Wealth Planning for the Modern Physician: Recent Episodes
David B. Mandell, JD, MBA
Join attorney, wealth manager, and well-known author David Mandell, JD, MBA in this podcast dedicated to improving a physician’s personal financial bottom line. David talks with doctors from every specialty and stage of career about their real-world lessons in financial matters, and interviews industry experts in all areas of wealth management. Tune in every other week for new episodes!
This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of The Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series.
"I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 5.8 | Originally Released: December 25, 2024
Host David Mandell continues his conversation with dentist and coach Dr. Sue Keller.
Picking up where they left off at the end of Part I, David and Sue discuss the ongoing financial challenges of her specialty dental practice. Here, they tackle Sue's difficult decision to file bankruptcy for the practice after more than 20 years—and the legal, practical and emotional processes involved.
The discussion then turns to Sue's transition after closing her practice—from working part-time for another dentist, serving patients as part of a non-profit and her eventual interest in, and transition to, coaching.
David and Sue conclude the conversation chatting about Sue's role as a coach and how physicians and dentists could benefit from this type of advisor.
Key Takeaways from this Episode:
- Bankruptcy does not necessarily mean failure, but it can be a step toward a more balanced life
- Regular evaluation of business and life balance is vital
- The importance of community and support in times of crisis
Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page.
Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of the Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 5.7 | Originally Released: December 11, 2026
Listen in or watch as host David Mandell interviews dentist and coach Dr. Sue Keller. David begins with questions he asks all doctor guests to the program—about their initial interest in becoming a doctor, early career journey and more. Sue relates her personal experiences that lead her to dentistry and a shift from an interest in orthodontics to general dentistry.
Sue explains her initial venture into private practice, purchasing an existing practice from a burned-out dentist, and her initial attempts to grow the practice. She and David discuss her challenges in growing the practice, the positives and negatives to developing a niche practice, to moving the physical location and the difficulties of keeping good staff.
For the remainder of this first part of a two-part episode, Sue tells David about the challenges of keeping the practice afloat financially. In part two, they discuss Sue's decision to file bankruptcy for the practice after more than 20 years and her career transition thereafter.
Key Insights:
- Sue shares her personal journey, mentioning her early interest in dentistry after having her first loose tooth at six years old.
- Sue had a positive childhood experience with her dentist, which fueled her desire to make dentistry comfortable for others.
- She discusses the transition in her career, starting her practice after a residency and eventually purchasing an existing practice from a burned-out dentist.
- In 1995, Sue took over a family practice and started building it up, noting challenges with old technology and financial constraints.
- She explains that her practice focused on treating anxious adult patients with oral sedation, creating a niche in an underserved area.
- She moved her practice in 2007, creating a comfortable environment in Northampton but encountered financial challenges in 2008 due to the financial crisis, including losing two-thirds of her patients after the move and facing difficulties hiring motivated staff, leading to constant turnover.
- Sue reflects on the decision to go fee-for-service and the financial pressures of taking insurance while striving to maintain high-quality care.
- Despite her advanced education, she struggled to implement complex treatments due to a lack of patients who could afford the care.
- Sue emphasizes the importance of utilizing specialists, even for bread-and-butter dentistry, to maintain quality and avoid complications.
- She outlines the ongoing financial struggles from 2008 to 2017, refinancing multiple times to stay afloat amid a tough market.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page.
Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of The Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 5.6 | Originally Released: November 27, 2024
Listen in or watch as host David Mandell speaks with practice consultant Jessica Jones.
David begins asking about Jessica's career and how she ended up working with medical and dental practices. Jessica then shares with David the pain points doctors typically have when they contact her—how they want to see their practices—and lives—improved. J
essica then speaks to David about the importance of finding the doctor's passions and how to align the practice with those passions, along with patient needs—potentially with a cash-based revenue element outside of insurance reimbursement. She then digs into the details around service offerings, equipment purchases, the importance of delegation and other key success factors her experiences has discovered are valuable—in cash-based practices or traditional ones.
Finally, Jessica stresses the importance of brainstorming and getting out of the daily grind to have perspective on what is working and what could be improved.
Learn more by visiting the original episode page, here.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this Season 6 executive summary episode of the Wealth Planning for the Modern Physician Podcast, host David Mandell reflects on the major themes, conversations, and lessons shared throughout the season. David explains the structure of the podcast's academic calendar format and previews the upcoming Summer Rewind series, which revisits standout episodes from prior seasons. He then walks listeners through each episode of the season, highlighting important insights and lessons from all 20 episodes.
By summarizing each episode from the season, this episode serves as both a roadmap for listeners looking to revisit episodes they may have missed and a reminder of the practical strategies, red flags, and opportunities physicians should consider as they navigate modern medical careers.
Insights Covered in Season 6:
- Private practice compensation models are evolving to better align with the priorities of younger physicians entering medicine.
- Entrepreneurship in healthcare can create significant opportunities, but it also introduces operational, financial, and emotional risks.
- Asset protection planning requires ongoing maintenance and discipline rather than a one-time legal setup.
- Artificial intelligence is already improving workflow efficiency and reducing administrative burden in clinical practice.
- Physician burnout often requires both operational changes and personal reinvention strategies to address effectively.
- Healthcare mergers, acquisitions, and private equity activity continue to reshape the physician practice landscape.
- Financial literacy and business education can dramatically improve a physician's ability to make informed career decisions.
- Peer review processes and workplace conflicts can have major professional and financial consequences if handled improperly.
- Real estate investments can be beneficial for physicians, but leverage and market timing carry meaningful risks.
- Strong mentorship, networking, and community support remain essential throughout every stage of a physician's career.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Dr. Kirk Campbell shares his journey from aspiring physician to orthopedic surgeon and academic leader, highlighting how early experiences shaped his passion for medicine. He reflects on the rigorous training physicians undergo and the significant gap in financial education during that time. Despite entering high-income roles, many physicians lack the knowledge to manage their finances effectively, often facing high debt and limited exposure to wealth-building strategies beyond traditional investments.
The conversation explores how the shift from private practice to employed physician models has reduced access to traditional wealth-building opportunities, such as ownership in practices and ancillary revenue streams. Dr. Campbell explains how he discovered real estate syndications as a way to recreate these benefits, generating passive income and leveraging tax advantages. Through disciplined self-education and experience, he developed a strategy that aligns with physicians' analytical skill sets, emphasizing due diligence and risk assessment.
Dr. Campbell also provides practical insights for physicians interested in alternative investments, including how to evaluate deals, identify red flags, and build relationships with trusted sponsors. He stresses the importance of financial education, diversification, and creating income streams that are not tied to clinical work. Ultimately, the episode underscores the need for physicians to take an active role in their financial lives to gain flexibility, reduce risk, and build long-term wealth.
3 Key Takeaways
- Physicians often lack financial education despite earning high incomes.
- Real estate and alternative investments can help recreate lost private practice benefits.
- Education and due diligence are critical before entering private investment opportunities.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Episode 6.19 features franchise consultant Matt Stevens, who joins David Mandell to unpack the fundamentals of franchising and why it can be an attractive wealth-building strategy for physicians. Stevens explains that franchising is less about buying a brand and more about gaining access to a proven system, support structure, and community. With thousands of franchise opportunities across dozens of industries, physicians have a wide range of options, many of which can be tailored to their time constraints and financial goals.
A core theme of the conversation is the concept of 'buying down the learning curve.' Instead of spending years making costly mistakes building a business from scratch, franchisees leverage established playbooks, training systems, and peer networks. This is particularly appealing to busy professionals like physicians who may lack the time to build and test systems independently. The discussion also highlights how franchise ownership can be structured around passive or semi-passive involvement, often through hiring operators or partnering with family members.
The episode also explores due diligence, risk factors, and long-term exit strategies. Stevens emphasizes the importance of reviewing the Franchise Disclosure Document (FDD), especially Item 20, and speaking with existing franchisees to validate the opportunity. Success ultimately comes down to engagement—following the system, leveraging support, and committing to the model. With the right approach, franchising can provide not only income but also scalable growth and a meaningful exit, making it a compelling addition to a physician's overall wealth strategy.
- Franchising accelerates business success by providing a proven system and reducing the learning curve.
- Physicians can participate in franchising even with limited time through structured, semi-passive ownership models.
- Thorough due diligence—especially speaking with existing franchisees—is critical to identifying the right opportunity.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Dr. Steven Siepser shares a compelling journey from his early fascination with medicine to becoming a highly skilled ophthalmologist and entrepreneur. His career path was shaped by curiosity, adaptability, and a willingness to pursue opportunity, from studying abroad to pivoting specialties into ophthalmology. He ultimately built a thriving solo practice by leveraging early expertise in emerging technologies like intraocular lenses and LASIK, positioning himself ahead of many peers. The conversation highlights both the rewards and risks of entrepreneurship in medicine, particularly through Dr. Siepser's experience with practice ownership and commercial real estate. While his clinical success led to expansion and investment in a large medical facility, external factors such as 9/11, economic downturns, and rising interest rates significantly impacted his financial outcomes. His story serves as a cautionary tale about leverage, market timing, and the unpredictability of macroeconomic forces. Dr. Siepser's latest venture, VisionLock (now SightAssure), represents an innovative approach to patient confidence and physician differentiation through outcome-based insurance. By identifying top-tier surgeons and insuring their results, the model enhances trust while creating a premium positioning for providers. Although initial scaling challenges and undercapitalization slowed progress, he is relaunching the concept with a more robust financial and structural strategy, emphasizing the importance of execution, funding, and timing in entrepreneurial success.
3 Key Takeaways
- Clinical excellence can create entrepreneurial opportunity, but business success requires different skills and risk management.
- Real estate investments in medical practices carry risk, especially when tied to economic cycles and interest rate changes.
- Innovative business models—like outcome insurance—can differentiate physicians and improve patient trust but require strong capitalization and scalability planning.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Episode 6.17 features Todd Jason, a reinvention coach and podcast host, who joins David Mandell to explore physician burnout, career transitions, and the evolving nature of work. Drawing on his experience working with organizations like Kaiser Permanente, Todd highlights the growing prevalence of burnout among physicians, driven by overwhelming workloads, administrative burdens, and lack of support systems. He emphasizes that burnout is not a personal failure but a systemic issue affecting many professionals, particularly those in high-stakes, service-oriented careers like medicine.
Todd shares practical strategies to manage burnout, focusing on small, intentional actions that can be integrated into daily routines. These include taking mindful breaks, spending time outdoors, journaling, and using tools like AI to reduce cognitive load. He also stresses the importance of setting boundaries outside of work and delegating tasks where possible to reduce overwhelm. By reframing how physicians approach their workday and personal time, Todd suggests that even incremental changes can significantly improve mental and emotional well-being.
The conversation then shifts to the concept of reinvention—particularly for mid-career professionals. Todd defines reinvention as a proactive, mindset-driven approach to aligning one's career with personal fulfillment, rather than simply reacting to burnout or external changes. Through exercises like writing one's own eulogy, he encourages individuals to reflect on what truly matters and explore new opportunities, income streams, and career paths. Ultimately, the episode underscores the importance of adaptability, self-awareness, and intentional decision-making in navigating both burnout and long-term career satisfaction.
Key Takeaways:
- Burnout is systemic, not personal: Physicians are facing increasing complexity and workload, making burnout a widespread and legitimate challenge.
- Small, intentional habits matter: Simple daily practices (breaks, movement, journaling, AI tools) can significantly reduce stress over time.
- Reinvention is a mindset shift: Mid-career professionals should proactively explore what fulfillment looks like and align their work accordingly.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Part Two of this two-part conversation, Stephanie Pearson shares how personal hardship ultimately led her to build a mission-driven business dedicated to protecting physicians. What began as a deeply personal recovery journey evolved into an education-first approach to disability and life insurance. Rather than setting out with a business plan, Stephanie initially focused on helping other physicians avoid the mistakes and gaps that impacted her own experience. Through organic growth, word-of-mouth referrals, and a partnership that developed naturally, she built a firm centered on advocacy, transparency, and informed decision-making.
Stephanie discusses the challenges of transitioning from surgeon to entrepreneur, including the discomfort many physicians feel around sales. She reframes the role not as selling a product, but as educating clients about complex insurance contracts and advocating for their best interests. The conversation explores the critical differences between group and private disability policies, the nuances of policy language, and why specialty-specific definitions of disability are essential for physicians. Her philosophy emphasizes managing expectations, pre-underwriting, and eliminating surprises—treating insurance planning with the same rigor as informed consent in medicine.
Beyond insurance mechanics, Stephanie reflects on broader themes relevant to physicians: burnout, identity shifts, entrepreneurship, and the importance of mentorship and community. She encourages physicians considering business ventures to seek mentors, surround themselves with experts, and remain authentic to their mission. For those facing burnout, she stresses the importance of therapy, boundaries, hobbies, and building a support system. Ultimately, her story illustrates how adversity can be transformed into purpose—creating both financial protection for others and personal fulfillment.
3 Key Takeaways
- Education Over Sales: Disability and life insurance planning for physicians should center on education, transparency, and advocacy—not product pushing.
- Definitions Matter: The specific language in disability policies (especially specialty-specific definitions) can significantly impact outcomes in the event of a claim.
- Burnout Requires Intention: Transitioning careers or starting a business is not automatically a cure for burnout; personal work, boundaries, and mentorship are critical.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Part One of this two-part conversation, Dr. Stephanie Pearson shares her powerful journey from practicing OB/GYN to becoming a nationally-recognized advocate for physician disability insurance and financial protection. Nearly ten years into practice, a traumatic shoulder injury sustained during an emergency delivery permanently ended her ability to operate and perform obstetrics.. What initially felt like a temporary setback quickly became a life-altering pivot point—complicated further by contract language, disability policy limitations, and systemic barriers that left her financially and emotionally vulnerable.
Stephanie details the harsh realities she encountered after her injury, including being terminated when her FMLA expired, denied disability coverage due to policy fine print, and fighting a lengthy workers' compensation battle. She candidly discusses the mental toll of the experience, including a period of severe emotional distress, and emphasizes how little physicians are taught about contracts, disability insurance, and financial risk management. Her story underscores the importance of reviewing employment agreements and understanding both employer-sponsored and private disability coverage.
Out of this adversity, Stephanie co-founded PearsonRavitz, an insurance brokerage dedicated to helping physicians secure appropriate disability and life insurance protection. Now part of the broader Earned Wealth platform alongside OJM Group, she is committed to improving financial literacy among physicians. This episode sets the stage for Part Two by highlighting not only the risks physicians face but also the importance of proactive planning, proper policy design, and advocating for oneself long before a crisis occurs.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Episode 6.14, host David Mandell interviews Matthew Phillips, Managing Director at City Capital Advisors, to discuss the evolving landscape of healthcare mergers and acquisitions. With more than 25 years of legal and corporate finance advisory experience, Phillips shares insights into how physician-owned practices can navigate growth, capital raises, acquisitions, and potential sales in today's selective and risk-averse market environment.
Phillips explains that while capital remains abundant in healthcare, buyers are far more disciplined than in past years. Investors are prioritizing operational rigor, compliance, predictable cash flow, and cultural alignment over aggressive growth projections. He emphasizes the importance of competitive deal processes, proper due diligence, and maintaining leverage on the physician side when exploring private equity partnerships.
The conversation also introduces ExitMinded, Phillips' advisory platform designed to help practices prepare for a future transaction well before going to market. By conducting a buyer-lens, risk-based assessment, ExitMinded helps identify operational, structural, financial, and compliance gaps that could erode value. Whether physicians plan to sell or remain independent, this proactive preparation strengthens practice performance and preserves long-term optionality.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Episode 6.13, Dr. Joshua Lowentritt joins host David Mandell to explore the rapidly evolving role of artificial intelligence in medicine. Dr. Lowentritt shares his 25+ year journey as a practicing physician and healthcare leader, highlighting how Hurricane Katrina reshaped his professional outlook and entrepreneurial path. From building physician-owned organizations to investing in startups, his career reflects a deep commitment to improving healthcare delivery. Today, that mission increasingly centers on leveraging AI to enhance both physician experience and patient outcomes.
A central focus of the conversation is the use of AI-powered ambient scribes in clinical practice. Dr. Lowentritt explains how tools like AI documentation assistants have reduced administrative burden, lowered cognitive load, and allowed him to reconnect with patients at a human level. Rather than typing throughout visits, he now maintains eye contact, listens more fully, and spends more time counseling patients. Beyond documentation, AI tools assist with chart summaries, clinical decision support, population health prioritization, and genetic testing insights—streamlining workflows and improving proactive care.
The episode also explores critical guardrails for AI adoption. Dr. Lowentritt emphasizes the importance of data privacy, informed patient consent, verifying clinical sources, and using multiple evidence-based references when relying on large language models. Drawing on Everett Rogers' Diffusion of Innovations theory, he discusses why physicians—traditionally cautious adopters—have embraced AI more rapidly than expected. Ultimately, he argues that AI will not replace physicians but will supplement them, allowing doctors to focus on judgment, empathy, context, and patient connection—the highest value aspects of medicine.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode, David Mandell speaks with Teri Yates, founder and CEO of Accountable Physician Advisors, about the realities of building, sustaining, and scaling independent medical practices. Drawing from her background in healthcare administration and consulting, Teri explains why private practice remains viable—and necessary—despite increasing consolidation in healthcare. She emphasizes that autonomy, not just income, is often the driving force behind physicians choosing independence.
