Financial Residency

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications. 

Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family. 

So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program. 

If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need. 

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed:
• 5 of the Most Overlooked Tax Breaks for Doctors:
◦ Health Savings Account (HSA): Build wealth and avoid income tax
◦ Tax Loss Harvesting: Capital gains and losses are taxable investments
◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold
◦ Business Expenses: For side-hustle or self-employed with 1099 income
◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. 

Topics Discussed:
• Who should pay for college? You, your children, student loans, or scholarships
• What has changed? Tuition costs, direct student loan cap, and responsibility
• Little to No Financial Aid: Based on physician’s above-average income
• Other Options: 529 Plan, investments/cash accounts, income, student loans

LINKS:

www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually. 

Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.beckersasc.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses. 

Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.beckershospitalreview.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently. 

Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance.

Links:

usmortgagebanker.bmo.com/fl/marco-island/dc-363861/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Match & Graduation Season is almost here, which means we will have many doctors looking for a new home. 

Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score.

He defines several acronyms and terms used by lenders to help you understand their jargon. 

He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at Doug.Crouse@BMO.com, text him at 816-728-3631 or go to www.DougCrouse.com to get more information. 

The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field.

Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance. 

Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool.

Topics Discussed:
• Money Spectrum: Some people go to extremes, but most are in the middle
• Temptation: What is more important—more money or more time with family?
• Money is a tool that does not buy happiness but helps you attain happiness
• 3 Ways to Recognize Money as a Tool:
◦ A tool for what? What are you building?
◦ Learn to use the tool. Are you using money to build your ideal life?
◦ Maintain awareness about the outcome. Are you using money effectively?
• Key Takeaway: Money should not be the end goal—you can't take it with you

LINKS:

 www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?   

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?

Topics Discussed:
Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans
• Maximum for Employees:
◦ 401(k)/403(b) is $20,500 combined per year
◦ 457(b) is $20,500 separate limit
• Retirement plans with mandatory and required contributions
• 457(b): Governmental or non-governmental plan, which is better and why?

LINKS:

www.WrenneFinancial.com

Jon from Contract Diagnostics highlights the 2024 Medicare fee schedule, revealing a 1.5% decline in overall reimbursements due to a 3.4% cut in the conversion factor from CMS.

The impact varies based on contract structure, employer policies, patient demographics, and payment models. Despite limited influence, understanding these changes is crucial for physicians and hospitals striving to maintain patient care standards amidst increasing challenges.

Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments, recognizing the importance of fair compensation alignment. 

They encourage reaching out for personalized assistance and anticipate further updates on specialty-specific implications.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Links: https://www.modernhealthcare.com/ 

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues. 

Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs. 

Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Dr. Dominick Corrigan founded Physicians Anonymous to help physicians who are somewhere along the spectrum between burnout and depression all the way to suicidal. His organization provides free, anonymous peer support. 

He joined Dr. Tammy to share his journey that led to starting Physicians Anonymous, discussing the unique pressures that physicians face ranging from microtraumas caused by administration to the major traumas of facing death & dying on a daily basis, and the culture that keeps physicians from seeking the help they need to stay healthy. 

He talks about the "Burn Out Vaccine" training program his organization has created, which includes providing peer support, teaching physicians to say no and dealing with imposter syndrome. 

To learn more, please go to www.PhysiciansAnonymous.org. 

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician. 

Topics Discussed:
• Temptations: Financial aspect—try to not first look at the money/compensation
• Values and Goals: What’s most important? Family, work/life balance, pay?
• Coworkers: Who will you work with and for? What kind of lives do they live?
• Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours?
• Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified
• Insurance Coverage: Are malpractice insurance and tail coverage provided?
• Employment Law: Hire a consultant or employment attorney to review contracts

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs?  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep.

Topics Discussed:
• COVID Forbearance: No payments, no interest on student loans until Aug. 31

• Good news? Yes, for PSLF, but what are people doing with the money?

• Average American Person: Temptation is to spend all or more money in pocket

• Consumption Effect and Awareness: Student loan payments will begin again

LINKS:

www.WrenneFinancial.com

In the article titled "The Race to Acquire Physicians," Jon from Contract Diagnostics discusses the implications of the growing demand for physicians and the challenges surrounding their employment. He highlights the ongoing mismatch between physician supply and patient care needs, noting the increasing consolidation of healthcare organizations and the potential legal ramifications of monopolizing the physician marketplace.

Jon explores the complexities faced by physicians in choosing between employment with large entities, joining private practices, or pursuing independent contractor opportunities. He emphasizes the importance of considering individual preferences, long-term goals, and compensation packages when evaluating employment options.

While Jon acknowledges the uncertainty surrounding the future of physician employment and the potential impact of lawsuits and regulatory scrutiny, he encourages physicians to explore diverse opportunities and exercise negotiating power in contract discussions. Ultimately, Jon emphasizes the need for thorough due diligence and contract review to ensure alignment with personal and professional objectives.

As the healthcare landscape continues to evolve, Contract Diagnostics remains committed to supporting physicians in navigating employment decisions and advocating for their best interests.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Article : 

The Wall Street Journal article discusses the potential of chatbots for medical advice, highlighting their benefits such as aiding in initial assessments of x-rays, pathology reports, and lab values. 

However, it emphasizes the necessity for human oversight to ensure accuracy and to avoid overlooking critical details. While chatbots hold promise for streamlining administrative tasks and improving efficiency in healthcare settings, they may lack the personalized approach and nuanced understanding required for complex medical decisions. 

Contract Diagnostics, represented by Jon, stresses the importance of considering individual patient and physician stories, asserting that while AI can enhance productivity, it should not replace human judgment in medical care. 

Looking ahead to 2024 and 2025, the article anticipates significant advancements in the integration of artificial intelligence in healthcare while maintaining the essential role of human expertise and empathy in patient care.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

In this segment of "The Mortgage Minute" with Doug Crouse from BMO Bank, the focus is on the importance of selecting the right real estate agent when purchasing a home. 

Doug emphasizes that while securing a favorable mortgage rate is crucial, the choice of agent can significantly impact the overall cost of buying a home. He cautions against hastily choosing an agent based on referrals alone and highlights how a skilled agent can save buyers more money than simply securing the best interest rate.

Doug warns against emotional decisions in home buying, stressing the importance of ensuring that the chosen house is worth its market value and that buyers have the necessary funds to cover any discrepancies.

He anticipates a highly competitive buying season ahead and underscores the long-term impact of selecting the right agent, as opposed to the temporary commitment of a mortgage interest rate.

Doug encourages thorough research, seeking feedback from previous clients, and advises on how to contact him for further assistance.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS). 

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Many physicians are interested in contracting independently versus continuing as an employed physician, but don't know where to start.

Dr. Corinne Rao and Dr. Holly Shen share information about the Flex Med Staff 2024 Physician Summit April 7-10 in Las Vegas where there will be 20 CME about locums strategies, direct contracting, creative income options, business and tax planning, and more.

You can also go to www.FlexMedStaff.com for online resources to help you navigate information and opportunities to be successful as an independent contractor.