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Listen in or watch as host David Mandell interviews CPA and practice consultant Nolan Bradbury.
David begins by noting he and Nolan will first focus on traditional private practices and then then transition into “side hustles” and doctorpreneurship.
In terms of private practices, David asks Nolan about key financial priorities in running a profitable practice, including the importance of key performance indicators (KPIs) and the critical difference between delegating and abdicating. They also discuss a number of important success factors if doctors are looking to grow the practice and, eventually, exit in some type of merger or sale.
Turning their discussion to side hustles and entrepreneurship, Nolan explains what he sees as must-haves in terms of considerations for physicians branching out into these areas. Nolan also gives insights into how a physician or practice can find a good CPA who is the right fit for them.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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In this special episode tied timed to release before the upcoming U.S. elections, host David Mandell welcomes OJM Partner and Wealth Advisor Andrew Taylor, CFP, to discuss investing through impactful current events, including potentially stress-inducing election seasons.
In this unique episode, David and Andy refer to a number of slides based on data from U.S. presidential elections going back more than 60 years. For those watching on our YouTube channel, those slides are part of the video content. For those listening, a link to the referenced presentation slides can be found here. Also, the article that Andy references regarding October volatility can be found here.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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Listen in or watch as host David Mandell continues his interview with orthopedic surgeon Dr. John “Jay” Foley, focusing on Jay’s career path after being disabled in a snowboarding accident and unable to perform surgery.
Jay explains how his own-occupation disability policy made a significant impact on his post-injury financial health. He also relates that his initial plan for an osteoporosis center did not workout, so he pivoted to medical evaluation for worker’s compensation cases and medical-legal work as an expert witness.
David and Jay spend the remainder of the interview digging into the pros and cons of both the case evaluation and expert witness work, including what Jay has learned and what advice he gives other physicians about both ventures and about the importance of disability insurance.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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Listen in or watch as host David Mandell interviews orthopedic surgeon Dr. John “Jay” Foley.
David begins with questions he asks all physician guests to the program—about their initial interest in becoming a physician, early career journey and more. Jay explains what got him interested in orthopedics at a young age, about how he spent a few years as a seasonal surgeon between the mountains and the beaches, before settling down in Reno, Nevada.
David learns from Jay how he built a busy orthopedic practice in two locations, emphasizing his flexibility and willingness to take call as key drivers to build his practice early on. He also notes how his practice grew steadily over the years.
The conversation shifts as Jay explains his fateful snowboarding accident on his birthday at age 58, which he knew instantly created a disability that would keep him from performing surgery for years, if not permanently.
For the remainder of this first part of a two-part episode, Jay tells David about his immediate reactions to the injury, both practical and emotional. In part two, they discuss Jay’s career transition and successes he has had.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"Episode 3.12 (Originally released on February 23, 2023)
Career Moves, Personal Finance & Entrepreneurship with Selene Parekh, MD, MBA
In this episode, orthopaedic surgeon Dr. Selene Parekh joins David to discuss his career path, academic medicine, entrepreneurship, finance and more.
Selene begins with his background – where he grew up, what got him interested in medicine and orthopaedics in particular. He then explains his early exposure to and interest in financial topics, and why he chose to pursue an MBA.
Selene then explains why he took his first job out of training at the University of North Carolina, his role there and why he later moved to Duke University. He describes his adjunct professor role at Duke’s business school, and then why, after 14 years at Duke, he has made a very recent move to Rothman Orthopaedics in New Jersey.
Selene shares his approach to personal finance and his philosophy of surrounding himself with experts rather than trying to do too much himself.
Next, Selene explains his role in a number of entrepreneurial activities, including The Fantasy Doctors and The Tech Doctor.
The episode concludes with Selene summarizing a lecture he often gives to physicians on work-life balance and offering his one piece of advice for young physicians.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
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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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"Episode 3.7 (Originally released on December 8, 2022)
Lessons from An Aesthetic Practice Sale with Dr. Steven Dayan and Dominic Mazzone
Listen in as David chats with facial plastic surgeon Dr. Steven Dayan and MedSpa Partners (MSP) CEO Dominic Mazzone. They discuss the consolidation in medicine in general and aesthetics in particular and delve into why Steven chose to sell his practice to MSP.
David begins the conversation by asking both Steven and Dominic about their upbringings and career paths. Steven explains how his practice grew over the decades with his use of research and “guerilla marketing,” and when selling the practice first appeared on his radar.
Steven shares what he learned going down the road with three other firms to the letter of intent (LOI) stage before finally agreeing to work with Dominic’s firm. Dominic then addresses the areas that a physician should look for when choosing a platform, the key questions he asks potential physician partners, and why integration is crucial – not just consolidation.
Steven the gives David his perspective, including why he chose MSP and how he continues to see MSP as different than other platforms when he speaks with colleagues.
