Most physicians step into their careers already burdened with over $200,000 in student debt, no assets to speak of, and a nagging feeling that they’re way behind. If you’re the primary breadwinner in your family, this pressure can be even more intense. Interestingly, most doctors didn’t pursue medicine for the paycheck. But once that MD is proudly displayed after their name, they are thrust into a relentless sprint to catch …
Negotiating a contract can be daunting, but it’s a critical skill every physician must master. When I received my first contract, I was overwhelmed by the legal jargon and the sheer number of clauses. It wasn’t just about the salary; it was about securing a fair and comprehensive agreement that would set the stage for my entire career. Through trial and error and a lot of research, I’ve gathered these …
The wait is over! The highly anticipated 2024 MGMA DataDive, a federally recognized gold standard for physician compensation data, has finally arrived. This comprehensive analysis offers unparalleled insights into physician and advanced practice provider (APP) compensation, making it a crucial resource for staying informed in today’s health care landscape. While some may consider it the current “gold standard,” it is essential to remember that even the best data sets can …
I’ve been using experiential activities from improvisation as a modality for teaching communication-related skills for about two decades. Because they are based on a “YES AND” philosophy, which requires everyone’s participation, they are inherently inclusive and social.
One such activity is called “I am _____________.” It can be used in any meeting, class, or workshop and only takes about ten minutes. It is simple to teach and is a great way …
Most hospitals are now also requiring fingerprinting and immunizations, with some demanding double PPDs. Extra COVID boosters and proof of previous immunization for MMR, Hepatitis B, and Varicella are now required. They require current titers. COVID cards are no longer valid and also require a printout of where you received them. Hospitals are reaching a point where they will have no one to work.
Working in credentialing now and being on …
The group’s story: facts and dynamics
This unique group of three interventional radiologists, each making a substantial income, found themselves in a situation where their compensation was not commensurate with their contributions. Their pay structure had not been updated in eight years. According to our analysis, each was making good money, but the pay was not fair (over $700k) by market standards. They were paid on a 1099 basis, paid their …
All around the world, health care systems are crumbling, resulting in less effective clinical care and damage to health care workers. We all recognize the need for change and want to see it. But could doctors’ psychological makeup hamper the achievement of the actual change we wish to see in our systems?
The nature of doctors
Worldwide, those who enter a medical career are intelligent and driven individuals. Throughout our training, we …
In the fast-paced environment of a doctor’s office, accuracy and operational effectiveness are paramount. Often bustling with activity, meticulous office coordination is needed to guarantee that every aspect runs smoothly. From managing patient records to ensuring the availability of medical equipment, the daily operations of health care facilities hinge on the seamless integration of various components. Every piece of equipment, every supply, and every record needs to be in the …
How can a group of dedicated general surgeons transform their compensation and work conditions in six months? Here’s their story.
The group’s story: facts and dynamics
Four general surgeons, one NP, and one PA for a specific physician have been practicing at a small community hospital with three ancillary facilities in the Northeast for many years. The group and staffing have been dependable, without turnover, for the past three years. Three physicians …
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We dive into the challenges and strategies for private medical practices to thrive, featuring our guest, pediatrician Nneka Unachukwu. We discuss the importance of adopting an entrepreneurial mindset, effective business practices, and the …
Success in the health care industry often demands technical expertise, a resilient mindset, and an unwavering commitment to personal growth. We will delve into key lessons, focusing on how health care professionals can leverage these insights to excel in their demanding careers.
The importance of a strong “why”
Motivation. In health care, the “why” often stems from a deep-seated desire to help others and make a difference. This intrinsic motivation is essential for …
Quitting your practice rarely happens when you have a backup support system in place. Have you ever wondered why so many of our physician associates are permanently leaving medical practice intentionally or rapidly jumping into medical practice employment positions without hesitation? The temptations are enormous.
Our business advisors, medical literature, and articles exposure pound us with jobs outside of medical practice on the fringes. But who wants to start a new …
As a physician, you are accustomed to thinking about the future and planning for the well-being of your patients. However, have you considered applying the same foresight to your financial future? Investing in residential assisted living (RAL) homes is an opportunity that offers both financial security and the chance to make a meaningful impact on the lives of seniors. Here’s why RAL homes are an excellent investment now and for …
You wish to spend more time with patients while giving high-quality care. You’re tired of dealing with health plans’ red tape. Maybe a colleague boasted that he could charge $300 to $400 per consult out of pocket. To which you say, “You know what, I can do that too!” We don’t blame you. However, when starting our cash-pay clinic, we juggled several elements during the transition. We distilled that planning …
Unlike almost every other industrialized nation on Earth, independent American physicians running their own clinics must all be entrepreneurs. Unlike all other businesses, however, there are special rules related to the business side of U.S. medical practice. These are exemplified by the Stark laws. Aptly named, these strict provisions forbid doctors from engaging in what is called physician self-referral.
Doctors are required to avoid referring patients to entities in which they …
Labor shortages have become a pressing concern across the health care sector, with the nurse staffing crisis looming large over hospitals and health systems nationwide.
A report from the Massachusetts Health Policy Commission illuminated the severity of the workforce challenges, revealing a doubling of vacancy rates for registered nurses in the state’s hospitals from 2019 to 2022. Despite concerted efforts, the problem persists, with health systems still resorting to costly pandemic …
When you have been reviewing physician employment agreements for nearly four decades, you tend to get a little jaded about the possibility of ever seeing reasonable compensation for physicians. Although I am continually preaching to the choir about the need for reasonable physician compensation, I rarely see something that gives me encouragement that physicians may someday be paid appropriately for everything they do.
However, recently I have reviewed several agreements titled …
I often find that many doctors come to me with doubts and are grappling with the idea that they don’t know how to manage the business aspects of their private practice. However, in working with them, most come to the realization that the truth is that the skills required to run a successful medical practice are not as foreign as they may think. In fact, they are deeply rooted in …
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