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Financial Residency — Business
Financial Residency

As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn’t receive a financial education. But, not to worry. That’s where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You’ll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other “investment” pitches that are not in their best interest. You didn’t receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it’s ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great – let’s do this! Let your financial residency begin.

Copyright: © Financial Residency LLC. All Rights Reserved

Latest Episodes:

Mortgage Minute - The next Federal Reserve meeting is coming soon, what does that mean? Oct 17, 2023

Show notes

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.

Grand Rounds - Dr. Sunana Sohi flies high when not in the GI suite Oct 16, 2023

Show notes

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.

Coffee and Contracts - Compensation Model: Collections Oct 14, 2023

Show notes

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

Coffee & Contracts - Medicare Advantage Being dropped at Rural Hosptials? Oct 13, 2023

Show notes

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

Financial Vitals - Getting Leverage Over The Medical System To Call Your Own Shot with Dr. Daniel Paull Oct 12, 2023

Show notes

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.

Coffee & Contracts - Rural Hospitals Scaling back care Oct 11, 2023

Show notes

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

Mortgage Minute: New Fannie Mae limits for mortgages Oct 10, 2023

Show notes

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.

Grand Rounds: Take Medicine Back with Dr. Mitch Li Oct 09, 2023

Show notes

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.

Coffee & Contracts: AI update and your job Oct 07, 2023

Show notes

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

Financial Vitals - What Happens When Healthcare Conflicts With Physician's Own Values Oct 06, 2023

Show notes

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.

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