A central theme of the conversation is disciplined decision-making. Teri outlines why financial feasibility studies are essential before launching a practice and shares that more than half of such studies result in physicians deciding not to move forward. This intentional filtering, she explains, protects physicians from undercapitalization, unrealistic expectations, and long-term financial strain.
The discussion also explores operational excellence in established practices, including revenue cycle management, staffing challenges, and leadership responsibilities. Teri underscores the importance of investing in the right people, using data to drive decisions, and creating workplace cultures that attract and retain high-performing employees. She concludes with an optimistic outlook on the future of private practice, citing efficiency, physician satisfaction, and patient access as key reasons it will continue to play a vital role in healthcare.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Part 2 of the conversation with Dr. Peter Staats, the discussion expands beyond clinical medicine into leadership, advocacy, entrepreneurship, and the business realities shaping modern healthcare. Dr. Staats reflects on his extensive involvement in professional medical societies, explaining how each organization served a different mission—from physician advocacy and scientific advancement to global education and charitable efforts aimed at improving standards of pain care worldwide.
The episode also explores Dr. Staats' entrepreneurial journey, including the founding of electroCore and his work in non-invasive vagus nerve stimulation. He candidly describes the challenges of bringing innovation to market, particularly the long and often frustrating path from FDA approval to insurance reimbursement. His experience highlights the significant risks, persistence, and strategic partnerships required to translate medical innovation into widely accessible patient care.
Finally, Dr. Staats shares lessons from building and scaling large physician practices, navigating mergers and private equity, and balancing clinical integrity with executive decision-making. He concludes with guidance for younger physicians, emphasizing that long-term success comes from maintaining patient-centered values, protecting one's integrity, and approaching business opportunities thoughtfully rather than chasing short-term financial gain.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In Part one of this two‑part conversation, Dr. Peter Staats shares the formative experiences that shaped his path into anesthesiology and pain medicine, beginning with his upbringing in Hawaii and the profound intellectual influence of his father, a pioneering academic psychologist. This early exposure to integrative thinking laid the groundwork for Dr. Staats' approach to medicine, one that challenged traditional silos and emphasized the interconnectedness of behavior, psychology, and physiology. His medical training, initially aimed toward orthopedic surgery, ultimately shifted toward anesthesiology after a transformative clinical experience that revealed the power of precision, innovation, and patient‑centered care.
Dr. Staats reflects on his academic career at Johns Hopkins University, where he became the youngest division chief and helped define the early landscape of modern pain medicine. He describes the opportunities that academic medicine provided, including time for research, access to world‑class collaborators, and a platform to develop and publish groundbreaking work such as new pain treatment modalities and clinical trials. At the same time, he candidly addresses the financial realities of academic medicine and the operational challenges that pushed him to pursue business education, ultimately earning an MBA out of necessity rather than intention.
The episode also explores Dr. Staats' eventual transition from academia to private practice, highlighting the stark differences in mindset, efficiency, and incentives between academic institutions and entrepreneurial medical practices. He discusses the importance of ethics, operational discipline, and financial literacy in building sustainable practices, as well as the risks physicians face when evaluating partnership opportunities without fully understanding compliance, billing, and incentive structures. Part 1 sets the stage for deeper discussions in Part 2 around leadership, industry involvement, and large‑scale impact beyond clinical care.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Dr. David Koronkiewicz, a retired orthopedic surgeon and current leader in healthcare quality, safety, and risk management, joins the podcast to discuss two major issues affecting physicians today: the peer review system and workplace violence in healthcare. Drawing from more than 30 years in clinical practice and extensive experience in administrative leadership, he offers a rare, multidimensional perspective on how internal hospital processes can deeply impact a physician's career, finances, and long‑term wellbeing.
Koronkiewicz explains how peer review—originally intended to ensure quality care—can be weaponized for political or competitive reasons. Sham peer review cases can lead to devastating outcomes including damaged reputations, loss of privileges, reporting to the National Practitioner Data Bank, and severe financial fallout. He highlights the importance of understanding hospital bylaws, due process, legal protections, and obtaining proper insurance coverage to safeguard against these risks.
The conversation then shifts to violence and bullying in healthcare environments. Koronkiewicz shares eye‑opening statistics about the rise in aggression toward healthcare workers, particularly post‑COVID. He emphasizes how hierarchical culture, burnout, sexual harassment, and lateral bullying all contribute to worsening morale, poorer patient outcomes, and increased turnover. He concludes by offering practical advice for early‑career physicians: stay informed, protect yourself, document everything, uphold professionalism, and never assume the system alone will keep you safe.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Attorney Bo Loeffler returns to the podcast to revisit with David the foundational principles of asset protection—what it is, why physicians need it, and how proper timing and structure make all the difference. The conversation begins with an overview of risk for physicians, from malpractice and employee claims to real estate liability and auto accidents and stresses the importance of addressing these risks before they arise. Bo and David emphasize the crucial concept that asset protection is only effective when implemented ahead of any foreseeable claim.
The discussion then shifts to the three legs of the asset protection stool: proper insurance coverage, state-specific exempt assets, and legal tools such as LLCs and irrevocable trusts. Bo highlights how differences between state laws—especially Ohio's robust statutes—can dramatically impact the success of an asset protection plan. They also explain how tools such as LLCs and Domestic Asset Protection Trusts can be structured to protect against creditors through features like charging orders, sole-remedy statutes, and sate-specific limitations on creditor remedies.
Finally, the episode examines real legal cases—including one in Colorado involving LLC misuse and one in Delaware validating long-standing asset protection trust structures—to illustrate what works and what fails in the real world. David concludes by drawing a parallel to medicine: asset protection requires both "surgery" (establishing tools) and "rehab" (proper, ongoing maintenance). With Bo's deep experience drafting state statutes and litigating these issues, the episode provides a practical, high-level roadmap for physicians looking to protect their personal and professional assets.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode, host David Mandell welcomes Dr. Paul Lynch, a double board-certified anesthesiologist and pain management specialist, entrepreneur, and business leader. Dr. Lynch shares his remarkable journey from aspiring psychiatrist to pain medicine innovator—a shift inspired by his mother-in-law's battle with cancer and the discovery of interventional pain treatments that could transform patients' lives. His early experiences at the Mayo Clinic shaped his belief in comprehensive, integrated care—a philosophy that became the foundation for his first practice, Arizona Pain, which quickly became one of the nation's leading pain management centers.
Dr. Lynch details how entrepreneurial thinking, coupled with strategic use of digital tools, drove his success. His story of launching a medical website during fellowship—eventually ranking number one on Google before opening his doors—illustrates how physicians can use education-based marketing to reach patients and grow responsibly. As his career evolved, Dr. Lynch founded U.S. Pain Care, intentionally designed to avoid the mistakes of his first venture. Through introspection and what he calls his "Manifesto of 53 Errors," he now builds companies around lessons learned, focusing on empowering other physicians with ownership, autonomy, and ethical profitability.
The discussion also delves into real estate, private equity, and long-term business strategy in medicine. Dr. Lynch explains how owning medical real estate can be one of the most impactful and ethical ways for physicians to build wealth—separate from clinical care—highlighting the benefits of property ownership, long-term leasing, and physician-owned REITs. He closes with advice to doctors: never make fortunes "on the backs of patients." Instead, focus on providing excellent care while building wealth through smart business decisions, integrity, and surrounding yourself with expert advisors in law, finance, and real estate.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode of the Wealth Planning for the Modern Physician Podcast, David Mandell welcomes back Jerry Kelsheimer, President of Medic Management Group. With decades of experience in healthcare business management, Jerry discusses how the healthcare landscape has changed dramatically over the past five years, affecting physicians' financial performance and operational efficiency. He outlines the evolving challenges medical practices face—including reduced reimbursements, higher labor costs, and increasing patient demands and stresses the importance of disciplined, intentional business management.
Throughout the conversation, Jerry highlights common areas where practices can improve performance and financial outcomes. He identifies five operational areas ripe for improvement: front desk execution, administrative role clarity, revenue cycle management, compensation structures, and market development. By focusing on these, he explains, practices can identify hidden inefficiencies and regain profitability.
Finally, Jerry and David explore the emotional and leadership aspects of running a medical practice. Jerry shares his 'Four Cs' framework—conscience, competency, capacity, and courage—as a way for physicians to address burnout and lead meaningful change. He also predicts a future shift toward more collaborative hospital-physician models, with hospitals moving away from full employment toward partnership-based structures.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Jacqueline Winkelmann, a pediatric hospitalist and founder of Scrub Sisters. Dr. Winkelmann shares her journey from growing up in Puerto Rico, being inspired by her uncle's compassion and dedication to medicine and eventually pursuing pediatrics as her calling. She discusses how financial foresight and a unique tuition waiver allowed her to graduate debt-free, enabling her to maintain a balanced career and family life as a part-time physician at the Children's Hospital of Orange County.
Dr. Winkelmann describes her transition from clinical practice to non-clinical roles in the healthcare industry. Through opportunities that arose organically, she became a consultant and medical advisor for pediatric and consumer health companies, eventually serving as Chief Medical Officer for a baby monitor company. She reflects on the differences between clinical and corporate medicine, emphasizing the need for physicians entering industry to understand the profit-driven mindset of business and to address burnout before pursuing such transitions. Her story highlights the challenges, rewards, and ethical dilemmas physicians may face when moving from patient care to product innovation.
Finally, Dr. Winkelmann discusses her nonprofit organization, Scrub Sisters, a 501(c)(3) community dedicated to supporting and empowering female physicians at all stages of their careers. The group provides mentorship, fosters real-life discussions about work-life balance, and addresses challenges such as mental health, parenting, and financial stress. With chapters in multiple states and countries, Scrub Sisters is rapidly expanding its reach and aims to create scholarship opportunities to help women overcome the financial barriers of medical school applications. The episode concludes with Dr. Winkelmann's vision for growing this supportive, mission-driven community of women in medicine.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this second part of a two-part episode, host David Mandell continues his discussion with Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America.
In this conversation, Jack emphasizes the importance of ancillaries in building a financially successful medical practice. He explains how orthopedists and other specialists can significantly increase revenue streams through owning or participating in ambulatory surgery centers (ASCs), imaging services, physical therapy, and durable medical equipment. Dr. Bert stresses that physicians should strive for ownership and control rather than settling for minority stakes in ventures that disproportionately benefit outside management companies.
The discussion transitions to contract negotiations, where Dr. Bert highlights common pitfalls and best practices for physicians. He explains how employers often use national databases like MGMA to undervalue physicians and why local market comparisons are far more accurate benchmarks. He also warns against restrictive clauses—such as intellectual property ownership—and underscores the importance of seeking professional review of employment agreements. Dr. Bert strongly advocates for negotiation, pointing out that physicians only get the deals they negotiate, not the ones they are simply offered.
In the final portion, Dr. Bert shares advice on long-term financial planning and retirement. He stresses the importance of consistent saving—at least 25% of income—early in one's career, aiming for at least $10 million in retirement assets. He also discusses his transition into retirement, finding fulfillment through part-time independent medical evaluations, entrepreneurial ventures like MD Direct (which bypasses insurers to reduce costs), and leadership in orthopedic conferences. He concludes by underscoring the importance of not only saving wisely but also having meaningful pursuits in retirement.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this first part of a two-part episode, host David Mandell welcomes Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America. Dr. Bert shares his background, including his training at Northwestern, Temple, and the Mayo Clinic, as well as his career—building one of the first outpatient ambulatory surgery centers in Minnesota. He highlights how his practice expanded from a solo effort into a large multi-location group, providing insight into the evolution of orthopedic practice models.
Dr. Bert reflects on the influences that led him to orthopedics, including his brother, a spine surgeon, and his time training with John Lachman. He emphasizes the role of innovation in orthopedic surgery, from pioneering arthroscopic procedures to developing surgical tools and implants. His experiences underscore the importance of adapting to insurance reimbursement models and industry dynamics that affect medical practice and physician compensation.
Beyond his clinical and entrepreneurial achievements, Dr. Bert discusses his involvement with industry partners and his tenure on the board of the Retired NFL Players Association, where he saw firsthand the long-term toll professional football takes on players. He also stresses the importance of ancillary services and delegation for physicians to achieve financial success, drawing parallels between leveraging physician extenders in medicine and delegating financial management to professionals.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode, host David Mandell welcomes back attorney Jason Greis for his third appearance. Jason, a healthcare business attorney with extensive experience advising physician practices, discusses one of the most pressing issues for independent groups today: physician compensation models and partnership structures. With generational shifts and economic realities reshaping the field, many practices are rethinking what it means to become a partner and how to fairly compensate both younger and senior physicians.
Jason explains how compensation models have evolved from the 1980s and 1990s to today. Younger physicians increasingly favor employment arrangements with health systems over partnership tracks, which creates challenges for groups that need to recruit. To compete, practices must clearly articulate the benefits of partnership—including higher long-term compensation, decision-making authority, and ancillary investment opportunities—while balancing the responsibilities and risks that come with ownership. He outlines the growing popularity of three-tiered structures (associate, non-equity partner, equity partner) as a way to create flexibility and manage risk tolerance.
The conversation also explores buy-in and buy-out models, the shift away from high dollar amounts, and the trend toward productivity-based (“eat what you kill”) compensation rather than common pot models. Jason highlights potential red flags, including outdated “founder’s models” that rely on new doctors funding senior physicians’ retirements, which often result in disputes. He emphasizes the need for practices to proactively revisit their structures—ideally years in advance of retirements or potential sales—to remain competitive, avoid pitfalls, and position themselves for long-term success.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In the Season 6 premiere of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Cynthia Matossian, an accomplished ophthalmologist, entrepreneur, and industry leader. Dr. Matossian shares her unique journey into medicine, starting from an initial interest in political science and international relations before ultimately discovering her passion for ophthalmology. She discusses the early challenges she faced in starting her own practice in 1987, particularly as a woman seeking financial backing in a male-dominated field, and the resilience and determination that fueled her success.
Dr. Matossian reflects on the growth of her solo practice into a thriving multi-location enterprise with 14 physicians and over 90 employees. She emphasizes the importance of delegation, transparency, and staff empowerment in building an efficient, patient-focused practice. Her insights into practice management include implementing scribes to reduce physician burnout, investing in proper business education, and hiring skilled managers to bring structure and professionalism to the organization. She also highlights her personal approach to financial planning, beginning with small investments guided by a trusted advisor, which laid the foundation for long-term financial success.
The conversation also explores Dr. Matossian’s involvement in industry innovation, her leadership in clinical trials, and her founding of GPOptho, a group purchasing organization designed to help practices lower costs through collective buying power. She shares valuable advice for physicians considering private equity transactions, stressing the importance of preparing years in advance and selecting the right advisors. Ultimately, Dr. Matossian underscores the critical need for physicians to educate themselves on the business of medicine early in their careers, pairing clinical excellence with sound financial and practice management strategies.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 4.1 | Originally Released: September 21, 2023
To kick off Season 4 of the podcast, David welcomes a very special guest – his father, radiologist Dr. Charles Mandell. David begins by asking Charlie, as he does with all physician guests, where he is from and what led him to become a physician in general and a radiologist in particular.
Charlie shares a bit about his first job out of training and his move to become chairman of a group radiology practice after a few years, including what he learned about the business of medicine.
David and Charlie discuss Charlie’s various entrepreneurial business ventures during this phase of his career, including real estate development and alternative energy.
Charlie then talks about the second phase of his career – a locums practice that has allowed him to travel around the U.S. and maintain an ideal work-life balance for him and his wife. He relates some advice to other physicians who may consider this option. Charlie also discusses the telemedicine-medical software firm he co-founded, which continues to operate and grow today.
The episode concludes with Charlie sharing some insights from 50 years in practice, why he still works and enjoys it, and what younger physicians should ponder when they consider their future retirement.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 3.13 | Originally Released: March 9, 2023
In this episode, Dr. Shaminder (Shammi) Gupta joins David to discuss his career path, the impact of Hurricane Katrina on that path, and what he is learning from being a business executive as well as a clinician.
Shammi begins with his background – where he grew up, what got him interested in medicine why he gravitated to internal medicine & nephrology. He explains why his first job out of training was not a fit for him and how hurricane Katrina changed his path completely – as it did for many living in New Orleans at the time – opening up a career path he would not have considered otherwise.
Shammi also covers how he built a significant dialysis practice in a smaller town setting, became president of the Kidney Foundation, and built a reputation throughout the state. This led to his practice being acquired by Monogram Health, where he works today as an executive and clinician.
Shammi then shares what he is learning from the “business side” of medicine, as he builds out a multi-state medical platform for kidney health, and describes the value CEOs see in physicians who can communicate well and know their field of medicine intimately.
