Wealth Planning for the Modern Physician

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of The Wealth Planning for the Modern Physician podcast, in our 2025 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 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.13 | Originally Released: March 9, 2023

In this episode, Dr. Shaminder (Shammi) Gupta joins David to discuss his career path, the impact of Hurricane Katrina on that path, and what he is learning from being a business executive as well as a clinician.

Shammi begins with his background – where he grew up, what got him interested in medicine why he gravitated to internal medicine & nephrology. He explains why his first job out of training was not a fit for him and how hurricane Katrina changed his path completely – as it did for many living in New Orleans at the time – opening up a career path he would not have considered otherwise.

Shammi also covers how he built a significant dialysis practice in a smaller town setting, became president of the Kidney Foundation, and built a reputation throughout the state.  This led to his practice being acquired by Monogram Health, where he works today as an executive and clinician.

Shammi then shares what he is learning from the “business side” of medicine, as he builds out a multi-state medical platform for kidney health, and describes the value CEOs see in physicians who can communicate well and know their field of medicine intimately. 

Next, David gets Shammi’s insights on wealth management, including building the right advisor team and why to potentially change advisors as you grow, and Shammi concludes with his three pieces of advice for fellow physicians, especially those starting out.

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 2025 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 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.11 | Originally Released: February 9, 2023

In this episode, plastic surgeon Dr. Richard Bartlett joins David to discuss his career, academic and private practice, financial decisions and more.

Richard begins with his background—where he grew up, what got him interested in medicine and surgery in particular—and his lack of interest in finances as he went through medical and surgical training.  

Richard explains the process for choosing his first job, including the benefit of learning to “balance the books” even in an academic setting.

He and David then cover his 15 years as an academic surgeon, what he learned financially in creating a plastics foundation from scratch, as well as his decision to create a private practice and the value of “being a good citizen” in making that transition easier.

Richard then spends a few minutes relating the types of financial advice he gives to fellows at Harvard and the advice he would give to all doctors.

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 2025 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 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.5 | Originally Released: November 3, 2022

In this episode, orthopaedic surgeon Dr. Scott Sigman joins David to discuss his career path, business and entrepreneurial endeavours, marketing, podcasts, and more.

Scott begins with his background – where he grew up, what got him interested in medicine and orthopaedics.  He explains how both of his parents were entrepreneurs and how he realized early on the need for leveraging the expertise of others. 

David and Scott then discuss the important factors Scott considered when choosing his first job out of training and Scott’s view on the importance of branding and marketing, especially for younger physicians looking to build their practices.   Scott then relates the value he sees in finding great advisors and the importance of changing to new people if needed.  

David and Scott then delve into Scott’s various entrepreneurial activities, from lasers in orthopaedic surgery, an orthopaedic mutual fund, the Ortho Show podcast, his #followthefro social media hashtag and more.

Finally, Scott gives David two important pieces of business advice for fellow physicians, especially younger doctors.

You can find show notes and more information 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 2025 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 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 4.3 | Originally Released: October 19, 2023

Listen in as David chats with healthcare real estate expert Colin Carr.  Colin begins with his background in real estate in a variety of settings. He then tells the story of how, after seeing physicians do so poorly in deals, he decided to launch a firm dedicated to helping doctors.

Next, Colin explains the top mistakes he sees physicians and practices make when it comes to their real estate—including do-it-oneself, not performing adequate due diligence and more—and what that will cost them in the long run.

Colin delves into the choice between leasing and purchasing for a medical practice and relates the importance of having a multi-factor decision process as the key to fostering long-term peace of mind.

He then discusses the significance of timing, in terms of when to make the ‘rent vs. own’ decision, when to contact a landlord on a possible lease renewal, and even when to reach out to potential real estate agents.

Colin wraps up by sharing how physicians can find an ethical, competent real estate agent they can trust.

Learn more and listent to this and past episodes 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 2025 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 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.2 | Originally Released: September 22, 2022

Listen in as David chats with Trisha Talbot, real estate advisor and entrepreneur behind DocProperties.

