Wealth Planning for the Modern 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.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

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.

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 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.

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 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.

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.