Medics Money podcast

Extra resources: https://www.medicsmoney.co.uk/ https://www.medicsmoney.co.uk/free-guide/ https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/ https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/     In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system. 00:00 Welcome New FY1 Doctors! 01:29 Meet the Hosts: Ed and Cyra 02:49 Navigating Your First Payslip 04:07 Understanding NHS Pay Structure 04:38 Breaking Down the Payslip Components 07:01 Tax Codes and National Insurance Explained 16:21 NHS Pension Insights 24:19 Claiming Tax Relief on Professional Expenses 25:24 Understanding the Tax Year 26:09 Setting Up a Personal Tax Account 27:43 Making Your Tax Relief Claim 28:48 Common Tax Issues and Solutions 31:52 Emergency Tax Codes Explained 44:18 Resources for Checking Payslips 47:23 Conclusion and Final Tips Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/   Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com   Want to improve your finances fast? Then come on our course   https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/   GP partner looking to improve your practice/ Then come on our course   https://www.medicsmoney.co.uk/gp-partnership-programme/   Follow us on Instagram   Follow us on Twitter   Disclaimer:   The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Dr. Tony Goldstone, a radiologist turned pensions expert, and Andy Pow, a seasoned medical accountant, dive deep into the complexities of NHS pensions. They discuss the shift from traditional to defined benefit schemes and the impact of the tapered annual allowance. The duo uncovers the complications surrounding the McCloud Remedy and shares the administrative challenges faced by doctors. Their practical advice encourages healthcare professionals to stay informed and actively manage their pensions for a secure financial future.

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings. 00:00 Introduction and Guest Introduction 00:22 Emma's Journey into Money Blogging 04:03 Mindset and Habits for Financial Success 05:30 Saving Strategies and Tools 08:25 Favourite Budgeting Tools and Techniques 11:40 Money Saving Apps and Cashback Tips 1 9:00 Diversifying Income Streams 24:02 Building a Website for Income 27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate. takeaways Resident doctors are considering striking due to pay issues. Student loan forgiveness is seen as a potential solution but raises questions about fairness. Pension swapping proposals may not address the core issues of pay restoration. Generational differences in medical training and financial burdens are significant. The Economic Crime and Transparency Bill will increase financial transparency for doctors. Cash ISAs are losing value due to inflation, prompting calls for investment education. Financial education is lacking in schools, leading to poor financial decisions. Doctors feel undervalued compared to previous generations. The current economic climate is affecting recruitment and retention in the NHS. Investment is generally more beneficial than holding cash in the bank. Chapters 00:00 Introduction to Resident Doctors' Financial Concerns 01:05 Student Loan Forgiveness vs. Pay Restoration 07:00 Pension Swapping: A Controversial Proposal 11:40 Generational Perspectives on Strikes 16:52 Economic Crime and Transparency Bill 26:25 The Debate on Cash ISAs and Investment Education

Dennis Hall, founder of Yellowtail Financial Planning and co-host of the Century Plan podcast, brings a wealth of knowledge on retirement strategies beyond pensions. He shares his journey from the Royal Marines to financial advising, highlighting common financial mistakes that professionals make. Dennis emphasizes the significance of setting clear personal financial goals and the psychological aspects of planning. The conversation also explores the importance of early investments and tailored financial habits for achieving long-term financial independence.

Andy Powell, an independent medical accountant and NHS pensions expert, discusses the pressing issues in the NHS pension system, especially for GPs. Key problems include missing contributions and bureaucratic hurdles that undermine trust in the system. Together, they propose reforms like automating data entry, scrapping the GP Solo system, and streamlining paperwork to enhance efficiency. They also stress the need for a strategic investment to improve the overall management of pensions, providing resources that help GPs better navigate this complex landscape.

This discussion dives into the intricate world of parental leave for healthcare professionals. It explores maternity, paternity, and shared parental leave, breaking down rights and entitlements. Listeners gain insights on navigating statutory versus occupational leave, maximizing maternity allowances, and understanding the nuances of adoption leave. There’s a strong emphasis on financial planning, job security during pregnancy, and strategies for equitable childcare distribution. A must-listen for medics aiming to better manage family finances!

In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.   00:00 Introduction to Dr. Hannah Allen's Journey 01:26 Welcome to the Medics Money Podcast 01:48 From Doctor to Chief Medical Officer 02:09 Early Career and Initial Challenges 03:44 Venturing into Health Tech 05:19 Founding Tinto: A Digital Health Startup 08:12 Joining Heidi and Initial Impressions 10:13 The Impact of AI Scribes in Healthcare 11:43 How Heidi Enhances Medical Practice 17:43 Addressing Common Concerns About AI in Healthcare 27:38 Future of AI in Healthcare 34:03 Advice for Aspiring Health Tech Professionals 39:16 Conclusion and Final Thoughts

Book a demonstration here. In this episode of the Medics' Money Podcast, Tommy welcomes Dr. Andrew Whiteley, the founder of Lexacom, a widely-used health tech product. They discuss the origins of Lexacom, the challenges faced during its development, and the innovative features of its new version. Dr. Whiteley demonstrates Lexacom's capabilities, including streamlined email dictation, patient visit documentation via mobile, and AI-driven workflow enhancements. Ideal for GPs and hospital doctors, Lexacom aims to save time on administrative tasks and improve patient care. Watch the live demo to see Lexacom in action and learn how to integrate it into your practice. 00:00 Introduction and Guest Welcome 00:43 The Origin Story of Lexacom 03:55 Challenges and Growth of Lexacom 09:36 Innovations and New Features of Lexacom 11:58 Live Demonstration of Lexacom's Capabilities 27:07 Data Security and Privacy Measures 30:08 Conclusion and Final Thoughts   DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

In this episode of the Medics' Money podcast, Dr. Shun Pang, co-founder of Anima Health, shares his inspirational journey from a 7-year-old immigrant from China to founding Europe's fastest-growing health tech company. He discusses his experiences in medicine, the challenges he faced, and what prompted him to transition into the tech industry. Dr. Pang elaborates on the potential impact of AI in healthcare over the next 10-15 years and highlights the importance of resilience, first-principles thinking, and a growth mindset for success. This conversation also provides valuable insights for doctors interested in transitioning to health tech. 00:00 Introduction: The Journey Begins 00:07 Founding Anima: The Seed of Conviction 00:30 Anima's Rapid Growth and Recognition 01:17 Shun Pang's Early Life and Challenges 01:54 Educational Path: From Grammar School to Cambridge 06:45 The Struggles and Failures Along the Way 09:57 The Birth of Anima: A Turning Point 15:03 Overcoming Obstacles: The Road to Success 25:36 Reflections on Resilience and Being an Underdog 28:02 The Role of Childhood Trauma in High Performance 29:07 Frameworks for Tackling Massive Challenges 29:34 First Principles Decomposition Explained 33:45 The Future of AI in Healthcare 45:51 Transitioning from Medicine to Health Tech 56:57 Advice for Aspiring Health Tech Innovators