Next, David gets Shammi’s insights on wealth management, including building the right advisor team and why to potentially change advisors as you grow, and Shammi concludes with his three pieces of advice for fellow physicians, especially those starting out.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 3.11 | Originally Released: February 9, 2023
In this episode, plastic surgeon Dr. Richard Bartlett joins David to discuss his career, academic and private practice, financial decisions and more.
Richard begins with his background—where he grew up, what got him interested in medicine and surgery in particular—and his lack of interest in finances as he went through medical and surgical training.
Richard explains the process for choosing his first job, including the benefit of learning to “balance the books” even in an academic setting.
He and David then cover his 15 years as an academic surgeon, what he learned financially in creating a plastics foundation from scratch, as well as his decision to create a private practice and the value of “being a good citizen” in making that transition easier.
Richard then spends a few minutes relating the types of financial advice he gives to fellows at Harvard and the advice he would give to all doctors.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 3.5 | Originally Released: November 3, 2022
In this episode, orthopaedic surgeon Dr. Scott Sigman joins David to discuss his career path, business and entrepreneurial endeavours, marketing, podcasts, and more.
Scott begins with his background – where he grew up, what got him interested in medicine and orthopaedics. He explains how both of his parents were entrepreneurs and how he realized early on the need for leveraging the expertise of others.
David and Scott then discuss the important factors Scott considered when choosing his first job out of training and Scott’s view on the importance of branding and marketing, especially for younger physicians looking to build their practices. Scott then relates the value he sees in finding great advisors and the importance of changing to new people if needed.
David and Scott then delve into Scott’s various entrepreneurial activities, from lasers in orthopaedic surgery, an orthopaedic mutual fund, the Ortho Show podcast, his #followthefro social media hashtag and more.
Finally, Scott gives David two important pieces of business advice for fellow physicians, especially younger doctors.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 4.3 | Originally Released: October 19, 2023
Listen in as David chats with healthcare real estate expert Colin Carr. Colin begins with his background in real estate in a variety of settings. He then tells the story of how, after seeing physicians do so poorly in deals, he decided to launch a firm dedicated to helping doctors.
Next, Colin explains the top mistakes he sees physicians and practices make when it comes to their real estate—including do-it-oneself, not performing adequate due diligence and more—and what that will cost them in the long run.
Colin delves into the choice between leasing and purchasing for a medical practice and relates the importance of having a multi-factor decision process as the key to fostering long-term peace of mind.
He then discusses the significance of timing, in terms of when to make the ‘rent vs. own’ decision, when to contact a landlord on a possible lease renewal, and even when to reach out to potential real estate agents.
Colin wraps up by sharing how physicians can find an ethical, competent real estate agent they can trust.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"
Episode 3.2 | Originally Released: September 22, 2022
Listen in as David chats with Trisha Talbot, real estate advisor and entrepreneur behind DocProperties.
Trisha begins by explaining what her training, certifications, and experience in real estate were before launching her own firm. She then relates her motivation to launch DocProperties and delves into the unique aspects of healthcare real estate and the challenges for physicians looking to own it.
Trisha then shares her answers to a few common questions she hears from physicians and discusses a typical first step for a doctor considering a new office or piece of real estate. Finally, Trisha explains when a practice might consider selling a property, and important factors affecting that decision.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this final episode of Season 5, host David Mandell recaps the season’s key themes and previews the upcoming Summer Rewind series, which will highlight standout episodes from Seasons 3 and 4. The podcast will continue on a biweekly schedule over the summer, with new introductions to previously released episodes, allowing listeners to revisit valuable content over the Summer.
David reviews each of the 18 episodes of Season 5, including a quick recap and highlights.
The goal of this episode is to help listeners catch up on missed episodes or revisit important insights they may have forgotten. He invites feedback and topic suggestions for future episodes as the podcast continues to grow its audience.
EPISODE SNAPSHOTS:
5.1 & 5.2 – Dr. Jay Foley: After a life-altering snowboarding accident, Dr. Foley transitioned from surgery to medico-legal consulting, highlighting the importance of disability insurance and leveraging a medical license in new ways.
5.3 – Andy Taylor: Explored how election cycles influence market behavior and how physicians can remain calm and strategic with their portfolios.
5.4 – Nolan Bradbury, CPA: Covered KPIs, practice delegation, legal/tax structure for side hustles, and exit planning from a CPA’s perspective.
5.5 – Dr. Ben Ostrander: Applied hospitality industry lessons to healthcare to enhance patient experience, employee satisfaction, and operational efficiency.
5.6 – Jessica Jones, Consultant: Shared insights on aligning practice models with physician passion, wellness trends, and diversification within practices—especially cash-based models.
5.7 & 5.8 – Dr. Sue Keller: An unflinching look at financial mismanagement, the emotional toll of bankruptcy, and finding meaning in a reinvented career after decades in dentistry.
5.9 – Dr. Jay Zigmont: Introduced “child-free wealth” as a growing financial niche, challenging traditional planning assumptions and offering guidance tailored to child-free individuals.
5.10 – Dr. Jude Pierre (Pt. 1): Talked about geographic and specialty shifts, mentorship, and the creation of a physician coaching practice to fight burnout and debt.
5.11 – Carole Foos & Greg Heimkreiter, CPAs: Discussed looming tax law expirations, industry-wide challenges in accounting services, and what physicians should know about finding quality tax advisors.
5.12 – Kristy LaGourgue & Rachel Varga: Focused on brand building and marketing strategy for all doctors, not just those in aesthetics—emphasizing the importance of digital presence and patient communication.
5.13 – Dr. Pat St. Pierre: Reflected on a military-to-medicine career, financial planning, industry involvement, and proactive retirement through wine education to avoid post-retirement difficulty.
5.14 – Attorneys Byrd & Adatto: Covered major legal trends including compounding pharmacy scrutiny, the evolving legal landscape around non-competes, and internal practice exits.
5.15 – Dr. Jude Pierre (Pt. 2): Discussed optimizing workflow through scribes, practice innovation via Medicare Advantage, and financial/lifestyle balance to avoid physician burnout.
5.16 & 5.17 – Cory Kleinschmidt: Provided a comprehensive look at locum tenens work for physicians—ideal for both early-career flexibility and late-career freedom—including licensing, contract tips, what to look for in an agency, forming LLCs for tax purpose and more.
5.18 – Drs. Mark Figgie & Joel Press: Shared a mentorship model from HSS that helps young physicians with career planning, finances, wellness, and leadership development.
5.19 – Bob Goettling: Introduced ESOPs (Employee Stock Ownership Plans) as an innovative, tax-efficient practice exit strategy increasingly relevant in the medical space.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode, host David Mandell welcomes Bob Goettling, a seasoned investment banker and legal expert with over 30 years of experience in healthcare transactions, to discuss the emerging relevance of ESOPs (Employee Stock Ownership Plans) for physician practices. Goettling shares his professional journey, from early M&A work to helping physician groups explore monetization options, including ESOPs as a potentially powerful but underutilized tool.
Bob breaks down the core structure and history of ESOPs, describing them as trust-based leveraged buyouts that allow physicians and employees to own their practice while benefiting from significant tax advantages. He explains how the Bloom Organization itself became an ESOP nearly a decade ago, and how his team has since developed a tailored hybrid ESOP model for medical practices, especially as interest in private equity has cooled due to rising interest rates and negative post-deal experiences.
While ESOPs offer clear advantages—like retaining control and optimizing tax outcomes—they also come with complexity. Goettling stresses the importance of choosing the right advisors and ensuring a strong internal management structure. Not every practice is a good fit; size, structure, and strategic alignment are critical factors. The episode offers high-level insight into how ESOPs work, who they benefit, and what red flags to watch for in considering this alternative to traditional M&A routes.
KEY INSIGHTS
- ESOP stands for Employee Stock Ownership Plan and enables employees to become beneficial owners through a trust structure.
- Originally introduced in the 1950s, ESOPs gained traction in the 1970s due to government incentives.
- Goettling and his team at Bloom implemented an ESOP for their own firm nearly 10 years ago and now advise physician groups on doing the same.
- Tax benefits are significant: ESOP sellers can defer or eliminate capital gains, and the entity itself becomes tax-exempt.
- ESOPs allow physicians to monetize their practice without surrendering control, unlike private equity deals.
- The model is ideal for larger practices (15–20+ physicians) with existing governance (boards, CEOs, CFOs).
- Complexity is a key barrier—ESOPs involve oversight from both the IRS and Department of Labor.
- Hybrid ESOP models can account for partners, junior doctors, staff, and even future hires.
- Mistakes often stem from poor advisory choices; experience with ESOPs is essential to avoid pitfalls.
- ESOPs can be a game-changer for practices looking to stay independent while scaling strategically.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship.
The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS.
Finally, the episode dives into physicians' relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a "board of directors" for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship.
Key Insights:
- Dr. Press discovered physiatry through a unique summer program, showing the value of early exposure to diverse specialties.
- Dr. Figgie pursued an MBA during fellowship, believing in the power of financial literacy for physicians.
- Mentorship at HSS now includes financial, administrative, and personal development components—not just clinical.
- A cross-specialty mentorship program allows different departments (e.g., orthopedics and radiology) to learn from one another.
- Many young physicians lack basic financial planning tools, leading to under-preparedness later in their careers.
- HSS has created a repository of recorded educational sessions covering mortgages, insurance, investing, and more.
- Dr. Figgie cautions against blindly signing industry contracts without legal review, especially when IP is involved.
- Relationships with medical device companies often include consulting, design input, or teaching—but require transparency.
- Dr. Press emphasizes the importance of building a trusted "personal board of directors" to help with life and career decisions.
- Future initiatives at HSS may include subsidized financial checkups for new physicians to kickstart long-term planning.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space.
The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.
Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.
Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.
KEY INSIGHTS:
- The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
- Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
- Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
- Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
- Many physicians form LLCs to optimize tax deductions and liability protection.
- Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
- There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
- The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
- Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
- Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
In this first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry.
Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in various healthcare settings, providing them with flexibility, higher earnings, and work-life balance. He highlights how the industry has evolved from a necessary staffing solution to a strategic workforce model, driven by growing physician shortages and changing work preferences.
This first part of a two-episode interview also covers trends in locum tenens, including the increasing interest from younger physicians, the rising demand for specific specialties like neurology, cardiology, and psychiatry, and the impact of AI. Cory emphasizes that locum tenens is becoming an essential part of healthcare staffing, allowing doctors to explore different practice environments while mitigating burnout and financial stress. Key Insights:
- Locum tenens, meaning "to hold the place," originated in the Catholic Church before transitioning into healthcare staffing.
- The industry has grown significantly, with more physicians, especially younger ones, choosing it for career flexibility and income potential.
- Locumpedia is a digital platform that provides a free, centralized resource for physicians and healthcare organizations.
- The No-BS Guide to Locum Tenens was created to offer straightforward, unbiased insights into locum work. See https://www.locumpedia.com/.
- Locum tenens physicians work as 1099 independent contractors, allowing them to take advantage of tax benefits and business deductions.
- The demand for locum tenens is increasing due to physician shortages, burnout, and changing work preferences.
- Specialties such as hospital medicine, neurology, cardiology, psychiatry, anesthesiology, and radiology are currently in high demand.
- AI is expected to impact radiology, but the combination of AI with skilled radiologists is seen as the future rather than full automation.
- More doctors are using locum tenens as a way to test different work environments before committing to full-time positions.
- Locum tenens is becoming an essential part of modern healthcare staffing, allowing hospitals to adapt to patient demand and financial constraints efficiently.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Host David Mandell welcomes Dr. Jude Pierre back to the podcast for an engaging discussion on physician entrepreneurship, financial pitfalls, and operational best practices. They begin by revisiting common mistakes doctors make when purchasing their first or second home, such as relying on 100% financing and overspending on a house before their career stabilizes. Dr. Pierre emphasizes the importance of financial prudence and warns about the risks associated with early-career real estate decisions.
The conversation then shifts to the benefits of hiring a medical scribe, a strategy that transformed Dr. Pierre’s practice. He explains how scribes improve efficiency by documenting patient interactions in real time, allowing physicians to focus more on patient care. His transition from an in-house scribe to a virtual scribe further optimized workflow while reducing costs. He also discusses the financial benefits of Medicare Advantage, outlining how physicians can maximize revenue while ensuring high-quality patient care.
Lastly, the discussion covers physician burnout and the importance of self-care, social connection, and financial planning. Dr. Pierre stresses to David that doctors should recognize their worth, invest in their practices wisely, and plan their personal finances strategically. He highlights the advantages of owning medical real estate and encourages physicians to take control of their financial future by being proactive in wealth management. The episode closes with a reminder that strategic decision-making, both professionally and personally, can lead to long-term success.
KEY INSIGHTS:
- Many physicians fall into the trap of buying a large home too early, only to face financial strain when their career trajectory changes.
- 100% financing often leads to a lack of equity, which can create problems during economic downturns.
- Physicians should be mindful of lifestyle creep, resisting the temptation to upgrade their homes or cars just because they can afford them.
- Hiring a medical scribe can free up significant time, improving work-life balance and patient interactions.
- Virtual scribes offer a cost-effective and efficient alternative to in-house scribes, reducing administrative burdens.
- Medicare Advantage provides an opportunity for physicians to earn steady income through capitation, but it requires proper patient management.
- Owning the building where a physician practices can be a smart long-term financial decision, adding equity and stability to their business.
- Physicians should be aware of their worth and avoid undervaluing their services, ensuring they receive fair compensation.
- Small personal care habits, like regular haircuts, contribute to mental well-being and help combat burnout.
- A structured financial plan, including strategic investments and savings, is essential for long-term financial success.
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in as host David Mandell welcomes back to the Podcast healthcare attorneys Michael Byrd and Brad Adatto, both of whom joined David back in Season 1.
Brad and Michael begin the discussion laying out the legal issues around the weight loss drugs that have become so popular today and what physicians prescribing such drugs need to be aware of – from patient consent issues, to compounding challenges and state-specific dispensing regulations, to marketing rules and more.
The conversation then shifts to mergers and acquisitions concerning medical practices. Michael and Brad relate the shift they have seen in the last year from “wall street” deals to “main street” deals and what this shift means for physicians who may consider exiting their practice.
David then asks the attorneys about the proposed rules out of the federal government regarding non-competes, where those rules stand and what physicians need to know about non-competes in the medical context.
The podcast concludes with Brad and Michael leading a discussion around how physicians can best work with healthcare attorneys and the value of legal subscription models.
KEY POINTS:
- Healthcare Law Expertise
- Weight Loss Drugs in Medical Practices
- Compounding Issues and Compliance
- Patient Consent and Risk Mitigation
- Business and Revenue Risks with Weight Loss Drugs
- Mergers and Acquisitions Trends
- Valuation Challenges in Practice Sales
- Non-Compete Clauses
- Importance of Healthcare-Specific Legal Counsel
- Compliance as a Dynamic Process
- Legal Subscription Models
- Proactive Legal Strategies
- Broader Regulatory Trends
- Entrepreneurial Approach to Law
Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in as host David Mandell welcomes orthopedic surgeon Dr. Patrick St. Pierre. Pat begins by sharing his background in the military, where he served in the infantry and as an airborne ranger pathfinder and eventually transitioned to medical school and a path in orthopedics. He then tells David about his decisions around the first job he took outside of the military on the east coast and his eventual move to Palm Desert, CA to a growing orthopedic practice there.
The conversation then shifts to Pat’s involvement with industry, including work on a Mako orthopedic robot for shoulder surgeries. He comments on the importance of physicians working with industry and gives advice to those thinking about doing so.
David and Pat then discuss Pat’s plan for retirement, which he has given a lot of thought to over the last decade after seeing colleagues struggle with life post-medical career. Pat is passionate about retiring TO something, not just FROM medicine. Pat explains his TO – is wine – and give insights on what he has been doing for some years to train and become certified as a master sommelier.
The episode concludes with Pat giving some specific advice for colleagues on approaching retirement beyond medicine.
KEY POINTS
Dr. Pat St. Pierre's Background: A West Point graduate, he also completed his medical education at the Uniformed Services University of Health Sciences and has an extensive military medical career, including residencies and fellowships in orthopedic surgery and sports medicine.
Military Experience: Dr. St. Pierre initially served in the infantry, where he undertook demanding roles such as airborne ranger and pathfinder, before transitioning to medicine in the military.
Motivation for Medicine: Inspired by personal experiences, including his mother's battle with heart disease, Dr. St. Pierre initially considered cardiology before shifting to orthopedics.
Choosing Orthopedic Surgery: He found his passion for orthopedics and sports medicine through impactful rotations and mentorship during medical school.
Transition to Civilian Practice: After 24 years of military service, his first civilian role in Virginia was driven by family considerations and proximity to his wife’s ailing parents.
Palm Desert Practice: Dr. St. Pierre joined Eisenhower Desert Orthopedic Center and has been practicing there for 17 years, playing a pivotal role in the growth of the practice.
Sports Medicine Leadership: He became the lead physician for major sports events, including the BNP Paribas Tennis Open, and worked with junior colleges, high schools, and a professional hockey team.
