Doctor Money Matters

On this episode we talk about social media with Dana Corriel MD, an internal medicine physician and creator of the SoMeDocs group. She recently left the practice of medicine to help physicians develop their online presence. Her goal is to help empower physicians reach their patients, a broader audience, and develop their brand and yet balance it with responsibilities as professionals, employees, etc. We talked about why she left medicine to pursue this opportunity. Dr. Corriel runs master classes for physicians interested in improving or developing their presence. I am going to be a teacher in one of the upcoming courses (in Aug 2020) for those who want to start a podcast. If you are interested, here is the link. Note this episode was recorded just prior to the Covid shutdowns in March 2020 and yet is timely because we just saw the power of physician social media this week when the journal of vascular surgery published and then retracted an article about social media posts of vascular surgery residents and fellows. That article was probably published to a very narrow audience, yet was able to be circulated widely because of twitter, facebook, instagram, etc. The article created a firestorm because of the techniques and judgements of its authors about the posts and calling pictures of female physicians in bathing suits potentially inappropriate but not the same of male physicians. Anyway there was a very quick and appropriate backlash which prompted retraction of the article and wide reassessment of gender biases in medicine in a way that traditional media could not have done. Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates. Please visit our website at www.doctormoneymatters.com for the catalog of all our prior episodes. Here is a link to the SoMeDocs website where you can find out more information about what Dr. Corriel is doing to help physicians with the sometimes confusing world of social media. You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. In this episode we talk about student loans with Ben White, MD a radiologist and blogger who writes about various topics but has written a FREE book about student loans. Note this episode was recorded pre covid so there have been some changes relating to loan deferrals so please check with your loan servicer prior to making any changes. Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates. We talk about types of student loans (Federal direct and plus, private, etc.) We talk loan strategies in relation to USPLF loan forgiveness program. He goes into good detail about how to time your payments including not paying during the first half of your intern year if going for forgiveness. Ben says you almost never want to refinance early in residency which can run counter to the advice you may have heard. In his opinion the forgiveness program may not go away despite the headlines you read. Ben's free student loan book is available at www.benwhite.com/studentloans/ Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. Our guest was Cory Fawcett, MD a retired surgeon in Oregon who has written books for medical professionals including The Physicians guide to Real Estate Investing which we talked about on the show. It and his other books are available on Amazon or his own website FinancialSuccessMD.com We talk on this episode about the power of real estate investing. Why Dr. Fawcett favors active real estate investing (ownership) instead of participating in syndications. We also talk net worth numbers which may surprise many of my listeners. While he was a general surgeon in private practice, Dr. Fawcett had a lower income than many might think and yet through the power of compounding, tax deferment, and debt aversion, he built up quite a net worth that was greater than his combined income from all his work years when he retired. Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Dr. Karen Sibert, an anesthesiologist in California, wrote an article that went viral last week and this weekend as a response to the repeated attacks on physicians by the media and by economists or other "policy experts". The Washington Post said physicians were behaving like muggers. A Noble prize winning economist called us rent seekers. We discuss why she wrote this article. Why she sees concerning trends about the future physician workforce and areas where things are improving though not perfect yet. If you have not yet read her article. Here is a link to her website apennedpoint.com

On this episode we talk with Dr. Falgun Chokshi, a radiologist and thought leader in artificial intelligence. We talk about the role of AI in the future of medicine. Will AI replace radiologists? Will there be fewer jobs for physicians in the future? What are the capabilities of AI and where does it fall short? We also talk about why the stakes are so high in medicine vs other fields and why the pace of innovation is slower in patient care. What are the stakes for new and recent grads in medicine? Who is going to be liable for any potential malpractice? More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube and Facebook. You can learn more about Dr. Chokshi at his website falgunchokshi.com You can follow me on twitter @drmoneymatters Or Instagram @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Amy Mecozzi Cho MD, an emergency medicine physician in MN who is passionate about making sure physicians voices are heard, particularly on the issue that is all over the news lately, Surprise (Balance) Billing. This is when the medical group providing the care charges the patient the balance between their fees and the (low) rates the insurance companies will pay. Obviously this is an unfortunate position for patients to be put in and physicians end up taking the financial and perception hits. As an emergency physician she is required to take care of anyone who comes into the emergency department by law, physician oath and ethics, regardless of ability to pay. However insurance companies do not have to follow the same rules and can refuse to negotiate adequate reimbursement because they know physicians are bound by these laws. It's obviously an uneven playing field. These entities have also had the ear of lawmakers and are pushing solutions to Congress that would negatively impact us. We as physicians are generally too busy to fight this, but if we don't the results will be a disaster for those involved in patient care. I encourage you to contact your congressional representative and senators and make your voice heard on this issue. The current solution in the Senate is the Benchmark solution and would lead us to the race to bottom described by Dr. Cho on the show. The New York (Independent Arbitration) solution is the one that we need to advocate for. It's the only real way to reach fair outcomes. The fact that insurance companies are advocating for the benchmark solution should tell you as physicians how it will be for you. https://www.house.gov/representatives/find-your-representative Here is an article that goes over the solutions in more detail: https://www.healthaffairs.org/do/10.1377/hblog20190708.627390/full/ More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Email me editor@doctormoneymatters.com Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews on Apple Podcasts and continue to share this podcast with your colleagues.

