finance Archives - NonClinical Physicians https://nonclinicalphysicians.com/tag/finance/ Helping Hospital and Medical Group Executives Lead and Manage With Confidence Tue, 20 Aug 2024 13:15:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://nonclinicalphysicians.com/wp-content/uploads/2016/06/cropped-1-32x32.jpg finance Archives - NonClinical Physicians https://nonclinicalphysicians.com/tag/finance/ 32 32 112612397 How to Become an IME: A PNC Classic from 2021 https://nonclinicalphysicians.com/how-to-become-an-ime/ https://nonclinicalphysicians.com/how-to-become-an-ime/#respond Tue, 02 Jul 2024 13:06:39 +0000 https://nonclinicalphysicians.com/?p=29968 Interview with Dr. Emily Woolcock - 359 Today we provide an inspiring story and learn how to become an IME (Independent Medical Examiner) from an expert orthopedic surgeon in this classic episode from 2021. Dr. Emily Woolcock is an internationally recognized speaker, best-selling author, mentor, and consultant. She is among the country’s most [...]

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Interview with Dr. Emily Woolcock – 359

Today we provide an inspiring story and learn how to become an IME (Independent Medical Examiner) from an expert orthopedic surgeon in this classic episode from 2021.

Dr. Emily Woolcock is an internationally recognized speaker, best-selling author, mentor, and consultant. She is among the country’s most well-known orthopedic surgeons. Dr. Woolcock is board-certified by the American Board of Orthopedic Surgery and the American Board of Independent Medical Examiners.


Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career you love. To learn more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.


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Dr. Woolcock Begins Doing IMEs

Dr. Woolcock founded businesses in Georgia, Florida, and Maryland. They include the Orthopedic and Joint Replacement Institute, the Accident Rehabilitation Center, and National Orthopedic Consultants. In 2016 she established the IME Academy. Through the Academy, she teaches students to perform defensible, literature-based independent medical examinations.

Emily is passionate about helping other physicians. So she helps them break free from the work/life balance issues she experienced early in her career. As a wife and mother, she understands the struggles physicians and other healthcare professionals face. 

When she first began experiencing burnout, she found that a skill she learned in residency could solve her problem. She began performing highly compensated independent medical exams. By doing IME consulting and delegating nonclinical work to team members she cut back on her office and operating room commitments.

How to Become an IME

Emily is a very creative and dedicated physician. She balances clinical work, performing IMEs, writing books, and mentoring dozens of young people. She is busy. Yet, she loves her work. And she is not burned out. 

This is the first time I had a guest with the expertise to explain how to become an IME. It is similar to what an expert witness does. But it also involves examining patients, which some of you might find more compelling as a side job.

Like expert witness work, learning to be an IME pays very well. You generally must continue to practice medicine, at least part-time.

Find out what makes you happy and learn to  integrate that with your vocational calling and you will be a much better, well-rounded person. – Dr. Emily Woolcock

Emily provided inspiration and valuable information. She knows this topic well. If you’re interested in learning to be an IME you can find her course at theimeacademy.com.

Summary

Dr. Emily Woolcock describes her inspirational story. She discovered a way to reduce her work time while producing more income by performing Independent Medical Examinations. In this interview, she explains how you can do the same and improve your work-life balance. 


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Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career. 

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Top Advice for Generating More Money with Less Hustle – 300 https://nonclinicalphysicians.com/more-money-with-less-hustle/ https://nonclinicalphysicians.com/more-money-with-less-hustle/#respond Tue, 16 May 2023 12:00:48 +0000 https://nonclinicalphysicians.com/?p=14182 Interview with Dr. Latifat Akintade In today's episode, Dr. Latifat Akintade describes how to generate more money with less hustle as she tells us about her newly released book, Done With Broke: The Woman Physician’s Guide to More Money and Less Hustle. Dr. Latifat is a Gastroenterologist and founder of The Money Coaching [...]

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Interview with Dr. Latifat Akintade

In today's episode, Dr. Latifat Akintade describes how to generate more money with less hustle as she tells us about her newly released book, Done With Broke: The Woman Physician’s Guide to More Money and Less Hustle.

Dr. Latifat is a Gastroenterologist and founder of The Money Coaching School for Badass Women Physicians. She combines her interest in personal finance, her training as a certified life coach, and her passion for physician wellness.


Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.


Building Wealth as a Physician: The Hustle and Broke Mindset

As physicians, we often find ourselves caught up in a hustle of energy where we're always searching for the next big thing to make money. This mindset can be detrimental, leading to a fear of missing out and causing us to focus on short-term gains rather than building wealth in the long term. However, with focused energy and strategic planning, there are many ways to build wealth and achieve financial stability.

This mindset can be changed. By acknowledging our past experiences and focusing on simple, timeless principles of investing and building wealth, we can overcome our fear of financial instability and live confidently with our money working for us. By cultivating new habits and a wealth-building mentality, we can live our lives without ever being afraid of being broke again.

Done With Broke: The Woman Physician’s Guide to More Money and Less Hustle.

Dr. Akintade wrote a book to share her wisdom on wealth building and money management, which is accessible to many people and inspired by her own journey. It advises people to identify their risk tolerance and invest based on the seasons of life they are in.

For those who are busy and don't have much time to actively invest, passive investments such as the stock market or partnering with trusted people could be a good option. Diversification is crucial, and not just in stocks and bonds. One should consider conservative and less conservative investments, short-term, medium-term, and long-term.

Summary

With her extensive knowledge and experience, Dr. Latifat is a trusted expert in the field of personal finance for physicians. She has been featured in several media outlets, including KevinMD, and has spoken at conferences and events on the topic.

If you are a woman physician looking to take control of your finances and achieve financial freedom, The Money Coaching School for Badass Women Physicians is the perfect place to start. With Dr. Latifat's guidance, you can achieve your financial goals and live the life you've always dreamed of.

NOTE: Look below for a transcript of today's episode. 


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Transcription PNC Podcast Episode 300

Top Advice for Generating More Money with Less Hustle

- Interview with Dr. Latifat Akintade

John: Well, I love to bring guests on who are doing non-traditional or nonclinical jobs, side jobs, side gigs, people doing interesting things and particularly a physician who has written a book or is getting ready to release a book. And so I want you to welcome Dr. Latifat Akintade today. Welcome to the show.

Dr. Latifat Akintade: Thank you so much for having me here. I feel privileged to be here and almost feels like an imposter because I don't think about myself as being cool enough to be considered nonclinical by the way but I'm excited to be here. Thanks for having me.

