In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space.

The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.

Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.

Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.

KEY INSIGHTS:

1. The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
   
   
2. Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
   
   
3. Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
   
   
4. Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
   
   
5. Many physicians form LLCs to optimize tax deductions and liability protection.
   
   
6. Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
   
   
7. There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
   
   
8. The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
   
   
9. Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
   
   
10. Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.

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 first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry.

Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in various healthcare settings, providing them with flexibility, higher earnings, and work-life balance. He highlights how the industry has evolved from a necessary staffing solution to a strategic workforce model, driven by growing physician shortages and changing work preferences.

This first part of a two-episode interview also covers trends in locum tenens, including the increasing interest from younger physicians, the rising demand for specific specialties like neurology, cardiology, and psychiatry, and the impact of AI. Cory emphasizes that locum tenens is becoming an essential part of healthcare staffing, allowing doctors to explore different practice environments while mitigating burnout and financial stress.

Key Insights:

1. Locum tenens, meaning "to hold the place," originated in the Catholic Church before transitioning into healthcare staffing.
   
   
2. The industry has grown significantly, with more physicians, especially younger ones, choosing it for career flexibility and income potential.
   
   
3. Locumpedia is a digital platform that provides a free, centralized resource for physicians and healthcare organizations.
   
   
4. The No-BS Guide to Locum Tenens was created to offer straightforward, unbiased insights into locum work. See https://www.locumpedia.com/.
   
   
5. Locum tenens physicians work as 1099 independent contractors, allowing them to take advantage of tax benefits and business deductions.
   
   
6. The demand for locum tenens is increasing due to physician shortages, burnout, and changing work preferences.
   
   
7. Specialties such as hospital medicine, neurology, cardiology, psychiatry, anesthesiology, and radiology are currently in high demand.
   
   
8. AI is expected to impact radiology, but the combination of AI with skilled radiologists is seen as the future rather than full automation.
   
   
9. More doctors are using locum tenens as a way to test different work environments before committing to full-time positions.
   
   
10. Locum tenens is becoming an essential part of modern healthcare staffing, allowing hospitals to adapt to patient demand and financial constraints efficiently.

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!

Host David Mandell welcomes Dr. Jude Pierre back to the podcast for an engaging discussion on physician entrepreneurship, financial pitfalls, and operational best practices. They begin by revisiting common mistakes doctors make when purchasing their first or second home, such as relying on 100% financing and overspending on a house before their career stabilizes. Dr. Pierre emphasizes the importance of financial prudence and warns about the risks associated with early-career real estate decisions.

The conversation then shifts to the benefits of hiring a medical scribe, a strategy that transformed Dr. Pierre’s practice. He explains how scribes improve efficiency by documenting patient interactions in real time, allowing physicians to focus more on patient care. His transition from an in-house scribe to a virtual scribe further optimized workflow while reducing costs. He also discusses the financial benefits of Medicare Advantage, outlining how physicians can maximize revenue while ensuring high-quality patient care.

Lastly, the discussion covers physician burnout and the importance of self-care, social connection, and financial planning. Dr. Pierre stresses to David that doctors should recognize their worth, invest in their practices wisely, and plan their personal finances strategically. He highlights the advantages of owning medical real estate and encourages physicians to take control of their financial future by being proactive in wealth management. The episode closes with a reminder that strategic decision-making, both professionally and personally, can lead to long-term success.

KEY INSIGHTS:

• Many physicians fall into the trap of buying a large home too early, only to face financial strain when their career trajectory changes.
  
  
• 100% financing often leads to a lack of equity, which can create problems during economic downturns.
  
  
• Physicians should be mindful of lifestyle creep, resisting the temptation to upgrade their homes or cars just because they can afford them.
  
  
• Hiring a medical scribe can free up significant time, improving work-life balance and patient interactions.
  
  
• Virtual scribes offer a cost-effective and efficient alternative to in-house scribes, reducing administrative burdens.
  
  
• Medicare Advantage provides an opportunity for physicians to earn steady income through capitation, but it requires proper patient management.
  
  
• Owning the building where a physician practices can be a smart long-term financial decision, adding equity and stability to their business.
  
  
• Physicians should be aware of their worth and avoid undervaluing their services, ensuring they receive fair compensation.
  
  
• Small personal care habits, like regular haircuts, contribute to mental well-being and help combat burnout.
  
  
• A structured financial plan, including strategic investments and savings, is essential for long-term financial success.
  
  

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!

Listen in as host David Mandell welcomes back to the Podcast healthcare attorneys Michael Byrd and Brad Adatto, both of whom joined David back in Season 1.

Brad and Michael begin the discussion laying out the legal issues around the weight loss drugs that have become so popular today and what physicians prescribing such drugs need to be aware of – from patient consent issues, to compounding challenges and state-specific dispensing regulations, to marketing rules and more.

