Financial Residency

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! As a physician, you have many options when it comes to getting a mortgage for your new home. One option is choosing between an adjustable rate versus a fixed rate. Doug talks today about why you might want one over the other and factors to consider. 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.