the total cost, estimated property taxes and insurance, and the bottom line on a month-to-month expense can be a lot to take in.

For many individuals, utilizing a mortgage to purchase a home can lead to months of underwriting, painful discovery and disclosure of financial documents, and consistently changing deadlines. This process aims to prove that due diligence is completed thoroughly …

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8 things to negotiate besides salary

Finance
April 28, 2022

Whether we are considering a new job or up for review at our current place of employment, there are several things we should negotiate. Many of us focus solely on salary, but there are other things we should be sure to negotiate as well:

1. Benefits and insurance. One of the first things to consider besides salary is benefits. For physicians and other young professionals with college degrees, student loan forgiveness …

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How to retain more of your hard-earned money

Finance
April 19, 2022

I have never known a doctor who wasn’t interested in bringing more money into their home. There are so many reasons for this that can range from paying off large loans to the costs of having children (nannies, sitters, private schools, college, weddings, etc.) to the growing sense that your employer undervalues you.

Regardless of your reason, most of you will attempt to fill this void by working harder or by …

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Financial infidelity: It’s not about the money, it’s about trust

Finance
March 25, 2022

If you have never heard the term “financial infidelity,” it doesn’t mean you don’t know what it is. In fact, according to a recent creditcards.com survey, 32 percent of respondents have financially cheated on their partners. Both finances and cheating can be complex subjects to discuss, even with and, sometimes especially with, those closest to you. Not surprisingly, this topic is pertinent to physicians and dentists because they tend to …

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How NFTs, DAOs, Web3 and the metaverse impact health care

Finance
March 3, 2022

These are my views and should not be construed as investment advice.

If you’ve tuned into the news over the last year, you’ve probably heard of people spending millions on digital JPGs, or people acquiring these digital images and then “flipping” them for a profit. Many of my friends made six-figure profits last year by speculating on digital NFTs, though I don’t recommend it.

You’ve probably heard of terms …

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There are so many paths to financial freedom

Finance
February 18, 2022

There are so many paths to financial freedom. It does not matter if it’s starting another business, investing in real estate, or saving in your 401(k). You will reach financial independence as a physician if you save and invest. The most crucial factor in achieving financial independence is consistency.

  • Do you save and invest money every month? Or do you have to wait until the end of the month and …

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Estate planning and asset protection challenges and strategies for single physicians

Finance
February 16, 2022

While chatting with a physician client of mine recently, an important topic came up that she hadn’t really asked about previously. My client is in her late 40s and is currently single with no plans of getting married. She’s the only child of her aged parents, and after working as a physician for over 15 years, she has become financially successful enough to slow her career down a bit. Her …

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A physician’s money goals for 2022

Finance
February 4, 2022

It’s 2022, and many of us want this year to be better than last year. Instead of just hoping this happens, let’s make some realistic goals and put steps in place to achieve them. Here are some of my 2022 goals:

1. Continue to invest at least 10 percent of my salary in retirement accounts. Investing money gives me the opportunity to allow my money to grow. Because of inflation (the …

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Are hospitals evil? A physician contract lawyer explains.

Finance
January 25, 2022

As an attorney who negotiates physician employment agreements with hospitals on a daily basis, I have developed a healthy skepticism about mindset of hospital executives. It is painfully obvious that most executives in our hospital systems have a business school mindset, that views physicians as necessary (albeit expendable) cogs in the magnificent machine that is the hospital.

Executives can hardly be blamed for this attitude. Physicians will always …

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8 scary financial mistakes physicians make with their money

Finance
January 14, 2022

Are you a physician who is having financial difficulties? Doctors are at unusually high risk of making scary financial blunders in their personal lives because they are high-income professionals.

Despite having a higher-than-average income, physicians can nevertheless develop unhealthy financial habits that will cost them in the long run. Physicians can easily fall into any financial pitfalls.

Fortunately, with a bit of foresight, it is easy to avoid doing …

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CME Spotlights