Trisha begins by explaining what her training, certifications, and experience in real estate were before launching her own firm.  She then relates her motivation to launch DocProperties and delves into the unique aspects of healthcare real estate and the challenges for physicians looking to own it.

Trisha then shares her answers to a few common questions she hears from physicians and discusses a typical first step for a doctor considering a new office or piece of real estate.  Finally, Trisha explains when a practice might consider selling a property, and important factors affecting that decision.

You can find show notes and more information by visiting www.physicianswealthpodcast.com. 

In this final episode of Season 5, host David Mandell recaps the season’s key themes and previews the upcoming Summer Rewind series, which will highlight standout episodes from Seasons 3 and 4. The podcast will continue on a biweekly schedule over the summer, with new introductions to previously released episodes, allowing listeners to revisit valuable content over the Summer.

David reviews each of the 18 episodes of Season 5, including a quick recap and highlights.

The goal of this episode is to help listeners catch up on missed episodes or revisit important insights they may have forgotten. He invites feedback and topic suggestions for future episodes as the podcast continues to grow its audience.

EPISODE SNAPSHOTS:

5.1 & 5.2 – Dr. Jay Foley: After a life-altering snowboarding accident, Dr. Foley transitioned from surgery to medico-legal consulting, highlighting the importance of disability insurance and leveraging a medical license in new ways.

5.3 – Andy Taylor: Explored how election cycles influence market behavior and how physicians can remain calm and strategic with their portfolios.

5.4 – Nolan Bradbury, CPA: Covered KPIs, practice delegation, legal/tax structure for side hustles, and exit planning from a CPA’s perspective.

5.5 – Dr. Ben Ostrander: Applied hospitality industry lessons to healthcare to enhance patient experience, employee satisfaction, and operational efficiency.

5.6 – Jessica Jones, Consultant: Shared insights on aligning practice models with physician passion, wellness trends, and diversification within practices—especially cash-based models.

5.7 & 5.8 – Dr. Sue Keller: An unflinching look at financial mismanagement, the emotional toll of bankruptcy, and finding meaning in a reinvented career after decades in dentistry.

5.9 – Dr. Jay Zigmont: Introduced “child-free wealth” as a growing financial niche, challenging traditional planning assumptions and offering guidance tailored to child-free individuals.

5.10 – Dr. Jude Pierre (Pt. 1): Talked about geographic and specialty shifts, mentorship, and the creation of a physician coaching practice to fight burnout and debt.

5.11 – Carole Foos & Greg Heimkreiter, CPAs: Discussed looming tax law expirations, industry-wide challenges in accounting services, and what physicians should know about finding quality tax advisors.

5.12 – Kristy LaGourgue & Rachel Varga: Focused on brand building and marketing strategy for all doctors, not just those in aesthetics—emphasizing the importance of digital presence and patient communication.

5.13 – Dr. Pat St. Pierre: Reflected on a military-to-medicine career, financial planning, industry involvement, and proactive retirement through wine education to avoid post-retirement difficulty.

5.14 – Attorneys Byrd & Adatto: Covered major legal trends including compounding pharmacy scrutiny, the evolving legal landscape around non-competes, and internal practice exits.

5.15 – Dr. Jude Pierre (Pt. 2): Discussed optimizing workflow through scribes, practice innovation via Medicare Advantage, and financial/lifestyle balance to avoid physician burnout.

5.16 & 5.17 – Cory Kleinschmidt: Provided a comprehensive look at locum tenens work for physicians—ideal for both early-career flexibility and late-career freedom—including licensing, contract tips, what to look for in an agency, forming LLCs for tax purpose and more.

5.18 – Drs. Mark Figgie & Joel Press: Shared a mentorship model from HSS that helps young physicians with career planning, finances, wellness, and leadership development.

