Truist And My Doctor Loan Nightmare

I am a big fan of what many banks refer to as the “doctor loan” or a “physician loan” that is available from banks as a loan on your primary residence. A doctor loan allows physicians to buy a house with less than 20% down and does not take student debt into account. This is ideal for many new physicians since most physicians graduate with a substantial amount of student dent.… Read the rest

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Terminating An Employee Contract For More Focused Growth

Those of you who may have been following my blog for a long time, you may recall that about a year and a half ago I started up a second location. The second location has offered quite a few benefits. However, the time has come to look at my business relationship with a nurse practitioner and terminate that agreement. We both agreed that things were not going as planned with our work relationship.… Read the rest

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What You Need To Know About Commercial Real Estate For Your Medical Practice

We currently have two locations for our practice. Soon, we will be expanding our real estate portfolio for our medical practice to three locations. Finding commercial real estate can be more difficult than you think. There are a lot of nuances to commercial real estate. Should you buy or rent? This post will go over how we are going about finding a new location, how I found my past locations, and what you need to know.… Read the rest

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Things I Wish I Would Have Known Graduating Residency

There is a lot of growth and change required from when a doctor is in training to being an attending. Often there is a lot of stress that goes along with this change. The feeling of being out on your own, no safety net of your program anymore is a weird feeling when you first make that transition.

I wanted to look back at the things that I wish I would have known upon graduating residency about the practice of medicine or my life post-graduation.… Read the rest

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Is Medicine Worth It Financially Compared To Tech

The grass is always greener. Living in a more tech driven city, I can’t help but sit back and think about the opportunity cost of becoming a physician. Seeing a young tech patient who is making way more money that I am also occasionally has me questioning if medicine is “worth it.”

I constantly hear in my clinic about the young twenty something who is making well into 6 figures.… Read the rest

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Automate Your Medical Practice

If you are not automating some part of your day, then you are way behind most other people or practices. Even if you do not own your own practice, you need to be automating as much of your day as possible. Obviously not everything can be automated, but there might be more than you think.

Any routine task that you delegate to anyone else that just needs a functioning brain, should be automated.… Read the rest

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The 2 Year Penalty For A Medical Practice Owner

Maybe you are already a practice owner. Or maybe you are thinking of owning your own practice. Maybe you are just curious what the 2-year penalty is all about. For those of you thinking of owning your own business, congratulations! It is absolutely worth it, if you like the business side of medicine. However, there is a huge downside beyond the work that it takes to run a business.… Read the rest

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Investments Most Doctors Get Wrong, Including Myself

Hindsight is always 20/20. I remember graduating from residency, starting this blog, and really trying to minimize investments that I got wrong. While I was not perfect, I would like to highlight mistakes that most doctors make. Some of these mistakes listed below are from personal experience.

Many of the reasons might not be as obvious as you think. Yes, we all know it is not a good idea to go out and buy a new speedboat right away.… Read the rest

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Best Practices: Your Medical Business Checking Account

I recently found out someone tried to fraudulently cash a check from my business account. I got a call from Wells Fargo, my bank, alerting me that someone in a city 4 hours away was attempting to cash a $8,955 check with my business account number on it. The check was written out to an individual, not a business. Wells Fargo immediately tagged it as fraud.… Read the rest

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Pandemic And its Effect Mentally & Financially on Doctors

Although it is a bit premature to say that we are victorious against COVID-19, the mood is definitely improving where I practice. Patients are becoming happier and less stressed. There are less people yelling at us about masks. The “bad behavior” that we were previously seeing is starting to decrease significantly.

As the dust settles on the past 2 years of chaos, I would like to take a moment to sit back and reflect on the financial effects and the emotional toll that the pandemic has had on doctors.… Read the rest

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