Financial Residency

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down. This option is cheaper than refinancing your loan and does not involve the hassle of getting a new appraisal or providing all the documents to get a new loan. You can reach Doug at [email protected] or go to www.DougCrouse.com.

Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to consult Contract Diagnostics for guidance on interpretation and negotiation strategies. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! You may know Dr. Lisha Taylor from Money Meets Medicine or her new podcast Wealth Minded MD. She joins us today to share her Top 5 Financial Tasks to help new attendings get out of debt, protect themselves and build wealth. For more information on Dr. Lisha or to sign up for one of her financial wellness workshops, go to www.WealthMindedMD.com.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! "Know thyself" – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the depths of this profound saying. There's a reason why nearly one third of lottery winners go broke within their first 3-5 years.* They were handed millions of dollars vs. growing into someone worthy of becoming a millionaire. There's a difference. As doctors, your path is unique. You spent your 20s mastering medicine, not finance or why you are the way you are as a human being. And remember, before influencing others, we must understand ourselves. Reflect on our own money triggers, strengths, and weaknesses. How does your upbringing color your views? Source: https://www.usatoday.com/story/news/nation/2023/07/19/powerball-mega-millions-winners-instant-billionaire-regrets/70430571007/#:~:text=Nearly%20one%2Dthird%20of%20lottery,Financial%20Planner%20Board%20of%20Standards. Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow. On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor, James Nutter provides you with the 101 on how to get the most out of his new podcast collaboration with Financial Residency. Discover how to directly apply each episode to your life so that you may use your money to create a more meaningful life. Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

The MGMA (Medical Group Management Association) data is often considered the gold standard for physician compensation analysis, but it has several limitations. Firstly, the data is delayed, with current data based on previous years' figures. Secondly, the sample size, though large, may not fully represent the physician population. Additionally, there's selection bias as certain physicians may not report their salaries. The data doesn't differentiate between full-time and part-time roles or consider variations in hourly or shift-based work. It also doesn't accurately represent value-based pay, conversion factors, or tiered structures for compensation. Despite its popularity, MGMA data alone may not provide a comprehensive picture of fair market value for individual physicians, as each situation is unique. While valuable, it's important to consider the individual story and context when determining compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode, Jon from Contract Diagnostics addresses the importance of early financial management for physicians, residents, and fellows. He emphasizes the significance of maximizing compensation, understanding taxes, and balancing savings with enjoying life experiences. While Contract Diagnostics doesn't provide financial or tax advice, Jon offers valuable insights and encourages listeners to seek professional guidance for tax planning and financial management. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! This is a very busy time of year for loan officers who specialize in physician loans as there is a big influx of home buyers with all the new residents and new attendings hitting the market at once. Please reach out early to a loan officer to get a prequalification or preapproval letter so you will be equipped to make an offer on a house when you find your dream home. You can reach Doug at [email protected] or go to www.DougCrouse.com.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! James Nutter with IM Wealth joins Dr. Tammy to discuss his 7 Critical Steps to Argue Less with Your Significant Other About Money. He helps physician families learn how to understand themselves so they can communicate more effectively as couples, discover what their "love language" is when it comes to money, and develop a plan as a team to accomplish their financial goals. You can learn more about James at www.IMwealth.com or turn into his new podcast on Financial Residency called "A Life Well Lived: A Physician's Guide to Wealth" debuting this week. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at [email protected].