John: You're welcome. That's going to be fun. You're an ideal guest for us here because we're going to learn a lot from you. And then at the same time, I just love promoting physician's books because writing a book and getting it published is not an easy task. And of course, a lot of my listeners like to learn about side gigs and you talk a lot about making money and some of the traps that physicians fall into.

So, before we get into that though, why don't you tell us about yourself, your story and what you're doing clinically and nonclinically. And then we'll get into some of these more pertinent topics related to your book.

Dr. Latifat Akintade: Absolutely. Thanks everybody. I'm Dr. Latifat. I'm a GI Doc. I'm a mama of three little ladies, ages five to 10. They keep me really busy and alert and I'm also the founder and creator of MoneyfitMD, which is a platform that is focused on helping women physicians create true financial and life freedom, to be honest with you.

I've been talking to people more recently because of the book that's coming out and it's really gotten me to reflect even a little bit more on my journey than I may have had in the past. And sort of going to how did this journey even start? How did I get here? How did I even think that financial and the life freedom was something that was important to me? And I think for me it goes back to, I moved to the US about 25 years ago. I moved from Nigeria with my siblings. Our parents stayed back in Nigeria at that point and we were staying with family members that were kind enough to house us and all those sorts of things.

I went to undergrad in LA, I went to UCLA and then med school in San Francisco at UCSF and then New York Mount Sinai and then fellowship at UC Davis in Sacramento. And what that meant was I was dragging myself around student loan and debt and all that stuff. And I literally hit some of the most expensive cities, which means that I was hecka broke at the end of all this stuff.

But at no point did I actually think that money was important. At no point did I really sit down to think about it because I was just busy with my own family responsibilities. When I was in med school, five of us, my siblings will live together, the youngest was in high school. And so, the focus was on making sure she did okay in school and didn't go to school without clothes on and all those other stuff. I had a lot on my plates. So I wasn't really thinking about money per se.

It really wasn't until fellowship that I'm so grateful I had this moment where I just saw my attendings who are amazing, smart, intelligent, loved humans, but I just noticed that I was seeing that people were having the slump on their shoulders where they were tired, not advocating for us completely in a way that we felt like they could advocate for us. And it almost seemed like they had given up and they were part of a system where they're just doing what they were told to do.

And for me, my path to medicine, my journey here wasn't like smooth sailing. There were sacrifices that I made, there were sacrifices my family made and people that I loved. And the worst thing for me was that I was going to be in medicine and not have a choice in how I lived my life.

At that point I knew I was going to be a GI doctor with an emphasis in Crohn's and colitis and the best settings that I wanted to do that in at that point was going to be academia or a large hospital system. So, I knew that I was probably not going to be my own boss. Somebody was going to tell me what to do and God forbid they tell me what to do with my patients and I hated it. I don't agree with it and I think I'm stuck. That was going to lead to me regretting my journey and literally burning out because that's not who I am.

And so, for me that was my motivation that okay, how do I always make sure that I have a plan B? How do I make sure I figure out my money stuff? And so, my journey literally to money started seven years ago where I decided that my fear of living a life of regret, my fear of not having a choice in how I took care of my patients, was the biggest factor for me.

And so, everything else, like my fear of not knowing money, my fear of how hard it was going to be to learn money, all that became silent relative to my fear of living a life that was dependent on anybody else and not being able to live in the way that I wanted to practice my life and be a parent. And so, that was my story of how I decided that money was something I needed to fix for myself at that point.

At no point did I think I was going to teach people because I knew zero. I didn't even know what I owed. I didn't know how much student debt I had and none. I didn't have a 401(k). I knew zero. I didn't even know what a 401(k) was. And so, all this idea about being able to teach people didn't start until years later when I realized that I'd really figured out how to understand money in a way that made sense to me in English in a way that was didn't feel like a conflict to my goal of serving and helping people and hopefully creating a better world.

And that's when I realized that okay, more people like me needed to learn money, more people that were not like me needed to learn money so that we could have more things to fight about because that makes life more interesting. And that is what led me to now doing what I do with MoneyfitMD through the podcast and also through my community for women physicians.

John: Very nice. When you're talking, I'm thinking back. I remember after being in practice for three or four years and I realized, I looked at my partners and we were in a private practice. We have no pension plan. I knew what an IRA was, that was about it. I didn't know about stocks, I didn't know about mutual funds. So, I spent the next two or three years learning everything I could. And just to get to the point where we could just start at 401(k), let's at least do the basics.

I think as physicians we just put all that stuff off. We go into huge debt and then some of us get more interested in others in learning this stuff, which obviously you have spent a lot of time doing and helping others, which once you become a teacher then you really learn more because you know you have to know what you're doing. That's a really interesting story. Okay, I'll stop talking. I need to get to some practical things because I want to pick your brain a little bit and help our listeners here. First tell us about the podcast. What kind of topics do you do and do you have guests, do you do solos?

Dr. Latifat Akintade: Yeah, absolutely. I have a mixture of solo and guests. What I talk about is all things money and mindset, which means anybody that I know, especially women physicians or physicians in general, to be honest, that are doing interesting things, creative things when it comes to building their own money and also the mentality and habits that helps build wealth. And that could be decreasing burnout. That could be health in terms of our physical health, could be mental health. It's wealth in the way that I think about it, which is expensive and goes beyond money.

But the episodes are either myself or I have someone come in and talk about it. And the way that I think about it, it's building wealth from the inside out as opposed to outside in, which is how most people think about it. People think "When I get to the certain number, I will finally have wealth, I will finally be wealthy, I will finally be considered rich." And for me, I believe that's an internal job that we start first and then that trickles into external where that affects how we spend, how we invest, how we spend our time, how we practice our medicine so we can actually live a life of wealth and not waiting for some magical light at the end of the rainbow when we're going to be able to consider ourselves wealthy.

John: Okay. So, let's get into that a little bit because the title of today's episode also includes a part of the title of your book. I guess that's one thing. In a nutshell or how would you create more wealth with less hustle? Because those are two things, more wealth but less hustle. That I would like to know how you would do that.

Dr. Latifat Akintade: Absolutely. I'll start with the hustle part because as physicians we go from this, "No one has taught us about money, we focus on everything else, but how to be the CEO of our finances" to now, "Okay, I want to figure out my finances and everybody says I want to make money, I want to diversify." And there is this energy, that hustle energy is very different from working hard and diligently. I'm very pro working hard focused diligently, but what I'm not pro is this hustle energy where it's like eyes darting everywhere trying to figure out like, "Okay, what am I missing?" It's like this FOMO, fear of missing out energy where it's okay, is it crypto today? Is it gold tomorrow? Is it this little thing tomorrow? And what that does is, number one, it's almost like when you think about being in a basement with your phone and it's trying to find reception. That kills its battery faster, right?

