People love consistency. Our theory was that if we offer a competitive pay for doctors or PAs with a big bonus option, that this would encourage people to work harder and make more money. Turns out, so far, this has been dead wrong.
Lets say that the average APP pay is 120,000 in our area.… Read the rest
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Another year has come and gone. It’s time to celebrate the accomplishments of the past year and look at ways to improve the upcoming year. However, throughout all the holiday parties, you need to make time to complete the checklist that I do every end of year for my medical practice.
The checklist helps me ensure that I keep an eye over the business large picture.… Read the rest
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Flat salary compensation models are becoming less common. Instead, production models have become much more popular. These contracts are often called an RVU based contract. Today’s post I will go through RVU based contracts and what you need to know to avoid in these contracts.
When you submit a bill to insurance companies, they assign a value to each code.… Read the rest
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With inflation reaching record levels, many medical practices are going through the rate negotiation process with insurance companies trying to get better pay. If you have never done this before, that’s okay. I was new to it also until a few years ago. Let me tell you the theme of dealing with commercial insurance companies for rate negotiations. Intentionally difficult and broken.… Read the rest
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It’s been over six months since I started my job in Austin, TX. In that time, I have built an emergency fund to last 6 months, a wedding fund, and savings to have the ability for a small down payment for a house. The next financial step that I’m interested in is home ownership. One of the largest reasons I am considering buying is that I plan to stay in Austin area in the foreseeable future. … Read the rest
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After seven years, I’ve finally done it. I’m back to having a positive net worth. The last time I had a positive net worth was in the year prior to medical school. I have to say it feels good to climb out of the hole and start to see some light at the end of the tunnel. Here is a synopsis of my past net worth and how I got to where I am today.… Read the rest
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This past weekend I spent some time creating online calculators for different financial situations. I’ve been using the loan payoff date calculator on other websites for a year now and wanted a quick way to calculate different situations on my website. Below you will find various calculators ranging from how long till you pay off your loan, to how much money will have potentially have saved for retirement.… Read the rest
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No matter how much money someone makes its always important to have a budget (MC Hammer blew $33 Million dollars and subsequently filed for bankruptcy). The time to develop a budget is not when you feel that you “need” one upon graduating residency, but its when you start managing your own money as a young adult. Knowing where each dollar is made and where each dollar is spent will give you the knowledge to live within your means and avoid financial hardship.… Read the rest
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