Wealth Planning for the Modern Physician

"Wealth Planning for the Modern Physician" is a podcast hosted by David B. Mandell, JD, MBA.

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Latest Episodes

Highlights & Insights: Recapping the Episodes of Season 4

Highlights & Insights: Recapping the Episodes of Season 4

In this 19th and final episode of Season 4, host David Mandell recaps the season’s 18 episodes. He briefly summarizes each episode and highlights a pearl or two from each. This can serve as a helpful reminder for listeners who have heard all 18 episodes to revisit ones that they found most valuable, and can motivate those who missed any episodes to listen or watch them during the summer, as we also run our Summer Rewind Series.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Lessons from A Career in Military/Academic Oral Surgery… and Retirement with Dr. Butch Ferguson

Lessons from A Career in Military/Academic Oral Surgery… and Retirement with Dr. Butch Ferguson

In this episode, host David Mandell, JD, MBA welcomes Dr. Butch Ferguson, a retired oral and maxillofacial surgeon. Their discussion initially covers Dr. Butch's career journey, including his experience in the US Army Dental Corps, both pros and cons -- beginning with his own training, moving up the command chain, training other dentists and oral surgeons for years.

David and Butch then dive into his decision to leave the military and join Augusta University as a faculty member in Oral and Maxillofacial Surgery, where he spent a few decades.  Butch discusses the challenges and rewards of teaching in a Level 1 trauma center, dealing with complex surgical cases and severe trauma, as well as the career, financial and business advice he gave to students over the years. 

The discussion concludes covering the topic of retirement, including how Butch was not initially prepared for the transition and the toll that took on him.  They then chat about Butch’s new business and his newfound energy around that.  Their discussion includes Butch’s advice for other doctors approaching retirement on how to “retire well.”

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Negotiating The Contract You Deserve with Ethan Nkana, JD, MBA and Dr. Erica Mathieu (Part 2)

Negotiating The Contract You Deserve with Ethan Nkana, JD, MBA and Dr. Erica Mathieu (Part 2)

Listen in to this continuing episode as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions.  Here, in part two of this two-episode interview, David begins the discussion with Erica, looking at her situation as a case study – first discovering what her frustrations were with her then-present job, how she found Ethan to help her, and their process of renegotiating her employment contract over the ensuing months. They focus on key success factors, such as leverage through other job offers and the timing of negotiations.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Negotiating The Contract You Deserve with Ethan Nkana, JD, MBA and Dr. Erica Mathieu (Part 1)

Negotiating The Contract You Deserve with Ethan Nkana, JD, MBA and Dr. Erica Mathieu (Part 1)

Listen in as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions. In part one of this two-episode interview, David begins the discussion with Ethan, covering his background in law and as a hospital administrator, where he used to negotiate physician employment contracts from the employer side. He explains his agency’s approach to contract negotiations in representing doctors and the common misconceptions physicians believe which hold them back in getting better deals.   

Erica adds to the conversation the physician perspective, commenting that many doctors have a mindset that believes the employer’s statement that contract terms are non-negotiable, when, in fact, this is not true.  

As this initial part of the conversation concludes, Ethan also emphasizes the crucial success factor of having other quality offer(s) on the table when negotiating your next contract.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Know Your Numbers with CPAs Chelsea Dorfeld & Mary Kathryn Williamson

Know Your Numbers with CPAs Chelsea Dorfeld & Mary Kathryn Williamson

Listen in as host David Mandell chats with two CPAs from the firm Aprio who specialize in serving medical and dental practices. They share insights on managing finances, increasing profitability, and understanding key numbers in a healthcare practice.

The discussion covers the importance of understanding financials, key performance indicators, and strategies to increase profitability in a healthcare practice. David, Chelsea and Mary Kathryn also cover the impact of staffing costs, the potential benefits of fee-for-service models, and the importance of regular financial reviews.

Key Takeaways:

  1. Understanding, analyzing, and managing financial numbers are key to optimizing a medical practice's profitability.

  2. Regularly evaluating and adjusting fees is crucial for practices that have control over what they charge.

  3. Proactive, forward-looking advice is more beneficial than mere tax preparation.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Better Methods for Hiring Staff with Dr. Mike Neal

Better Methods for Hiring Staff with Dr. Mike Neal

Listen in or watch as podcast host David Mandell sits down with optometrist Dr. Mike Neal.  David centers this discussion on the challenges of hiring within medical practices and how Dr. Neal's experiences with hiring difficulties in his own practice led him to create Build My Team, a service designed to assist medical practices in overcoming staffing challenges.

David and Mike initially cover common mistakes in the hiring process, such as relying too heavily on resumes and interviews, which, in Mike’s experience, often do not accurately reflect a candidate's capabilities or fit for a position.

David then asks Mike to explain the importance of using assessments to identify a candidate's natural talents and strengths, a strategy inspired by Mike’s research on the hiring practices at companies like Disney and the Four Seasons. Mike argues that traditional hiring methods are inefficient and can lead to costly turnover, advocating for a more strategic approach that prioritizes quick decision-making and the identification of candidates who are inherently suited for specific roles.

David also asks Mike to touch base on the impact of AI on modern job application processes on hiring, including the challenges employers face in navigating a landscape where candidates can apply to thousands of jobs with a single click.