Financial Lessons for Young Physicians: He emphasized the importance of mentors, contract review, and considering regional factors like managed care and ancillary revenue streams when choosing a practice.
Overhead Management: Dr. St. Pierre’s group reduced their overhead by transitioning into a hospital-affiliated model, which improved financial efficiency.
Industry Collaboration: He values physician involvement in medical device development and has contributed to innovations like the BioWick rotator cuff anchor and the Mako robotic shoulder replacement.
Mako Robotic Shoulder Surgery: Dr. St. Pierre is part of a global team developing this cutting-edge technology, with FDA approval recently granted, signaling a transformative advance in shoulder surgery.
Planning for Retirement: He advocates for retiring to something meaningful rather than simply retiring from medicine, sharing his personal journey of preparing for life after surgery.
Passion for Wine: Dr. St. Pierre pursued a Master of Wine certification, a rigorous program blending science, viticulture, and business, becoming one of a select few in the world to achieve this level.
Future Endeavors: He plans to continue contributing to wine education and management while staying engaged with the medical industry, ensuring a fulfilling post-retirement phase.
Lifelong Learning: Dr. St. Pierre underscores the importance of challenging oneself with new pursuits, such as studying wine or learning an instrument, to keep the mind active and engaged.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in or watch as host David Mandell sits down with medical marketing consultant Kristy LaGourgue and aesthetic nurse Rachel Varga to discuss branding and marketing lessons that all doctors can benefit from, whether they own their own practice or not.
David begins the discussion by asking Kristy and Rachel the most common mistakes medical practices make with marketing and how to avoid them. They then chat about the importance of marketing when offering new services or equipment or even bringing on new doctors.
The discussion then turns to branding – how an individual doctor can brand him/herself in the marketplace- which not only can be patient-focused, but also to other doctors, who are key referral sources –and even industry for further business opportunities.
Finally, Kristy and Rachel speak to the use of social media and how doctors should approach getting started in marketing efforts.
KEY TAKEAWAYS
Takeaway #1: Having a Clear Marketing Strategy is More Effective Than Piecemeal Efforts.
Piecing together different marketing tactics without a clear strategy can lead to poor results. Kristy points out that one common mistake practitioners make is trying “a little bit of this, a little bit of that, hoping something's going to stick.” Instead, she suggests that it's crucial to understand how different marketing activities work together to drive steady patient flow.
Rachel supports this point, noting that practitioners often give up too soon or get in their own way due to imposter syndrome or feeling out of their comfort zone. She encourages practitioners to stick with their marketing efforts and to recognize the long-term benefits. “It's really getting also that validation and accolade from your colleagues in the space too, to then position you even further, which might open up the gates for different opportunities on boards and business development deals as well”.
In essence, being strategic and consistent about marketing activities, rather than trying different tactics in a piecemeal manner, can lead to better results and open up new opportunities for practitioners.
Takeaway #2: Diversifying Practice Offerings Can Lead to New Opportunities.
With the rapidly evolving field of medical technology and treatments, diversifying practice offerings can open up new opportunities for physicians. For instance, adding new technologies or treatments to a practice can attract different types of patients, or even create new revenue streams.
Rachel explains how one of her colleagues transformed his practice by incorporating group coaching and video training, thus creating a seven-figure business. She says, “So you just don't know what's possible until you start to go down this path.” She also mentions the increasing popularity of concierge medicine and biohacking, suggesting that practices that incorporate these elements are very appealing to buyers.
Diversifying practice offerings can, therefore, not only bring in new patients and revenue streams but also increase the practice's value in case of a potential buyout. This diversification, coupled with a strong online presence and marketing strategy, can significantly enhance a practice's success and growth.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in as host David Mandell sits down with Carole Foos, CPA from OJM Group and Greg Heimkreiter, JD, CPA from Howard, Nunn & Bloom, Inc.
David asks both Carole and Greg to give their key insights on the tax landscape as we enter 2025 with a new party in control of both the White House and Congress. Carole begins with a discussion of potential changes to individual tax rates and Greg mentions the SALT limitations and dives into estate tax issues as well.
David then chats with Carole about retirement plan changes due to the Secure Act, new planning opportunities coming online in 2025, and the continued importance of tax diversification.
Greg then shifts the discussion to corporate taxation, including the possibility that C corporations may come back into more utility for medical practices and other small businesses.
Carole and David then discuss Qualified Opportunity Zone investments and how the deferred tax is going to be coming up for payment soon and what that means for 2025 tax planning.
David concludes asking both Carole and Greg for their input on the changes in the accounting industry and why so many physicians and practices are having difficulty finding good firms who want to provide tax return preparation services.
KEY POINTS
Tax Uncertainty in 2025: With potential changes to tax laws due to a new administration, tax planning remains a "wait and see" process, especially for individuals and businesses.
Expiring Tax Cuts: Key provisions of the 2017 tax reforms, including lower individual income tax rates and increased standard deductions, are set to expire at the end of 2025 unless extended.
Estate Tax Exemptions: Current estate tax exemptions of $13 million+/- per individual ($27 million for married couples) could be halved if laws revert in 2026, raising planning concerns.
SALT Deduction Limit: The $10,000 cap on state and local tax (SALT) deductions is a significant pain point, particularly for taxpayers in high-tax states like California and New York.
Retirement Plan Changes: The Secure Act 2.0 introduces supersized catch-up contributions for ages 60-63 in 2025 and expands options for Roth contributions, encouraging tax diversification.
Opportunity Zones: Taxes deferred through qualified opportunity zone investments will become due in 2026, requiring proactive liquidity planning for investors.
Inherited IRA Rules: New rules require most beneficiaries to withdraw inherited IRA funds within 10 years, potentially accelerating tax liability.
Business Tax Considerations: Proposed reductions in C corporation tax rates from 21% to 15% and changes in bonus depreciation rules could shift entity structuring decisions.
Qualified Business Income (QBI): The QBI deduction benefits pass-through entities but is not available to most high-income professionals, particularly medical practices.
Industry Shifts in Tax Preparation: A shortage of accountants and outsourcing trends have made finding quality tax preparation services more challenging for individuals and small businesses.
Roth IRAs and RMDs: Funding Roth accounts now can reduce future required minimum distributions (RMDs), offering long-term tax benefits.
Accelerated Depreciation: Businesses, including medical practices, may benefit from restored 100% bonus depreciation for assets like equipment.
Tax Diversification for Retirement: Balancing assets in different tax treatment "buckets" (e.g., Roth, traditional accounts) enhances flexibility and minimizes tax burdens in retirement.
Future of C Corporations: Lower corporate tax rates could make C corporations more attractive, but double taxation remains a potential downside.
Challenges in Accounting Industry: Many firms are shifting away from individual tax returns, emphasizing the importance of finding specialized services that align with clients' needs.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in to episode 5.10 as host David Mandell interviews Dr. Jude Pierre, internist, doctorpreneur, fellow podcaster and coach to young physicians.
Jude begins by sharing his background, including a brief description of his family's immigrant story as immigrants from Haiti who moved back to Haiti from New York City when Jude was eight years old, for a business opportunity for his father—beginning his entrepreneurship interests. This entrepreneurship continued in his residency, as he began moonlighting and early real estate investing.
The conversation shifts to the challenges Jude had starting a practice in Miami and why he chose to move to a more rural area outside of Tampa. He explains his success in “getting busy” but also gives some advice around getting too busy and work-life balance for physicians.
David and Jude then discuss Jude’s work as a content creator, through books and videos, as well as his work coaching young physicians. They discuss the type of help he provides other physicians through this content, as well as his "Independent Physicians Blueprint" podcast.
The podcast concludes with Jude giving some specific advice for young physicians.
Key Points
Dr. Jude Pierre's Background: Trained in internal medicine, he has been providing primary care since 2000 in South Florida and Tampa Bay metro area. Dr. Pierre actively mentors new physician graduates, helping them navigate the challenges of a rapidly changing healthcare environment. Apart from practicing medicine, Dr. Pierre is a podcast host and coach for physicians, sharing strategies to succeed both in medicine and entrepreneurship.
Diverse Upbringing: Raised in Haiti after being born in New York, Dr. Pierre attributes his entrepreneurial spirit to early exposure to his parents’ business ventures in Haiti. Residency and
Financial Challenges: During his residency, Dr. Pierre faced significant financial pressures, prompting him to moonlight and prioritize early debt repayment.
Real Estate Ventures: Dr. Pierre began investing in real estate during residency, starting with a condominium and later flipping properties, which sparked his interest in entrepreneurship.
Physician Practice Challenges: Early in his career, Dr. Pierre faced challenges establishing a private practice in Miami due to oversaturation of primary care providers.
Strategic Career Moves: Dr. Pierre moved to Spring Hill, near Tampa, for greater professional opportunities, noting that smaller markets can offer significant practice growth potential compared to larger urban areas.
Burnout Awareness: Dr. Pierre emphasizes the importance of work-life balance, sharing his experiences with burnout and the personal impact on relationships.
Coaching and Education: He launched a course, "Learn About Medicare Advantage (LAMA)," to educate physicians on managing patient populations and insurance dynamics effectively.
Independent Practice Advocacy: Dr. Pierre promotes independent practice models like concierge medicine and direct primary care as alternatives to corporate healthcare.
Risk Management in Rural Practice: He highlights the risks of being overwhelmed in underserved areas, urging physicians to set boundaries and prioritize manageable workloads.
Efficient Practice Management: Dr. Pierre coaches physicians on balancing patient care with payer relationships to optimize practice sustainability.
Podcast Rebranding: His podcast, initially "Practice Impossible," was rebranded to "Independent Physicians Blueprint" to align with his mission of empowering independent practitioners.
Advice to Physicians: Dr. Pierre advises doctors pursuing entrepreneurship to seek wise counsel and avoid taking on ventures alone, emphasizing the value of collaboration and specialized guidance.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in as host David Mandell interviews financial advisor Jay Zigmont PhD, MFA, CFP®, the CEO of Childfree Wealth.
David begins that he had read’s Jay first book and was extremely interested in the topic—as he and his wife Sheila do not have children. He and Jay then discuss Jay’s background and how he came to direct his career around helping child-free clients.
Jay then shares some statistics from various studies about the prevalence of childfree people and how this demographic is growing rapidly. David and then dig into the various ways traditional financial planning misses the mark for childfree people—working backwards from estate planning to present day financial decisions. David makes the point that even folks with kids or grandkids can learn from tactics that childfree people use often.
Jay then provides to David and the audience a few resources that childfree people can utilize if they are interested and concludes with Jay emphasizing the importance of community.
Key Points:
- Childfree Wealth Defined: Childfree Wealth caters to individuals who do not have children by choice or circumstance, representing a significant and underserved demographic in financial planning.
- 25% of the U.S. Population is Child-Free: Research indicates that 25% of Americans are child-free or permanently childless, highlighting a large, often overlooked segment of the population.
- Lack of Representation in Financial Planning: Traditional financial planning is geared towards families with children, leaving child-free individuals with advice that doesn't align with their unique needs.
- Financial Impacts for Child-Free Individuals: Child-free people often focus less on wealth transfer to future generations and more on living fulfilling lives, with different priorities such as disability insurance, long-term care, and lifestyle investments.
- Higher Net Worth Among Child-Free People: Research from Pew shows that child-free individuals tend to have higher net worth, and gender pay gaps are significantly reduced within this group.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen as host David Mandell continues his conversation with dentist and coach Dr. Sue Keller.
Picking up where they left off at the end of Part I, David and Sue discuss the ongoing financial challenges of her specialty dental practice. Here, they tackle Sue’s difficult decision to file bankruptcy for the practice after more than 20 years -- and the legal, practical and emotional processes involved.
The discussion then turns to Sue’s transition after closing her practice – from working part-time for another dentist, serving patients as part of a non-profit and her eventual interest in, and transition to, coaching.
David and Sue conclude the conversation chatting about Sue’s role as a coach and how physicians and dentists could benefit from this type of advisor.
Key Points
- David discusses the stigma around bankruptcy in the medical and dental fields and how it can be a difficult but necessary decision.
- Dr. Sue opens up about the emotional attachment she had to her practice, likening it to one of her children, which made it hard to let go despite financial struggles.
- By 2018, Sue realized she was losing $7,000 per month despite working with coaches, accountants, and business consultants.
- She shares that her staff turnover and the irregular income of her practice contributed to her financial distress, comparing the ups and downs to a "gambling addiction."
- A business coach encouraged Dr. Sue to explore bankruptcy, which led her to interview multiple lawyers to understand her options.
- Sue highlights the emotional weight of separating her identity from the practice, realizing she wouldn't "die" if the practice failed.
- Once she accepted the need for bankruptcy, Dr. Sue moved quickly, closing the practice within a month and transitioning into part-time work at another practice.
- Working part-time at another dental practice, Sue found she earned more with less stress and more time for herself than she ever did in her own practice.
- The bankruptcy process took several years to resolve, but Dr. Sue managed to repay part of her debt and eventually moved on from the practice.
- During the COVID-19 pandemic, Sue worked with the Medical Reserve Corps, vaccinating as part of a team, which she found rewarding and different from the solo nature of running a practice.
- Dr. Sue transitioned into life coaching after discovering her love for helping people make positive life changes, drawing on her own experiences of resilience.
- She explains the distinction between coaching and therapy, emphasizing that coaching focuses on helping clients take steps toward future goals, rather than revisiting past traumas.
- Sue advocates for the importance of balance in life, urging professionals to reflect on whether their careers are enhancing or detracting from their overall well-being.
- She notes the value of mastermind groups and communities where professionals can openly share challenges and vulnerabilities without competition.
- The episode ends with Dr. Sue encouraging listeners to seek support, whether through coaching, therapy, or peer groups, as no one is truly alone in their struggles.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in or watch as host David Mandell interviews dentist and coach Dr. Sue Keller. David begins with questions he asks all doctor guests to the program—about their initial interest in becoming a doctor, early career journey and more. Sue relates her personal experiences that lead her to dentistry and a shift from an interest in orthodontics to general dentistry.
Sue explains her initial venture into private practice, purchasing an existing practice from a burned-out dentist, and her initial attempts to grow the practice. She and David discuss her challenges in growing the practice, the positives and negatives to developing a niche practice, to moving the physical location and the difficulties of keeping good staff.
For the remainder of this first part of a two-part episode, Sue tells David about the challenges of keeping the practice afloat financially. In part two, they discuss Sue’s decision to file bankruptcy for the practice after more than 20 years and her career transition thereafter.
Insights:
- Sue shares her personal journey, mentioning her early interest in dentistry after having her first loose tooth at six years old.
- Sue had a positive childhood experience with her dentist, which fueled her desire to make dentistry comfortable for others.
- She discusses the transition in her career, starting her practice after a residency and eventually purchasing an existing practice from a burned-out dentist.
- In 1995, Sue took over a family practice and started building it up, noting challenges with old technology and financial constraints.
- She explains that her practice focused on treating anxious adult patients with oral sedation, creating a niche in an underserved area.
- She moved her practice in 2007, creating a comfortable environment in Northampton but encountered financial challenges in 2008 due to the financial crisis, including losing two-thirds of her patients after the move and facing difficulties hiring motivated staff, leading to constant turnover.
- Sue reflects on the decision to go fee-for-service and the financial pressures of taking insurance while striving to maintain high-quality care.
- Despite her advanced education, she struggled to implement complex treatments due to a lack of patients who could afford the care.
- Sue emphasizes the importance of utilizing specialists, even for bread-and-butter dentistry, to maintain quality and avoid complications.
- She outlines the ongoing financial struggles from 2008 to 2017, refinancing multiple times to stay afloat amid a tough market.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in or watch as host David Mandell speaks with practice consultant Jessica Jones.
David begins asking about Jessica’s career and how she ended up working with medical and dental practices. Jessica then shares with David the pain points doctors typically have when they contact her—how they want to see their practices, and lives, improved.
Jessica then speaks to David about the importance of finding the doctor’s passions and how to align the practice with those passions, along with patient needs—potentially with a cash-based revenue element outside of insurance reimbursement. She then digs into the details around service offerings, equipment purchases, the importance of delegation and other key success factors her experiences has discovered are valuable—in cash-based practices or traditional ones.
Finally, Jessica stresses the importance of brainstorming and getting out of the daily grind to have perspective on what is working and what could be improved.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in or watch as host David Mandell interviews Dr. Benjamin Ostrander, Chief Resident in Otolaryngology at the University of California San Diego.
David begins with questions he asks all physician guests to the program—about their initial interest in becoming a physician and in their particular area. Ben explains his family background in engineering, his initial degrees in engineering and bio engineering and his gravitation to medical school and surgery.
David and Ben then focus on the topic of innovation in general and specifically how medicine can learn from other industries—first discussing how the checklist concept came to medicine from aviation.
Ben shares some of his research on the science and art of hospitality and how these concepts could translate into medicine. David and Ben then jump into a number of potential ways medicine could benefit from lessons learned in hospitality—from patient experience to environmental factors to employee satisfaction.
