Financial Residency

The Fed will meet again at the beginning of November. Are rates expected to go down? Are we entering a recession? Doug gives his thoughts on rates in the near future and through next year. He talks about making big purchases and making sure you don't overextend yourself. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Dr. Sunana Sohi shares her very unique passion that helps her relax when outside of the GI suite. It helped her through Covid and binds her family together through this special type of play. You can see her perform by following her on Instagram @SunanaSohi.MD.

This summary discusses the Collections Compensation Model, commonly used in private practice medical settings to determine physician remuneration. In this model, rather than being paid upon production (like in the RVU model), physicians are compensated based on when the service is reimbursed to the practice. There can be many variations to this model, such as a base salary with a percentage of net collections beyond a threshold or simply receiving a percentage of all net collections. Another variation involves taking home the collections after overhead costs have been settled. It's crucial to negotiate effectively under this model and understand opportunities for increasing collections or decreasing overhead costs. The system encourages practice efficiency, but one must also consider situations when collections are generated when the physician isn't present. LINKS: www.ContractDiagnostics.com

The article discusses how hospitals are dropping Medicare Advantage due to delays in government payments. Scripps, a major player in California, has already dropped a significant portion of Medicare Advantage, resulting in 30,000 seniors losing their coverage. This can create challenges for employers in maximizing staff and maintaining profitability. Physicians who work with Medicare Advantage should communicate with their employers to understand how it might impact their practice. If you have questions or need assistance, Contract Diagnostics can help analyze your situation and provide guidance. LINKS: www.ContractDiagnostics.com

Welcome to "Finance For Physicians," the podcast that helps doctors live their lives on their own terms. In this episode, we dive into the world of orthopedics with Dr. Daniel Paull, the founder of Easy Orthopedics in Colorado Springs. Dr. Paull's unique practice challenges the status quo and positively disrupts the traditional healthcare system. Join us as we uncover the distinct features of Dr. Paull's practice, delve into his journey of building an innovative model, and discover how it benefits both physicians and patients. We'll explore his emphasis on honesty, patient care, and transparent pricing, which sets his practice apart. You'll walk away with these takeaways: - The power of challenging the status quo - Prioritizing patient care - Transparent pricing and relationship-based care - The impact of a modest lifestyle on entrepreneurship - The direct care model's advantages Tune in to this inspiring conversation with Dr. Daniel Paull as we dive into his disruptive approach to orthopedics and gain insights that can motivate and inform listeners who are passionate about challenging the healthcare system. Don't miss out on this opportunity to explore how one doctor was able to break away from the system and practice medicine the way he knew to be correct. Links Connect with Dr. Paull on his LinkedIn: https://www.linkedin.com/in/easyorthopedics/ Easy Orthopedics Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/ Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Contract Diagnostics is a company that works with physicians who serve underserved areas, particularly in rural hospitals. The company understands that rural hospitals may not be the most profitable for larger healthcare systems, leading to cutbacks and operational changes. Contract Diagnostics aims to help physicians navigate these changes by reviewing their contracts and providing assistance. They offer free 15-minute inquiry calls to understand each individual's situation and provide support. They are committed to being a trustworthy resource and providing guidance during challenging times in the ever-changing healthcare landscape. LINKS: www.ContractDiagnostics.com

Doug talks today about some changes Fannie Mae is making soon regarding loan limits for conforming loans. Fannie Mae is also making some positive changes for buyers who want a multi-family property (duplex, triplex or four-plex) in which they also plan to live. If you would like to get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.HippocraticHouse.com.

Dr. Mitch Li is an emergency room physician who started www.TakeMedicineBack.org to help physicians fight against the corporatization of medicine. His group is working with physicians, attorneys, medical societies, and lawmakers to enforce laws already on the books to prohibit the corporate ownership of medical practices, thereby giving physicians the autonomy to work in the best interest of their patients.