That's the same thing that happens when we have that hustle energy because our energy has not been spent productively moving forward. It has been spent focusing on what we don't have, focusing on what the next secret is. What the key is, is there are so many different ways you can build wealth. There is almost nothing you can do that will not lead you to wealth if you continue focusing on it diligently and spending your energy going forward as opposed to that darting energy.

So, that's what I focus on because again, we are busy as physicians, we're taking care of patients, we're taking care of our families. When we start to think about how we can build wealth, it's important for us to be strategic. Focused energy, not looking for short term gains only, but understanding that wealth is something that is built in the long term so that we can stay the course regardless of what's going up and down and be able to create it.

Because whether you're doing e-commerce or you opening your own business or you investing in other people's business or you do in real estate, all of those individual ways can lead to you having a lot of money if you're willing to focus your energy and be able to build behind it. So, that's a hustle part that I think is important for us to talk about.

And then the broke part of it, the way I think about it, broke is a mindset. Let's look at the landscape of medicine today. Let's look at burnout in medicine. Let's look at the fact that physicians are practicing in systems and structures that doesn't always have the focus of the patient and physician wellness in mind. If we look at that and we are smart humans, we've sacrificed so many years to be where we are today. There is no question about our commitment, but the reason why we stay in situations that is not in line with what our patients need, what we need is because of that subconscious and sometimes conscious fear of the fact that "If I leave this, I'm not going to have money. I don't want to be broke."

So you don't have to be broke to decide to be done with broke. And that's why I didn't call the book "Done Been Broke" because this is not for people that are been broke, it's for people that have that subconscious or conscious worry that they will be broke. And I want to make sure that I'm being understanding of where people are coming from because your audience are very genius.

There are some people that grew up having lots of money, there's some people that grew up not having any money. And if you're someone that grew up not having money or you grew up in a family where conversations about money is not being had, it is completely logical and understandable that you may be living your life more in fear of the thought that you maybe broke at some point.

And I think part of it is acknowledging that part of your story and knowing that everything that we are today is the result of everything that we've learned throughout our journey. But now it's time for us to be conscious about, "Okay, what do I now want to create? Do I want to train myself to understand that I can learn how to do money, I can learn whether I like budgeting or not? I can learn how to see my money as seeds that I can plant into trees. I can start to see my money as something that can serve my life's purpose as opposed to something that's just happening by default because I'm not telling my money where to go. I can learn how to invest in a way that is simple and diversified." And simple can be as simple as the index funds that we're just talking about right now, about how I can invest in a way that is diverse, simple and successful. Do I want to work for my money? Do I want my money to work for you?

A lot of these are simple, timeless principles that we were never taught in medicine and has nothing to do with what the climate is or what the sexy thing that people are talking about when it comes to investment. If we can learn the foundations, if we can learn the principles, if we can change our own mentality and get new habits that build wealth in the long haul, we will live our life not being ever afraid of being broke ever, because we know how to do it forever.

John: Okay, that is a lot to think about. I'm just going to paraphrase here. Basically I hear you saying your relationship with money, the fear of going broke, some of it is just mental and saying, "Look, we do have a lot of control. We're physicians, we make decent money." Does it get into the podcast and possibly in the book, does it get into "Should I just become an investor and a startup?" That sounds a little bit extreme as opposed to, "Let's be conservative, let's save so much money, let's put this money in really logical places." Tell me more about the philosophy that you follow.

Dr. Latifat Akintade: Absolutely. I don't go into specific details of this is what you should invest in specifically, but what I do tell people in the book is the way that I think about it. And the way that I think about it is deciding what your risk tolerance is. What your risk tolerance when it comes to investment is. Also trying to decide based on the seasons that you're in in life, what makes more sense for you to invest in.

If you're a busy resident or you're a busy fellow or you're a busy attendant with four kids at home and you are a single mama may not be the best time to necessarily start thinking about doing something else actively. It may be time for you to think about passive things like again, set it and forget it in the stock market or now learning how to partner with people that you can trust to the best of a human ability and you can leverage their own time because they may have time to look into investments. How do I invest with them passively?

Even if it's things like syndications. How do I do things? Do I want to be a hard money lender knowing that now this is more risky? It may have a higher return but it's more risky. But the main thing is choosing how to diversify not just in terms of stocks and bonds, but also diversify in terms of conservative, less conservative. Investing for short-term, medium-term, long-term. Those core principles are the ones that I believe that when we learn, then the answer becomes really easy for our own individual specific scenario based on what season we have, what season we're in, our risk tolerance and those other things.

John: Okay, that makes sense. And that's an approach that pretty much everybody can take and not be afraid of making some of those decisions. Well, I have a friend, he's retired now, but I swear, he only put cash in the bank and he never invested in stocks, never invested in real estate. And I'm thinking, "Boy, you're going to have to save half your income for the next 30 years if that's going to be your approach."

I know you're covering a lot of these things in the book, so tell me more about the book. Maybe there's some things in there that you haven't mentioned yet and then we need to learn how to find the book. So, tell us about the book and what led you to write it and how did that go and all these kind of questions.

Dr. Latifat Akintade: Absolutely. And I love that you shared about your friend because there's an example that I shared in the book specifically about that. It was a fact that if I'm trying to go from California to New York, there are many ways to do it. I can go by train, I can drive, I can fly. My condition at the end is going to vary based on what route that I take and how quickly I get there is also going to be affected. And in my opinion, flying is a compound interest. It's a gift that we've been given. So I do talk about that in the book.

And honestly, the reason why the book came about was I have this knowledge that I'm so grateful for and I take credit for some of them, but there's some of it that I don't take credit for. I believe it's just a gift to be honest in terms of the people call it sage wisdom. I have a lot of sage wisdom when it comes to money and wealth building in general and life to be honest with you.

And so, when I think about the people that I can't help, physically in my own time limitation as a human being, that is going to be less compared to the number of people that can grab my book, that can get an audiobook and get some of this wisdom at a really cost effective 20 something dollars or so is what the price is going to be. And a lot of us are driving, we're taking the train and all those things and those are the times where we can start to build our own knowledge and start to change the foundation of our knowledge. So, in my opinion, the best way to be able to make this accessible is what you're doing through podcasting and getting information to people easily. And that's why I decided to write the book.

The funny thing is, that I'm going to share this because there are people that are going to be listening to your podcast that may want to do different kinds of businesses or follow different pathways and maybe thinking that I'm not equipped for it, I don't know how to do this. I've never done something like this before.

And that was my story even with my business with MoneyfitMD but even with the book that I'm doing. I thought I was a bad writer. For the longest time I had the story in my head that I don't know how to write, I have too many memories of being in college in the bathroom crying over English papers. And so, to think about writing a book seemed impossible, but what I try to remind people of is we are physicians and we are expert evidence for ourselves of someone that can go from knowing little or nothing about a topic and become a master of that topic. Because we've done that with medicine.

So if we can take that same skillset and reproduce it into anything because the only reason why we may not be able to do it or be good at it is because we haven't focused on it. It's literally just as simple as that. If we focus on it, we will learn it. So, whatever skillset that is for you, whether it's to write a book, whether it's to start a podcast, whether it's to start investing, whether it's to start your own company, the only reason why you may not be good at it yet is because you haven't focused on it. And all you have to do is focus, learn, find people that can mentor you like this podcast you're listening to, find communities that can help you, whether it's money you want alone. Find those people that speak your language and that can help you. And for me, if you take anything away at all from the book and this interview of me and my journey is the fact that there is literally nothing we cannot do. We just need to decide and fuel that journey and it will happen.

John: Excellent. Now, one thing I have failed to do at this point is I haven't told people where to find you. So, let's start with the website. You're at moneyfitmd.com, correct?

Dr. Latifat Akintade: Absolutely. You can find me on the website.

John: And they can find pretty much everything there I'm thinking.

Dr. Latifat Akintade: Exactly. You can find the information for the podcast and the book is going to be on Amazon, but you can get it directly from my website as well.

John: Okay, good. So we can go to the website, I got it pulled up right now and there's the book. We could get the book there or we could go to Amazon and I'll have links for that as well. Of course, you can look up MoneyfitMD podcast on any podcast player, correct?

Dr. Latifat Akintade: Absolutely.

John: Okay, that's good. We know where to find that. Now the book is not actually out as of the recording. It will be out when this is released. It'll probably be out for about a week. So, we need to pile on and get as many by five or 10 of the books. You got to get a little bit of action going on Amazon and other places so that our physician friends can do well with their books.

You've told us a lot so far. This has been very interesting. I usually go to last minute advice for our listeners, but I think they're going to be a little more motivated if you could share with us what we talked about before we got on here in terms of what you're doing right now at a high level because I think they'll get motivated if they understand what you're up to right now.

Dr. Latifat Akintade: Absolutely.

John: If that's okay.

Dr. Latifat Akintade: No, that's definitely okay. I am currently in the middle or at the beginning of a year-long family sabbatical that I'm taking with my family. We have three kids, my husband and I. And honestly, this was not like a dream list thing. A year ago I would not imagine that I was going to take a sabbatical. I love medicine, I love my patients, I have the best colleagues. I was not burned out at work. I just decided that I wanted to take time away for my family to explore the world. And that's what I did.

And the only reason why I could give myself that gift was because of the investment and the prep that I had done even before I knew that this is going to be something that I wanted to do. And that same thing is learning where my money is going, diversifying my income so that I'm not tied to clinical income only.

And if you are a physician, this is so, so important for all of us because in order for us to be well in anything, we want to have the freedom to be able to do what we want and that's a gift that we can give ourselves. But right now we're encourage out, I wish I could show you my view, but the light is so bright outside, the camera doesn't do a good job, but the goal is just to slow down. In my opinion, we're not taking a vacation, we're just leaving through the world. So we've been in New York/Jersey. We're in Carissa, we're doing Aruba, we're doing Europe, we're doing Nigeria, we're doing Southeast Asia. And I'm just excited about who my kids get to be at the end of this. I'm excited about who I get to be at the end of this. And I'm also excited about what the practice of medicine is going to look like for me when I go back next year.

John: Oh, this is fantastic. And I'll tell you what it reminds me of. I read a book, I don't even remember the title of it. But one of the principles of the book was one of the things we do in life is we create memories. And what is the value of a memory? It's hard to put a dollar value on that, but one part of the value of a memory is how long you have the memory. If you make a memory when you're 83 years old and you die when you're 84, that memory has a very low value. But if you make memories in your 30s and 40s, we have to carve out that time to make some of those memories, whether it's at home or elsewhere. And I think that's what's impressive to me is you are making so many memories over this next year that they have an immeasurable value.

Dr. Latifat Akintade: Thank you for sharing that. I hadn't heard about that memory in terms of the length and that is going to motivate me to gather even more memories. And honestly for me, I've always had the intentionality about life because I truly believe that our life is a gift and all of us went through the pandemic and a reminder that life is a gift.

And for me, I lost my dad about two years ago. He died at an age that you would call three years after what you'd consider a traditional retirement age. And it wasn't like that changed me dramatically, but it just became another evidence of the fact that it's not our money or our life, it's not our career or our life. It is both, both of those two things.

I think I need to make a recording on my podcast about this, but I really believe that we're mentally five lifetimes in one, which is where we give ourselves the permission to reset sort of our seasons of life, whatever that is. Maybe the season I'm going to be a hundred percent full-time, maybe the next season I'm going to be part-time, maybe the next season I'm going to do something else. And just give ourselves the freedom of living life fully and like you said, creating even more memories for a longer period of time for as long as we give to be on this planet. So I love that you added that on.

John: Well, you're welcome. And I had never thought of it that way until I read that book. I have done that a little bit. I'm not going to get into that. But I think looking back, those memories are still there and I really enjoy thinking and sharing those with people when I do.

Again, moneyfitmd.com, that's the website. The book is called "Done With Broke: The Woman Physician's Guide to More Money and Less Hustle." That sounds like a good combination there. More money, less hustle. I will still ask you if you have any last words before we let you go today.

Dr. Latifat Akintade: No, I want to say thank you for what you do for bringing guests on here to share. The way that I think about it, there's a lot of noise about medicine and whether it's worth the debt that we get and all the sacrifice. And I honestly am a firm believer that it is. It is if we truly understand the gift of our degree. Our degree is not a terminal degree. Whether you're MD, MD-PhD or whatever you are, in my opinion, our degree is a potent seed that we can grow into any avenues that we want.

My hope is that more physicians will start to see that, so that when and if we decide to stay in clinical medicine, we know that we're there by choice. And that way we are living our life and we get to serve our patients at the highest level. So, thank you for doing what you do and thanks for serving us this way.

John: I love that, what you just said. Again, I thank you for being here on the podcast today, Dr. Latifat. It's been fun and we'll talk again soon, I'm sure.

Dr. Latifat Akintade: Thank you so much for having me here.

John: Bye-bye.

Disclaimers:

Many of the links that I refer you to are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career. 

The post Top Advice for Generating More Money with Less Hustle – 300 appeared first on NonClinical Physicians.

