Practice Management

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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Work-life balance is not an accident

Physician
March 17, 2022

I describe work-life balance not as a see-saw with one side going up while the other goes down, but more like a wobble board with imbalance possibilities in infinite directions.

Now that I’m in my fifties with grown kids, I feel compelled to share what I think I did right — and on what I feel I wasted time/energy with the disclaimer that it all depends on your values and this …

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You take care of others all day. Here are 11 ways to care for yourself.

Physician
March 12, 2022

Many of us in health care tend to have qualities that brought us to our professions, which hinder our self-care. We tend to be self-sufficient to a fault, at times lacking the humility to acknowledge or accept we need help. We may also think we are invisible and that we can endure all suffering we witness or experience without any need to process what we experienced emotionally. Additionally, we have …

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What the Friday 5 p.m. consult says about your priorities

Physician
March 8, 2022

Everyone dreads the Friday 5 p.m. consult.

As a physician-in-training, I had more than one of those. But having young kids waiting to be picked up from daycare made that decision tougher.

In one particularly memorable event, I left work, picked up my daughter from daycare, and headed to catch the commuter train when I received the consult. In those days, bringing your infant with you to work would have been deemed unprofessional. …

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Tax planning tips for physicians

Sponsored
March 7, 2022
YouTube video

This article is sponsored by Wall Street Alliance Group, specializing in physician financial planning.

Often, physicians only give minimal attention to their financial futures, but potential federal changes could make tax planning even more important. The proposed infrastructure …

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Listening to the doctor’s heart

Conditions
March 5, 2022

I’ve had doctors listen to my heart many times in my life. Recent work I did in Pakistan as an anthropologist let me listen to theirs.

A few months ago, I embarked on an ethnographic study to understand what health care professionals saw as the psychosocial needs of pediatric patients. This involved conversations with several doctors in Pakistan, who had volunteered to share their views about pediatric patient care. As I …

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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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How not to be a broke doctor [PODCAST]

Podcast
February 26, 2022
YouTube video

“Remember the things that we’ve discussed as the majority of people are broke. And just because your friends are showing off the ‘stuff’ things they buy doesn’t mean they can actually afford them.

Once you realize that everybody in the world is after your money, the quicker you know how …

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How physicians can restore themselves on vacation

Physician
February 25, 2022

As the latest pandemic wave seems to be easing, I am again thinking about traveling. I love to travel on vacation. A staycation can be nice, especially if there’s a lot to do around the home, whether that’s working on my home (decluttering and organizing anyone?) or just getting all the little things done that I usually don’t make time for. A break from working, but still at home.

Those homestay …

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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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An unplanned conversation leads to a mentorship opportunity

Physician
February 18, 2022

Charlotte: I initially met Richard at a wedding. Standing near the much-desired sushi buffet, we quickly started talking about the broken infrastructure of the health care system. At the time, I was an exhausted intern in internal medicine, happy to have the right weekend off. I shared big dreams of one day creating a new model of medical delivery. Richard, a senior executive with decades of leadership experience, listened compassionately. …

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Fellow physicians, what is our path forward?

Physician
February 16, 2022

As our health care system teeters yet again on the brink of collapse, the big questions on so many of our minds are: What does our future hold for us as physicians? What is our path forward?

As physicians, we currently live and work in a constant state of crisis. We’ve seen record numbers of patients, experienced personnel shortages, and instituted crisis staffing and standards of care. We’ve cared for patients …

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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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What do physician coaches do, and what can they do for you?

Physician
February 12, 2022

When was the last time someone sat down with you to talk about what you want from your career? Let me ask this differently: When was the last time someone sat down with you and listened while you talked about what you want from your career? If your answer is yesterday, or last week, or last month, or anytime in the last year, and you love what you do without …

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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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Noah Kaufman, MD on the cryptocurrency market and educating physicians about Bitcoin [PODCAST]

Podcast
February 3, 2022
YouTube video

Emergency physician and financial planner Noah Kaufman gives a general cryptocurrency market update. He discusses the state of Bitcoin and the impact of fiscal tightening by the Federal Reserve and also comments on Paul Krugman’s recent New York Times column comparing cryptocurrency to the subprime mortgage crisis. Finally, we talk …

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“Me too” instead of “me last”: Have you filled your self-care bucket today?

Physician
February 2, 2022

I began pondering this topic after I witnessed a health care professional post on Facebook her hospital system’s expectation that she return to work five days into COVID, still ill and actively symptomatic.   She needed more recuperative time but struggled to give herself permission to take it. Unfortunately, this scenario is all too common in the health care community. How did we get here?

Demoting the importance of my own health …

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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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Playing the hand you are dealt

Physician
January 24, 2022

Anyone can win at poker when dealt a royal flush. But what can you do when the cards you are dealt don’t appear winning at all? My answer: Make the best of what you have.

Recently I learned of a colleague who sustained a broken back in an accident. He continues to work, wearing a brace and not taking pain medication. I know from watching his videos that he routinely handles …

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