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don't know what the future holds. Make sure that your financial planning is in place before it's too late. Topics Discussed: Optic Disc Edema: Minor eye issue, nothing serious turns into something major • No Joke: Physicians change their tone, confirm serious situation, and trip to ER • Thought #1: Is my family going to be okay financially if I am not around? • Thought #2: Have I been a good steward of my money? • Thought #3: Have I led a meaningful life and taught my values? • Thought #4: Is the business going to be okay if I am not around? • Consider the following: Am I covered financially and independent? • Legal Logistics: How everything gets sorted out and settled • Financial Organizer: Save time and effort with access and passwords • God is first, others second, I am third - culture pushes it the other direction Links: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality. Topics Discussed: Good: Immense value from financial advisors who understand physician finances • Bad: Save documents and keep records on servicer when third-part is paying • Ugly: Ultra high-risk investment activities—bordering on gambling • Understand the Deal: Perform due diligence and review contracts for red flags • Compensation: What money are you leaving on table based on how you're paid? • Accurate Alignment: Involve spouse for honest answers about financial security • Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences • Moral of the Story: Sometimes, it's worthwhile to pay a fair fee for a CPA Links: https://apm-wealth.com/ www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics shared the successful renegotiation of a family practice sports physician's contract, extending it for four years with improved terms. Through thorough analysis and communication with the employer, they reached a mutually beneficial agreement, addressing compensation, retention bonuses, RVU rates, staffing issues, time away, reporting problems, and equipment needs. Despite some delays, both parties were satisfied with the outcome. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In a recent discussion, Jon from Contract Diagnostics highlighted the growing concern of physician burnout and the increasing interest among physicians in exploring careers outside of patient care. He outlined various alternative career paths for doctors, including roles in education, academia, healthcare administration, and pharmaceutical, biotech, or medical device companies. Other options mentioned were medical writing, informatics, corporate wellness, forensics, and legal consultation. Jon emphasized that physicians possess valuable skills such as critical thinking, problem-solving, and adaptability, making them attractive candidates for diverse non-patient care roles. With the advent of artificial intelligence, opportunities in non-patient care fields are expected to expand further, offering physicians new avenues for professional growth and fulfillment. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. There are several misconceptions surrounding credit, which could hurt your score if you don't have the correct information. Doug explores several of those today. He also gives some tips to help you improve your credit score. For more information about Doug, go to www.DougCrouse.com.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Many primary care physicians have moved to a direct patient care model where the physician works for him/herself and does not accept insurance. It helps eliminate many of the burdens that lead to burnout amongst doctors. But can specialists do it as well? Dr. Lara Kenney is a hematologist-oncologist who says yes you can! She moved to this model in 2019 and talks about her practice. She also is the co-founder of Direct Specialty Care Alliance, which is an organization that is trying to help other specialists who are interested in changing their practice model as well as helping patients/physicians find resources for those who need referrals/resources. You can learn more about direct specialty care at DSCalliance.org or join the Facebook group Specialists for Direct Care.

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Who wants to reduce their taxes? The first step requires educating yourself on the basics. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works. Topics Discussed: • Baseline Knowledge: ◦ How does the federal tax return work? ◦ What are progressive taxes? ◦ How does income flow through the tax return? ◦ What are itemized deductions and credits? ◦ How do tax withholdings, deductions and credits affect tax refund or payment? • Form 1040: Main section of your income tax return where everything comes together • Why compensation doesn't always equal federal taxable wages • Qualified dividends are preferred over nonqualified dividends • What to look for to avoid back-door Roth IRA taxation mistakes • Social Security: Can be taxed up to 85% • Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets • Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others • Tax Deductions: Itemized or standard deduction(s) based on filing status • Use taxable income and tax tables to determine total tax due • Tax Credits are great because they directly offset tax due dollar for dollar LINKS: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner. Topics Discussed: • Use Cases: When to start working with a financial planner • Human Capital Habits: How do you accumulate your wealth? Income • Life Transitions: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don't have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner's advice. ◦ You're not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not. LINKS: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In 2024, physicians face a mixed bag of news. On the positive side, there have been changes in non-compete regulations in several states, potentially impacting physicians' contractual freedoms. Additionally, CMS has implemented improvements to prior authorization processes and witnessed a reduction in pay gaps between male and female physicians in various specialties. However, there are concerning trends as well. CMS has continued to cut rates, affecting some specialties more than others. Physician ownership of practices is declining, with many practices being acquired by private equity firms, potentially reducing physicians' control over their careers and patient care. Burnout rates among physicians remain high, with a significant portion considering leaving their positions or reducing their hours. Despite discussions on addressing burnout, concrete actions from organizations are lacking, raising concerns given the impending physician shortage. While there are challenges ahead, Contract Diagnostics remains committed to supporting physicians through their various needs and challenges. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com LINK to article: https://www.beckersasc.com/leadership/good-news-bad-news-for-physicians-in-2024.html

