Financial Residency
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James Nutter addresses the high divorce rates among physicians, often attributed to financial issues. To shed light on this topic, James Nutter joins the show to provide a financial perspective on how couples can mitigate financial stress and foster a happier, healthier marriage. The discussion aims to offer insights and strategies for couples to navigate financial challenges together effectively. Welcome, James, to the conversation. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com http://www.imwealth.com/. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at James@IMWealth.com.
This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late. TOPICS DISCUSSED: Optic Disc Edema: Minor eye issue, nothing serious turns into something major • No Joke: Physicians change their tone, confirm serious situation, and trip to ER • Thought #1: Is my family going to be okay financially if I am not around? • Thought #2: Have I been a good steward of my money? • Thought #3: Have I led a meaningful life and taught my values? • Thought #4: Is the business going to be okay if I am not around? • Consider the following: Am I covered financially and independent? • Legal Logistics: How everything gets sorted out and settled • Financial Organizer: Save time and effort with access and passwords • God is first, others second, I am third - culture pushes it the other direction LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
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 http://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 http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://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 http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://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 http://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 http://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.
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 http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Dr. Ramon Lizardo trained as an ER physician, but has pivoted to a career as a successful entrepreneur in the tech field. His background in medicine led to some of his million dollar ideas. His passion for knowledge and willingness to make contacts and learn new skills brought those million dollar ideas to fruition. He talks about his successes and failures, but also shares helpful insights about how you can take your dream and turn it into a reality. You can connect with Ramon R. Lizardo, MD via LinkedIn or via email at Lizardo@tele911.com.
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro. TOPICS DISCUSSED: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it’s different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family’s finances ◦ Student’s academics ◦ School’s business model • High-income Hurdle: Family finances impact student’s ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school’s money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky. TOPICS DISCUSSED: • Cady and Ryan’s concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Congratulations to all those med students who will be matching this week and to those getting ready to graduate and become attendings. We appreciate you and your sacrifice. If you have questions about a mortgage, you can reach out to Doug Crouse at www.DougCrouse.com http://www.dougcrouse.com/ or text 816-728-3631.
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. The right time to move negotiations along is as soon as possible. Delaying discussions with employers can result in missed opportunities for salary increases or beneficial contract changes. Employers may be hesitant to make updates, hoping the issue will be forgotten. Seeking assistance from a third party or maintaining regular communication can help ensure progress and avoid unnecessary delays. It's essential to stay proactive and persistent in negotiating employment terms to achieve desired outcomes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications. Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family. So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program. If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need.
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). TOPICS DISCUSSED: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Go with eyes wide open or be in for a major financial surprise when your children start college. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. TOPICS DISCUSSED: • Who should pay for college? You, your children, student loans, or scholarships • What has changed? Tuition costs, direct student loan cap, and responsibility • Little to No Financial Aid: Based on physician’s above-average income • Other Options: 529 Plan, investments/cash accounts, income, student loans LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually. Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com LINK: https://www.beckersasc.com/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses. Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com Link: https://www.beckershospitalreview.com/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently. Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance. Links: usmortgagebanker.bmo.com/fl/marco-island/dc-363861/
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Match & Graduation Season is almost here, which means we will have many doctors looking for a new home. Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score. He defines several acronyms and terms used by lenders to help you understand their jargon. He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at Doug.Crouse@BMO.com, text him at 816-728-3631 or go to www.DougCrouse.com http://www.dougcrouse.com/ to get more information.
The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field. Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance. Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com Link: https://www.modernhealthcare.com/
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. TOPICS DISCUSSED: • Money Spectrum: Some people go to extremes, but most are in the middle • Temptation: What is more important—more money or more time with family? • Money is a tool that does not buy happiness but helps you attain happiness • 3 Ways to Recognize Money as a Tool: ◦ A tool for what? What are you building? ◦ Learn to use the tool. Are you using money to build your ideal life? ◦ Maintain awareness about the outcome. Are you using money effectively? • Key Takeaway: Money should not be the end goal—you can't take it with you LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans? TOPICS DISCUSSED: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans • Maximum for Employees: ◦ 401(k)/403(b) is $20,500 combined per year ◦ 457(b) is $20,500 separate limit • Retirement plans with mandatory and required contributions • 457(b): Governmental or non-governmental plan, which is better and why? LINKS: www.WrenneFinancial.com http://www.wrennefinancial.com/
Jon from Contract Diagnostics highlights the 2024 Medicare fee schedule, revealing a 1.5% decline in overall reimbursements due to a 3.4% cut in the conversion factor from CMS. The impact varies based on contract structure, employer policies, patient demographics, and payment models. Despite limited influence, understanding these changes is crucial for physicians and hospitals striving to maintain patient care standards amidst increasing challenges. Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments, recognizing the importance of fair compensation alignment. They encourage reaching out for personalized assistance and anticipate further updates on specialty-specific implications. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit http://www.contractdiagnostics.com/www.ContractDiagnostics.com https://www.ContractDiagnostics.com
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues. Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs. Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.