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Learn to Be an IME and Improve Your Life – 177 https://nonclinicalphysicians.com/be-an-ime/ https://nonclinicalphysicians.com/be-an-ime/#respond Tue, 05 Jan 2021 01:30:16 +0000 https://nonclinicalphysicians.com/?p=6381 Interview with Dr. Emily Woolcock Today we provide an inspiring story and learn how to be an IME (Independent Medical Examiner) from an expert orthopedic surgeon. Dr. Emily Woolcock is an internationally recognized speaker, best-selling author, mentor, and consultant. She is among the country’s most well-known orthopedic surgeons. Dr. Woolcock is board-certified by [...]

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Interview with Dr. Emily Woolcock

Today we provide an inspiring story and learn how to be an IME (Independent Medical Examiner) from an expert orthopedic surgeon.

Dr. Emily Woolcock is an internationally recognized speaker, best-selling author, mentor, and consultant. She is among the country’s most well-known orthopedic surgeons.

Dr. Woolcock is board-certified by the American Board of Orthopedic Surgery and the American Board of Independent Medical Examiners.


Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you really love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.


Dr. Woolcock Begins Doing IMEs

Dr. Woolcock founded businesses in Georgia, Florida, and Maryland. They include the Orthopedic and Joint Replacement Institute, the Accident Rehabilitation Center, and National Orthopedic Consultants. In 2016 she established the IME Academy. Through her course, she teaches students to perform defensible, literature-based independent medical examinations.

Emily is passionate about helping other physicians. Hence, she helps them break free from the work/life balance issues she experienced early in her career. As a wife and mother, she understands the struggles physicians and other healthcare professionals face. 

When she first began experiencing burnout, she found that a skill she learned in residency could solve her problem. She began performing highly-compensated independent medical exams. As a result, she could delegate work to team members and cut back on her office and operating room commitments.

Learning to Be an IME

Emily is a very creative and dedicated physician. She balances clinical work, performing IMEs, writing books, and mentoring dozens of young people. She is busy. Yet, she loves her work. And she is not burned out. 

This is the first time I have had a guest with expertise in performing IMEs. It is similar to what an expert witness does. But it also involves examining patients, which some of you might find more compelling as a side job.

Like expert witness work, learning to be an IME pays very well. You generally must continue to practice medicine, at least part-time.

Find out what makes you happy and learn to  integrate that with your vocational calling and you will be a much better, well-rounded person. – Dr. Emily Woolcock

Emily provided inspiration and valuable information. She clearly knows this topic well. If you’re interested in learning about how to be an IME you can find her course at theimeacademy.com.

Summary

Dr. Emily Woolcock describes her inspirational story. She discovered a way to reduce her work time while producing more income by performing Independent Medical Examinations. And in this interview, she explains how you can do the same thing to help improve your work-life balance. 


Links for Today's Episode:

Download This Episode:

Right Click Here and “Save As” to download this podcast episode to your computer.

Music Note: I have returned to my usual music for the podcast. But I am practicing more now. I hope to bring a new music clip to a future episode soon.

If you enjoyed today’s episode, share it on Twitter and Facebook, and leave a review on iTunes.


Podcast Editing & Production Services are provided by Oscar Hamilton


Disclaimers:

Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career. 

The post Learn to Be an IME and Improve Your Life – 177 appeared first on NonClinical Physicians.

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How to Run Your Business and Master Your Finances – 176 https://nonclinicalphysicians.com/master-your-finances/ https://nonclinicalphysicians.com/master-your-finances/#comments Tue, 29 Dec 2020 11:30:25 +0000 https://nonclinicalphysicians.com/?p=6358 Interview with Dr. Brent Lacey For today’s interview, we discuss money issues, coaching, podcasting, and how to master your finances. I have the pleasure of speaking with a fellow podcaster, and one of our Mentors on the Clinicians Career Cooperative, Dr. Brent Lacey. Brent received his medical degree at the UT Health San Antonio program. [...]

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Interview with Dr. Brent Lacey

For today’s interview, we discuss money issues, coaching, podcasting, and how to master your finances.

I have the pleasure of speaking with a fellow podcaster, and one of our Mentors on the Clinicians Career Cooperative, Dr. Brent Lacey.

Brent received his medical degree at the UT Health San Antonio program. Then, he completed his internal medicine residency and his gastroenterology fellowship at the Naval Medical Center San Diego. And while still in training, he became an instructor for Dave Ramsey's Financial Peace Unversity. Instructing the course helped cement his personal finance knowledge. And it enables him to teach you how to master your finances.


Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, unlike other programs, this program only takes a year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you really love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.


Helping to Master Your Finances

Gastroenterologist Brent Lacey is passionate about his patients. However, he is also committed to helping physicians succeed with business and personal finances. As a physician, he understands how overwhelming it can be to step out of training and into a career. And he has seen firsthand the huge educational gap that exists in running a practice and managing money. 

He has coached hundreds of families to eliminate debt. And he has spoken to physician groups around the country on these topics. Subsequently, he founded The Scope of Practice website, blog, and podcast.  

Coaching

Brent has quickly grown his coaching business. It seems there is an endless need for education addressing personal finances and running a clinical practice. Too, there are certain skills for balancing the two and reserving time for family.

The biggest thing to recognize is that you've gotten through medical school so that means that you are extremely capable. – Dr. Brent Lacey.

Brent is active on every major social media site: @businesscoachmd on Twitter, and @thescopeofpractice on Instagram. The easiest way to find his Facebook Group is to use this link: thescopeofpractice.com/facebookpage. In the group, he and other members discuss practice issues, investing, and how to master your finances.

Summary

Brent teaches us through his example that you can balance a thriving practice with a podcast and coaching business. And if you listen to his podcast or engage him for coaching, he will teach you how to do the same.


Links for Today's Episode:

Download This Episode:

Right Click Here and “Save As” to download this podcast episode to your computer.

Music Note: I decided to make good on my promise to record and use my own Intro and Outro music (at least for a few episodes). This is a short recording of Whisky Before Breakfast (public domain tune). I'm using a “flatpick” on my D28 Martin Acoustic Guitar about as fast as I can play it without missing too many notes. I recorded it directly into GarageBand on my MacPro using a Blue Yeti microphone. Then I added the rhythm component on the second track using the same set-up once the first track was laid down. Other than trimming the beginning and end of the audio file, I did not edit or manipulate the recording in any way and ran it at normal speed.

If you enjoyed today’s episode, share it on Twitter and Facebook, and leave a review on iTunes.


Podcast Editing & Production Services are provided by Oscar Hamilton


Disclaimers:

Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. It should not be construed as medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career. 