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In this Mortgage Minute, Doug Crouse from BMO Bank highlights the importance of diligence and caution during the closing process to prevent falling victim to fraud. He shares an incident where hackers compromised a realtor's email and attempted to divert funds by providing false wire instructions. Doug advises homebuyers to verify any requests for money by directly contacting their lender or title company, especially if the instructions seem suspicious. He emphasizes the significance of confirming details before wiring large sums to ensure security and prevent potential losses.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Private equity acquisitions in healthcare, particularly of physician practices, are increasing significantly, with private equity firms buying up practices at a rapid pace. This trend has significant implications for physicians, as it can impact their partnership opportunities, practice autonomy, and patient care. Private equity firms typically aim for a short-term exit strategy, which may not align with physicians' long-term goals. Furthermore, government officials are starting to scrutinize these acquisitions due to concerns about market consolidation and its effects on patient choice and pricing. Whether you're considering joining a practice, negotiating employment terms, or contemplating selling your practice to private equity, it's essential to understand the implications and seek professional advice if needed. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Links: https://www.modernhealthcare.com/mergers-acquisitions/private-equity-acquire-physician-groups-study-ftc?utm_source=modern-healthcare-alert&utm_medium=email&utm_campaign=20240305&utm_content=hero-headline

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Dr. Ramon Lizardo trained as an ER physician, but has pivoted to a career as a successful entrepreneur in the tech field. His background in medicine led to some of his million dollar ideas. His passion for knowledge and willingness to make contacts and learn new skills brought those million dollar ideas to fruition. He talks about his successes and failures, but also shares helpful insights about how you can take your dream and turn it into a reality. You can connect with Ramon R. Lizardo, MD via LinkedIn or via email at [email protected].

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro. Topics Discussed: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it's different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family's finances ◦ Student's academics ◦ School's business model • High-income Hurdle: Family finances impact student's ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school's money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college LINKS: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you're miserable or not satisfied with your traditional primary care position at a major hospital, it's time for a big change to live your best life and values. Focus on your future goals and dreams. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky. Topics Discussed: • Cady and Ryan's concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny LINKS: www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Congratulations to all those med students who will be matching this week and to those getting ready to graduate and become attendings. We appreciate you and your sacrifice. If you have questions about a mortgage, you can reach out to Doug Crouse at www.DougCrouse.com or text 816-728-3631.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. The right time to move negotiations along is as soon as possible. Delaying discussions with employers can result in missed opportunities for salary increases or beneficial contract changes. Employers may be hesitant to make updates, hoping the issue will be forgotten. Seeking assistance from a third party or maintaining regular communication can help ensure progress and avoid unnecessary delays. It's essential to stay proactive and persistent in negotiating employment terms to achieve desired outcomes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications. Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family. So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program. If you would like to contribute to this noble cause, you can contact Jon Appino at [email protected]. He will match every dollar donated so even a small gift will go a long way to helping those in need.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). Topics Discussed: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions LINKS: www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Go with eyes wide open or be in for a major financial surprise when your children start college. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. Topics Discussed: • Who should pay for college? You, your children, student loans, or scholarships • What has changed? Tuition costs, direct student loan cap, and responsibility • Little to No Financial Aid: Based on physician's above-average income • Other Options: 529 Plan, investments/cash accounts, income, student loans LINKS: www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually. Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.beckersasc.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses. Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.beckershospitalreview.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently. Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance. Links: usmortgagebanker.bmo.com/fl/marco-island/dc-363861/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Match & Graduation Season is almost here, which means we will have many doctors looking for a new home. Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score. He defines several acronyms and terms used by lenders to help you understand their jargon. He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at [email protected], text him at 816-728-3631 or go to www.DougCrouse.com to get more information.