Today Jon discusses the impact of artificial intelligence (AI) on various industries, including healthcare. He mentions using AI for tasks like generating ideas and conducting travel research. In healthcare, AI is expected to play a significant role in areas like radiology and pathology, where it can improve efficiency and accuracy. The speaker believes that AI will bring changes to how medical professionals diagnose and treat patients, as well as how research is conducted and medications are approved. However, he emphasizes the importance of human involvement and personal care in healthcare and contract analysis. He encourages professionals to embrace technology while recognizing the value they bring to their respective fields. LINKS: www.ContractDiagnostics.com

values conflict as a major issue for physicians in the healthcare system. This conflict arises when the system's requirements and expectations clash with a physician's personal or professional values. For example, a doctor may believe that spending more time with patients is essential for quality care, but the system limits their time with each patient. This conflict can lead to burnout and moral injury, as the physician feels they are unable to provide the care they believe is necessary. The values conflict also extends to the balance between professional and personal life, with doctors often feeling pressure to prioritize work over family or personal responsibilities. Addressing this values conflict is crucial for improving the healthcare system and reducing burnout among physicians. By supporting and empowering physicians to align their practice with their values, the system can improve satisfaction and patient care. This can be achieved through changes in the system, such as allowing more flexibility in scheduling or implementing models like direct primary care that give doctors more control over their practice. Additionally, financial independence can provide doctors with the freedom to make choices that align with their values without fear of economic repercussions. Overall, having a system that respects and supports physicians' values. Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Contract Diagnostics is reaching out to chief residents and fellows, offering guidance and support in navigating contracts and compensation. They provide free customized educational webinars for different specialties, tailored to specific programs and trends in the field. With a wealth of unbranded educational content and experience working with renowned organizations, Contract Diagnostics aims to promote education and help physicians in leadership roles enhance their departments and teams. Their passionate team, including a physician director of education, is dedicated to providing valuable insights and assistance to residents and fellows in need. LINKS: www.ContractDiagnostics.com Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode! With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future. Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions. Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

In tonight's episode, host Doug Crause discusses the topic of refinancing and its importance in making purchase loan decisions. He shares his personal opinion on the current market environment and offers insights on when to consider refinancing or opting for an adjustable rate mortgage. Additionally, he suggests asking lenders about rate modifications and low or no cost refinancing options. Doug is a physician lender with BMO Bank. To learn more about him or to request a free copy of his book, go to www.DougCrouse.com. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Being an employed physician who accepts insurance can be overwhelming with all of the administrative tasks we must go through to get paid. Have you ever thought of opening a clinic where you didn't take insurance? What would that look like? Dr. Rebekah Bernard joins us to talk about her experience as a Direct Primary Care physician. She also states other specialties are starting to follow suit and open practices around the US. We explore how she got started, how she helps her patients get the tests and procedures they need, how she documents, the financial side of DPC and more. Dr. Bernard is an advocate for physician wellness, physician-led care and preventing/treating physician burnout. She is an author and podcast host. You can learn more about her at www.RebekahBernard.com. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

In this episode, Daniel and Jeff dive into the intricacies of the new Student Loan Affordability and Value for Education (SAVE) Plan, shedding light on emerging strategies for student loan borrowers. The SAVE Plan is making waves in the world of student loan repayment, offering exciting opportunities for those seeking to manage their debt effectively. The hosts explore the advantages and considerations of the SAVE Plan compared to other repayment options, such as PAYE and IBR, and discuss the crucial factor of filing taxes jointly or separately when optimizing student loan payments. They also touch upon the implications of the SAVE Plan for Public Service Loan Forgiveness (PSLF) and examine how it influences long-term loan forgiveness. But that's not all; Daniel and Jeff also tease an intriguing topic for their next episode: the possibility of buying back credit on PSLF. Tune in to stay informed about the latest developments in student loan management, discover new strategies, and navigate the ever-evolving landscape of student debt. Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links My Aid Data - https://studentaid.gov/ Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

In this episode, Jon from Contract Diagnostics addresses the topic of work-life balance, which has been a common concern among physicians. Burnout and the need for balance are frequently discussed in the medical field, and Jon emphasizes the importance of addressing these issues upfront when negotiating contracts. He shares examples of physicians he has worked with who prioritize time off or flexibility in their schedules, and advises physicians to clearly communicate their expectations to potential employers. Jon stresses the need to document work-life balance arrangements in contracts to avoid any misunderstandings or disappointment in the future. He also highlights the changing perspective of newer physicians who value a better work-life balance, and offers assistance to physicians who need help navigating contract negotiations. LINKS: www.ContractDiagnostics.com

Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures. Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being. Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links: Show digging into the most recent round of changes Show going over other big changes that happened during COVID Blog Post on most common student loan mistakes (pre-COVID) Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon from Contract Diagnostics discusses the transition from employment to partnership in a private practice. He emphasizes the importance of reviewing the initial associate agreement and understanding the metrics that determine eligibility for partnership. Jon also addresses the financial considerations involved in buying into partnership and highlights the need to understand the potential risks and benefits. He advises viewers to focus on the near-term aspects of their employment and partnership prospects while also considering the future possibilities. Contract Diagnostics specializes in reviewing contracts for partners and employees, and Jon encourages viewers to reach out for assistance. LINKS: www.ContractDiagnostics.com

Have you ever applied for a loan or a new credit card then received 200 unwanted calls from people soliciting your business? The credit bureaus unfortunately do sell their information after someone's credit has been checked. However you can avoid these calls by going to www.OptOutPrescreen.com or www.DoNotCall.gov.

A truly inspirational story of a woman who overcame severe childhood trauma and homelessness to become a physician and advocate who helps other people who don't have a voice. You can hear her story here or read her book Hindsight: Coming of Age on the Streets of Hollywood. You can learn more about her at www.SherylRecinosMD.com.

How can special needs planning positively change your family's life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools. Topics Discussed: • Worst Case Scenario: Unexpected death or disability • FAQs: ◦ Who is going to take care of my child or adult with a disability? ◦ How will they know how to take care of my child with a disability? ◦ Will my child have enough financial support for lifetime care? ◦ How do I save for my child with a disability? • Tools: ◦ Will is a legal document that names a guardian and outlines care needs ◦ Letter of Intent (LOI): Document that outlines key components of care ◦ Special Needs Trust: Direct funds to child's care; get government benefits ◦ Change beneficiary designations to reflect the special needs plan ◦ Communicate plan with identified and designated beneficiaries ◦ Create ABLE account to save for qualified expenses for disabled children Links: Letter of Intent (LOI) Template Contact Finance for Physicians Finance for Physicians

Do you remember the late Notorious B.I.G.'s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems. Topics Discussed: • Does money make you happy? Depends on how you define problems • $1 or $1 Million: More money makes simple things complex choices, decisions • More assets means more checking, savings, credit card accounts go unclaimed • Temptation: Easy to add something, but more painful to take something away • What happens to your money? Be responsible and organized; not out of control • Perceived Target: Doctors are rich, even residents with $400,000 in student loans • Moral of the Story: Use money to improve and have less problems, happier life • Slippery Slopes: Choose wisely between buying nice things or being generous • Time: More money can buy time to prioritize and outsource tasks, responsibilities Links: Jeff Wenger on LinkedIn Wrenne Financial Planning Finance For Physicians

In this informative message, Jon from Contract Diagnostics discusses the topic of inflation and its impact on salary. He emphasizes the importance of understanding compensation not only in the present but also how it may change in the future. While contracts typically do not include automatic adjustments for inflation, Jon suggests that negotiating for annual raises or cost-of-living adjustments could be beneficial. He further highlights the significance of considering the employer's needs and the market dynamics when discussing compensation. Jon encourages individuals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters. LINKS: www.ContractDiagnostics.com

In this message, Jon from Contract Diagnostics discusses the total compensation data from the MGMA survey, which is considered the gold standard for physician compensation. The MGMA survey gathers data from a large number of physicians and their employers each year, but participation is relatively low, so the accuracy of the inputs is uncertain. The data includes various types of compensation such as salary, bonus, incentives, stipends, and distributions of profits, but excludes expense reimbursements and employer contributions to benefits like retirement plans and insurance. Jon emphasizes the complexity of interpreting the data, as it does not account for factors like call stipends, signing bonuses, or variations in workload. Despite its shortcomings, Contract Diagnostics can help physicians make sense of the MGMA data and consider it alongside their individual situations. LINKS: www.ContractDiagnostics.com

The term can mean different things in different markets. It can also be used to describe an account versus the stage you are in when buying a house. Doug explains the differences and when it can be waived by the buyer. He also talks about why people sometimes want to waive escrow and whether it benefits them or not. To request a free copy of Doug's free book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.HippocraticHouse.com.