The post How to Run Your Business and Master Your Finances – 176 appeared first on NonClinical Physicians.

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How to Be an Orthopedic Surgeon and Venture Capitalist – 117 https://nonclinicalphysicians.com/venture-capitalist/ https://nonclinicalphysicians.com/venture-capitalist/#respond Wed, 20 Nov 2019 12:00:00 +0000 http://nonclinical.buzzmybrand.net/?p=3962 Interview with Dr. Marshall Kuremsky On this week's episode of the PNC podcast, John interviews an orthopedic surgeon who pursued his interest in finance to become a venture capitalist. Dr. Marshall Kuremsky is an orthopedic surgeon in Raleigh, North Carolina, specializing in sports medicine and hand surgery. He completed his medical training at Columbia University [...]

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Interview with Dr. Marshall Kuremsky

On this week's episode of the PNC podcast, John interviews an orthopedic surgeon who pursued his interest in finance to become a venture capitalist.

Dr. Marshall Kuremsky is an orthopedic surgeon in Raleigh, North Carolina, specializing in sports medicine and hand surgery. He completed his medical training at Columbia University and his orthopedic residency at Carolinas Medical Center. He then completed fellowships in Upper Extremity Surgery and Orthopedic Sports Medicine.

venture capitalist marshall kuremsky

Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country, with over 650 graduates. Unlike other programs, which typically run 1 – 1/2 to 2 years, this program only takes a year to complete. And Economist Magazine recently ranked Haslam #1 in the world for the Most Relevant Executive MBA.

University of Tennessee PEMBA students bring exceptional value to their organizations. While in the program, you'll participate in a company project, thereby contributing to your organization.

Graduates have taken leadership positions at major healthcare organizations. And they've become entrepreneurs and business owners.

By joining the University of Tennessee physician executive MBA, you will develop the business and management skills you need to advance your career. To find out more, contact Dr. Kate Atchley’s office by calling (865) 974-6526 or go to vitalpe.net/physicianmba.


Becoming a Venture Capitalist

Marshall Kuremsky set his sights on becoming a physician specializing in orthopedics early in his childhood. And he took all of the necessary steps to make that happen. But along the way, he became interested in finance and private equity investing. And he applied the same intense study to that discipline as he did to his medical education.

After beginning his practice, Marshall broadened his pursuits to include real estate investing and day trading. He developed a small health care consulting firm, and a multimedia social platform promoting news and information about injuries in baseball.

Those experiences led him to join a venture capital firm called LOUD Capital, as the Head of Physician Relations. He recently became a partner in the firm and continues to balance those activities with his orthopedic practice.

Marshall has crafted a combination of careers that keeps him engaged and fulfilled. He admits that the current season of his life is focused on his careers. And he acknowledges that he will need to dial it back and focus on other aspects in the near future. Right now, however, he is learning everything he can about being a venture capitalist.

 

This path is uncommon for physicians to follow. However, it's not out of the question. In fact, the private equity firm that Marshall works for was co-founded by a physician, Dr. Navin Goyal.

Valuable Venture Competition

Marshall's firm is partnering with the Chicago Bulls to support a pitch competition for Chicago-based companies and entrepreneurs. If any PNC Podcast listeners are interested, you can get more information from Marshall, using the links below.

The Chicago Bulls were interested in partnering with Loud Capital because it allows the organization to support the community in a way that will encourage entrepreneurs and create jobs. It's a completely open competition. LOUD Capital and the Chicago Bulls will sift through the applicants to idently five finalists. The winner will be announced at a Bulls game in the spring of 2020 at halftime.

It comes with financial and in-kind support worth $50,000, including access to the team at LOUD Capital. It's like being on Shark Tank, where you can make your pitch in public.

Venture capital is a nice blend. It involves raising money, or capital, and then deploying or sharing that capital to companies that you have identified in exchange for some equity, or ownership, in the company.

Marshall Kuremsky

To participate, you need to be based in Chicago, Illinois. Your business idea can be anything from a tech or healthcare startup, to an agricultural or educational venture. It's really about having an idea and a business plan, and a 60 second video that you submit online.

If you've been working on a business idea and want to pitch it to Loud Capital and the Chicago Bulls, follow the link below. But get going, because this is a time limited opportunity.

Next week I’ll bring you an interview with a podcasting colleague and friend, Dr. Jarret Patton. He is a pediatrician, speaker, book author and physician advocate. Don't miss Episode 118!


Links for today's episode:


Thanks to our sponsor…

Thanks to the UT Physician Executive MBA program for sponsoring the show. It’s an outstanding, highly rated, MBA program designed for working physicians. It might be just what you need to prepare for that joyful, well-paying career. You can find out more at vitalpe.net/physicianmba.

I hope to see you next time on the PNC Podcast.

If you enjoyed today’s episode about this business coach and consultant , share it on Twitter and Facebook, and leave a review on iTunes.


Podcast Editing & Production Services are provided by Oscar Hamilton.


Disclaimers:

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life or business. 

Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. It should not be construed as medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counsellor, or other professional before making any major decisions about your career. 


Right click here and “Save As” to download this podcast episode to your computer.

Here are the easiest ways to listen:

vitalpe.net/itunes  or vitalpe.net/stitcher  

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What You Need to Know About Physician Recruiting Incentives https://nonclinicalphysicians.com/physician-recruiting-incentives/ https://nonclinicalphysicians.com/physician-recruiting-incentives/#respond Wed, 28 Jun 2017 16:33:15 +0000 http://nonclinical.buzzmybrand.net/?p=1615 If you work for a large medical group or hospital system, you may be involved with recruiting physicians or negotiating employment agreements. It’s a set of skills worth learning because so many systems are on a recruiting binge. Salary levels have consistently grown at single digit rates for years. But the type and size of [...]

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If you work for a large medical group or hospital system, you may be involved with recruiting physicians or negotiating employment agreements. It’s a set of skills worth learning because so many systems are on a recruiting binge. Salary levels have consistently grown at single digit rates for years. But the type and size of physician recruiting incentives have been more variable.

With the recent release of the Merritt Hawkins 2017 Review of Physicians and Advanced Practitioner Recruiting Incentives, I thought you might like a deeper review of that topic.

physician recruiting incentives to welcome candidates

When recruiting physicians and advanced practitioners (physician assistants and nurse practitioners), the primary determinant of success in attracting good candidates depends on:

  • Compensation offered;
  • Quality of life (location, hours, cultural fit, etc.); and,
  • Other recruiting incentives.

I addressed compensation and the use of RVUs and salary surveys in Physician Employment Agreements and More on Understanding RVUs.

