5 Things Financially Successful Physicians Do Differently

June 27, 2024April 20, 2015 by Justin Nabity

While all physicians face the same financial challenges early on in their careers, each one begins to make decisions about their financial future that will set them on an individual course largely determined by the consequences of their actions – or inaction.

Challenges not met early on with deliberate steps to overcome them can eventually become obstacles to financial success which can grow increasingly insurmountable in a shrinking time horizon.

Perhaps the biggest difference between financially successful physicians and those who struggle is the realization that there is not a minute to waste in setting the right course.

For younger physicians, the best course is the one followed by physicians who have achieved financial success.

Tax Reduction Strategies for MD’s: Tax Credits

October 20, 2022April 20, 2015 by Justin Nabity

Tax Reduction Strategies Series

The third installment in our series of steps physicians can take to reduce thier tax burden is to employ tax credits.

Strategy 3: Look for Tax Credits

Avoid Making the 5 Physician Disability Insurance Blunders

October 25, 2021April 19, 2015 by Justin Nabity

The Most Common Mistakes Physicians Make When Buying a Policy

The biggest mistake a physician can make at any point in their career is to leave their most valuable asset, their earning potential, inadequately protected. In fact, until their financial security has been achieved, the physician’s disability income protection plan should be his or her highest priority. Yet, through a lack of knowledge, time, or proper guidance too many physicians continue to make costly mistakes in developing their disability income protection plan. We’ve identified five of the biggest mistakes physicians make in their disability insurance planning, any of which could prove financially devastating.

Tax Reduction Strategies for MD’s: Part II

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategy Series – Part II

We continue our series on three key steps physicians can take to reduce thier tax burden with today’s focus on Tax Deductions.

Strategy 2: Increase Your Deductions

The biggest reason most people pay more taxes than is necessary is their failure to capture all of the tax deductions available to them. Through itemized deductions, physicians can lower their AGI even further.

Tax Reduction Strategies for MD’s

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategies Series

While tax season seems to have just ended, tax planning should be a year-round event for high earning physicians. Your focus should be on the three key ways to minimize your tax burden – Income Reduction, Tax Deductions and Tax Credits. This series will discuss each of the focal points, starting with Income Reduction.

A Tale of Two Doctors – and a Million Dollar Mistake

June 27, 2024April 19, 2015 by Justin Nabity

Why should you buy disability insurance before you start practice? To lock in potential income benefits you will never be eligible for again.

Yes, you can get a discounted rate for disability insurance as a resident, but the reason to buy now is much more than that.

Buying as much disability insurance as you can afford before starting practice is a strategic move many fail to see.

Making this move now as a resident or fellow accesses disability benefits you may never be eligible for again as a practicing physician.

This story of two residents’ choices shows you how and could save you $1 million.

Physician Contract Review FAQs Pt. 1

June 27, 2024April 19, 2015 by Justin Nabity

With the increasing amount of questions that our team receives regarding contract reviews, we are going to be focusing on addressing some of the most common questions over the next few weeks on the blog.

QUESTION: They didn’t teach us how to negotiate employment contracts in medical school – the suggestions you’ve given me are helpful, but how do I communicate these to the employer?

Knowing How Hard to Negotiate in Physician Employment Contracts

March 16, 2023April 19, 2015 by Justin Nabity

Negotiating-Employment-Contract-Physician

The Benefits of Professional Contract Review

During their medical training, physicians are taught about medicine. They are not taught how to analyze an employment contract, nor how to evaluate the reasonableness of a given compensation and benefits package. That is why we encourage physicians to consult with a lawyer and compensation advisor on these matters – they have the required expertise to review these issues.

How Is the Affordable Care Act Impacting Physician Employment Contracts?

November 4, 2022April 19, 2015 by Justin Nabity

Many of our clients are asking how the Affordable Care Act will affect physicians and their employment contracts. At this point, we are noticing the following trends:

1. Many private practices are unsure about the effects of Obamacare and are postponing new hires.

Initial surveys of private practices reveal that they have a lot of anxiety about Obamacare. According to the Medical Group Management Association (“MGMA”), two in five physician practices are unsure about whether they will participate on the government-sponsored marketplaces known as exchanges. Also, while physicians said they saw new opportunities to provide care to the uninsured and a medically underserved population, more than 80 percent of doctors worried about what they will be paid from the plans participating on the exchanges.

The Myth that Contracts aren’t Negotiable

June 27, 2024April 19, 2015 by Justin Nabity

One of the biggest myths told to physicians in the early stages of a contract negotiation goes something like this: “The contract is just a routine form. We really don’t negotiate it.”

If we had a dollar for every time our team heard this repeated, we would be retired on a tropical beach far away by now! In truth, it’s a standard line used in every industry (and a pretty lame one at that).

Please don’t take it at face value.

If you are ever told something similar about your contract being non-negotiable, alarm bells should be going off because it’s a ruse and it’s not true. In reality, your employer hopes you’ll just take the contract as-is.

That would be the easiest thing for everyone involved, right?

Wrong.

It’s the path of least resistance.

Tax Reduction Strategies Series

Strategy 3: Look for Tax Credits

The Most Common Mistakes Physicians Make When Buying a Policy

Tax Reduction Strategy Series – Part II

Strategy 2: Increase Your Deductions

Tax Reduction Strategies Series

The Benefits of Professional Contract Review

Many of our clients are asking how the Affordable Care Act will affect physicians and their employment contracts. At this point, we are noticing the following trends:

1. Many private practices are unsure about the effects of Obamacare and are postponing new hires.

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