Financial Residency

In this episode, Jon from Contract Diagnostics explores the trends in hospital mergers and acquisitions, highlighting recent examples and contemplating whether this trend will continue.

He mentions the increasing number of deals and the involvement of non-traditional players like Microsoft, Amazon Health, and Walmart in healthcare partnerships. Jon anticipates more technology-driven collaborations and partnerships, emphasizing the potential impact on physicians. 

While immediate effects on physicians may be minimal, Jon suggests that downstream changes could include alterations to benefits, electronic health systems, and potentially compensation. He sees potential benefits for physicians in terms of better negotiating capital, improved technology, and streamlined operations. 

Jon concludes by emphasizing the importance of staying informed and seeking guidance, particularly when facing contract amendments or changes in compensation schedules due to organizational consolidations. Physicians are encouraged to reach out to Contract Diagnostics for assistance in navigating such changes.

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

In this brief episode, Jon from Contract Diagnostics discusses the significant expenses associated with electronic health record (EHR) systems for healthcare facilities.

Using examples from a published article, he highlights the substantial costs, such as a Cleveland-based hospital expecting its EHR installation to cost $400 million. Jon emphasizes that these costs are typically covered by employers, and physicians need not worry about directly paying for EHR systems. 

However, he suggests that physicians inquire about the type of EHR system their potential employer uses during interviews or site visits. Jon also encourages physicians to be adaptable to different systems and leverage their knowledge of various EHRs as a negotiating point for compensation. 

He stresses the importance of understanding the employer's perspective while negotiating, acknowledging their investment in technologies that should ideally enhance efficiency and billing. 

Jon concludes by reminding physicians to engage in open and effective communication with their employers regarding compensation and contract details, offering Contract Diagnostics' assistance in maximizing compensation.

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

Match Season and Graduation Season for residents and fellows brings an influx of new home buyers. Over the past year, there have been several banks that have gotten out of the physician mortgage business so there will be fewer loan officers to handle the thousands of physicians who are looking for a loan at the same time.

If you think you might be buying a house in the next 6 months, Doug recommends that you start reaching out to banks now to start getting prequalified and approved for a home. With physician mortgages, you can generally purchase your new home and get moved in before you start your residency or new attending job. 

To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated?

Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation. 

To learn more or get a Compensation Review for yourself or your group with Jon's team, go to www.ContractDiagnostics.com.

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.   

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar’s Investment Management Group and an Adjunct Professor of Wealth Management at The American College.   

Topics Discussed:
COVID: How the pandemic and being isolated at home has affected investing
• Day Trading: For better or worse, people want to invest in, buy individual stocks
• Today’s Market: Everyone wants to buy and trade to make money, not possible
• False Confidence: How long until the bubble bursts because it will, eventually
• Winners and Losers: Problem with day traders is they report one, not the other
• Can you beat the stock market? First, learn from mistakes made from investing
• Smarter than...? Good investing is boring, advisors don’t and can’t time market
• Utility Grievance: How much do you like something and quantify preferences?
• Weigh Outcomes: Downside of doing it yourself is much worse than upside
• Short Selling: Put on your blinders and don’t follow what everybody else does

LINKS:

www.WrenneFinancial.com

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks too Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Sky view Financial Planning, about the pursuit of financial independence.   

Topics Discussed:
• What is financial independence? Financially set for life

• Pursuit of Financial Independence: Be reflective, thoughtful, and understanding

• Does financial independence buy happiness and solve life’s problems?

• Physician’s Perspective: Achieve financial independence sooner than later

• Field of Medicine: Doctor’s motivation is to help people, make money, escape

• I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe

• Time and Money: What’s more important? Do you trade dollars for time?

• On Living a Rich Life: What would make your life really rich?

• Busy Work: Sacrifices need to be made from time to time - no regrets

• Vision Document: What do you want your life to be like?

• On track or not? Ask someone you love and trust to provide honest feedback

LINKS:

www.WrenneFinancial.com

Today, Jon from Contract Diagnostics addresses the common objection physicians encounter during contract negotiations – being told that everyone at the facility is paid the same. 

Jon advises physicians not to immediately accept this claim but to engage in due diligence by asking questions about the evaluation process, the data used, and how long it has been since the last assessment. 

If the offered compensation is below market value, Jon suggests that physicians consider collective negotiation strategies within their group, emphasizing the power of a united front when discussing compensation concerns with the administration.

Jon also explores alternative negotiation approaches, such as seeking additional benefits or exploring creative solutions. 

He encourages physicians to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

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

In this Coffee and Contracts episode with Jon from Contract Diagnostics, the focus is on negotiating based on data and determining fair value.

The discussion emphasizes the importance of considering various data inputs beyond standard industry metrics, such as MGMA data. Jon highlights the significance of understanding the context, including factors like the duration a position has been open, location, and facility staffing. 

The episode stresses the need to interpret data accurately and tailor compensation evaluations to individual circumstances, accounting for variables like vacation time and benefits. 

Jon also emphasizes Contract Diagnostics' personalized approach to consulting, ensuring clients understand the nuances of their contracts.

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

Doug gives his recommendations on the steps you should take in purchasing a new home. First, you should get preapproved (versus prequalified) with your bank and set a budget.

Think about your "must haves" when choosing your home, such as location, commute to work, schools, amenities, safety, etc. Now choose your realtor. 

Find one who will give you good advice and negotiate well on your behalf. Contracting with the right realtor can potentially save you thousands of dollars and prevent you from buying a lemon. 