The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field. Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance. Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! What's your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. Topics Discussed: • Money Spectrum: Some people go to extremes, but most are in the middle • Temptation: What is more important—more money or more time with family? • Money is a tool that does not buy happiness but helps you attain happiness • 3 Ways to Recognize Money as a Tool: ◦ A tool for what? What are you building? ◦ Learn to use the tool. Are you using money to build your ideal life? ◦ Maintain awareness about the outcome. Are you using money effectively? • Key Takeaway: Money should not be the end goal—you can't take it with you LINKS: www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans? Topics Discussed: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans • Maximum for Employees: ◦ 401(k)/403(b) is $20,500 combined per year ◦ 457(b) is $20,500 separate limit • Retirement plans with mandatory and required contributions • 457(b): Governmental or non-governmental plan, which is better and why? LINKS: www.WrenneFinancial.com

Jon from Contract Diagnostics highlights the 2024 Medicare fee schedule, revealing a 1.5% decline in overall reimbursements due to a 3.4% cut in the conversion factor from CMS. The impact varies based on contract structure, employer policies, patient demographics, and payment models. Despite limited influence, understanding these changes is crucial for physicians and hospitals striving to maintain patient care standards amidst increasing challenges. Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments, recognizing the importance of fair compensation alignment. They encourage reaching out for personalized assistance and anticipate further updates on specialty-specific implications. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Links: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues. Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs. Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Dr. Dominick Corrigan founded Physicians Anonymous to help physicians who are somewhere along the spectrum between burnout and depression all the way to suicidal. His organization provides free, anonymous peer support. He joined Dr. Tammy to share his journey that led to starting Physicians Anonymous, discussing the unique pressures that physicians face ranging from microtraumas caused by administration to the major traumas of facing death & dying on a daily basis, and the culture that keeps physicians from seeking the help they need to stay healthy. He talks about the "Burn Out Vaccine" training program his organization has created, which includes providing peer support, teaching physicians to say no and dealing with imposter syndrome. To learn more, please go to www.PhysiciansAnonymous.org.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There's a lot to consider. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician. Topics Discussed: • Temptations: Financial aspect—try to not first look at the money/compensation • Values and Goals: What's most important? Family, work/life balance, pay? • Coworkers: Who will you work with and for? What kind of lives do they live? • Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours? • Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified • Insurance Coverage: Are malpractice insurance and tail coverage provided? • Employment Law: Hire a consultant or employment attorney to review contracts LINKS: www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep. Topics Discussed: • COVID Forbearance: No payments, no interest on student loans until Aug. 31 • Good news? Yes, for PSLF, but what are people doing with the money? • Average American Person: Temptation is to spend all or more money in pocket • Consumption Effect and Awareness: Student loan payments will begin again LINKS: www.WrenneFinancial.com

In the article titled "The Race to Acquire Physicians," Jon from Contract Diagnostics discusses the implications of the growing demand for physicians and the challenges surrounding their employment. He highlights the ongoing mismatch between physician supply and patient care needs, noting the increasing consolidation of healthcare organizations and the potential legal ramifications of monopolizing the physician marketplace. Jon explores the complexities faced by physicians in choosing between employment with large entities, joining private practices, or pursuing independent contractor opportunities. He emphasizes the importance of considering individual preferences, long-term goals, and compensation packages when evaluating employment options. While Jon acknowledges the uncertainty surrounding the future of physician employment and the potential impact of lawsuits and regulatory scrutiny, he encourages physicians to explore diverse opportunities and exercise negotiating power in contract discussions. Ultimately, Jon emphasizes the need for thorough due diligence and contract review to ensure alignment with personal and professional objectives. As the healthcare landscape continues to evolve, Contract Diagnostics remains committed to supporting physicians in navigating employment decisions and advocating for their best interests. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Article : https://www.beckersasc.com/asc-news/the-race-to-acquire-physicians.html

The Wall Street Journal article discusses the potential of chatbots for medical advice, highlighting their benefits such as aiding in initial assessments of x-rays, pathology reports, and lab values. However, it emphasizes the necessity for human oversight to ensure accuracy and to avoid overlooking critical details. While chatbots hold promise for streamlining administrative tasks and improving efficiency in healthcare settings, they may lack the personalized approach and nuanced understanding required for complex medical decisions. Contract Diagnostics, represented by Jon, stresses the importance of considering individual patient and physician stories, asserting that while AI can enhance productivity, it should not replace human judgment in medical care. Looking ahead to 2024 and 2025, the article anticipates significant advancements in the integration of artificial intelligence in healthcare while maintaining the essential role of human expertise and empathy in patient care. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! In this segment of "The Mortgage Minute" with Doug Crouse from BMO Bank, the focus is on the importance of selecting the right real estate agent when purchasing a home. Doug emphasizes that while securing a favorable mortgage rate is crucial, the choice of agent can significantly impact the overall cost of buying a home. He cautions against hastily choosing an agent based on referrals alone and highlights how a skilled agent can save buyers more money than simply securing the best interest rate. Doug warns against emotional decisions in home buying, stressing the importance of ensuring that the chosen house is worth its market value and that buyers have the necessary funds to cover any discrepancies. He anticipates a highly competitive buying season ahead and underscores the long-term impact of selecting the right agent, as opposed to the temporary commitment of a mortgage interest rate. Doug encourages thorough research, seeking feedback from previous clients, and advises on how to contact him for further assistance. You can reach out to Doug to set up an appointment through email at [email protected] or text him at 1-862-375-6267 (1-862-DR-LOANS).

