Two physicians I am working with are leaving their employment with a large group, dissatisfied with the back office operations and billing situation. Years ago they had their own practice and did everything in-house. Now, three years later they want to recreate the practice of their past.
These docs are experienced and operated a successful private practice in another market before coming my way. After a lot of discussion it’s apparent they are not only strong clinicians who know what kind of support they need from their clinical staff, but also have the characteristics of good leaders who know how to motivate a small staff and engender a healthy “family business” type environment for their employees.
We’ve found them a great IPA to work with, one that provides good in-network rates and a slew of value added services and vendor connections to help make their return to private practice successful. In fact, we’ve only got one real issue to deal with.
Billing. What did you expect?
By: Gary Fegan
We are all living longer and must save for retirement on our own. Another possible retirement stream of income is Social Security- but will that really be there for you when you need it in 25-35 years? As we are working and earning money, we can shave off some of our income to go into an account for use during our retirement years. What would happen to that funding if you were to become disabled and your income stopped coming in? How would you continue to fund your retirement account? Chances are you will not have saved enough to retire at that age (you may become disabled at age 35, 40, 47- anytime?), but most everyone will not have saved enough to retire at that young age. Most individuals have an age in mind when they expect to retire. I plan to retire by the age of 60; everything I do is part of a plan for me to retire at age 60. What would happen if I had to retire today due to a disability? My retirement dreams would be shattered! This is not something most people will accept as a possibility, but it happens all too frequently. Without a plan, a disability could financially devastate you, your family, and any hope for a happy and financially stable retirement.
Here's a great article from MD Preferred member, Chris Wimberly. I'm only sharing the beginning part and I encourage our readers to jump over to #Lifeofamedstudent to read the article in its entirety.
As a 4th year medical student, you are within months of celebrating a major accomplishment in your life. Years of sleepless nights and cram sessions will finally start paying off. Congratulations!
In the next couple months, you will be transitioning from student to trainee. And, finally, you will be earning an income. Granted, it is a relatively low income compared to what you will be bringing in once you are an attending physician, but nonetheless, it is revenue.
As a student, you may have attended some sort of financial seminar. You’ve likely been informed of the value of emergency savings, managing debts, planning for long-term savings, and disability insurance. If you have not attended one of these financial sessions yet, as a resident you will undoubtedly have financial advisors showing up at your residency program ready to give you advice and even recommending certain products or strategies.
When it comes to disability insurance, here are five things you need to be aware of before you graduate medical school........
Contact MD Preferred Member, Josh Mettle, to learn more!
With the stock market at all-time highs, many investors look to other avenues to diversify their portfolios. One of the major ways to do that is through real estate. Doctors are no different in looking to real estate as a way to put their money to work in the smartest way possible. However, doctors are a unique class of investor, for a couple reasons.
First of all, they work a ridiculous number of hours for a high salary. So it just doesn’t make sense for a doctor to follow active real estate strategies like “flipping” houses or strange strategies like turning containers into short-term rentals. While these things might make sense for someone working in real estate full time, most doctors will tend to favor more passive options.
Second, because of their high salaries, most doctors are accredited investors (someone with a net worth over $1 million or who makes over $200,000 per year in income), which gives them access to investment options most investors aren’t eligible for.
Given these unique characteristics of doctor investors, what are the main strategies for doctors to get involved with real estate?
Note: We are only posting the first step from the original article, which can be found here. Please continue on to Josh's site for the complete posting.
Has your mortgage loan been declined by another lender? Josh Mettle explains the steps to take to ensure a flawless home purchase.
A disability insurance policy is crucial to helping anyone protect their ability to earn an income. A true Own-Occupation policy can help professionals protect the significant investment they made in their education and training. It can provide a benefit when you are unable, due to injury or sickness, to perform the material and substantial duties of your own occupation.
If you have limited your occupation to the performance of the material and substantial duties of a single medical specialty or to a single dental specialty, that specialty would be considered your regular occupation. This is extremely important, because this enables you to continue to practice medicine if you want. You would need to simply modify the field that you practice. For example, a surgeon may consider working as a pediatrician, if disabled as a surgeon, and still be able to receive his or her disability benefits.
More than any other occupations, physicians and dentists need a true own-occupation disability insurance policy with a specialty specific definition. The following is the best definition of disability and is the most favorable to the policy owner and is generally only available within select individual plans and rarely found within employer group plans.
Looking over a physician’s contract I was reviewing the other day I came upon a single sentence set into the “benefits” section:
“After twenty four (24) months of continuous employment employee will be eligible for consideration as a partner of group.”
I’ve seen this language in countless contracts. Many of my clients, especially those looking at an employment agreement for the first time, have found it extremely enticing, as it seems to hold out a carrot of great value, one to strive for.
My question is always: What does that sentence mean?