When a physician transitions from practicing as an employee to owning or being a partner/shareholder in his or her own private practice, the financial picture changes. A lot. As an employee, you’re sheltered from having to protect the business entity. You just need to worry about yourself and your
Physicians Get Paid Best in Rural Areas and Lower-Cost Cities
“I’d be a bum on the street with a tin cup if markets were efficient.” – Warren Buffett Physicians aren’t commodities – and neither are the markets they work in. That’s why there are big differences in compensation, even within the same city and within the same specialty. A recent survey
What If You Lose a Partner or Key Person?
This could happen to you: You are a successful physician in private practice, living your dream. You have a terrific bunch of partners, and a skilled and diligent office manager who keeps the whole practice humming along. But early one morning you get a call from distraught family member: There’s
Protecting the Small Medical Practice Against Disaster
On top of the terrible human toll on individuals inflicted by disasters such as Hurricane Harvey – that affected millions in Texas and Louisiana in 2017 – disasters take a terrible toll on small businesses as well: According to data from the Federal Emergency Management Agency (FEMA), some 40
Is Your Medical Specialty Among the Top Earners?
Want to know how your medical specialty is getting paid? The 2023 Medscape Physician Compensation Report is out. Here are some of the key findings: The five highest earning medical specialties are: Plastic Surgery: $619,000 Orthopedics: $573,000 Cardiology: $507,000 Urology:
7 Student Loan Management Tips For Young Doctors
Medical school pays off big for the vast majority of doctors who stay in medicine for their entire careers. But that doesn’t mean that medical school debt and student loan balances are fun. According to the New American Education Policy Program, the average medical school graduate begins his or her
Best States for Doctors
How does your state rank when it comes to opportunities, risk and financial stability specifically for doctors? First of all, let’s think about the things that doctors tend to have in common: Doctors are entrepreneurial They are either in private practice or would like to have a private
Doctors’ High Stress Profession Makes Disability Insurance A Vital Asset
There’s an old saying that it’s the cobbler’s kids who have no shoes. Doctors tend to go into the business with great intentions: They want to help others. And that’s a good and laudable goal and absolutely a quality to be admired in a doctor. But sometimes doctors fall prey to an insidious tendency