On this episode, my guest is Nick McCullum of SureDividend.com. We talk about dividend investing as a strategy. Everyone likes the idea of passive income and dividends are about as passive as it gets. Money comes in monthly, quarterly, or whatever frequency the company pays it out. Sure there are risks, but over the long term, dividend paying stocks have had lower volatility than the overall stock market. In this episode we go over the basic terminology (yield, growth rate, DRIPs, etc.) and pros and cons, and how you can use this strategy. I am not trying to convince you to use this strategy but it is a valid one, if you are looking for income especially in your retirement years. We have all heard stories about retirees who live off their dividend checks because they bought the stocks many years ago and reinvested them. The key with this type of strategy as with others is to try to do it as early in your investment life as possible and continue to contribute throughout. The power of compounding is amazing, but the numbers are minor in the first decade, solid in the second decade, and downright impressive in the third decade. By the fourth decade, they become ridiculous. Let me give you an example of this in action. If you invested 10k in Pepsi (A solid non tech American company) in Jun 2005 and held till Jun 2015 without any additional investment you would have had around $22.5 k (not accounting for taxes). With a monthly $100 additional contribution, your total would be around $42.4 (nearly double). If you would have put in the same 10k ,10 yrs before in Jun 1995, your total would be $68.3k (Nice, but not jaw dropping). With the additional monthly $100, it would have been $131K. Now instead of 1995, you put it in 1985, this is where it becomes amazing, your total would be over $700k, with the monthly $100, it would have been nearly $1.1M. And if you had the ability to buy in 1975, your 10k would be $2.6M, with the $100/mo additional it would be over $5M by Jun 2015. I used 2015 as an end point because it is in the approximate middle of this bull market and the ten year period prior included 3 years before the 2008 financial crisis rather than at the beginning when asset prices were low (ie if you used current trailing 10 yr returns). But the reality is over long terms, these trends appear to hold with some variance I am NOT a financial advisor and neither Nick or I are telling you to use this strategy for your investments. If you are interested in learning more there are many good resources including Nicks newsletter. If you do pursue this strategy, make sure you do so in a tax efficient manner. I do this by placing my highest dividend paying holdings in my tax deferred accounts (401k, IRA, roth IRA, etc) so they can grow unimpeded. This is the website to see stock performance with dividend reinvestments. https://dqydj.com/stock-return-calculator/ You can find out more about Sure Dividend at their website. SureDividend.com Twitter @SureDividend Seeking Alpha (Sure Dividend) More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Rick Ferri, CFA, a well known advocate of index fund investing. Passive investing (just using ETFs does not mean passive investing) What to do before you do portfolio construction Accumulation of assets (savings rate first and then portfolio optimization) Living below your means Accumulating knowledge Portfolio construction The stages of investor education (Core4) Darkness enlightenment Complexity Simplicity We go over some common scenarios about how to invest and Rick gives some principles to think about before deciding what to do. Finally Rick reminds us physicians, that even though we went to medical school, we are not special when it comes to investing. Its good advice. You can find out more about Rick at rickferri.com and core-4.com for a list of his principles and publications. He also started the new Bogleheads on investing podcast, so be sure to check it out and his new book, The education of an Index Investor. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

My guest on this podcast is Sarah Fallaw, PhD author of the new book. The Next Millionaire Next Door. This is a follow up to the blockbuster book that her father wrote, The Millionaire Next Door. Sarah and her father worked on the follow up together, but he passed away prior to the release. That book was a big inspiration for me to get my financial house in order. Sarah is an industrial psychologist who runs the firm Data Points where she now studies behavioral finance and the ability for people to build wealth. In the interview we talk about Why doctors were/are under accumulators of wealth What issues are different now than when the last book came out? What are the enduring traits of Millionaires Next Door? Do MNDs use financial advisors? How has social media impacted frugality? What kind of homes/cars are MNDs purchasing? You can find out more about Sarah and her company at www.datapoints.com The Next Millionaire Next Door and the original The Millionaire Next Door are available on Amazon or anywhere else you purchase books. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