Dr. Kristine Scruggs shares her journey as a novelist turned screenwriter. Exploring her creative side has helped her overcome and avoid burnout as a hospitalist physician. She is able to use her medical knowledge to help write scenes and themes in her works. She talks about conferences and competitions that have been beneficial to her in getting her work noticed and making contacts in the industry. You can learn more about her and her work at www.KVScruggs.com.

Jon from Contract Diagnostics discusses the topic of inflation and its impact on physicians' contracts. He emphasizes the importance of proactively addressing the issue of rising costs and suggests several strategies for physicians to consider. One strategy is to negotiate for periodic raises built into the contract, either as fixed amounts or tied to an inflationary index. Another option is to negotiate for a cost-of-living increase, which could be tied to a specific metric or capped at a certain percentage. Jon also mentions the possibility of negotiating for shorter contract terms with the opportunity to renegotiate at the end. He highlights the need to take into account factors such as inflation, CMS changes, production, and profitability when seeking future compensation increases. Jon invites physicians to reach out to Contract Diagnostics for assistance here is the link www.ContractDiagnostics.com

In this discussion, we will be exploring the topic of social security and its importance in financial planning. There are often misconceptions surrounding social security, leading to negative perceptions about its funding and benefits. However, it is crucial to consider the potential advantages and whether it should be included in one's planning. For individuals with above-average incomes, such as physicians, it is likely that a significant amount will be contributed towards social security throughout their careers. Currently, the income threshold for contributions is set at $160,200 in 2023. Both employees and employers are required to contribute 6.2% each, totaling 12.4% of income. Self-employed individuals also contribute the full 12.4%. Given these contribution levels, it is essential to understand the potential benefits of social security. At present, the maximum benefit at full retirement age is $3,627 per month, with variations depending on birth year. The maximum benefit can reach $4,555 per month at age 70. It is plausible that individuals with full careers and maximum social security contributions would receive these benefits. Considering the substantial lifetime payments and the potential return on investment, social security might not be as unfavorable as some may believe. However, it is crucial to analyze and project the future implications. While it may be satisfactory to receive benefits at current levels or during the later stages of one's life, the question arises regarding the future sustainability of social security and potential tax implications. By discussing these aspects, we aim to provide a comprehensive understanding of social security, how it operates, and its potential application in financial planning. Whether it is a worthwhile benefit to consider for the future depends on individual circumstances, and we will explore these further to provide a clearer perspective on the matter. Links: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Sometimes buyers make the decision to waive appraisal contingency in a competitive market. Basically that means you will buy the house even if it doesn't appraise for what you offered. But what does that mean when it comes to getting a loan? Does that put you or your earnest money at risk? Learn more about this on today's episode. Doug is a physician lender with BMO Bank. To learn more about him or to request a free copy of his book, go to www.DougCrouse.com.

Today, Jon Appino from Contract Diagnostics provides insights into medical directorships. He discusses the compensation structure of medical directorships, which varies based on the amount of work and scope required. Typically, medical directors are compensated per hour and there may be monthly or annual caps on compensation. The dollar amount usually ranges from $120 to $200+ per hour. Jon emphasizes the importance of understanding the requirements and expectations of the medical directorship, as it may involve uncompensated time and additional hours beyond the cap. Keeping track of hours is crucial to ensure accurate payment. For specific data and guidance on medical directorships, Contract Diagnostics is available to assist. LINKS: www.ContractDiagnostics.com

Dr. Latifat is a physician, a mother, a financial educator, and a recovering burnt-out professional who's helping other physicians reach their financial freedom dreams through her website, moneyfitmd.com In this episode of Finance for Physicians, we'll talk about Dr. Latifat's story of financial success and how she did it by following her values and ignoring the path society had in store for her. - If you feel like you're living someone else's life or living in the way most people think you should... - If you've ever felt you're not acting true to your professional and personal values... Our interview with Dr. Latifat is for you! Enjoy, and thank you for listening to the Finance For Physicians Podcast! Links: MoneyFITMD Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Dr. Corinne Rao is a vocal proponent of taking medicine back. While that can mean many different things to different people, her focus is to educate yourself and know your worth. Don't settle. Advocate for yourself. Find jobs that value your time, your education and pay you accordingly. Discover what is important to you in your career and then find the job that supports that.

