In this episode of the Wealth Planning for the Modern Physician Podcast, David Mandell welcomes back Jerry Kelsheimer, President of Medic Management Group. With decades of experience in healthcare business management, Jerry discusses how the healthcare landscape has changed dramatically over the past five years, affecting physicians' financial performance and operational efficiency. He outlines the evolving challenges medical practices face—including reduced reimbursements, higher labor costs, and increasing patient demands and stresses the importance of disciplined, intentional business management.

Throughout the conversation, Jerry highlights common areas where practices can improve performance and financial outcomes. He identifies five operational areas ripe for improvement: front desk execution, administrative role clarity, revenue cycle management, compensation structures, and market development. By focusing on these, he explains, practices can identify hidden inefficiencies and regain profitability.

Finally, Jerry and David explore the emotional and leadership aspects of running a medical practice. Jerry shares his 'Four Cs' framework—conscience, competency, capacity, and courage—as a way for physicians to address burnout and lead meaningful change. He also predicts a future shift toward more collaborative hospital-physician models, with hospitals moving away from full employment toward partnership-based structures.

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 welcomes Dr. Jacqueline Winkelmann, a pediatric hospitalist and founder of Scrub Sisters. Dr. Winkelmann shares her journey from growing up in Puerto Rico, being inspired by her uncle's compassion and dedication to medicine and eventually pursuing pediatrics as her calling. She discusses how financial foresight and a unique tuition waiver allowed her to graduate debt-free, enabling her to maintain a balanced career and family life as a part-time physician at the Children's Hospital of Orange County.

Dr. Winkelmann describes her transition from clinical practice to non-clinical roles in the healthcare industry. Through opportunities that arose organically, she became a consultant and medical advisor for pediatric and consumer health companies, eventually serving as Chief Medical Officer for a baby monitor company. She reflects on the differences between clinical and corporate medicine, emphasizing the need for physicians entering industry to understand the profit-driven mindset of business and to address burnout before pursuing such transitions. Her story highlights the challenges, rewards, and ethical dilemmas physicians may face when moving from patient care to product innovation.

Finally, Dr. Winkelmann discusses her nonprofit organization, Scrub Sisters, a 501(c)(3) community dedicated to supporting and empowering female physicians at all stages of their careers. The group provides mentorship, fosters real-life discussions about work-life balance, and addresses challenges such as mental health, parenting, and financial stress. With chapters in multiple states and countries, Scrub Sisters is rapidly expanding its reach and aims to create scholarship opportunities to help women overcome the financial barriers of medical school applications. The episode concludes with Dr. Winkelmann's vision for growing this supportive, mission-driven community of women in medicine.

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 part of a two-part episode, host David Mandell continues his discussion with Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America.

In this conversation, Jack emphasizes the importance of ancillaries in building a financially successful medical practice. He explains how orthopedists and other specialists can significantly increase revenue streams through owning or participating in ambulatory surgery centers (ASCs), imaging services, physical therapy, and durable medical equipment. Dr. Bert stresses that physicians should strive for ownership and control rather than settling for minority stakes in ventures that disproportionately benefit outside management companies.

The discussion transitions to contract negotiations, where Dr. Bert highlights common pitfalls and best practices for physicians. He explains how employers often use national databases like MGMA to undervalue physicians and why local market comparisons are far more accurate benchmarks. He also warns against restrictive clauses—such as intellectual property ownership—and underscores the importance of seeking professional review of employment agreements. Dr. Bert strongly advocates for negotiation, pointing out that physicians only get the deals they negotiate, not the ones they are simply offered.

In the final portion, Dr. Bert shares advice on long-term financial planning and retirement. He stresses the importance of consistent saving—at least 25% of income—early in one's career, aiming for at least $10 million in retirement assets. He also discusses his transition into retirement, finding fulfillment through part-time independent medical evaluations, entrepreneurial ventures like MD Direct (which bypasses insurers to reduce costs), and leadership in orthopedic conferences. He concludes by underscoring the importance of not only saving wisely but also having meaningful pursuits in retirement.

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!