My guests on this podcast are Ed Comitz and Stephanie Tsang. Ed is an attorney in AZ who specializes in disability insurance lawsuits. Stephanie is a broker who deals with who deals with disability insurance. We talk about the basic information needed for physicians regarding disability insurance. We clear up some of the misconceptions. We discuss individual policies, association policies, and employer policies and which ones are generally better for you the physician. There are definite pros and cons to the insurance types. What is double dipping as far as benefits? Which companies are most favorable to physicians? Why does it matter which state you are from? What happens if you want to change policies? Is there a cap on amount of insurance you can get? What should you know before you file a claim and what happens when you file disability? When should you consult a lawyer? (Answer: before you file disability) When should you drop your disability insurance? Stephanie Tsang NorthStar Resource Group stephanie.tsang@northstarfinancial.com www.northstarfinancial.com Ed Comitz 480-219-5436 Disabilitycounsel.net More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Im back. Sorry for the long gap between the last episodes and this one. Holidays and an extremely busy work schedule limited my ability to work on the podcast. I have a series of episodes ready to go and am excited to get back to it. While finance and money are the main topics, I would also like to continue to address other issues that impact health care professionals including the burnout epidemic that has become a major topic amongst all of us. My last episodes on private equity in medicine were very popular and well received. It is the continued erosion of physician ownership and employment that troubles me. (I don't blame anyone for taking a buyout if offered, I probably would go that route also, but the long term effects for the profession are probably not good.) When you are not an owner, you lose power, and when most of us are employees (myself included), we lose major negotiating power for healthcare policy decisions (You will hear about this in an episode with Dr. Marion Mass and an important organization she is a part of called Practicing Physicians of America. I would also like to continue to highlight entrepreneurship and independent practice owners as I truly believe that ownership allows for a more fulfilling career. So if you are or know of any independent practice owners that I should spotlight, please shoot me an email at tarang@doctormoneymatters.com , tweet me or FB message me. Every year starts out with optimism and that is one of humanities great traits, to look arbitrarily at a calendar and decide that January is when you make a change. I am, just like most of you a working healthcare professional who puts in too many hours at work, tries to spend time with his family, and tries to take care of patients. I hope this is the year you make a commitment to your financial wellness. So first basic goals I think everyone should try to get to as soon as they can this year. Fund your 401k, 403b (esp if you get a match) (I want to make a quick tribute to Jack Bogle, the father of the index fund who recently passed away. He did more than anyone to help the average investor protect themselves from Wall St. Billions of dollars in investor accounts are there because pioneered low cost investing) Fund your roth or reg IRA, (backdoor roth IRA for high income professionals) If you have a HSA, fund that Pay off high interest debt (if credit card or other very high interest, this may move up a few notches) Take a moment to invest in yourself. This can be health, education, or just something that makes you feel better. Life is too short (as we all know) to not enjoy the journey. Do something that makes you uncomfortable. For me that is going to include some public speaking. It's not too tough to sit behind the microphone on this podcast (though it was very scary to put it out there), but speaking in front of a group is nerve racking. I'm always impressed with those who do it so well and make it look effortless. Finally I want to expand our investment mindset. While, I truly believe that equities and real estate should be core holdings (they are mine), I am always looking for other opportunities that are available (for diversification and non correlation) and educating myself and hopefully the audience about these. If you are interested in hearing about specific types please let me know and I can try to do shows about them. It has been a long bull market in most assets and no one knows where we are headed and I am certainly not a good forecaster. But there is a role for other investments and I do think that it's always good to explore these. Last year I joined an investment group of physicians looking at early stage healthcare companies. I will probably be talking more about this in the future, so keep a look out for that. I want to thank all of you for listening to this podcast, sharing it with your colleagues, and your participation in the Doctor Money Matters FB group. While it may not be the biggest podcast or the biggest group, I hope they have been entertaining and useful, I hope we can continue to help educate and empower each other in our financial journeys. I am thinking of putting on a webinar to discuss investing, taxes, and other financial topics. If you are interested let me know by email. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. The topic on this episode is the increasing amount of private equity purchasing/partnering of medical practices in the US. We are seeing in in a variety of fields such as radiology, anesthesiology, emergency medicine, dermatology, just to name a few. I wanted to explore why this is happening. My guest on this episode is Kurt Schoppe, MD a radiologist in Dallas, TX. Kurt is part of the American College of Radiology Economics committee and has experience in the private equity world. On this episode we talk about: What is private equity? Why would they be interested in medical practices? Fragmentation of medical practices leads to market opportunities. They are good at logistics, operations and can increase efficiencies to improve returns. They can have access to capital to make discount purchases. They see healthcare as a more predictable way to make money. Why would a practice want to sell to these firms? FOMO (Fear of Missing Out) Other groups have done so we probably should also. Thinking that your group doesn't have the expertise to handle a changing healthcare reimbursement model Money right now (particularly for senior partners) What are they looking for when deciding to buy a practice? What does this mean for medicine as a profession? What does this mean for younger physicians? More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can find Dr. Schoppe on twitter @kurtschoppe You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Negotiation for MDs How are your negotiation skills? Do you love bargaining or do you cringe at the thought of trying to make a deal. Negotiation is a critical tool in our careers and can literally make or break our financial and professional futures. My guest Robert Felberg, MD talks about important topics in negotiation as they relate to physicians. What is a matrix? What are the models of negotiation What can you do to improve your negotiation skills? This episode is vital for early career and mid career physicians. Listen to Dr. Felberg talk about the types of tactics that you can use to improve your bargaining position, who you are actually negotiating with, and how to do without seeming selfish. We talk about negotiations for compensation and also with insurance companies and even your family. Finally he recommends a book for negotiation that I had not heard of called Bargaining for Advantage by Robert Shell. (Note if you buy through this link, I get a small referral fee) You can find out more about Dr. Felberg and his negotiation course at NegotiationMD.com as follow his blog where he also delves into some financial topics. Let's continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters