Practice Management

The short-term rental tax loophole: a game-changer for physicians

Finance
February 1, 2023

Tax benefits are one of the primary reasons many doctors invest in real estate. The U.S. government incentivizes real estate ownership as it is considered starting a business, which creates jobs and increases tax revenue. One way to achieve significant tax savings is by becoming a real estate professional, but this is impossible for those working full-time. An alternative option for these individuals is short-term rental properties.

A short-term rental (STR) …

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Breaking the burnout: How health care leaders can support physician well-being

Physician
February 1, 2023

Recently I was scrolling through posts from a physician leadership Facebook group. I came upon one that caught my eye. It said something like, “Does anyone have information I can share with my radiologists to show them the impact of working through lunch?”

I was happy to see a post that focused on physician well-being. A leader who cares enough and wants her physicians to take a break. And …

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Why are so many physicians quitting medicine? The real reasons revealed.

Physician
January 30, 2023

It is well-recognized that there is a large number of physicians leaving medicine or preparing to do so. This is not to be debated!

Many physicians are retiring due to age, and others have accepted early retirement as their best option with the current state of health care. Beyond those retiring, it is concerning how many young physicians are leaving medicine and no longer want to stay in the current health …

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Why every doctor should have a side gig

Finance
January 28, 2023

Why is it that physicians are seeking alternative avenues to boost their income? It may seem counterintuitive for busy clinical doctors to pursue a side gig, why? In a post-pandemic era, physicians are plagued by colossal debt and increasing rates of burnout. More than 100,000 physicians have left the profession since the start of the COVID-19 pandemic. My peers are frustrated, tired, and seeking a way out. For many, …

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The DNA of entrepreneurs: How your genes could determine your business success

Physician
January 28, 2023

Creating something new, taking calculated risks, and effectively allocating resources are all aspects of entrepreneurship. Both environmental and genetic variables play a role in this intricate process. This article will examine how a person’s propensity to become an entrepreneur is influenced by genetic and environmental factors that drive entrepreneurship.

Personality qualities and risk tolerance are critical genetic determinants of entrepreneurship. These characteristics can influence an individual’s approach to entrepreneurship and can …

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The hidden link between soft skills and patient safety

Conditions
January 25, 2023

The skill

Patient safety, patient experience, workforce health, and cost-effectiveness are critical outcomes with an important common root. They’re all impacted by our ability to communicate effectively and respectfully. Additional terms to describe these skills include people, interaction, interprofessional, relationship, and social skills. They can even be used to describe behaviors inherent in many properties of complex adaptive systems, such as the butterfly effect, flexibility, and adaptability. The more we understand …

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Streamlining your life is the key to career fulfillment

Conditions
January 24, 2023

When my kids were born (3 within 19 months), one thing became very clear: there was only one way that I could possibly accomplish all of my goals. I wanted a fulfilling, successful career, with big aspirations. I also wanted to be really happy and present in my personal life. I didn’t want to sacrifice my career and didn’t want to sacrifice my personal life. I wanted success and fulfillment …

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Balancing employee needs and fair pay during federal holidays

Physician
January 24, 2023

Our previous post discussed how a full-time equivalent equals 2,080 work hours annually. To further clarify, we would like to explain how work hours during federal holidays can be calculated. One approach is to offer employees an incentive by counting each work hour after-hours as 1.5 and each work hour during federal holidays as two during the calculation of payable annual work hours. This can encourage employers to expect …

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The power of physician-administrator partnership

Physician
January 23, 2023

Arianna Huffington recently wrote on LinkedIn, “45% of U.S. workers wouldn’t wish their job on their worst enemy. We’re in a crisis of purpose and meaning, not just burnout.”