To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

We all went into medicine to care for patients, but for some more of our time is spent on the EMR than with our patients. Erez Druk invented AI software that listens to your appointments and generates a SOAP note for you.

It learns your style over time so less edits are necessary with each interaction.  It's like a scribe that will never quit on you, not to mention more affordable. It may save you 10+ hours per week in administrative tasks.

You can learn more at www.Freed.AI. You can try the software for free and don't need to purchase any equipment. If you decide you want to subscribe to the service, you can get 50% off the first month by using code FR50. 

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values. 

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values.

Topics Discussed:

• What are values? Undercurrent or true driver to measuring happiness

• Values Awareness: Day-to-day actions in alignment with what’s most important

• Results: Better decisions, confidence, happier, and feeling more purpose-driven

• Symptoms: Feeling lost, lack of confidence in decision making, and stress

• Value of Values: Believe in, maintain, and reinforce awareness of your values

• Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important)

• Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs)

• Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important)

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

• Financial Advisor Types: Anybody working in the financial services industry

• Compensation Models: Pay for services via commission, fee-only, or fee-based

• Challenging Conflict: Provide advice in advisor’s and client’s best interest

• Teaching/Training: How to make sales and do financial planning to offer advice

• Major Manufacturers: Research proprietary products, means of distribution to sell

• Learn Language: Talk like a financial advisor to focus on quality or make sales

• Clients and Referrals: How many to make sales and create custom plan/advice

• Disclosure: Put client’s interests first and disclose/manage conflicts of interest

• Space and Stability: Become a good financial advisor before giving advice

• Find Financial Advisor: Reach out to identify training, guidance, and get paid

• Future of Financial Advice: Take step forward to regulate financial advisor title

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics discusses the structure and payment of medical directorship roles. The structure depends on factors like facility and specialty, with compensation typically being hourly or a flat fee. 

Medical directors may have a separate contract, and compensation can range from $100 to $400 per hour, often capped monthly or paid annually. The importance of tracking hours and negotiating duties is emphasized to ensure fair compensation.

Jon advises physicians to clarify terms, understand exit options, and seek assistance in navigating complex medical director contracts.

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

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics addresses the increasing trend of employers providing addendums or changes to physicians' compensation structures. 

He emphasizes the importance of promptly seeking professional assistance, like Contract Diagnostics, when receiving such addendums, especially since they often come with short timeframes for review and acceptance.

Jon advises physicians to thoroughly understand the proposed changes, not just focusing on apparent benefits but considering the broader impact on various aspects of compensation. He highlights potential pitfalls, such as alterations to RVU conversion factors or changes in stipend structures, and urges physicians to rally colleagues to collectively negotiate and seek clarification from the employer.

Jon stresses the significance of asking comprehensive questions, understanding if the proposed changes apply uniformly across the division, and considering the implications for future hires. He encourages physicians not to feel rushed, request extensions for thorough reviews, and assures viewers that Contract Diagnostics is available for timely assistance.

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

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

James Nutter is a financial planner with IM Wealth. He talks with us in depth today about student loan repayment strategies with a strong focus on PSLF. 

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life.  Yet, the daily grind we all face tends to push us away from this. 

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values.

Topics Discussed:
Where to begin? Start with a plan to align financial actions with values

• Two Mindsets: Auto-pilot thinking versus deliberate thinking

• Awareness: Start with gaining awareness of your actions

• Time and Money Management Exercise: Find ways to track what you’ve done

• Awkward Conversations/Characteristics: Plan for success, write your obituary

• Life Planning: Kinder’s 3 questions about living out your ideal life

• New Day-to-Day Decisions: Say ‘no’ to things that don’t align with your values

• Ideal Calendar: Prioritize values by making time and space on your calendar

• Should you stay on auto-pilot? No, do something, take action to help your wealth

Link:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Should you pay off debt or invest? It’s a straightforward question.  Yet, the answer is often not so straightforward and really depends on your situation.   

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing. 

Topics Discussed:

• Assumptions and Assessment Factors:

◦ What’s more important right now—financial independence or flexibility?

◦ Are you saving enough or have enough to invest or pay off debt?

◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow?

• Mortgage Myths: Pre-payments can actually create loss of flexibility with funds

• Be strategic: Consider refinancing debts to change the variables in your favor

• Financial Stress: What makes you happy versus what makes you worry?

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics discusses creative negotiation strategies for physician contracts. Using a hypothetical scenario where the base salary is $300, and the physician desires $325, Jon explores various creative approaches to negotiation. 

He suggests considering alternatives such as negotiating for future years, additional benefits like extra vacation or flexible start dates, modifying non-compete clauses, proposing buyout clauses, and exploring creative compensation structures, like tiered RVU rates or unique scheduling arrangements.

Jon emphasizes the importance of thinking creatively and finding a fair compromise that benefits both parties. He encourages viewers to reach out to Contract Diagnostics for assistance in navigating and negotiating physician contracts.

LINKS:

www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics shared a recent case where a physician faced unexpected changes in employment due to a third-party vendor terminating their contract with a hospital. 

Despite the physician's stellar performance, the vendor wanted out of the specialty, prompting negotiations between the hospital, vendor, and physician.

The hospital, unaware of the original contract terms, offered a new deal. However, the physician found disparities in benefits, vacation, 401k, and bonus structures. Jon emphasized the importance of understanding your contract, especially in vendor relationships, where unexpected changes can impact compensation and work conditions.

Contract Diagnostics aims to assist physicians navigating such situations and offers guidance during contract transitions.

LINKS:

www.ContractDiagnostics.com