In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer. He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements. Jon also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway. He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis. LINK: www.ContractDiagnostics.com

It's difficult to work in oncology and teach at the same time about it. It's also hard to run a non-profit in a conservative industry that usually puts profit above all else. However, some people manage to do it. And it's those professionals we want on our show.Such is the case with Dr. Shikha Jain. Besides being a practicing oncologist & professor at the University of Illinois, Shikha is also... - The founder of the Women in Medicine Summit - The CEO of the Covid-19 non-profit IMPACT. - The president of the non-profit Women in Medicine. - A TEDx speaker. Her work has also been featured in some of the most respected magazines in the world, such as TIME, Scientific American & The New York Times. To top it all, Dr. Shikha doesn't struggle with burnout and is happy to go to work every day. How can she juggle so many things at once? How does she avoid burnout? And more importantly, how does she balance the work of entrepreneurship with medicine? To learn all that, listen to our full interview with her! Enjoy! Links: Dr. Shikha Jain's website IMPACT4HC Women in Medicine Summit Women in Medicine Twitter accounts: @ShikhaJainMD @WIMSummit @IMPACT4HC @WomeninOnc Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Welcome to another episode of Finance For Physicians, where we dive deep into the financial matters that matter most to physicians. In this episode, your host, Daniel Wrenne, takes the stage solo to unravel the complexities surrounding the 457B plan – a topic that's crucial for physicians managing their finances independently. In this concise yet insightful episode, Daniel breaks down the fundamental aspects of the 457B plan. He sheds light on the key distinctions between the two primary flavors of this retirement plan: the governmental and non-governmental 457B plans. Daniel explains why having access to a governmental 457B plan can be a game-changer for your financial future, resembling the familiar terrain of 401(k)s and 403(b)s. But, as with any financial choice, there are nuances and potential pitfalls to be aware of. Daniel delves into the crucial details, including distribution options and the unique challenges that come with non-governmental 457B plans. By the end of this episode, you'll have a clear understanding of which 457B plan aligns with your financial goals and why making the right choice matters. Don't miss this chance to arm yourself with knowledge that can shape your financial future. If you have questions or want us to cover specific topics in future episodes, email Daniel at [email protected] Your financial well-being is our top priority, and we're here to provide you with valuable insights every step of the way! Access our exclusive free resources for physicians and conquer financial stress. Access here. Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Jon discusses the topic of letter of intents and their negotiation. He explains that a letter of intent is typically received before a formal contract and often includes details such as salary, signing bonus, relocation amounts, and student loans. He emphasizes the importance of negotiating these terms at the letter of intent stage rather than waiting for the formal contract. Jon warns against assuming that a letter of intent is non-binding and urges physicians to consult with Contract Diagnostics to ensure they are aware of all the terms and conditions before signing anything. He assures listeners that Contract Diagnostics is available to provide guidance and assistance in negotiating letter of intents and contracts. LINKS: www.ContractDiagnostics.com Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Rates are very high right now so it's tempting to pay points to buy down the rate. But how do you determine whether this makes financial sense? Doug explains how to calculate the math to know when your break-even point would be. It's also important to decide whether you think the rates will go down and when you think that might happen. Some banks also allow for a Loan Modification, which allows you to keep the same loan but take advantage of a lower rate should rates go down after you close. The bank will likely charge a flat fee, but it should be less than the cost of refinancing to a new loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Jon Appino with Contract Diagnostics talks about a free educational webinar open to all Financial Residency listeners on 9/7/23 at 7 pm CST. He will talk about trends in compensation, the importance of doing a periodic check up on your existing contract to ensure you are being paid fairly and answer all questions from attendees. On today's episode, we also talk briefly about check ups. You need them for not only your physical health, but also your financial wellbeing. Links: To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer. He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements. Jon also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway. He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis. LINK: www.ContractDiagnostics.com To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/.