This occupational phenomenon has also reached crisis proportions in the health care industry. In a recent study on physician burnout, Dr. Christine Sinsky reported the highest rates of burnout (>60%), emotional exhaustion, and the …

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90 days and counting: the uncertainty of being an employed physician [PODCAST]

Podcast
January 22, 2023
YouTube video

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In the world of medicine, job security is not a given. In this episode, we speak with Aaron Morgenstein, an orthopedic surgeon who discusses the challenges and uncertainties of being an employed physician. He explains the implications …

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Balancing patient care and bureaucracy [PODCAST]

Podcast
January 19, 2023
YouTube video

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In this episode, Susan Walker, a pediatrician, shares her experiences and insights into the demands placed on doctors, and how these demands can sometimes interfere with their ability to provide the best care for their patients. Susan …

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Finding purpose: How physicians can craft meaningful careers in medicine [PODCAST]

Podcast
January 16, 2023
YouTube video

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In this episode, we speak with David Danhauer, a seasoned pediatrician and former CMIO. Throughout his career, he has had the opportunity to gain a wealth of experience and knowledge, and as he approaches retirement, he reflects …

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New employment contracts: What physicians need to know about compensation and benefits

Physician
January 16, 2023

Physicians receiving a new employment contract need to be aware of issues that can arise related to their compensation and benefits. These are some of the things that should be carefully reviewed before signing the agreement.

Compensation

The agreement should clearly provide what productivity is expected. You can frequently gauge expected productivity by the salary level. If one employer is paying significantly more than another, it is a safe bet that the …

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Maximize your practice’s revenue: Follow these 5 billing metrics

Finance
January 14, 2023

Healthcare Business & Technology states that “doctors in the U.S. leave approximately $125 billion on the table each year due to poor billing and coding practices.”

As your private practice grows, don’t leave money on the table!

This article reviews the top 5 billing metrics and benchmarks you should be aware of to track your performance and set key performance indicators (KPIs) when running a private practice. Practices that make the recommended …

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The million dollar mistake: Why medical schools don’t teach business and how it’s costing physicians

Physician
January 11, 2023

The fact that every physician in private medical practice, without a business education, leaves approximately a million dollars on the table and is unaware of it is well known to business experts who work with medical doctors experiencing financial difficulties. Business experts such as Dan S. Kennedy, Peter Drucker, Michael Gerber, Maxwell Maltz, Neil Baum, William Hanson, Huss and Coleman, Steven Hacker, Thomas Stanley, Chris Hurn, Napoleon Hill, and Dave …

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Having a great CV is not enough: Start building your portfolio

Physician
January 8, 2023

Many physicians believe the curriculum vitae (CV) represents the most integral aspect of applying for new opportunities. Post-pandemic, more physicians than ever are exploring ways to leave their current positions in clinical medicine. Some are looking to practice medicine differently, while others are looking to escape the practice of medicine with part-time and full-time non-clinical roles.

As the applicant pool of physicians looking to make career changes has grown, applying for …

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Secrets from a physician-entrepreneur [PODCAST]

Podcast
January 2, 2023
YouTube video

 

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

“Health care has changed dramatically in the last decades, from the introduction of electronic medical records to the COVID-19 pandemic serving as a catalyst for telehealth and virtual care options to the increased familiarity with digital therapeutics, …

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Character, not cash: the ingredients of a happy and meaningful life

Finance
December 28, 2022

I recently came across a few videos, notes, and books from Jim Rohn (Tony Robbins’s mentor), and I found so much timeless wisdom. Take note that the book, 7 Strategies For Wealth and Happiness, was released in 1985.

Let’s start with what I consider one of the best definitions of success: “It’s the steady, measured progress toward a goal and the achievement of a goal. Success is both an accomplishment …

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A physician shares his financial mistakes

Finance
December 26, 2022

Physicians often make mistakes when it comes to their personal finances and wealth-building strategy. We are human, after all. Private forums, blogs, and podcasts are filled with horror stories of physicians being scammed into buying expensive whole-life insurance, having disability insurance that didn’t include own-occupation coverage, and being steered toward high-fee investment vehicles by financial advisors. There are also countless situations, such as messy divorces, the risks of doing business …

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Don’t make this mistake with gratitude

Physician
December 21, 2022

We hear it all the time.

Practice gratitude. Be thankful for what you have.

The evidence is clear. Being grateful does offer numerous scientifically proven benefits.

It makes sense why gratitude is good for you, from improved relationships to decreased physical pain to better sleep to increased happiness and self-esteem.

In fact, it’s one of the keys to leading an abundant life full of what you desire and deserve.

But gratitude is not just …

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