Financial Residency

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers.  They discuss the importance of securing the right...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Nobody's perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians' personal finances. In this episode of the Finance for Physicians Podcast...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.    In this episode of the Finance For Physicians Podcast,...

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development.  Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their...

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years.  This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investi...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing. He enco...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everyt...

This episode is sponsored by  Resolve . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?   In this episode of the Finance for Physicians Podcast, Daniel Wrenn...

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage. He points out that employer-provided disability policies often have limitations that may not adequately support physicians...

In this episode, Jon from Contract Diagnostics discusses the notion of the best-paying job in healthcare based on an article he read. While traditional high-paying roles like executive positions and CEOs are acknowledged, Jon focuses on the surprising revelation from an anesthesia journal that anesthesiology is deemed the best-paying job in healthcare. He scrutinizes the data presented in the stud...

It's almost Match Season and Graduation Time for med students, residents and fellows. That means that thousands of doctors will be looking to move and get a mortgage at the same time. This year is different in that many banks have pulled out of the Physician Mortgage space over the past year, which means there will be fewer loan officers to handle the influx of doctors needing assistance. So plan...

Brett Riggins is the owner of Physician Wealth Systems and podcast host of Real Estate Mogul MD. He talks to us today about the BURRR method of investing (Buy, Renovate, Rent, Refinance, Repeat) and stackable returns of residential real estate. We briefly explore the tax benefits of developing a real estate portfolio to offset active income from W2 employment.   To learn more about Brett at  www....

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don't get fooled again!  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor. Topics Discussed: • Sign #1: Aggressive...

It's that time of year again where many of you are considering giving generously to help others.  What are some of the best tax strategies for giving?  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicia...

In this episode, Jon from Contract Diagnostics explores the trends in hospital mergers and acquisitions, highlighting recent examples and contemplating whether this trend will continue. He mentions the increasing number of deals and the involvement of non-traditional players like Microsoft, Amazon Health, and Walmart in healthcare partnerships. Jon anticipates more technology-driven collaborations...

In this brief episode, Jon from Contract Diagnostics discusses the significant expenses associated with electronic health record (EHR) systems for healthcare facilities. Using examples from a published article, he highlights the substantial costs, such as a Cleveland-based hospital expecting its EHR installation to cost $400 million. Jon emphasizes that these costs are typically covered by employe...

Match Season and Graduation Season for residents and fellows brings an influx of new home buyers. Over the past year, there have been several banks that have gotten out of the physician mortgage business so there will be fewer loan officers to handle the thousands of physicians who are looking for a loan at the same time. If you think you might be buying a house in the next 6 months, Doug recommen...

Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated? Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation.  To learn more or get a Compensation Re...

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.    In this episode of the Finance For Physicians Podcast, Daniel Wre...

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks too Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Sky view Financial Planning, about the pursuit of financial indepe...

Today, Jon from Contract Diagnostics addresses the common objection physicians encounter during contract negotiations – being told that everyone at the facility is paid the same.  Jon advises physicians not to immediately accept this claim but to engage in due diligence by asking questions about the evaluation process, the data used, and how long it has been since the last assessment.  If the offe...

In this Coffee and Contracts episode with Jon from Contract Diagnostics, the focus is on negotiating based on data and determining fair value. The discussion emphasizes the importance of considering various data inputs beyond standard industry metrics, such as MGMA data. Jon highlights the significance of understanding the context, including factors like the duration a position has been open, loca...

Doug gives his recommendations on the steps you should take in purchasing a new home. First, you should get preapproved (versus prequalified) with your bank and set a budget. Think about your "must haves" when choosing your home, such as location, commute to work, schools, amenities, safety, etc. Now choose your realtor.  Find one who will give you good advice and negotiate well on your behalf. Co...

We all went into medicine to care for patients, but for some more of our time is spent on the EMR than with our patients. Erez Druk invented AI software that listens to your appointments and generates a SOAP note for you. It learns your style over time so less edits are necessary with each interaction.  It's like a scribe that will never quit on you, not to mention more affordable. It may save you...