Finally, Ben provides further resources for those interested in applying these concepts into their practice or hospital workplace.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!
Listen in or watch as host David Mandell interviews CPA and practice consultant Nolan Bradbury.
David begins by noting he and Nolan will first focus on traditional private practices and then then transition into “side hustles” and doctorpreneurship.
In terms of private practices, David asks Nolan about key financial priorities in running a profitable practice, including the importance of key performance indicators (KPIs) and the critical difference between delegating and abdicating. They also discuss a number of important success factors if doctors are looking to grow the practice and, eventually, exit in some type of merger or sale.
Turning their discussion to side hustles and entrepreneurship, Nolan explains what he sees as must-haves in terms of considerations for physicians branching out into these areas. Nolan also gives insights into how a physician or practice can find a good CPA who is the right fit for them.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
In this special episode tied timed to release before the upcoming U.S. elections, host David Mandell welcomes OJM Partner and Wealth Advisor Andrew Taylor, CFP, to discuss investing through impactful current events, including potentially stress-inducing election seasons.
In this unique episode, David and Andy refer to a number of slides based on data from U.S. presidential elections going back more than 60 years. For those watching on our YouTube channel, those slides are part of the video content. For those listening, a link to the referenced presentation slides can be found here. Also, the article that Andy references regarding October volatility can be found here.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in or watch as host David Mandell continues his interview with orthopedic surgeon Dr. John “Jay” Foley, focusing on Jay’s career path after being disabled in a snowboarding accident and unable to perform surgery.
Jay explains how his own-occupation disability policy made a significant impact on his post-injury financial health. He also relates that his initial plan for an osteoporosis center did not workout, so he pivoted to medical evaluation for worker’s compensation cases and medical-legal work as an expert witness.
David and Jay spend the remainder of the interview digging into the pros and cons of both the case evaluation and expert witness work, including what Jay has learned and what advice he gives other physicians about both ventures and about the importance of disability insurance.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in or watch as host David Mandell interviews orthopedic surgeon Dr. John “Jay” Foley.
David begins with questions he asks all physician guests to the program—about their initial interest in becoming a physician, early career journey and more. Jay explains what got him interested in orthopedics at a young age, about how he spent a few years as a seasonal surgeon between the mountains and the beaches, before settling down in Reno, Nevada.
David learns from Jay how he built a busy orthopedic practice in two locations, emphasizing his flexibility and willingness to take call as key drivers to build his practice early on. He also notes how his practice grew steadily over the years.
The conversation shifts as Jay explains his fateful snowboarding accident on his birthday at age 58, which he knew instantly created a disability that would keep him from performing surgery for years, if not permanently.
For the remainder of this first part of a two-part episode, Jay tells David about his immediate reactions to the injury, both practical and emotional. In part two, they discuss Jay’s career transition and successes he has had.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2024 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"
Episode 3.12 (Originally released on February 23, 2023)
Career Moves, Personal Finance & Entrepreneurship with Selene Parekh, MD, MBA
In this episode, orthopaedic surgeon Dr. Selene Parekh joins David to discuss his career path, academic medicine, entrepreneurship, finance and more.
Selene begins with his background – where he grew up, what got him interested in medicine and orthopaedics in particular. He then explains his early exposure to and interest in financial topics, and why he chose to pursue an MBA.
Selene then explains why he took his first job out of training at the University of North Carolina, his role there and why he later moved to Duke University. He describes his adjunct professor role at Duke’s business school, and then why, after 14 years at Duke, he has made a very recent move to Rothman Orthopaedics in New Jersey.
Selene shares his approach to personal finance and his philosophy of surrounding himself with experts rather than trying to do too much himself.
Next, Selene explains his role in a number of entrepreneurial activities, including The Fantasy Doctors and The Tech Doctor.
The episode concludes with Selene summarizing a lecture he often gives to physicians on work-life balance and offering his one piece of advice for young physicians.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2024 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"
Episode 3.7 (Originally released on December 8, 2022)
Lessons from An Aesthetic Practice Sale with Dr. Steven Dayan and Dominic Mazzone
Listen in as David chats with facial plastic surgeon Dr. Steven Dayan and MedSpa Partners (MSP) CEO Dominic Mazzone. They discuss the consolidation in medicine in general and aesthetics in particular and delve into why Steven chose to sell his practice to MSP.
David begins the conversation by asking both Steven and Dominic about their upbringings and career paths. Steven explains how his practice grew over the decades with his use of research and “guerilla marketing,” and when selling the practice first appeared on his radar.
Steven shares what he learned going down the road with three other firms to the letter of intent (LOI) stage before finally agreeing to work with Dominic’s firm. Dominic then addresses the areas that a physician should look for when choosing a platform, the key questions he asks potential physician partners, and why integration is crucial – not just consolidation.
Steven the gives David his perspective, including why he chose MSP and how he continues to see MSP as different than other platforms when he speaks with colleagues.
Dominic tells listeners what his firm looks for in a potential practice for acquisition -- including financial and non-financial elements – and why he sees aesthetics as different from non-cosmetic specialties.
David concludes with asking Steven to give his best pearls of advice for fellow physicians considering a sale.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2024 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"
Episode 3.15 (Originally released on April 6, 2023)
Banking for Doctors, by Doctors featuring Dr. Michael Jerkins
In this episode, David is joined by Dr. Michael Jerkins, internist, pediatrician, and co-founder and President of Panacea Financial.
Michael begins with his background – where he grew up and what got him interested in medicine. He explains his decision to postpone medical school for a year and get a master’s degree in Education, and how teaching is still part of his passion and career.
Michael relates how the financial stresses of medical school and starting a family showed him how the traditional banking system fails physicians in training and gave him the idea that eventually became Panacea Financial.
Michael then provides an overview of Panacea Financial: its physician focus, what’s unique about it compared with other banks, its relationship with Primis Bank, and a few statistics to illustrate Panacea’s recent growth. He covers which of their offerings are most popular with physicians and which are growing.
Michael concludes with what he sees as common misconceptions doctors have around banking and debt, and offers his advice to physicians when it comes to tackling financial issues.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2024 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"
Episode 3.6 (Originally released on November 24, 2022)
Loans for Physicians, From Physicians with Dr. Zwade Marshall, CEO, Doc2Doc Lending
In this episode, David is joined by Dr. Zwade Marshall, an anesthesiologist/pain medicine physician, as well as co-founder and CEO of Doc2Doc Lending.
Zwade begins with his background – where he grew up and what got him interested in medicine. Zwade the story behind Doc2Doc Lending–how they evaluate physician borrowers differently than banks do, how their program fared during COVID, and the rate at which they have been growing. David and Zwade then discuss the misconceptions many doctors have around debt, including emotions connected to it and the stress created by debt during training and early years of practice. Zwade explains how Doc2Doc Lending has raised money from physicians in practice to make these loans–the “equity” side of the business.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2024 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"
Exiting Partners from a Practice with Attorney, Jason Greis.
(Originally released on September 8, 2022)
Listen in as David chats with nationally recognized healthcare attorney Jason Greis about the important and sensitive topic of creating win-win strategies for exiting retiring partners from a medical practice. Jason begins by describing his firm and practice and then gives some reasons why setting a partner exit pathway is so important for the exiting partners, the practice and younger partners. Jason covers what is typically involved to incorporate exit plans into the legal documents of a practice and why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
In this 19th and final episode of Season 4, host David Mandell recaps the season’s 18 episodes. He briefly summarizes each episode and highlights a pearl or two from each. This can serve as a helpful reminder for listeners who have heard all 18 episodes to revisit ones that they found most valuable, and can motivate those who missed any episodes to listen or watch them during the summer, as we also run our Summer Rewind Series.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
In this episode, host David Mandell, JD, MBA welcomes Dr. Butch Ferguson, a retired oral and maxillofacial surgeon. Their discussion initially covers Dr. Butch's career journey, including his experience in the US Army Dental Corps, both pros and cons -- beginning with his own training, moving up the command chain, training other dentists and oral surgeons for years.
David and Butch then dive into his decision to leave the military and join Augusta University as a faculty member in Oral and Maxillofacial Surgery, where he spent a few decades. Butch discusses the challenges and rewards of teaching in a Level 1 trauma center, dealing with complex surgical cases and severe trauma, as well as the career, financial and business advice he gave to students over the years.
The discussion concludes covering the topic of retirement, including how Butch was not initially prepared for the transition and the toll that took on him. They then chat about Butch’s new business and his newfound energy around that. Their discussion includes Butch’s advice for other doctors approaching retirement on how to “retire well.”
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in to this continuing episode as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions. Here, in part two of this two-episode interview, David begins the discussion with Erica, looking at her situation as a case study – first discovering what her frustrations were with her then-present job, how she found Ethan to help her, and their process of renegotiating her employment contract over the ensuing months. They focus on key success factors, such as leverage through other job offers and the timing of negotiations.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions. In part one of this two-episode interview, David begins the discussion with Ethan, covering his background in law and as a hospital administrator, where he used to negotiate physician employment contracts from the employer side. He explains his agency’s approach to contract negotiations in representing doctors and the common misconceptions physicians believe which hold them back in getting better deals.
Erica adds to the conversation the physician perspective, commenting that many doctors have a mindset that believes the employer’s statement that contract terms are non-negotiable, when, in fact, this is not true.
As this initial part of the conversation concludes, Ethan also emphasizes the crucial success factor of having other quality offer(s) on the table when negotiating your next contract.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in as host David Mandell chats with two CPAs from the firm Aprio who specialize in serving medical and dental practices. They share insights on managing finances, increasing profitability, and understanding key numbers in a healthcare practice.
The discussion covers the importance of understanding financials, key performance indicators, and strategies to increase profitability in a healthcare practice. David, Chelsea and Mary Kathryn also cover the impact of staffing costs, the potential benefits of fee-for-service models, and the importance of regular financial reviews.
Key Takeaways:
- Understanding, analyzing, and managing financial numbers are key to optimizing a medical practice's profitability.
- Regularly evaluating and adjusting fees is crucial for practices that have control over what they charge.
- Proactive, forward-looking advice is more beneficial than mere tax preparation.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in or watch as podcast host David Mandell sits down with optometrist Dr. Mike Neal. David centers this discussion on the challenges of hiring within medical practices and how Dr. Neal's experiences with hiring difficulties in his own practice led him to create Build My Team, a service designed to assist medical practices in overcoming staffing challenges.
David and Mike initially cover common mistakes in the hiring process, such as relying too heavily on resumes and interviews, which, in Mike’s experience, often do not accurately reflect a candidate's capabilities or fit for a position.
David then asks Mike to explain the importance of using assessments to identify a candidate's natural talents and strengths, a strategy inspired by Mike’s research on the hiring practices at companies like Disney and the Four Seasons. Mike argues that traditional hiring methods are inefficient and can lead to costly turnover, advocating for a more strategic approach that prioritizes quick decision-making and the identification of candidates who are inherently suited for specific roles.
David also asks Mike to touch base on the impact of AI on modern job application processes on hiring, including the challenges employers face in navigating a landscape where candidates can apply to thousands of jobs with a single click.
The episode concludes with Mike offering advice to practice owners on improving their hiring processes and adapting to the changing dynamics of the job market.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Listen in as host David Mandell interviews Shannon Seeberan, the co-founder of CloudMedSpas, a platform that enables physicians and medical practitioners to maximize practice revenue by monetizing their unused medical space.
The discussion starts with Shannon's career, as she explains how she transitioned from publishing and advertising to aesthetic medical practice growth, leveraging her deep understanding of the business side of medicine—a passion influenced by her family background in healthcare.
Shannon highlights the challenges many physicians face in managing the business aspects of their practices, such as staff management, efficiency, and planning for future growth. Shannon's tells David how her work prior to CloudMedSpas primarily involved consulting with physician-owned practices to improve their business operations, emphasizing the integration of aesthetic services to enhance revenue.
Shannon then shares her passion for supporting female entrepreneurship through pro bono consulting, highlighting the synergies between this work and her role at CloudMedSpas.
Shannon then explains to David and the audience the business pivot from Vansanity to CloudMedSpas and its broader application, allowing physicians of all types to monetize underutilized space by renting it out to aesthetic practitioners. Shannon provides specific examples of how different types of healthcare providers, including dentists and gastroenterologists, have successfully integrated this model into their practices.
In conclusion, Shannon encourages interested listeners to reach out for more information on how CloudMedSpas could potentially benefit their practices.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
Insights from A Surgeon, Team Physician & Entrepreneur with Dr. Brian Cole
Listen in as host David Mandell speaks with orthopedic surgeon Dr. Brian Cole. David and Brian begin the discussion with an overview of Brian’s career journey, his decision to earn an M.B.A. and his thoughts on the importance of business acumen in the medical field.
David asks Brian about the unique structure of his practice and academic work and then his experience working as team physician for a number of Chicago’s professional sports teams – both the pros and the cons.
Brian and David then chat about Brian’s involvement in healthcare-related businesses and why he focuses on business activity that relates to what he is doing medically. They also discuss Brian’s leadership roles in professional societies, including what his advice is for the young physicians he trains or speaks to on career, financial, and business matters.
Finally, Brian tells David and the audience about his own podcast, Sports Medicine Weekly.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
In the second part of the podcast, host David Mandell continues his conversation with investment banker Clint Bundy and private equity principal Matt Ebbel, focusing on the factors that contribute to successful mergers and acquisitions (M&A) in the healthcare sector, including medical, dental, and veterinary practices. They delve into what makes a practice an attractive acquisition target, the importance of cultural and strategic alignment, and future trends in healthcare M&A.
Matt Ebbel emphasizes the importance of considering the "day after" a sale, where physicians might find themselves with new responsibilities and a change in their work dynamics. He stresses the need for ownership alignment, candid dialogues about success, and the importance of evaluating the financials, doctor and staff retention, and the culture of a practice. Red flags include a lack of alignment, high turnover, and compliance issues. Ebbel also touches on the importance of setting realistic expectations regarding income adjustments post-acquisition to ensure a fair and sustainable deal and the value of physicians working with a financial advisor to see how a deal impacts their personal financial goals.
Clint Bundy outlines the "three legs of the stool" approach to evaluating practices: stability, profitability, and growth, with scale as a possible fourth factor. He emphasizes that while scale is beneficial, it's not a must-have for a practice to be considered strong. Bundy also highlights the necessity of running a competitive process to ensure the best offers for a practice, stressing the importance of certainty to close alongside the financial offer.
Both guests agree on the critical role of cultural fit and strategic alignment between the acquiring and acquired entities. They advise practices to conduct thorough due diligence on potential partners, considering factors like the platform's resources, commitment to medical quality, and the investment partner's track record and vision for leveraging technology.
Looking ahead, both Bundy and Ebbel express optimism for the M&A market in healthcare, despite recent macroeconomic challenges. They anticipate continued interest from private equity and possibly an increase in activity as market conditions stabilize. Ebbel specifically mentions potential public offerings by major players as a future benchmark that could spur more interest in the sector.
In summary, the podcast provides valuable insights into the complexities of healthcare M&A, offering practical advice for practices considering a sale or partnership. The discussion underscores the need for strategic planning, thorough due diligence, and alignment of values and goals to ensure successful transactions in the ever-evolving healthcare landscape.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen or watch as host David Mandell takes a deep dive into healthcare mergers and acquisitions (M&A), with investment banker Clint Bundy and private equity firm principal Matt Ebbel. They discuss the advisory and strategic roles they play, aiming to maximize value and find the best partnerships for business or practice owners looking to sell or raise capital.
Bundy shares insights into the process of advising healthcare practices, emphasizing building trust, understanding client objectives, and assessing the market for potential transactions. He provides case studies to illustrate the varied scale and scope of deals he has worked on, ranging from solo practices to multi-location consortiums.
Ebbel offers a private equity perspective, highlighting the importance of selecting the right partners and platforms for growth or sale, especially in a changing economic landscape influenced by interest rates and market consolidation. He stresses the significance of operational excellence and strategic planning in achieving successful outcomes in healthcare M&A.
The discussion also touches on the challenges and opportunities within the healthcare sector, including regulatory hurdles, the impact of economic factors on transaction viability, and the strategic importance of aligning with partners who can add value beyond capital.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen in as host David Mandell speaks to returning guest plastic surgeon Dr. Jonathan Kaplan about adding a weight loss program to a medical practice – both for the patient’s health and happiness and the practice’s economics.
Jonathan begins the discussion with an overview of the current popular weight loss medications Ozempic/Wegovy (semaglutide) and Mounjaro/Zepbound (tirzepatide) and how they work. He then explains how his practice began consideration of a weight loss program for patients – because of both BMI limitations of patients who wanted surgery and due to suggestions from practice staff.
David and Jonathan then delve into the various elements a physician must consider when evaluating and then implementing a weight loss program for this/her patients., including how to scale it as a subscription business model.
The podcast concludes with a discussion of how the same business process of evaluating and implementing a weight loss program could be applied by a physician to other modalities, including hormone replacement, IV therapy, cosmetic therapies and more.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen in as host David Mandell chats with Certified Financial Planners Bob Peelman, Adam Braunscheidel, and Andrew Taylor from the OJM Group on three wealth planning topics that are relevant for 2024.