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Many physicians are interested in contracting independently versus continuing as an employed physician, but don't know where to start. Dr. Corinne Rao and Dr. Holly Shen share information about the Flex Med Staff 2024 Physician Summit April 7-10 in Las Vegas where there will be 20 CME about locums strategies, direct contracting, creative income options, business and tax planning, and more. You can also go to www.FlexMedStaff.com for online resources to help you navigate information and opportunities to be successful as an independent contractor.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help. Topics Discussed: • Making and Managing Money: Decide to hire help or do-it-yourself (DIY)? • Seeking financial advice: Stigma, status symbol, or too busy • Should a good advisor be saving you time and money? Good advice at fair price • Getting stuff done: Do you struggle to get those not so fun financial tasks done? • Mental energy: Are you fried and dreading financial chores? • Therapy and Financial Advice: Why financial planning often intertwines the two • Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary? • Are you working with a broker or insurance agent posing as a "financial advisor"? • Conflict of Interest: Get a second opinion when pitched permanent life insurance • Financial Advice Future: Financial planning as a profession LINKS: www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down's Syndrome. Topics Discussed: • Lemonade Stand: Where teamwork and kind people give back to the community • Blessing or cross to bear? Biggest challenge is lack of support, misconceptions • Step in the right direction? Only willing to go where Scarlett's welcomed, wanted • Before and After: Reality of what it means to have a child with Down syndrome • Guilty: Parents blame themselves for allowing their child to have Down syndrome • Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett • Learn to Exist: What do I do and how do I do it to help my child live their best life • The Lucky Few: Scarlett is a gift, treat her that way and not as a burden • Growth Mindset: No pressure to be perfect; learn to do your best, make progress • Money doesn't buy happiness, but makes life better and easier up to a point • Inclusion: Best education for kids with disabilities and their same-age peers LINKS: www.WrenneFinancial.com

In this segment, Jon from Contract Diagnostics reflects on a significant error regarding disability insurance and emphasizes the importance of seeking professional advice. He clarifies misunderstandings about disability policies and acknowledges the necessity of expert guidance. Jon then discusses a case involving an Indianapolis-based health system that faced a $345 million settlement due to compensation mistakes for physicians. He underscores the seriousness of fair market value and compliance with regulations in physician contracts, urging physicians to ensure clarity and fairness in their agreements. Jon encourages professionals to consult Contract Diagnostics for expert analysis and negotiation support regarding compensation structures and contract terms. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this discussion, Jon from Contract Diagnostics explores the current landscape of salaries for nurse practitioners (NPs), physician assistants (PAs), and registered nurses (RNs). He highlights the growing wage trends and the differences in compensation among these roles, citing average annual salaries and hourly rates. Jon emphasizes the negotiating capital that NPs, PAs, and physicians possess in their employment contracts compared to RNs. He also touches on the variation in salaries across different states and encourages individuals engaged in contract discussions to leverage Contract Diagnostics' expertise for maximizing compensation packages and understanding the contracting process. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! In this episode Doug Crouse urges listeners to check their free credit reports regularly. He highlights a case where a borrower with assumed 800 credit scores discovered issues, emphasizing the importance of monitoring credit for errors or fraudulent activity. Doug encourages listeners to utilize free credit reports to safeguard against identity theft and ensure financial well-being. You can reach out to Doug to set up an appointment through email at [email protected] or text him at 1-862-375-6267 (1-862-DR-LOANS).