The episode concludes with Mike offering advice to practice owners on improving their hiring processes and adapting to the changing dynamics of the job market.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Maximizing Practice Revenue: Transforming Idle Office Space into Profit with Shannon Seeberan

Maximizing Practice Revenue: Transforming Idle Office Space into Profit with Shannon Seeberan

Listen in as host David Mandell interviews Shannon Seeberan, the co-founder of CloudMedSpas, a platform that enables physicians and medical practitioners to maximize practice revenue by monetizing their unused medical space.

The discussion starts with Shannon's career, as she explains how she transitioned from publishing and advertising to aesthetic medical practice growth, leveraging her deep understanding of the business side of medicine—a passion influenced by her family background in healthcare.

Shannon highlights the challenges many physicians face in managing the business aspects of their practices, such as staff management, efficiency, and planning for future growth. Shannon's tells David how her work prior to CloudMedSpas primarily involved consulting with physician-owned practices to improve their business operations, emphasizing the integration of aesthetic services to enhance revenue.

Shannon then shares her passion for supporting female entrepreneurship through pro bono consulting, highlighting the synergies between this work and her role at CloudMedSpas.

Shannon then explains to David and the audience the business pivot from Vansanity to CloudMedSpas and its broader application, allowing physicians of all types to monetize underutilized space by renting it out to aesthetic practitioners.  Shannon provides specific examples of how different types of healthcare providers, including dentists and gastroenterologists, have successfully integrated this model into their practices.

In conclusion, Shannon encourages interested listeners to reach out for more information on how CloudMedSpas could potentially benefit their practices.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Insights from A Surgeon, Team Physician & Entrepreneur with Dr. Brian Cole

Insights from A Surgeon, Team Physician & Entrepreneur with Dr. Brian Cole

Insights from A Surgeon, Team Physician & Entrepreneur with Dr. Brian Cole

Listen in as host David Mandell speaks with orthopedic surgeon Dr. Brian Cole. David and Brian begin the discussion with an overview of Brian’s career journey, his decision to earn an M.B.A. and his thoughts on the importance of business acumen in the medical field.

David asks Brian about the unique structure of his practice and academic work and then his experience working as team physician for a number of Chicago’s professional sports teams – both the pros and the cons.

Brian and David then chat about Brian’s involvement in healthcare-related businesses and why he focuses on business activity that relates to what he is doing medically.  They also discuss Brian’s leadership roles in professional societies, including what his advice is for the young physicians he trains or speaks to on career, financial, and business matters.

Finally, Brian tells David and the audience about his own podcast, Sports Medicine Weekly.

Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.

A Deep Dive into Medical Practice M&A With Clint Bundy and Matt Ebbel (Part 2)

A Deep Dive into Medical Practice M&A With Clint Bundy and Matt Ebbel (Part 2)

In the second part of the podcast, host David Mandell continues his conversation with investment banker Clint Bundy and private equity principal Matt Ebbel, focusing on the factors that contribute to successful mergers and acquisitions (M&A) in the healthcare sector, including medical, dental, and veterinary practices. They delve into what makes a practice an attractive acquisition target, the importance of cultural and strategic alignment, and future trends in healthcare M&A.

Matt Ebbel emphasizes the importance of considering the "day after" a sale, where physicians might find themselves with new responsibilities and a change in their work dynamics. He stresses the need for ownership alignment, candid dialogues about success, and the importance of evaluating the financials, doctor and staff retention, and the culture of a practice. Red flags include a lack of alignment, high turnover, and compliance issues. Ebbel also touches on the importance of setting realistic expectations regarding income adjustments post-acquisition to ensure a fair and sustainable deal and the value of physicians working with a financial advisor to see how a deal impacts their personal financial goals.

Clint Bundy outlines the "three legs of the stool" approach to evaluating practices: stability, profitability, and growth, with scale as a possible fourth factor. He emphasizes that while scale is beneficial, it's not a must-have for a practice to be considered strong. Bundy also highlights the necessity of running a competitive process to ensure the best offers for a practice, stressing the importance of certainty to close alongside the financial offer.

Both guests agree on the critical role of cultural fit and strategic alignment between the acquiring and acquired entities. They advise practices to conduct thorough due diligence on potential partners, considering factors like the platform's resources, commitment to medical quality, and the investment partner's track record and vision for leveraging technology.

Looking ahead, both Bundy and Ebbel express optimism for the M&A market in healthcare, despite recent macroeconomic challenges. They anticipate continued interest from private equity and possibly an increase in activity as market conditions stabilize. Ebbel specifically mentions potential public offerings by major players as a future benchmark that could spur more interest in the sector.

In summary, the podcast provides valuable insights into the complexities of healthcare M&A, offering practical advice for practices considering a sale or partnership. The discussion underscores the need for strategic planning, thorough due diligence, and alignment of values and goals to ensure successful transactions in the ever-evolving healthcare landscape.

Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.

Bio of Wealth Planning for the Modern Physician

"Wealth Planning for the Modern Physician" is a podcast hosted by David B. Mandell, JD, MBA, an attorney, wealth manager, and renowned author. This podcast is specifically designed to help physicians enhance their personal financial well-being.

In each episode, David engages in conversations with doctors from various specialties and stages of their careers, delving into their real-life experiences and lessons in financial matters. Through these discussions, listeners gain valuable insights and practical advice on how to optimize their financial situations.

Additionally, "Wealth Planning for the Modern Physician" features interviews with industry experts in the field of wealth management. These experts provide specialized knowledge and perspectives on various aspects of financial planning, investment strategies, tax optimization, asset protection, retirement planning, and more.

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