But it is equally important to understand recruiting incentives that might be offered and how they have evolved in recent years.

Physician Recruiting Incentives May Determine the Outcome

Each physician candidate is generally concerned with a handful of issues when seeking a position.

It might be primarily salary, location and loan repayment. For some, it is signing bonus and salary. For others, it might be opportunity for advancement and retirement plan options.

I once spent over a year in the recruitment of a urologist. He was very meticulous and somewhat demanding, but always cordial during our conversations. He was pleased with the basic components of our offer, which included a standard set of perquisites.

physician recruiting incentives cystoscope

Cystoscope – a urologist's best friend.

Other issues that concerned him were his involvement in setting up the office, interviewing his prospective staff, and helping to create protocols to be used in the office. As a surgeon, he was interested in rapidly building his practice. He wanted assurance that referrals would allow him to perform sufficient surgeries to maintain his skills and prepare for board certification.

We addressed all of these issues during interviews, on site visits, and numerous phone conversations. With urologists being very difficult to recruit, we included a generous signing bonus as part of our offer of employment.  Our usual practice was to pay such a bonus when the physician started seeing patients.

In this case, however, we agreed to pay part of the bonus when the employment agreement was executed, many months before he was to start seeing patients. He would receive the second installment when he had successfully been credentialed by our hospital medical staff. We would make the final signing bonus payment once he started seeing patients.

It was this flexibility in structuring payment of the signing bonus that ultimately enticed him to accept our offer.

Let’s take a quick look at the current status of incentives being offered by the almost 3,300 physicians and advanced practitioners that are described in Merritt Hawkins’ review.

Current State of Physician Recruiting Incentives

In spite of efforts to encourage the use of quality or value metrics, the approach to bonus is still heavily productivity based.

Seventy-two per cent of offers included some kind of bonus in addition to a guaranteed salary.  Of those offers that included potential bonus payments, 52% were based on RVUs, 28% on net collections, 14% on patient encounters, and 6% on gross billings.

physician recruiting incentives productivity

Types of productivity incentives used.

Quality incentives were incorporated into 39% of offers. When used, the quality-based bonuses averaged 20% of the total potential bonus.

Other, very common incentives (over 95% of searches) include:

  • Relocation Allowance (averaging about $10,000)
  • CME Expenses (average amount $3600 per year, with a range of $500 – $30,000)
  • Health Insurance
  • Retirement Benefits

Disability insurance was also offered most (91%) of the time.

Liability Insurance

Merritt Hawkins included liability insurance as a benefit. But I consider it to be a business expense, as I wrote about in Why Demoralize Your Employed Physicians Over Tail Coverage?.

The review did not list “tail coverage” (extended reporting endorsement) as a specific type of bonus. However, it is commonly disputed in negotiations and should be addressed in future studies, in my opinion.

Signing Bonus and Loan Forgiveness

Signing bonuses were common but not universal (offered 76% of the time). When offered, the average signing bonus was $32,600. However, the range was zero to $275,000. I suspect that last figure was an outlier due to some very unique circumstances.

I was surprised to see that for the MH searches, only 25% included an offer of loan forgiveness, or what we called loan repayment. This is something that is quite common for hospitals in the midwest to offer.

When included, however, the amounts varied substantially. In this report, the amount forgiven or paid was distributed over one to three years, and ranged from $10,000 to $260,000, with an average of $81,000. It’s important to remember that most organization will cap this figure. And the need for loan forgiveness will vary greatly between candidates.

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Summarizing

So, that’s the snapshot of physician recruitment incentives based on the most recent MH survey. You can find the complete summary at Merritt Hawkins 2017 Review of Physicians and Advanced Practitioner Recruiting Incentives.

It all seems pretty consistent to what I have personally found to be true:

  • Salaries continue to climb for almost every specialty.
  • Bonuses are generally based on productivity, mostly using worked RVUs to track it.
  • Quality bonuses are becoming more common, but only account for about 20% of the total annual bonus offered.
  • Relocation expenses, CME allowance, health insurance, and retirement savings options are common and expected by most physicians.

I was surprised that loan forgiveness was offered in only one-quarter of assignments. I expect that percentage to rise as medical school loan amounts continue to increase.

Cost Considerations for Employers

Physician leaders working in hospitals and medical groups should understand these incentives, and their cumulative costs. With signing bonuses, relocation expenses and loan forgiveness, the first year total compensation costs will be 140% or more of the base salary.

For example, if a family physician or hospitalist is offered a salary of $230,000 to $260,000, he is likely to be provided:

  • $10,000 in relocation expense,
  • $32,000 in signing bonuses,
  • $12,000 in health and disability insurance,
  • $3,600 in CME expenses,
  • $7500 in matching 401(k) or 403(b) deposits, and
  • $25,000 in loan forgiveness.

This will bring the total expense to $320,000 to $350,000 for the first year.

For organizations that are heavily recruiting new physicians, those figures can quickly run into the millions of dollars in costs that will not be recouped for years.

There are some IRS issues that these incentives create. If you pay a signing bonus to a resident before she has officially started, do you report that as 1099 or W-2 income? And physicians being recruited need to understand that all of those bonuses will be treated as income by the IRS and that the amounts actually received may be smaller, due to withholding by the employer.


Next Steps

Please add you're thoughts and questions in the Comments. I will respond to them all.

Don't forget to SHARE this post, SUBSCRIBE Here and complete a SURVEY .

Thanks for joining me.

Until next time.

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Monthly Favorites – January 2017 Edition https://nonclinicalphysicians.com/monthly-favorites-january-2017-edition/ https://nonclinicalphysicians.com/monthly-favorites-january-2017-edition/#comments Sun, 15 Jan 2017 14:30:39 +0000 http://nonclinical.buzzmybrand.net/?p=1020 Rather than lecture you on some aspect of hospital leadership or management, I am sharing my favorites from the blogs that I read regularly. The topics will generally be about leadership. However, since I follow a number of personal finance blogs written by physicians, I share those, too. And there may be a few that are completely [...]

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Rather than lecture you on some aspect of hospital leadership or management, I am sharing my favorites from the blogs that I read regularly. The topics will generally be about leadership. However, since I follow a number of personal finance blogs written by physicians, I share those, too. And there may be a few that are completely out of left field, if I think they are interesting or entertaining.

favorites - january 2017 lighthouse

This month's favorites…

Leadership

Note: The links below might not be obvious, but just click on the titles and you will be sent to the articles.

This first article by Michael Hyatt has several practical tips for achieving goals. He defines implementation intentions, which he has renamed (and trademarked) “Activation Triggers.” As the term implies, these are prompts that remind you to follow through on your self-assigned goals. He also describes SMARTER Goals, which appear to be an enhanced version of SMART Goals.