David begins by discussing with Bob Peelman the basics of 529 plans, including the two types of plans, tax benefits, planning flexibility factors and more. Bob also delves into the new rules coming into effect in 2024 regarding the Roth IRA transfer provisions for unused 529 plan balances.
David then turns to Adam Braunscheidel to discuss HSAs. He explains the importance of having a High Deductible Health Plan (HDHP) to qualify for an HSA and the potential of HSAs as a retirement savings vehicle, taking advantage of their unique triple tax benefit. Adam discusses the tactic of using HSAs for long-term savings by paying current medical expenses out-of-pocket and reimbursing oneself later from the HSA through tax-free distributions.
Finally, David chats with Andy Taylor about the question of whether to invest in bonds or hold cash, particularly in the context of recent interest rate fluctuations and inflation rates. Andy explains the inverse relationship between interest rates and bond prices, and how this impacts investment decisions and how the environment as they record the podcast (4th Quarter 2023) is much different than it was 6, 12, or 18 months ago.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen in as host David Mandell interviews Dr. Madan Kandula, ENT surgeon, entrepreneur, and CEO of Advent, which he has grown to over 250 team members across 18 locations, serving over 1500 new patients monthly.
Dr. Kandula shares his background, including a brief description of his family's immigrant story from India, emphasizing the struggles his parents overcame and how this impacted his life and career.
The conversation shifts to Dr. Kandula's career journey, starting with his first job out of training, where he initially joined a solo practice in Milwaukee which went terribly, eventually motivating him to start his own practice, Advent. He highlights the importance of providing outstanding patient care and building a strong referral network, and how these principles contributed to the growth of his practice.
Dr. Kandula then delves into the decision to partner with a private equity firm in 2020, a move aimed at expanding and professionalizing the organization. He emphasizes the importance of coming into such partnerships from a position of strength and how his unique approach to healthcare made Advent a successful venture.
The podcast concludes with Dr. Kandula stressing the significance of mindset in both personal and professional growth. He encourages physicians to recognize their power and potential, and to develop a strong, positive mindset through daily practice and habits.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen in as David chats with Carey Ransom, a serial entrepreneur, venture capitalist and angel investor. Carey begins by explaining how growing up around a family business fostered his entrepreneurial streak.
Carey then discusses what initially captures his interest in an entrepreneurial venture and why he often is skeptical of founders who are in love with their solutions. He and David also spend time delving into the total addressable market (TAM) for a business and why Carey thinks it is imperative to cut that down realistically.
Next Carey tackles the topic of boards for startup companies, as he has served on many of them. He shares that, as a board member or investor, the #1 thing he looks for from the management team is how they learn and adjust.
David and Carey then discuss Bonus, one of the ventures Carey is involved with today.
Carey concludes with his big-picture advice to physicians who may be considering a jump into full-time or part-time entrepreneurial ventures.
Learn more and listen to this and past episodes by visiting www.physicianswealthpodcast.com.
In this episode, David welcomes back two guests from earlier seasons – orthopaedic surgeons Dr. Sanjeev Bhatia and Dr. Matthew Provencher. Sanjeev and Matt join David to discuss a new venture they’ve founded, along with David, called The Doctors Agents (TDA).
Sanjeev and Matt begin with how they identified a need in the marketplace for physicians to know more and achieve better results when evaluating and negotiating jobs. They discuss their personal stories and those they have seen from colleagues and fellows they train and delve into the reasons many physicians tend to evaluate jobs on their own, without the benefit of data, tools or professionals.
Sanjeev introduces TDA and describes how it helps physicians seeking their first job out of training or changing jobs. David explains a bit about two on-demand tools that TDA provides 24/7/365 – a financial model for evaluating one or more jobs financially and an AI-based contract review.
Matt comments on the importance of TDA’s work to vet experts in medical contract law and financial planning as part of their offering for physicians.
David and Sanjeev then discuss how the financial model and AI contract review tools could be valuable even for physicians who are not changing jobs – from helping them map out their financial plan and dealing with changes at the practice or hospital to taking advantage of entrepreneurial opportunities as they arise.
David wraps up with a review of the basic pricing for TDA’s various offerings in their Beta phase.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Host David Mandell chats with Dr. Jordan Romano in Episode 4.4 of the podcast. Jordan talks about his career, how he became involved in working as a medical expert witness, grew the work into a business, and now advises other physicians who are interested in this potential “side hustle.”
Jordan begins with the story of how he ended up in medicine and at Harvard and Mass General, as well as the non-traditional steps he took along the way. He relates why business was in his blood, given his family background in banking and finance.
Jordan covers how and why he first jumped into the field of medical expert witnessing, what he liked about it initially and what it took to turn it into a real business. He also shares what he sees as the most significant challenges to growing the business.
Jordan then discusses his current work in advising and coaching physicians looking to get into this space, what doctors typically can earn in the field, and common mistakes he sees physicians make when starting out.
Jordan wraps up the episode with his big picture advice for physicians considering this type of work.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Listen in as David chats with healthcare real estate expert Colin Carr. Colin begins with his background in real estate in a variety of settings. He then tells the story of how, after seeing physicians do so poorly in deals, he decided to launch a firm dedicated to helping doctors.
Next, Colin explains the top mistakes he sees physicians and practices make when it comes to their real estate -- including do-it-oneself, not performing adequate due diligence and more – and what that will cost them in the long run.
Colin delves into the choice between leasing and purchasing for a medical practice and relates the importance of having a multi-factor decision process as the key to fostering long-term peace of mind.
He then discusses the significance of timing, in terms of when to make the ‘rent vs. own’ decision, when to contact a landlord on a possible lease renewal, and even when to reach out to potential real estate agents.
Colin wraps up by sharing how physicians can find an ethical, competent real estate agent they can trust.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Dr. Jeffrey Segal, a neurosurgeon, attorney and founder of Medical Justice, returns to the podcast for Episode 4.2, where he and David discuss current legal landmines facing physicians.
Jeff begins with the topic of licensing and how doctors typically become involved with investigations into their licenses by state departments and the various outcomes that can occur. He covers private letters of concern, public admonitions, license restrictions, suspensions and revocations.
Jeff explains how the economics of a licensure defense case are often worse for the physician than a typical medical malpractice case, and thus implores physicians to make sure they have adequate insurance coverage for this type of risk.
He next describes a “sham peer review” and why doctors need to be wary of it and delves into the importance of the National Practitioner Data Bank. Jeff then covers disputes with hospitals and other employers and common mistakes physicians make as they exit.
The episode concludes with Jeff giving some words of advice about physicians working with attorneys.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
To kick off Season 4 of the podcast, David welcomes a very special guest – his father, radiologist Dr. Charles Mandell. David begins by asking Charlie, as he does with all physician guests, where he is from and what led him to become a physician in general and a radiologist in particular.
Charlie shares a bit about his first job out of training and his move to become chairman of a group radiology practice after a few years, including what he learned about the business of medicine.
David and Charlie discuss Charlie’s various entrepreneurial business ventures during this phase of his career, including real estate development and alternative energy.
Charlie then talks about the second phase of his career – a locums practice that has allowed him to travel around the U.S. and maintain an ideal work-life balance for him and his wife. He relates some advice to other physicians who may consider this option. Charlie also discusses the telemedicine-medical software firm he co-founded, which continues to operate and grow today.
The episode concludes with Charlie sharing some insights from 50 years in practice, why he still works and enjoys it, and what younger physicians should ponder when they consider their future retirement.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Insights a Few Years Beyond a Private Equity Transaction with Dr. Steve Hamilton and CEO Andy Blankemeyer
Originally released March 3, 2022
For the seventh and final installment of the 2023 Summer Rewind Series, David looks back to Episode 2.15, where he chats with orthopaedic surgeon Dr. Steve Hamilton and practice CEO Andy Blankemeyer.
Steve and Andy share lessons learned from a private equity investment into their practice from the unique viewpoint of more than two years after the transaction. They cover the evaluation process used to select the right PE firm, ways they overcame objections from some of the practice physicians, and steps they are taking to handle rapid growth and other post-transaction challenges.
David selected this episode because of the current industry trend toward M&A deals and private equity investment in medical practices. Physicians of all specialties, along with their practice executives, can gain valuable insights from the advice and perspectives shared by Dr. Hamilton and Andy Blankemeyer.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Improving How You Work With Your People with Frank Maselli
Originally released February 17, 2022
David takes a look back at Episode 2.14 for the sixth segment of the 2023 Summer Rewind Series. The episode features Frank Maselli, a speaker, author, trainer and coach, who works with employers to help them improve their hiring strategies for new employees and interactions with current team members.
David and Frank discuss assessment tests and how Frank uses test results to evaluate groups of employees at all types of companies and organizations, including medical practices and even OJM Group.
Frank offers valuable advice to employers on hiring the right person for the job and getting the most out of the people they already have. Physicians who are employers and practice owners, as well as those who are employees, can benefit from Frank’s insights on team building, performance motivation, and interacting with others at any level of an organization.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Orthopedic Experiences: The Navy SEALS to the New England Patriots with Dr. Matther Provencher
Originally released October 28, 2021
For the fifth installment of the 2023 Summer Rewind Series, David revisits Season 2, Episode 7, where he chats with orthopaedic surgeon Dr. Matthew Provencher.
Dr. Provencher is a long-time client of OJM Group and is currently collaborating with David on some educational ventures for physicians. Matt has had a remarkable career, which includes military service as a naval surgeon treating Navy SEALS and work with the New England Patriots and Boston Red Sox as their team physician.
After his time in Boston, Matt moved from Boston to Vail and joined The Steadman Clinic, a world-renowned orthopaedic practice, where he learned valuable lessons from the practice’s sale to a private equity firm. The insights gained from Matt’s experience in these varied roles, along with his advice for younger physicians, make for an interesting listen for physicians of all specialties.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Expert Insights on Asset Protection with Bo Loeffler, Esq.
Originally released September 30, 2021
For the fourth installment of the 2023 Summer Rewind Series, David revisits Season 2, Episode 5, where he chats with Bo Loeffler, an author and nationally recognized asset protection attorney.
Like David, Bo comes from a family of physicians, but gravitated to a career in the law, where he has specialized in asset protection for lottery winners, business owners and physicians. Bo and David discuss tools often used in asset protection planning, including insurance, exempt assets, LLCs and trusts, and outline key success factors for each and pitfalls to avoid.
David highlights this episode because asset protection is often a hot topic for doctors, largely due to recent high-profile cases that have resulted in significant verdicts against physicians and medical practices. If protecting assets for yourself, your family and your practice is of interest to you, you’ll gain valuable insights from David’s conversation with Bo Loeffler.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Episode 1.13: Financial Therapy 101 with Dr. Gregory Gilot and Erika Wasserman
Originally released March 4, 2021
For the third segment of the 2023 Rewind Series, David speaks with Dr. Greg Gilot, an orthopedic surgeon at the Cleveland Clinic in Florida, along with his collaborator, "your financial therapist" Erika Wasserman.
David and Greg cover reasons why Greg chose to take time away from his busy orthopaedic practice to get a certification in financial therapy. Greg shares how physicians can benefit from financial therapy and introduces his collaborator Erika and her role as a financial therapist.
Because doctors experience a great deal of stress related to money, the availability of financial therapy is something they should be aware of for themselves, their colleagues, and their family members. This episode from 2021 offers a physician’s perspective on this important discipline that can help physicians focus on and achieve their long-term financial goals.
Ideas Worth Sharing
“We as physicians are high-income earners, but we accrue a lot of debt and we have no financial literacy.”
“Let’s pay for the past, live in the present while we prepare for the future.”
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Episode 1.6: The Financial Life of a Two-Physician Couple with Drs. Robin and Evander Fogle
Originally released November 26, 2020
For the second installment of the 2023 Rewind Series, David revisits Episode 1.6 featuring a two-physician couple, Drs. Robin and Evander Fogle.
Individually, Robin is a reproductive endocrinologist and infertility specialist, while Evander is an orthopedic surgeon. The episode delves into both of their histories in terms of their careers, but also the challenges and opportunities of being a two-physician couple, including making financial decisions, raising a family with busy practices, and how they deal with money differently.
Even those who aren't married to physicians can benefit from the Fogles’ experience and candor as they share their challenges of financial life as a married couple and their varied approaches to money, investing and reaching their long-term financial goals.
Ideas Worth Sharing
“A budget doesn’t really work if you don’t follow it.”
“Once I realized I needed to be prioritizing my time and leaving things for other to help me with, my life got a lot simpler.”
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Join host David Mandell as he revisits and highlights 7 episodes from Seasons 1 and 2 of The Wealth Planning for the Modern Physician podcast. “I think that all of the episodes are great and provide value for our listeners,” says David, “but I selected a few that offer intriguing ideas and a unique perspective for physicians in 2023.”
Episode 1.2: Lessons From a Neurosurgeon-Attorney-CEO, with Jeffrey Segal, MD, JD
Originally published October 1, 2020
Dr. Jeffrey Segal is a board-certified neurosurgeon, attorney, and founder of Medical Justice, a physician-based organization keeping doctors from being sued for frivolous reasons. He's also a founder of eMerit, which helps physicians protect and preserve their reputations, particularly online.
In this episode, Jeff and David discuss risk management and asset protection, Jeff's journey into medicine and law, the importance of having key staff and advisors, entrepreneurship, and various other areas. Jeff's triple role as entrepreneur, attorney and physician make for interesting content for physicians of all specialties.
Ideas Worth Sharing
“The online world is what makes or breaks a practice.”
“No business, even if it fails, ia complete and total failure. Lessons are learned that can be applied later.”
In the final episode of Season 3, host David Mandell recaps the season’s 18 episodes and highlights a pearl or two from each.
This recap can serve as a helpful reminder for listeners to revisit episodes that they found most valuable, and can encourage those who missed any episodes to visit our podcast page and listen during our summer hiatus.
New for Summer 2023: David has curated a series of thought-provoking and noteworthy episodes from Seasons 1 & 2 to be re-released every other Thursday.
Look for new episodes in September when the Wealth Planning for the Modern Physician podcast resumes with Season 4!
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
Wendell begins with his background—where he grew up and what got him interested in medicine generally and orthopaedics in particular. He outlines the jobs he had and ventures he started while in medical school, as well as the book he wrote and a podcast he launched at the same time. David and Wendell chat about why he ended that podcast and launched the NailedIt podcast when starting orthopaedic residency.
David and Wendell discuss Wendell’s approach to time and task management, including the use of batch processing. Wendell then explains his growing interest in real estate investing and delves into the details on the management of the Airbnb he owns.
Finally, Wendell and David shares his personal financial goals at his current career stage and those of his friends and colleagues also in residency and fellowship. He concludes by reminding all sports medicine doctors that he will be looking for a job shortly!
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
Listen in as host David Mandell chats with entrepreneur, former practice CEO and consultant David Valaer. David V. shares details about his former career as a naval Top Gun aviator including lessons from his training that he imparts to practices today.
He explains why his experience as a 100% owner of a company that went through an M&A transaction some years ago impacts his entire approach to working with medical practice owners. David V. explains what he likes to see with a practice as they begin a transaction approach process, including the importance of preparation. He gives some examples of practices he has worked with and gaps in preparation or issues they uncovered when doing the prep work.
David V. then covers the importance of the key staff, including employed physicians, extenders, and others, and explores the essential role they can play in getting the deal done – or stalled. The episode concludes with David V’s final thoughts for physicians considering a transaction.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, cosmetic surgeon Dr. Erik Nuveen joins David to discuss his career path, his practice’s growth, what he has learned about the business of medicine in building a cosmetic surgery platform. Erik begins by explaining his dual trainings and degrees in dentistry and medicine and how his family background shaped both his medical/dental career and his entrepreneurial spirit.
David and Erik then focus on Erik’s practice – its organic growth over the years, how that growth left him with a dilemma, and his thought process on solving the dilemma by creating a larger cosmetic surgery platform.
Erik explains his process of bringing his entrepreneurial vision to reality, which became like a real-life MBA, as well as an enormous commitment of time and energy. Erik delves into a few lessons he learned from the process – from dealing only with firms that understand healthcare, to the value of “real pros” as your advisors.
Erik’s share the challenges he faced and lessons learned from operating a platform with varied offices around the country and recruiting or acquiring new practices. The episode concludes with Erik offering some high level advice for colleagues.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, David is joined by Dr. Michael Jerkins, internist, pediatrician, and co-founder and President of Panacea Financial.
Michael begins with his background – where he grew up and what got him interested in medicine. He explains his decision to postpone medical school for a year and get a master’s degree in Education, and how teaching is still part of his passion and career.
Michael relates how the financial stresses of medical school and starting a family showed him how the traditional banking system fails physicians in training and gave him the idea that eventually became Panacea Financial.
Michael then provides an overview of Panacea Financial: its physician focus, what’s unique about it compared with other banks, its relationship with Primis Bank, and a few statistics to illustrate Panacea’s recent growth. He covers which of their offerings are most popular with physicians and which are growing.
