Financial Residency

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality. Topics Discussed: Good: Immense value from financial advisors who understand physician finances • Bad: Save documents and keep records on servicer when third-part is paying • Ugly: Ultra high-risk investment activities—bordering on gambling • Understand the Deal: Perform due diligence and review contracts for red flags • Compensation: What money are you leaving on table based on how you're paid? • Accurate Alignment: Involve spouse for honest answers about financial security • Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences • Moral of the Story: Sometimes, it's worthwhile to pay a fair fee for a CPA Links: https://apm-wealth.com/ www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics shared the successful renegotiation of a family practice sports physician's contract, extending it for four years with improved terms. Through thorough analysis and communication with the employer, they reached a mutually beneficial agreement, addressing compensation, retention bonuses, RVU rates, staffing issues, time away, reporting problems, and equipment needs. Despite some delays, both parties were satisfied with the outcome. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In a recent discussion, Jon from Contract Diagnostics highlighted the growing concern of physician burnout and the increasing interest among physicians in exploring careers outside of patient care. He outlined various alternative career paths for doctors, including roles in education, academia, healthcare administration, and pharmaceutical, biotech, or medical device companies. Other options mentioned were medical writing, informatics, corporate wellness, forensics, and legal consultation. Jon emphasized that physicians possess valuable skills such as critical thinking, problem-solving, and adaptability, making them attractive candidates for diverse non-patient care roles. With the advent of artificial intelligence, opportunities in non-patient care fields are expected to expand further, offering physicians new avenues for professional growth and fulfillment. 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. There are several misconceptions surrounding credit, which could hurt your score if you don't have the correct information. Doug explores several of those today. He also gives some tips to help you improve your credit score. For more information about Doug, go to www.DougCrouse.com.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Many primary care physicians have moved to a direct patient care model where the physician works for him/herself and does not accept insurance. It helps eliminate many of the burdens that lead to burnout amongst doctors. But can specialists do it as well? Dr. Lara Kenney is a hematologist-oncologist who says yes you can! She moved to this model in 2019 and talks about her practice. She also is the co-founder of Direct Specialty Care Alliance, which is an organization that is trying to help other specialists who are interested in changing their practice model as well as helping patients/physicians find resources for those who need referrals/resources. You can learn more about direct specialty care at DSCalliance.org or join the Facebook group Specialists for Direct Care.

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Who wants to reduce their taxes? The first step requires educating yourself on the basics. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works. Topics Discussed: • Baseline Knowledge: ◦ How does the federal tax return work? ◦ What are progressive taxes? ◦ How does income flow through the tax return? ◦ What are itemized deductions and credits? ◦ How do tax withholdings, deductions and credits affect tax refund or payment? • Form 1040: Main section of your income tax return where everything comes together • Why compensation doesn't always equal federal taxable wages • Qualified dividends are preferred over nonqualified dividends • What to look for to avoid back-door Roth IRA taxation mistakes • Social Security: Can be taxed up to 85% • Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets • Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others • Tax Deductions: Itemized or standard deduction(s) based on filing status • Use taxable income and tax tables to determine total tax due • Tax Credits are great because they directly offset tax due dollar for dollar LINKS: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner. Topics Discussed: • Use Cases: When to start working with a financial planner • Human Capital Habits: How do you accumulate your wealth? Income • Life Transitions: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don't have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner's advice. ◦ You're not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not. LINKS: www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In 2024, physicians face a mixed bag of news. On the positive side, there have been changes in non-compete regulations in several states, potentially impacting physicians' contractual freedoms. Additionally, CMS has implemented improvements to prior authorization processes and witnessed a reduction in pay gaps between male and female physicians in various specialties. However, there are concerning trends as well. CMS has continued to cut rates, affecting some specialties more than others. Physician ownership of practices is declining, with many practices being acquired by private equity firms, potentially reducing physicians' control over their careers and patient care. Burnout rates among physicians remain high, with a significant portion considering leaving their positions or reducing their hours. Despite discussions on addressing burnout, concrete actions from organizations are lacking, raising concerns given the impending physician shortage. While there are challenges ahead, Contract Diagnostics remains committed to supporting physicians through their various needs and challenges. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com LINK to article: https://www.beckersasc.com/leadership/good-news-bad-news-for-physicians-in-2024.html

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In this Mortgage Minute, Doug Crouse from BMO Bank highlights the importance of diligence and caution during the closing process to prevent falling victim to fraud. He shares an incident where hackers compromised a realtor's email and attempted to divert funds by providing false wire instructions. Doug advises homebuyers to verify any requests for money by directly contacting their lender or title company, especially if the instructions seem suspicious. He emphasizes the significance of confirming details before wiring large sums to ensure security and prevent potential losses.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Private equity acquisitions in healthcare, particularly of physician practices, are increasing significantly, with private equity firms buying up practices at a rapid pace. This trend has significant implications for physicians, as it can impact their partnership opportunities, practice autonomy, and patient care. Private equity firms typically aim for a short-term exit strategy, which may not align with physicians' long-term goals. Furthermore, government officials are starting to scrutinize these acquisitions due to concerns about market consolidation and its effects on patient choice and pricing. Whether you're considering joining a practice, negotiating employment terms, or contemplating selling your practice to private equity, it's essential to understand the implications and seek professional advice if needed. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Links: https://www.modernhealthcare.com/mergers-acquisitions/private-equity-acquire-physician-groups-study-ftc?utm_source=modern-healthcare-alert&utm_medium=email&utm_campaign=20240305&utm_content=hero-headline