Christine Zharova is an attorney that has defended physicians' work rights and practices for the last 15 years. Her work specializes in malpractice lawsuits, and unfortunately, she's been pretty busy lately - big malpractice lawsuits are far more common in the healthcare world than people think. Even more alarming is the percentage of chance a physician can get sued in such a case - it's usually 50%+ for both high-risk and low-risk specialties. If you're a physician curious about the legal workings of healthcare lawsuits and the legal system behind them, our conversation with Attorney Christine will keep you hooked. Enjoy! Links: Attorney Christine Zharova Attorney Christine Zharova LinkedIn MedMal Game Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

In this message, Jon from Contract Diagnostics shares a situation where a physician has relocated for a job that promised a minimum of 14 shifts per month. However, the employer is now only scheduling the physician for seven to eight shifts per month, causing a significant decrease in their expected income. Jon emphasizes that it is important for physicians to hold employers accountable for the terms stated in their contracts. He advises the physician to communicate with the employer, presenting the contract that guarantees a minimum number of shifts and addressing the discrepancy. Jon also offers assistance and referral to a local attorney if necessary, reaffirming the commitment of Contract Diagnostics to guide physicians in contract-related matters. He encourages physicians not to remain passive and to assert their rights in such situations. LINK: www.ContractDiagnostics.com

The short answer is no except for sod or weather-related items such as sprinklers. Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house." They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Interest rates are up and buying a home can seem daunting. Doug Crouse with BMO Bank talks about ways to plan now for the future if rates should go down. Is it worth paying points to get a lower rate? What is a loan modification? He also talks about some shake-ups in the physician mortgage space with several banks pulling out of the market or cutting back dramatically. If you have questions for Doug, you can find him at www.DougCrouse.com. You can also get a free copy of his book: Hippocratic House: Do No Harm When Purchasing Your First Physician Home.

Jon Appino and Dr. Catherine will be answering questions from physicians that want to learn about contracts, compensation, and negotiations. I'm sure many physicians will find it valuable, especially with the opportunity to ask questions and get expert guidance. If anyone needs any assistance or has any questions about signing up for the webinar, feel free to reach out. LINK: www.ContractDiagnostics.com

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract. LINK: www.ContractDiagnostics.com

Welcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance. In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strategies, loan forgiveness options, and the range of programs designed to assist medical professionals in managing their student debt. Whether you're a seasoned physician, a resident, or a recent graduate, this episode offers a comprehensive understanding of the recent changes that affect your financial journey. Join us on "Finance For Physicians" as we help you master the latest student loan changes and empower you to make informed financial decisions. Links: Connect with Jeffrey on LinkedIn Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

In this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-world implications for physicians, considering factors like lifestyle changes, investment strategies, and future earnings growth. Discover how to personalize the rule to your unique circumstances. Whether you're a seasoned medical professional approaching retirement or a young physician planning ahead, this episode offers actionable advice to align your financial goals with your aspirations. Tune in to Finance For Physicians to confidently navigate retirement planning, leverage the 4% rule, and pave the way for a secure financial future. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Depending on the bank, likely yes but with caveats. Most banks require that you have equity (20%+) in the first home or money down on the second home. They cannot be used as investment property loans. You also cannot have three homes financed at one time to qualify for the second physician mortgage. Each bank has its own rules, but these are fairly common amongst banks that allow two physician loans. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Dr. Signorelli is a pathologist, healthcare executive for a major corporation and owner of National Revenue Consulting. Her company helps other physicians and practice owners maximize billing & coding, minimize denial rates, reduce days in accounts receivable and increase net collections. She talks today about some of the common metrics practices should be implementing to increase their bottom line and mistakes to avoid. If you want to learn more about Dr. Signorelli, you can go to www.NationalRevenueConsulting.com or listen to her podcast RevMD.

Are you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare. Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice, Rheumatologist on Call. Here are the key takeaways you can expect from this episode: - Unveiling the Direct Specialty Care Mode - Overcoming Fears and Navigating Change - The Impact on Patient Care - Building a Thriving Direct Specialty Care Practice - Resources for Exploring Direct Specialty Care - Many more! Ready to unlock the potential of direct specialty care and enhance your financial well-being as a physician? Don't miss this enlightening episode of Finance For Physicians with Dr. Diana Girnita. Gain valuable insights, inspiration, and practical tips for incorporating direct specialty care into your own medical practice. Listen now to this game-changing conversation and start your journey toward a fulfilling and financially empowering medical career Remember, the power to shape your financial future is in your hands. Join us on this enlightening episode and let's empower ourselves to use money as a tool to live our best lives as physicians! Links: Dr. Diana's practice DSC Alliance Website Direct Specialty Care Alliance Facebook Group Diana's article on Direct Care vs Concierge Medicine Direct Specialty Care Alliance Stories & Resources on YouTube Channel Diana's article on understanding direct specialty care Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.