Michael concludes with what he sees as common misconceptions doctors have around banking and debt, and offers his advice to physicians when it comes to tackling financial issues.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
Listen in as David chats with medical practice consultant Catherine Maley. David begins introducing Catherine with her experience in working with cosmetic practices but points out that their discussion will include lessons for doctors in all types of practices.
Catherine starts with an explanation of what she does in her business with medical practices nationally and internationally. She then discusses what she is seeing in terms of important branding elements for all types of practices.
Catherine then relates to David what she is seeing in terms of the best in medical practice marketing, from content marketing to reviews to texting.
David and Catherine then tackle the challenge of staffing—getting the right people in the right positions and motivating the practice team once you have them.
David and Catherine conclude focusing on a few of her Top Ten Takeaways—lessons she has gleaned from the top 100 performing practices she has worked with over the years.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
An Unexpected Career Path and Lessons from the Business Side of Medicine with Dr. Shaminder Gupta
In this episode, Dr. Shaminder (Shammi) Gupta joins David to discuss his career path, the impact of Hurricane Katrina on that path, and what he is learning from being a business executive as well as a clinician.
Shammi begins with his background – where he grew up, what got him interested in medicine why he gravitated to internal medicine & nephrology. He explains why his first job out of training was not a fit for him and how hurricane Katrina changed his path completely – as it did for many living in New Orleans at the time – opening up a career path he would not have considered otherwise.
Shammi also covers how he built a significant dialysis practice in a smaller town setting, became president of the Kidney Foundation, and built a reputation throughout the state. This led to his practice being acquired by Monogram Health, where he works today as an executive and clinician.
Shammi then shares what he is learning from the “business side” of medicine, as he builds out a multi-state medical platform for kidney health, and describes the value CEOs see in physicians who can communicate well and know their field of medicine intimately.
Next, David gets Shammi’s insights on wealth management, including building the right advisor team and why to potentially change advisors as you grow, and Shammi concludes with his three pieces of advice for fellow physicians, especially those starting out.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Selene Parekh joins David to discuss his career path, academic medicine, entrepreneurship, finance and more.
Selene begins with his background – where he grew up, what got him interested in medicine and orthopaedics in particular. He then explains his early exposure to and interest in financial topics, and why he chose to pursue an MBA.
Selene then explains why he took his first job out of training at the University of North Carolina, his role there and why he later moved to Duke University. He describes his adjunct professor role at Duke’s business school, and then why, after 14 years at Duke, he has made a very recent move to Rothman Orthopaedics in New Jersey.
Selene shares his approach to personal finance and his philosophy of surrounding himself with experts rather than trying to do too much himself.
Next, Selene explains his role in a number of entrepreneurial activities, including The Fantasy Doctors and The Tech Doctor.
The episode concludes with Selene summarizing a lecture he often gives to physicians on work-life balance and offering his one piece of advice for young physicians.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, plastic surgeon Dr. Richard Bartlett joins David to discuss his career, academic and private practice, financial decisions and more.
Richard begins with his background—where he grew up, what got him interested in medicine and surgery in particular—and his lack of interest in finances as he went through medical and surgical training.
Richard explains the process for choosing his first job, including the benefit of learning to “balance the books” even in an academic setting.
He and David then cover his 15 years as an academic surgeon, what he learned financially in creating a plastics foundation from scratch, as well as his decision to create a private practice and the value of “being a good citizen” in making that transition easier.
Richard then spends a few minutes relating the types of financial advice he gives to fellows at Harvard and the advice he would give to all doctors.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, retina specialist Dr. Charlie Eifrig joins David to discuss his career path, private practice, private investments, financial decisions and more.
Charlie begins with his background, including what got him interested in medicine and ophthalmology in particular and his exposure to and interest in financial topics, both in college and during medical training. He explains why he took his first job out of training in North Carolina as part of a small growing practice and why he moved across the country to join a practice in Orange County, CA.
Charlie then shares the lessons he learned from an investment he made with other local physicians that went south, involved mismanagement and caused multiple physicians to file for bankruptcy.
Charlie outlines what he sees as key factors in growing a successful and rewarding medical practice, including how to hire the right incoming physicians. Next, Charlie and David cover Charlie’s experience with investing in private companies and using professional advisors, and what he has learned so far.
Charlie concludes with his one piece of advice for fellow physicians.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
This episode focuses on tax and asset protection planning – as OJM Group partner and CPA Carole Foos joins David to highlight tax planning opportunities as we welcome in 2023. David then drills down into a few important developments in asset protection planning.
Carole begins with some highlights on new tax developments and opportunities, including energy-efficient home and business credits and clean vehicle credits. Carole discusses the new increased IRS interest rate effective January 1, 2023, and how that should impact physicians when it comes to estimated tax payments. Finally, Carole covers the importance of managing investment gains and losses and why this is not just a 4th quarter activity.
David then covers the trend of state exemption statutes improving protections, focusing on the California homestead exemption. He turns his attention to some important legal cases for asset protection planning. The first case involves a Delaware LLC, which many physicians have utilized for decades. David explains why this case puts some risk around relying on LLCs in Delaware for protection and contrasts the problematic Delaware case with two cases involving Ohio LLCs, which strengthen the protections Ohio provides.
David concludes with the details of an IRS-related LLC case involving a business leasing its real estate from a related LLC, and explains how that case demonstrates demonstrating the importance of following legal formalities.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, plastic surgeon Dr. Joshua Korman joins David to discuss his career path, academic and private practice, innovation, financial decisions and more.
Josh begins with his background – where he grew up, what got him interested in medicine and plastics in particular. Josh explains why he took his first job out of training at Kaiser, the reasons he left to form a private practice, and the factors he sees as most important in guiding those career choices.
Josh shares his experiences with innovation, his thoughts on investing, and the benefits and challenges of his role as a professor at Stanford.
David then asks Josh about his thoughts on the growing trend of mergers and acquisitions in plastic surgery and why he got involved in writing the book The Business of Plastic Surgery, for which David and his partners contributed a chapter.
Josh concludes with two pieces of advice for younger plastic surgeons.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
Listen in as David chats with facial plastic surgeon Dr. Steven Dayan and MedSpa Partners (MSP) CEO Dominic Mazzone. They discuss the consolidation in medicine in general and aesthetics in particular and delve into why Steven chose to sell his practice to MSP.
David begins the conversation by asking both Steven and Dominic about their upbringings and career paths. Steven explains how his practice grew over the decades with his use of research and “guerilla marketing,” and when selling the practice first appeared on his radar.
Steven shares what he learned going down the road with three other firms to the letter of intent (LOI) stage before finally agreeing to work with Dominic’s firm. Dominic then addresses the areas that a physician should look for when choosing a platform, the key questions he asks potential physician partners, and why integration is crucial – not just consolidation.
Steven the gives David his perspective, including why he chose MSP and how he continues to see MSP as different than other platforms when he speaks with colleagues.
Dominic tells listeners what his firm looks for in a potential practice for acquisition -- including financial and non-financial elements – and why he sees aesthetics as different from non-cosmetic specialties.
David concludes with asking Steven to give his best pearls of advice for fellow physicians considering a sale.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, David is joined by Dr. Zwade Marshall, an anaesthesiologist/pain medicine physician, as well as co-founder and CEO of Doc2Doc Lending.
Zwade begins with his background – where he grew up and what got him interested in medicine. He then describes Doc2Doc Lending and how the company emerged from his own cash flow dilemma after matching to attend Harvard for residency and needing to move to Boston.
Zwade then shares more about the story behind Doc2Doc Lending – how they evaluate physician borrowers differently than banks do, how their program fared during COVID, and the rate at which they have been growing.
David and Zwade then discuss the misconceptions many doctors have around debt, including emotions connected to it and the stress created by debt during training and early years of practice. Zwade explains how Doc2Doc Lending has raised money from physicians in practice to make these loans – the “equity” side of the business.
Finally, Zwade offers his advice to physicians when it comes to debt and loans.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Scott Sigman joins David to discuss his career path, business and entrepreneurial endeavours, marketing, podcasts, and more.
Scott begins with his background – where he grew up, what got him interested in medicine and orthopaedics. He explains how both of his parents were entrepreneurs and how he realized early on the need for leveraging the expertise of others.
David and Scott then discuss the important factors Scott considered when choosing his first job out of training and Scott’s view on the importance of branding and marketing, especially for younger physicians looking to build their practices. Scott then relates the value he sees in finding great advisors and the importance of changing to new people if needed.
David and Scott then delve into Scott’s various entrepreneurial activities, from lasers in orthopaedic surgery, an orthopaedic mutual fund, the Ortho Show podcast, his #followthefro social media hashtag and more.
Finally, Scott gives David two important pieces of business advice for fellow physicians, especially younger doctors.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with Dana Jacoby, a thought leader and consultant in the healthcare industry.
Dana begins by explaining how she was initially attracted to the healthcare field, and shares details about the first part of her career at large multi-national healthcare firms. She then describes the origins of her firm Vector Medical Group, including her motivation to launch the firm.
Next, David and Dana discuss the current state of the healthcare industry, including the impact of technology and consolidation, and her bullish view of the industry, focusing on innovation. Dana also comments on specific specialties that she believes are at the beginning of significant changes, and how physicians in those specialties can take advantage of opportunities.
David and Dana conclude with Dana’s two key pieces of advice for physicians looking to thrive in the changing healthcare environment.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Travis Clegg joins David to discuss his career path, wealth management decisions, charitable endeavors and more.
Travis begins with his background – where he grew up and what got him interested in medicine and orthopaedics. He explains how he did not have much exposure to finance early in his career but became an avid reader/listener of content to educate himself.
David and Travis then discuss Travis’s process for choosing his first job out of training as a hospital employee and what he saw as the pros and cons there vs. private practice, where he has been for a few years.
Travis then relates how he has approached wealth management, including hiring advisors and forming a real estate investment firm with a non-physician friend. He also explains his recent formation and ownership of a surgery center and the positives and negatives he is learning from that experience.
Finally, Travis discusses his medical mission work, including his 2022 trip to Guatemala, and offers his one piece of advice to younger physicians.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with Trisha Talbot, real estate advisor and entrepreneur behind DocProperties.
Trisha begins by explaining what her training, certifications, and experience in real estate were before launching her own firm. She then relates her motivation to launch DocProperties and delves into the unique aspects of healthcare real estate and the challenges for physicians looking to own it.
Trisha then shares her answers to a few common questions she hears from physicians and discusses a typical first step for a doctor considering a new office or piece of real estate. Finally, Trisha explains when a practice might consider selling a property, and important factors affecting that decision.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with nationally recognized healthcare attorney Jason Greis about the important and sensitive topic of creating win-win strategies for exiting retiring partners from a medical practice. Jason begins by describing his firm and practice and then gives some reasons why setting a partner exit pathway is so important for the exiting partners, the practice and younger partners.
Jason then explains what he is seeing in the marketplace in terms of private practice exit plans (or “sunset” plans), why striking a distinct deal for each new exiting physician can be problematic and why starting the exit conversation well in advance of any one partner looking to leave is ideal.
Jason then speaks to how the influx of private equity into healthcare is impacting exit planning and a variety of issues that exit agreements often cover. Finally, Jason covers what is typically involved to incorporate exit plans into the legal documents of a practice and why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this 21st and final episode of Season 2, David recaps the season’s 20 episodes. He briefly summarizes each episode and highlights a pearl or two from each. This can serve as a helpful reminder for listeners who have heard all 20 episodes to revisit ones that they found most valuable, and can motivate those who missed any episodes to visit our podcast page and listen during the show’s hiatus.
Look for new episodes in August when the Wealth Planning for the Modern Physician podcast resumes with Season 3!
Listen in as David chats with nationally recognized healthcare attorney Jason Greis about all things related to ambulatory surgery centers (ASCs). Jason provides an overview of his firm and practice and then outlines some benefits of ASC ownership for physicians, along with some trends he is seeing in the marketplace. Jason then explains the restrictions that can limit ASC involvement for physicians and describes the types of doctors or groups that may not be a good fit for ASC ownership. David and Jason then discuss four common pitfalls physicians might encounter when starting a new ASC, how payors are dealing with ASCs, and what Jason sees in terms of joint ventures these days.
Jason then speaks to financial returns for an ASC, including ROI and valuation multiples, and concludes with pearls of advice for physicians considering an ASC launch and those already involved with one.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with Brett Spark, the President of Aroris, a healthcare consulting firm. Brett outlines his career path in various areas of healthcare, from large institutions to CEO of small private practices, and his decision to create Aroris and become an entrepreneur.
Brett then explains where he sees the most common payor contract pitfalls in private practices and why a review of such contracts – to understand what a practice has as baseline – is so critical. He also describes how their process involves a full discovery “diagnostic” of all payor contracts before even entering into negotiation.
Brett covers his firm’s approach to negotiation with payors and Aroris can create leverage for better economics. He also dispels some common myths physicians have about payors and how to deal with them.
Brett and David then discuss Aroris’s work in the area of practice valuations -- helping practices improve their contracts before a possible sale, as well as assisting private equity and other investors with evaluation of a practice’s current contracts.
Finally, Brett explains how medical practices typically get started with Aroris, what the firm charges for their discovery phase, and how their success fee on negotiation is simply a percentage of the additional revenue generated over baseline. He also clarifies that Aroris is actually synergistic (and not competitive) with billing/coding/collection firms.
David concludes with an offer for listeners to arrange a consultation with Brett and Aroris.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
This episode focuses the timely topic of taxes, as it is released on April 14. OJM Group partner and CPA Carole Foos joins David to talk taxes.
David starts by turning the mic over to Carole for an overview of the latest developments in tax proposals from the Biden Administration, which recently released its 2023 budget proposal. Carole covers the latest on C corporations, S corporations SALT limitations, capital gains and income tax rates.
David then examines one element of the Biden proposal – the “Billionaire’s tax” – and explains how the super-wealthy use one tax strategy to avoid capital gains taxes on appreciated assets. He shares a few examples and quotes from articles, and then explains the strategy: Buy, Borrow, Die.
David then outlines four ways physicians can use “Buy Borrow Die” in their own planning, including ways he has implemented the strategy for himself.
Carole and David then conclude by encouraging all listeners to focus on their 2022 tax planning early in the calendar year.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, pain management specialist Dr. John Prunksis joins David to discuss his career path, the significant growth of this practice, and his involvement with the Lithuanian Parliament and U.S. government. Listen in as John first explains how he became involved with the Lithuanian Parliament and what he helped accomplish as a member there. John and David then discuss John’s path into pain management from anaesthesia, the challenge of creating a pain-centered private practice early on, and the value he gained from joining a CEO/business owner study group.
Next John shares his approach to personal wealth management, including some of the books that shaped his thinking on the subject and the importance he sees in using a fiduciary advisor.
David and John then discuss John’s involvement with the Department of Health and Human Services, and John shares how his entrepreneurial practice has enjoyed hyper-growth in the last few years, while eschewing private equity.
Finally, John shares a few “pearls” for younger physicians and makes an offer to fellow pain physicians.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with former biotech corporate executive, multiple-time entrepreneur and medical practice consultant Louis Frisina. They begin by discussing Louis’s career path, from embarking on studies leading to both law and medicine and then shifting to a business career as a management consultant.
Louis then walks listeners through his biotech career – starting as an executive at a Swiss multi-national firm and then to Fisher Scientific – eventually deciding to leave the C-suites and join a small startup… and then another.
Louis then explains why he wanted to enter the field of aesthetic medicine and how he ended up working with physicians and medical practices as a consultant.
Finally, Louis provides a few insights on the best practices he sees in private medical practice and his current focus on the growing trend of regenerative medicine.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats orthopaedic surgeon Dr. Steve Hamilton and practice CEO Andy Blankemeyer as they discuss what they have learned a few years out of a private equity investment into their practice – Beacon Orthopaedics and OrthoAlliance.
After Steve and Andy initially explain their roles at the practice and the growth they have enjoyed in recent years, David discusses this business journey with them, beginning with how they came to consider a private equity partner following initial skepticism.
Steve and Andy then explain the challenges that high growth has presented, as a physician working in the practice and CEO running the practice. They chat with David about the importance of culture fit, flexibility, physician autonomy, the challenges COVID presented and more.
Finally, Steve and Andy impart some lessons learned and give advice to other physicians and practices considering private equity transactions.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with author and consultant Frank Maselli. They begin by discussing Frank’s career path, from the military to Wall Street to being a speaker, author and trainer.
They then examine what Frank thinks about assessment tests and how he approaches them. Frank then explains the “3-part mind” and how it impacts interactions with your team. Next, Frank explains the Kolbe A test and how he uses this to evaluate teams. David and Frank then chat about how this evaluation worked at OJM Group.
Finally, Frank gives some advice about how to hire the right person for the job and the kind of work he does with organizations to get the most out of the people they already have.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Benjamin Domb joins David to discuss his career path, running a large subspecialty practice and the award he and the practice recently won.
