The Federal Student Loan Relief Program Is Live

The Department of Education on 10/17/2022 launched the application for the federal student loan forgiveness program. Borrowers who qualify may see relief in as soon as 6 weeks. While most attendings that have been practicing a while will not qualify, this will be important for residents, fellows, and APPs.

What is Federal Student Loan Debt Relief?

A program that provides eligible borrowers with full or partial discharge of federal loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients

What Does It Take To Qualify For Federal Student Loan Relief?

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Amazon Buys One Medical And How Our Practice Compares

Amazon recently announced in July 2022 that they intend to buy One Medical. This deal is most likely going to close by the end of 2022. I would like to break down the finances of One Medical based on their last financial release on their website. This is to give you an idea of what kind of numbers a primary care clinic might be making who scale exceptionally large.… Read the rest

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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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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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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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Inflation In Medicine and What Future Holds For Doctors

Inflation numbers are in, and they were worse than we all thought. Inflation based on consumer price index was 7.5% for the past 12 months as of January 2022. If you follow the consumer price index, CPI, then you can see that inflation has been on a tear lately.

This has potential to be huge implications for practicing physicians. Spoiler alert, things do not look good.… Read the rest

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A List Of Doctors With The Highest Net Worth

Today, we are going to have a little fun. This is meant as a lighthearted post to look at who is financially doing very well as a physician.

We will take a look at the highest net worth doctors that I was able to find. Everyone has a story, and maybe by taking a look at these doctors, we can learn something from these individuals on how they became successful.… Read the rest

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A Look Back Of Growing My Medical Practice

Curious about the growth of my medical practice over the past 2.5 years? Lets take a look at exactly that in todays post. One of the most frequently discussed topics is how long it might take to grow a practice? I’ve spent a few hours collecting the weekly data for how many patients my practice has seen so that if you are wondering how long it might take to build your practice, you can see how long it took to build mine.

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Growing The Practice, One Patient At A Time

Wow, what a year 2020 has been! At the start of the year I thought that the hardest thing I would have to do is to finish the build of my new clinic. Little would I know that life would throw us all a curveball. The ups and downs have been dizzying so far. For now, things have at least stabilized and our growth continues.… Read the rest

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Why Doctors Stay Employees Rather Than Owners

In 1980, almost 80% of physicians owned their practice or were partners in their practice and effectively co-owners. In 2016, that number dropped to almost 45%. Each year, it seems that another 3-5% of doctors choose to become employees rather than owners in their practice. The trend away from physician ownership in practices is quite disturbing. Without ownership, we are at the mercy of administrators or other physicians telling us how we are going to practice medicine (to a certain degree).… Read the rest

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