Dominic tells listeners what his firm looks for in a potential practice for acquisition -- including financial and non-financial elements – and why he sees aesthetics as different from non-cosmetic specialties.
David concludes with asking Steven to give his best pearls of advice for fellow physicians considering a sale.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
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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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"Episode 3.15 (Originally released on April 6, 2023)
Banking for Doctors, by Doctors featuring Dr. Michael Jerkins
In this episode, David is joined by Dr. Michael Jerkins, internist, pediatrician, and co-founder and President of Panacea Financial.
Michael begins with his background – where he grew up and what got him interested in medicine. He explains his decision to postpone medical school for a year and get a master’s degree in Education, and how teaching is still part of his passion and career.
Michael relates how the financial stresses of medical school and starting a family showed him how the traditional banking system fails physicians in training and gave him the idea that eventually became Panacea Financial.
Michael then provides an overview of Panacea Financial: its physician focus, what’s unique about it compared with other banks, its relationship with Primis Bank, and a few statistics to illustrate Panacea’s recent growth. He covers which of their offerings are most popular with physicians and which are growing.
Michael concludes with what he sees as common misconceptions doctors have around banking and debt, and offers his advice to physicians when it comes to tackling financial issues.
Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.
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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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"Episode 3.6 (Originally released on November 24, 2022)
Loans for Physicians, From Physicians with Dr. Zwade Marshall, CEO, Doc2Doc Lending
In this episode, David is joined by Dr. Zwade Marshall, an anesthesiologist/pain medicine physician, as well as co-founder and CEO of Doc2Doc Lending.
Zwade begins with his background – where he grew up and what got him interested in medicine. Zwade the story behind Doc2Doc Lending–how they evaluate physician borrowers differently than banks do, how their program fared during COVID, and the rate at which they have been growing. David and Zwade then discuss the misconceptions many doctors have around debt, including emotions connected to it and the stress created by debt during training and early years of practice. Zwade explains how Doc2Doc Lending has raised money from physicians in practice to make these loans–the “equity” side of the business.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
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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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"Episode 3.1 (Originally released on September 8, 2022)
Exiting Partners from a Practice with Attorney, Jason Greis
Listen in as David chats with nationally recognized healthcare attorney Jason Greis about the important and sensitive topic of creating win-win strategies for exiting retiring partners from a medical practice. Jason begins by describing his firm and practice and then gives some reasons why setting a partner exit pathway is so important for the exiting partners, the practice and younger partners. Jason covers what is typically involved to incorporate exit plans into the legal documents of a practice and why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians.
Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.
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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.
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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.
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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.
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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.
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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:
Understanding, analyzing, and managing financial numbers are key to optimizing a medical practice's profitability.
Regularly evaluating and adjusting fees is crucial for practices that have control over what they charge.
Proactive, forward-looking advice is more beneficial than mere tax preparation.Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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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.
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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.
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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.
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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.
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Listen or watch as host David Mandell takes a deep dive into healthcare mergers and acquisitions (M&A), with investment banker Clint Bundy and private equity firm principal Matt Ebbel. They discuss the advisory and strategic roles they play, aiming to maximize value and find the best partnerships for business or practice owners looking to sell or raise capital.
Bundy shares insights into the process of advising healthcare practices, emphasizing building trust, understanding client objectives, and assessing the market for potential transactions. He provides case studies to illustrate the varied scale and scope of deals he has worked on, ranging from solo practices to multi-location consortiums.
Ebbel offers a private equity perspective, highlighting the importance of selecting the right partners and platforms for growth or sale, especially in a changing economic landscape influenced by interest rates and market consolidation. He stresses the significance of operational excellence and strategic planning in achieving successful outcomes in healthcare M&A.
The discussion also touches on the challenges and opportunities within the healthcare sector, including regulatory hurdles, the impact of economic factors on transaction viability, and the strategic importance of aligning with partners who can add value beyond capital.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
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Listen in as host David Mandell speaks to returning guest plastic surgeon Dr. Jonathan Kaplan about adding a weight loss program to a medical practice – both for the patient’s health and happiness and the practice’s economics.
Jonathan begins the discussion with an overview of the current popular weight loss medications Ozempic/Wegovy (semaglutide) and Mounjaro/Zepbound (tirzepatide) and how they work. He then explains how his practice began consideration of a weight loss program for patients – because of both BMI limitations of patients who wanted surgery and due to suggestions from practice staff.
David and Jonathan then delve into the various elements a physician must consider when evaluating and then implementing a weight loss program for this/her patients., including how to scale it as a subscription business model.
The podcast concludes with a discussion of how the same business process of evaluating and implementing a weight loss program could be applied by a physician to other modalities, including hormone replacement, IV therapy, cosmetic therapies and more.
Learn more, incluing key takeaways and insights, as well as being able to listen to this and past episodes by visiting www.physicianswealthpodcast.com.
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