5.19 – Bob Goettling: Introduced ESOPs (Employee Stock Ownership Plans) as an innovative, tax-efficient practice exit strategy increasingly relevant in the medical space.

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

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

In this episode, host David Mandell welcomes Bob Goettling, a seasoned investment banker and legal expert with over 30 years of experience in healthcare transactions, to discuss the emerging relevance of ESOPs (Employee Stock Ownership Plans) for physician practices. Goettling shares his professional journey, from early M&A work to helping physician groups explore monetization options, including ESOPs as a potentially powerful but underutilized tool.

 Bob breaks down the core structure and history of ESOPs, describing them as trust-based leveraged buyouts that allow physicians and employees to own their practice while benefiting from significant tax advantages. He explains how the Bloom Organization itself became an ESOP nearly a decade ago, and how his team has since developed a tailored hybrid ESOP model for medical practices, especially as interest in private equity has cooled due to rising interest rates and negative post-deal experiences.

While ESOPs offer clear advantages—like retaining control and optimizing tax outcomes—they also come with complexity. Goettling stresses the importance of choosing the right advisors and ensuring a strong internal management structure. Not every practice is a good fit; size, structure, and strategic alignment are critical factors. The episode offers high-level insight into how ESOPs work, who they benefit, and what red flags to watch for in considering this alternative to traditional M&A routes.

KEY INSIGHTS

1. ESOP stands for Employee Stock Ownership Plan and enables employees to become beneficial owners through a trust structure.
   
   
2. Originally introduced in the 1950s, ESOPs gained traction in the 1970s due to government incentives.
   
   
3. Goettling and his team at Bloom implemented an ESOP for their own firm nearly 10 years ago and now advise physician groups on doing the same.
   
   
4. Tax benefits are significant: ESOP sellers can defer or eliminate capital gains, and the entity itself becomes tax-exempt.
   
   
5. ESOPs allow physicians to monetize their practice without surrendering control, unlike private equity deals.
   
   
6. The model is ideal for larger practices (15–20+ physicians) with existing governance (boards, CEOs, CFOs).
   
   
7. Complexity is a key barrier—ESOPs involve oversight from both the IRS and Department of Labor.
   
   
8. Hybrid ESOP models can account for partners, junior doctors, staff, and even future hires.
   
   
9. Mistakes often stem from poor advisory choices; experience with ESOPs is essential to avoid pitfalls.
   
   
10. ESOPs can be a game-changer for practices looking to stay independent while scaling strategically.

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

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

In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship.

The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS.

Finally, the episode dives into physicians' relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a "board of directors" for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship.

Key Insights:

• Dr. Press discovered physiatry through a unique summer program, showing the value of early exposure to diverse specialties.
  
  
• Dr. Figgie pursued an MBA during fellowship, believing in the power of financial literacy for physicians.
  
  
• Mentorship at HSS now includes financial, administrative, and personal development components—not just clinical.
  
  
• A cross-specialty mentorship program allows different departments (e.g., orthopedics and radiology) to learn from one another.
  
  
• Many young physicians lack basic financial planning tools, leading to under-preparedness later in their careers.
  
  
• HSS has created a repository of recorded educational sessions covering mortgages, insurance, investing, and more.
  
  
• Dr. Figgie cautions against blindly signing industry contracts without legal review, especially when IP is involved.
  
  
• Relationships with medical device companies often include consulting, design input, or teaching—but require transparency.
  
  
• Dr. Press emphasizes the importance of building a trusted "personal board of directors" to help with life and career decisions.
  
  
• Future initiatives at HSS may include subsidized financial checkups for new physicians to kickstart long-term planning.
  

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

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

In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space. 

The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.

Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.

Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.

KEY INSIGHTS:

1. The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
   
   
2. Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
   
   
3. Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
   
   
4. Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
   
   
5. Many physicians form LLCs to optimize tax deductions and liability protection.
   
   
6. Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
   
   
7. There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
   
   
8. The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
   
   
9. Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
   
   
10. Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.

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

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