Listen in as Ben explains how he always wanted to be a sports medicine orthopaedic surgeon, even though he comes from a family of professional musicians. Ben and David then discuss the financial challenges of physicians during training, Ben’s decision-making process in choosing his first job, and the importance of a “privademic” environment to him.
Next David and Ben discuss Ben’s decision to move his Foundation from the original practice and form a new hip-only clinical practice alongside it. They discuss Ben’s role in his practice, his hiring of a CEO, and the importance of being “mission-focused.”
David then asks Ben about the circumstances around his winning the Ernst & Young Entrepreneur of The Year 2021 Midwest Award. Finally, David and Ben discuss the One Thing he would tell younger physicians.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with nationally recognized healthcare mergers and acquisitions (M&A) attorney Gary Herschman. Gary begins by describing his firm and practice and then gives some statistics in terms of the number of M&A deals in the medical practice space.
David and Gary then dive into the reasons why a medical practice might consider merging with another practice, becoming an acquirer or being acquired. They then discuss how investors value medical practices, when to involve an attorney, and key success factors. Finally, Gary explains why an accurate understanding of the deals that are out there benefits physicians, even if they decide not to move forward.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as host David Mandell chats with entrepreneur and experienced private investor David Victor. They begin by discussing Victor’s career path, leaving the practice of law to join his father in the startup that became American Education Institute (AEI), where Mandell lectures every year.
They then explore AEI in more depth – what services it offers, why physicians might be interested in it, how COVID forced Victor to transform the business, and why the business may be stronger now than ever before.
Next, Victor explains his approach to investing in private businesses, including a dive into a cannabis-focused real estate project he is excited about today. He concludes with some advice to others looking to invest significantly into private businesses.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with student loan expert Ryan Frailich. David and Ryan begin with Ryan’s career path -- from a teacher to human resources professional to Certified Financial PlannerTM with an expertise and certification in student loans (CSLP).
David and Ryan then dive into student loans – discussing Income Driven Repayment plans, the pros and cons of private refinancing, the Public Service Loan Forgiveness program, and various factors that can impact an individual physician’s student loan management strategy.
Finally, Ryan gives his thoughts on how young physicians in practice should think about balancing the desire to pay off student loans with other financial goals.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen as David chats with retirement plan expert Scott McHenry. David and Scott talk about Scott’s career path – from a position inside a large firm to the transition to his own firm about 15 years ago.
David and Scott then dive into Cash Balance Plans (CBPs). They discuss how these plans can be more favorable than other qualified plans, such as pensions, profit-sharing plans and 401(k)s, define the type of practice or physician that is a good candidate for a CBP.
They wrap up with key success factors in implementing CBPs, how CBPs can work with 401(k)s, what happens if a CBP is terminated and how Scott and his firm work with physicians and practices throughout the U.S.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Kevin Plancher joins David to discuss his academic and private practice career, experiences with finance and speaking alongside David at an upcoming orthopaedic meeting.
Listen in as Kevin explains how he ended up in orthopaedics when coming from a family in finance and building a department with other “young guns” in his first job out of training. Kevin then talks about his decision to leave the hospital setting for his own practice after some years.
Next David and Kevin discuss his interest in academics and how Kevin balances his practice responsibilities with two teaching positions at two medical schools. They then chat about a finance course where both David and Kevin will be speaking, as part of the Ortho Summit in Las Vegas in December. Kevin explains why it is important to him to speak with fellow doctors about business and finance.
Finally, David and Kevin discuss the One Thing he would tell younger physicians and the One Thing he would counsel fellow experienced doctors.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. Matthew Provencher joins David to discuss varied experiences he has had in his career.
Listen in as Matthew explains how he ended up in orthopaedics when his dream of being a Navy pilot didn’t work out. He then explains his experience as a Naval surgeon, taking care of the SEALs, and working on humanitarian missions and what he learned from those positions.
Matthew then chats with David about decision to leave the Navy to become Chief of Sports Medicine at Mass General Hospital, associated with Harvard. He discusses his experiences and special challenges in academic medicine as well as what he learned as team physician for the NFL Champion, New England Patriots.
Matthew also dives into the his move from Boston to Vail to join the Steadman Clinic—a world-renown orthopaedic practice. They chat about the difference in being a part of a private practice and his experience in having that practice recently sold to a private equity firm.
Finally, David and Matthew discuss his involvement in entrepreneurial activities, his ongoing roles as part of these ventures and the One Thing he would tell younger physicians.
Listen in as David chats with CPA and financial consultant Jessica Nunn. David and Jessica discuss Jessica’s initial interest in finance and accounting, including her education and initial jobs with larger firms working with public companies.
David and Jessica then dive into Jessica’s decision to go out on her own to help smaller clients like medical and dental practices and their owners. Then Jessica discusses how she helps practice owner clients today, giving some real examples of challenges that arise and how to improve processes and profitability.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with author and nationally recognized asset protection attorney Bo Loeffler. David and Bo discuss Bo’s background as a litigator and U.S. Bankruptcy Trustee and how that has helped him as an asset protection attorney. Bo also chats about his experience in representing lottery winners.
David and Bo then dive into a few specific tools often used in asset protection planning, including insurance and exempt assets. They also cover limited liability companies (LLCs) and trusts—discussing the key success factors for each and pitfalls to avoid.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, orthopaedic surgeon Dr. David Yanoff joins David to discuss varied topics.
Listen in as Dr. Yanoff shares why he initially became interested in medicine and how his military service guided him into orthopaedic surgery. He then explains his sudden departure from his first practice for a new town and how that led to building a thriving practice and owning the building where he practiced.
They discuss this, his process for gradual retirement, and much more, in episode 4 of season 2 of the Wealth Protection for the Modern Physician podcast.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
This episode focuses on the timely topic of the Employee Retention Tax Credit (ERC), which many medical practices may be able to take advantage of for significant tax savings. From its origins in the CARES Act in 2020 and the rules that related to it around the PPP loans and more, to the changes recently enacted by Congress as a part of the Consolidated Appropriations Act of 2021 (CAA).
In conclusion, Carole explains what medical practices should be doing now to see if they are eligible for the ERC.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In the second episode of Season 2, orthopaedic surgeon Dr. Michael Ast joins David to discuss several topics.
Listen in as Michael explains his interest in becoming an orthopaedic surgeon following a college gymnastic career and his early exposure to business and finance. Michael then describes his first job out of training and the unique focus that practice had on pro-active marketing—and lessons he took away from that experience that all doctors can implement.
Finally, Michael summarizes a lecture he gives on personal branding for physicians. He explains several key success factors that physicians can apply to build a strong brand in their community, encourage referrals and build a busy practice.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with CPA and professional EOS implementer Crystal Faulkner about the Entrepreneurial Operating System and how physicians and practice owners can benefit from using it in their practices or entrepreneurial ventures.
David and Crystal discuss what the EOS is, how it differs from other strategic planning processes, and what the 6 key components of a business/practice are. They then examine the challenge and approach to dealing with people on the team and getting them in the “right seat”. Crystal then covers the importance of culture and how her clients who use the EOS fared during the pandemic.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as David chats with Jerry Kelsheimer and Ronnen Isakov, President and Managing Director of Medic Management Group, a national “one stop” solution for healthcare management.
David, Jerry and Ronnen examine several aspects of the business of medicine, including ways that Medic Management Group helps physicians and medical practices. They discuss what “thinking like an entrepreneur” means for physicians and the questions entrepreneurial practice owners should ask. The also cover risks inherent to today’s medical practice, exit planning and more.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, retina specialist Dr. Desmond McGuire joins David to discuss everything from his first exposure to ophthalmology back in high school, as well as how his parents influenced his commitment to saving for retirement. Dr. McGuire and David then review how Desi founded his practice by purchasing it from a few physicians and then examine the risk of signing personal guarantees on investment deals, with Desi sharing a private investment deal he was involved in that did not go as planned.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
This episode focuses on a timely economic issue – inflation and its impact on investments. You’ll hear from David, as well as his OJM Group partner, Andrew Taylor, CFP, as they discuss inflation basics and what listeners need to know about its impact in May 2021 and in the coming months.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as guest host and OJM Group Co-Founder Jason O’Dell chats with Mark Grosvenor, Executive Vice President and Chief Technology Officer for NFP (National Financial Partners).
In his discussion with Jason, Mark covers several important topics for physicians and medical practices, including cyber fraud involved with PPP loans (and practical steps to take to avoid it), what “social engineering” attacks are, what a business should do if they are a victim of cyber fraud. Mark also discusses ransomware and identifies what is typically the weakest cyber security link for a business. Finally, Mark offers tips that individuals and families can use to reduce their risk of hacks and identity theft.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Brad Adatto is a partner at the law firm of ByrdAdatto, a national business and healthcare boutique law firm. As the son of a surgeon, and from a family of many dentists, Brad has a personal connection to the businesses of both medicine and dentistry.
In his discussion with David, Brad covers a number of important issues for listeners, including common compliance red flags in medical and dental private practices, as well as HIPAA, Stark, and anti-kickback rules. Finally, Brad discusses a crucial success factor that every doctor should understand when working with their attorney.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in as Dr. Jen Haley joins David to discuss how her upbringing influenced her decision to become a physician, why she shifted specialties during her training, and how a few unplanned significant decisions have shaped her career and financial life. Jen also talks about her Radiance Revealed Podcast and reveals a few important financial habits and philosophies which have allowed her to become financially independent now and practice in a way that fits her lifestyle.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, anesthesiologist and fellow podcaster Dr. Richard Marn joins David to discuss various topics.
Listen in as Richard explains his decision to pursue anesthesiology, when he originally planned to be a surgeon, and his choice to leave a large academic institution after many years for solo private practice. They also discuss Richard’s and his wife’s investments in real estate and their search, with some successes and failures, to get tailored asset protection advice.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, David is joined by investment bankers Clint Bundy and Stewart Carlin from The Bundy Group. Clint and Stewart each discuss success factors for physicians looking to sell their practice, merge into larger practices, or even become an acquirer. They also cover a few common mistakes they often see in the medical practice space. Finally, Clint and Stewart tell David the best ways physicians can vet and compensate a potential investment banking firm and the “one thing” each of them would recommend physicians consider if they may sell their medical practice.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, David speaks with Cleveland Clinic Florida orthopaedic surgeon Dr. Gregory Gilot and his collaborator “Your Financial Therapist” Erika Wasserman.
Listen in as Greg outlines his traditional surgical training and career. Greg then discusses his interest in Financial Therapy and decision to pursue academic training in the field while continuing to practice orthopaedics. Erika covers her career journey from IBM to branding consultant to Financial Therapist, where she met Greg in the Kansas State Financial Therapy program.
Greg and Erika then explain the basics around Financial Therapy – what it is, how it differs from typical individual or couples therapy, and how physicians could benefit from a short course of Financial Therapy to alleviate many types of stresses that come with the student loans, the practice of medicine, marriage, etc.
Finally, Greg and Erika describe the process they have developed for physicians and each give one key piece of advice regarding finances and happiness.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, gastroenterologist and entrepreneur Mukul Mehra, MD joins the program to discuss his career journey and business pursuits.
Listen in as Mukul explains his financial choices on schools to attend, job selection and how he sought the right financial firm to guide him. He and David also discuss how Mukul’s time away from the practice led to insights which culminated in his successful healthcare company and the importance of finding the right mentor in business.
Finally, Mukul gives his advice to physicians—on protecting one’s time and taking risks.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Dr. Goldberg discusses his motivation to become a physician, his experience in joining a private practice after training and the decision to leave that practice and go out on his own. He then explains his decision to go to law school at night and what he took away from that training.
Finally, Dr. Goldberg explains his advice to fellow physicians regarding liability and asset protection and the recent merger of his practice and his new position.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
As the new year begins and the Biden administration takes office, this episode focuses on the timely topic of 2021 tax planning.
David opens with an overview of two tax-related topics: (1) the improvement of the tax-favored asset class of permanent life insurance by a federal law passed at the end of 2020; and (2) the tactic of timely tax loss/gain harvesting – which should be implemented throughout the year, not just in the fourth quarter.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, sports medicine orthopaedic surgeon Dr. Scott Faucett, MD, MS joins the podcast to discuss his career path, decisions concerning career and finances, and his entrepreneurial ventures in medically-related businesses.
Listen in as Scott explains his background in finance, from both his family and college education and his fascinating master’s program at Dartmouth, where he trained in many management areas related to medicine. He and David also discuss Scott’s various job decisions and his learned importance on working with specialists, both in his personal wealth planning and in launching new ventures. David and Scott then cover lessons Scott has learned as an entrepreneur.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
This episode focuses on a powerful wealth planning opportunity for physicians that is time-sensitive -- leveraging today’s historically low interest rates. You’ll hear from David, as well as his OJM Group partner, Jason O’Dell, MS, CWM, as they discuss techniques for leveraging low interest rates in a number of wealth planning areas.
David discusses three ways to leverage such low rates and then introduces Jason to discuss premium-financed life insurance, one technique that has increased attractiveness today.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
In this episode, Orthopaedic Spine Surgeon Isador Lieberman, MD, MBA joins the podcast to discuss his career path from Toronto to Cleveland to South Florida to Dallas, including academic positions, clinical work and administrative responsibilities.
Listen in as Isador explains why he sought out an MBA while in practice at the Cleveland Clinic and lessons he learned running orthopaedic departments and, currently, the Texas Back Institute. He and David also discuss entrepreneurial opportunities that physicians can leverage, as well as Dr. Lieberman’s founding of, and continuing work on, the Uganda Spine Surgery Mission.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Today we have two guests joining the show: Drs. Robin and Evander Fogle, from Atlanta, Georgia. Robin is a Reproductive Endocrinology and Infertility Specialist, while Evander is an Orthopaedic Surgeon. In this episode, we discuss their stories of how they met, and their medical training paths across the U.S. (and Evander’s stint as staff surgeon at Guantanamo Bay, Cuba.)
We focus most of the discussion on their challenges of making financial decisions as a couple and raising a family with busy practices – including the differences in how Robin deals with money vs Evander, yet how they make it work. They touch on buying that first house, savings vs spending, budgeting, the value of getting a professional’s input, the importance of delegation and more.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Tim Sawyer is the President and Co-Founder of Inc. 500 Company Crystal Clear Digital Marketing. He is a highly regarded motivational speaker, author and practice management consultant within the medical industry.
Listen in as Tim explains what he has learned from running his own business, including his mistakes, and what his advice would be for physicians in private practice or with entrepreneurial aspirations. You will learn the important difference between abdicating and delegating, how to increase productivity by updating your database and more.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
A second-generation physician, Jonathan explains why he became a plastic surgeon, his background in getting a master’s degree in public health, and his choice to become an employed physician out of fellowship. He and David discuss Jonathan’s decision to buy a private practice in San Francisco and everything that was involved in that transaction, including his use of an SBA loan and creation of a business plan. Jonathan then discusses the areas of wealth planning he handles himself, as well as the areas he delegates. Finally, Jonathan and David chat about why he created BuildMyBod, a tool that strives to create price transparency in health care. Jonathan covers what this new venture offers physicians and valuable lessons he has learned from this business.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Michael S. Byrd is a partner at the law firm of ByrdAdatto, a national business and healthcare boutique law firm. As the son of a doctor and entrepreneur, Michael has a personal connection to both business and medicine, and he has blended these life experiences to become a leading advocate for doctors and dentists throughout the United States. Today he joins the show to share his advice for any physicians looking to become involved in entrepreneurial activities, including running a private practice.
Listen in as Michael shares where physicians tend to go wrong when it comes to legal issues and how “$5 problems” often escalate to become “$50 solutions.” Michael also discusses success factors that every doctor should be aware of when working with attorneys.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Dr. Jeffrey Segal is a board-certified neurosurgeon, attorney and founder of Medical Justice, a physician-based organization focused on keeping doctors from being sued for frivolous reasons. He is also the founder of eMerit, which helps doctors protect and preserve their reputations—particularly online. Jeff joins the show today to discuss his journey from physician to CEO to attorney to CEO.
Listen in as he explains what it takes to launch a venture and why there are always lessons to learn from starting one—even if you fail. You’ll discover the importance of creating a great team around you—whether in terms of staff or advisors, how managing your online presence can help you not only overcome bad reviews but also positively add more patients, and Jeff’s advice for young physicians starting out.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Welcome to the Wealth Planning for the Modern Physician podcast, where your host, David Mandell, JD, MBA addresses the most common concerns surrounding financial freedom and shares his tips for gaining independence. Listen in as David speaks with physicians, thought leaders, and industry experts about the steps they took to secure their financial futures, and lessons learned through their careers.
In this opening episode, Sanjeev Bhatia, MD, joins the show to discuss investing, making informed job decisions, and more. You will learn the importance of viewing investing as a long-term game (and not being discouraged if you lose money in the beginning), why we must be careful not to overanalyze ourselves, and why the first job you take is not necessarily your perfect job.
You can find show notes and more information by visiting www.physicianswealthpodcast.com.
Listen in for a hint of what's to come from the Wealth Planning for the Modern Physician podcast!