Check out “How to Use Activation Triggers to Reach Your Goals” to read about his 5 steps for optimizing this process.

Next, let's turn to another of my other leaderships favorite's, Leadership Freak. In this post, Dan Rockwell talks about the three attributes you should seek in new hires.

See Leadership Freak's “3 Must-Haves for Every Great Team Member.”

The only comment on his suggestions would be the following. He talks about only hiring people with the three characteristics he describes. Unfortunately, it is almost impossible to identify these attributes clearly before hiring. So, you may need to confirm their presence within 90 days after hiring a new employee, and be prepared to terminate them if they do not demonstrate these, and other necessary traits.

monthly favorites - january 2017

 

Personal Finance

This following post by Physician on FIRE was published right around Christmas – thus the “gift-giving” topic. I found the advice to be very practical. And he explains a term called “degifting.” I must admit that it was a new concept for me.

Now go read Physician on Fire's “What to Give Those Who Have ‘Everything'.”

Let's move on to…

Humor

Zubin Damania continues to produce regular commentary on the ironic and sometimes pathetic aspects of medical care and the healthcare industry. He created a new character about 20 episodes back. It appears to be the fusion of Darth Vader and an annoyed surgeon, whose name is Doc Vader. I found these two recent episodes to be HILARIOUS.

Feel free to comment below if you think my sense of humor is disturbed.

ZDoggMD's “Doc Vader on Hospital Life

As I mentioned – one episode was not enough. Here is another of Doc Vader's rants…

ZDoggMD's “Doc Vader on Medical Marijuana

In Closing

Those are the posts that I found worthwhile reading (and watching). I will keep track of new material and post my favorites at least once a month.

If you have any favorite blogs addressing leadership or related topics (or humorous ones) please let me know.

For more of my thoughts on healthcare and leadership Subscribe here.

Please help me out by taking a short survey:  Survey Page

And feel free to email me directly at john.jurica.md@gmail.com with any questions about anything.

And if you enjoyed this, then share it or tweet it using the links below!!

See you in the next post.

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The Monthly Favorites – December 2016 Edition https://nonclinicalphysicians.com/monthly-favorites-december-2016/ https://nonclinicalphysicians.com/monthly-favorites-december-2016/#comments Wed, 14 Dec 2016 14:00:39 +0000 http://nonclinical.buzzmybrand.net/?p=870 Rather than lecture you on some aspect of hospital leadership or management, I have decided to share some of my monthly favorites from the blogs that I read regularly. The topics will generally be about leadership. However, since I follow a number of personal finance blogs written by physicians, I will share some of those, [...]

The post The Monthly Favorites – December 2016 Edition appeared first on NonClinical Physicians.

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Rather than lecture you on some aspect of hospital leadership or management, I have decided to share some of my monthly favorites from the blogs that I read regularly. The topics will generally be about leadership. However, since I follow a number of personal finance blogs written by physicians, I will share some of those, too. And there may be a few that are completely out of left field, if I think they are interesting or entertaining.

monthly favorites leadership

Let's get started…

Leadership

First of all, we have a couple from one of my favorite book authors and blog and podcast producers, Michael Hyatt. Please do not be too irritated by the pop-ups that might appear on his site. Just blow by them and read the post, if you would. This first one is awesome! Michael gives the BEST reason why the physician hospital executive should welcome problems that arise at work. (Note: The links below might not be obvious, but just click on the titles and you will be sent to the articles.)

Michael Hyatt's Why You Should Welcome Problems

Since this is my first attempt at providing a list of monthly favorites, I am going to pick two from my first author. So, Michael Hyatt gets a second link because he comes up with timeless advice. In this post he reminds us that unless we get to our zone of discomfort, we're probably not growing.

Michael Hyatt's Why Discomfort is Good for You

Next, let's turn to another of my favorite's, Skip Prichard. In this first post, he interviews Paul Larsen, author of Find Your Voice as a Leader. It is a very nice interview:

Skip Prichard's How to Find Your Voice as a Leader

I might argue that we should develop our voice, rather than find it, but I might be splitting hairs here. Now, let's move into another realm.

Personal Finance

I find these writers so interesting. The content is useful for physicians at any stage in their career. Granted, it might not directly relate to physician leadership or management, but I think my audience is always learning. And making a career change from practicing clinician to VPMA or CMO definitely requires some financial planning.

monthly favorites finance

The White Coat Investor is one of the best out there. He has been blogging for at least 7 years and has written a successful book called The White Coat Investor: A Doctor's Guide To Personal Finance And Investing. I believe the author is a practicing emergency medicine physician, and earns more from of his blog and book than his practice at this point.

I found this post about financial aid planning for college and use of the FAFSA (Free Application for Federal Student Aid) very intriguing. It might save you hours of time.

The White Coat Investor's Why Most Doctors Shouldn't Bother with Financial Aid Planning

This following post by Physician on FIRE is hilarious. The link to some of the content is R-rated due to rough language. But I think you can take it! It is actually a Q & A with J.L. Collins. It is both funny AND worth reading just to find out how to keep your young children from misbehaving when out for dinner. J. L. Collins is the author of The Simple Path to Wealth.

Physician on Fire's Interview with J. L. Collins

By the way, it was this interview format that inspired me to create some of my own written interviews. These should be coming soon.

Let's move on to…

Humor

Well, the previous recommendation could fit here as well. But I must include a sample from ZDoggMD in my monthly favorites. In this repurpose of an Eminem rap song, he finds a way to include HCAHPS, Press Ganey and other frustrating topics as he rants about “unbreaking” healthcare. (It is a video, of course).

monthly favorites ZDoggMD

ZDoggMD's Lose Yourself/Unbreak Healthcare

Doctors are apparently funnier than I thought. I enjoy reading Dr. Grumpy in the House. Here is a recent article about some news stories that Dr. Grumpy found entertaining and shared with the world, along with his commentary.

Dr. Grumpy in the House's Breaking News

In Closing

That is some of the recent content that I found worthwhile reading (and watching). I will keep track of new material and post my favorites at least once a month.

If you have any favorite blogs addressing leadership, please let me know.

As I noted above, I am also in the process of putting together some interviews of physicians in leadership positions, with a focus on their journeys from practicing clinician to physician executive.

For more of my thoughts on healthcare and leadership Subscribe here.

Please help me out by taking a short survey:  Survey Page

And feel free to email me directly at john.jurica.md@gmail.com with any questions about anything.

See you in the next post!

The post The Monthly Favorites – December 2016 Edition appeared first on NonClinical Physicians.

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