Financial Residency

Dr. Kristine Scruggs shares her journey as a novelist turned screenwriter. Exploring her creative side has helped her overcome and avoid burnout as a hospitalist physician. She is able to use her medical knowledge to help write scenes and themes in her works.  She talks about conferences and competitions that have been beneficial to her in getting her work noticed and making contacts in the indust...

Jon from Contract Diagnostics discusses the topic of inflation and its impact on physicians' contracts. He emphasizes the importance of proactively addressing the issue of rising costs and suggests several strategies for physicians to consider. One strategy is to negotiate for periodic raises built into the contract, either as fixed amounts or tied to an inflationary index. Another option is to ne...

In this discussion, we will be exploring the topic of social security and its importance in financial planning. There are often misconceptions surrounding social security, leading to negative perceptions about its funding and benefits. However, it is crucial to consider the potential advantages and whether it should be included in one's planning. For individuals with above-average incomes, such as...

Sometimes buyers make the decision to waive appraisal contingency in a competitive market. Basically that means you will buy the house even if it doesn't appraise for what you offered.   But what does that mean when it comes to getting a loan? Does that put you or your earnest money at risk? Learn more about this on today's episode.    Doug is a physician lender with BMO Bank. To learn more about...

Today, Jon Appino from Contract Diagnostics provides insights into medical directorships. He discusses the compensation structure of medical directorships, which varies based on the amount of work and scope required. Typically, medical directors are compensated per hour and there may be monthly or annual caps on compensation. The dollar amount usually ranges from $120 to $200+ per hour. Jon emphas...

Dr. Latifat is a physician, a mother, a financial educator, and a recovering burnt-out professional who's helping other physicians reach their financial freedom dreams through her website, moneyfitmd.com In this episode of Finance for Physicians, we'll talk about Dr. Latifat's story of financial success and how she did it by following her values and ignoring the path society had in store for her....

Dr. Corinne Rao is a vocal proponent of taking medicine back. While that can mean many different things to different people, her focus is to educate yourself and know your worth. Don't settle. Advocate for yourself.  Find jobs that value your time, your education and pay you accordingly. Discover what is important to you in your career and then find the job that supports that. 

In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by d...

It's difficult to work in oncology and teach at the same time about it. It's also hard to run a non-profit in a conservative industry that usually puts profit above all else. However, some people manage to do it. And it's those professionals we want on our show. Such is the case with Dr. Shikha Jain. Besides being a practicing oncologist & professor at the University of Illinois, Shikha is also......

Welcome to another episode of Finance For Physicians, where we dive deep into the financial matters that matter most to physicians. In this episode, your host, Daniel Wrenne, takes the stage solo to unravel the complexities surrounding the 457B plan – a topic that's crucial for physicians managing their finances independently. In this concise yet insightful episode, Daniel breaks down the fundamen...

Jon discusses the topic of letter of intents and their negotiation. He explains that a letter of intent is typically received before a formal contract and often includes details such as salary, signing bonus, relocation amounts, and student loans. He emphasizes the importance of negotiating these terms at the letter of intent stage rather than waiting for the formal contract. Jon warns against ass...

Rates are very high right now so it's tempting to pay points to buy down the rate. But how do you determine whether this makes financial sense? Doug explains how to calculate the math to know when your break-even point would be.   It's also important to decide whether you think the rates will go down and when you think that might happen. Some banks also allow for a Loan Modification, which allows...

Jon Appino with Contract Diagnostics talks about a free educational webinar open to all Financial Residency listeners on 9/7/23 at 7 pm CST.   He will talk about trends in compensation, the importance of doing a periodic check up on your existing contract to ensure you are being paid fairly and answer all questions from attendees.    On today's episode, we also talk briefly about check ups. You ne...

In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by d...

Christine Zharova is an attorney that has defended physicians' work rights and practices for the last 15 years. Her work specializes in malpractice lawsuits, and unfortunately, she's been pretty busy lately - big malpractice lawsuits are far more common in the healthcare world than people think. Even more alarming is the percentage of chance a physician can get sued in such a case - it's usually 5...

In this message, Jon from Contract Diagnostics shares a situation where a physician has relocated for a job that promised a minimum of 14 shifts per month. However, the employer is now only scheduling the physician for seven to eight shifts per month, causing a significant decrease in their expected income.  Jon emphasizes that it is important for physicians to hold employers accountable for the t...

The short answer is no except for sod or weather-related items such as sprinklers. Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house." They don't allow you to escrow for future items to be completed. If you wa...

Interest rates are up and buying a home can seem daunting. Doug Crouse with BMO Bank talks about ways to plan now for the future if rates should go down. Is it worth paying points to get a lower rate? What is a loan modification? He also talks about some shake-ups in the physician mortgage space with several banks pulling out of the market or cutting back dramatically. If you have questions for Do...

Jon Appino and Dr. Catherine will be answering questions from physicians that want to learn about contracts, compensation, and negotiations. I'm sure many physicians will find it valuable, especially with the opportunity to ask questions and get expert guidance.  If anyone needs any assistance or has any questions about signing up for the webinar, feel free to reach out. LINK: www. ContractDiagnos...

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract. LINK: www. ContractDiagnostics.com

Welcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance. In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strateg...

In this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practi...

Depending on the bank, likely yes but with caveats. Most banks require that you have equity (20%+) in the first home or money down on the second home. They cannot be used as investment property loans. You also cannot have three homes financed at one time to qualify for the second physician mortgage.  Each bank has its own rules, but these are fairly common amongst banks that allow two physician lo...

Dr. Signorelli is a pathologist, healthcare executive for a major corporation and owner of National Revenue Consulting. Her company helps other physicians and practice owners maximize billing & coding, minimize denial rates, reduce days in accounts receivable and increase net collections. She talks today about some of the common metrics practices should be implementing to increase their bottom lin...

Are you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare. Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice,...