The conversation then shifts to mergers and acquisitions concerning medical practices. Michael and Brad relate the shift they have seen in the last year from “wall street” deals to “main street” deals and what this shift means for physicians who may consider exiting their practice.

David then asks the attorneys about the proposed rules out of the federal government regarding non-competes, where those rules stand and what physicians need to know about non-competes in the medical context.

The podcast concludes with Brad and Michael leading a discussion around how physicians can best work with healthcare attorneys and the value of legal subscription models.

KEY POINTS:

• Healthcare Law Expertise
• Weight Loss Drugs in Medical Practices
• Compounding Issues and Compliance
• Patient Consent and Risk Mitigation
• Business and Revenue Risks with Weight Loss Drugs
• Mergers and Acquisitions Trends
• Valuation Challenges in Practice Sales
• Non-Compete Clauses
• Importance of Healthcare-Specific Legal Counsel
• Compliance as a Dynamic Process
• Legal Subscription Models
• Proactive Legal Strategies
• Broader Regulatory Trends
• Entrepreneurial Approach to Law

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!

Listen in or watch as host David Mandell sits down with medical marketing consultant Kristy LaGourgue and aesthetic nurse Rachel Varga to discuss branding and marketing lessons that all doctors can benefit from, whether they own their own practice or not.

David begins the discussion by asking Kristy and Rachel the most common mistakes medical practices make with marketing and how to avoid them. They then chat about the importance of marketing when offering new services or equipment or even bringing on new doctors.

The discussion then turns to branding – how an individual doctor can brand him/herself in the marketplace- which not only can be patient-focused, but also to other doctors, who are key referral sources –and even industry for further business opportunities.

Finally, Kristy and Rachel speak to the use of social media and how doctors should approach getting started in marketing efforts.

KEY TAKEAWAYS

Takeaway #1: Having a Clear Marketing Strategy is More Effective Than Piecemeal Efforts.

Piecing together different marketing tactics without a clear strategy can lead to poor results. Kristy points out that one common mistake practitioners make is trying “a little bit of this, a little bit of that, hoping something's going to stick.” Instead, she suggests that it's crucial to understand how different marketing activities work together to drive steady patient flow.

Rachel supports this point, noting that practitioners often give up too soon or get in their own way due to imposter syndrome or feeling out of their comfort zone. She encourages practitioners to stick with their marketing efforts and to recognize the long-term benefits. “It's really getting also that validation and accolade from your colleagues in the space too, to then position you even further, which might open up the gates for different opportunities on boards and business development deals as well”.

In essence, being strategic and consistent about marketing activities, rather than trying different tactics in a piecemeal manner, can lead to better results and open up new opportunities for practitioners.

Takeaway #2: Diversifying Practice Offerings Can Lead to New Opportunities.

With the rapidly evolving field of medical technology and treatments, diversifying practice offerings can open up new opportunities for physicians. For instance, adding new technologies or treatments to a practice can attract different types of patients, or even create new revenue streams.

Rachel explains how one of her colleagues transformed his practice by incorporating group coaching and video training, thus creating a seven-figure business. She says, “So you just don't know what's possible until you start to go down this path.” She also mentions the increasing popularity of concierge medicine and biohacking, suggesting that practices that incorporate these elements are very appealing to buyers.

Diversifying practice offerings can, therefore, not only bring in new patients and revenue streams but also increase the practice's value in case of a potential buyout. This diversification, coupled with a strong online presence and marketing strategy, can significantly enhance a practice's success and growth.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

Listen in to episode 5.10 as host David Mandell interviews Dr. Jude Pierre, internist, doctorpreneur, fellow podcaster and coach to young physicians.

Jude begins by sharing his background, including a brief description of his family's immigrant story as immigrants from Haiti who moved back to Haiti from New York City when Jude was eight years old, for a business opportunity for his father—beginning his entrepreneurship interests. This entrepreneurship continued in his residency, as he began moonlighting and early real estate investing.

The conversation shifts to the challenges Jude had starting a practice in Miami and why he chose to move to a more rural area outside of Tampa. He explains his success in “getting busy” but also gives some advice around getting too busy and work-life balance for physicians.

David and Jude then discuss Jude’s work as a content creator, through books and videos, as well as his work coaching young physicians. They discuss the type of help he provides other physicians through this content, as well as his "Independent Physicians Blueprint" podcast.

The podcast concludes with Jude giving some specific advice for young physicians.

Key Points

Dr. Jude Pierre's Background: Trained in internal medicine, he has been providing primary care since 2000 in South Florida and Tampa Bay metro area. Dr. Pierre actively mentors new physician graduates, helping them navigate the challenges of a rapidly changing healthcare environment. Apart from practicing medicine, Dr. Pierre is a podcast host and coach for physicians, sharing strategies to succeed both in medicine and entrepreneurship.

Diverse Upbringing: Raised in Haiti after being born in New York, Dr. Pierre attributes his entrepreneurial spirit to early exposure to his parents’ business ventures in Haiti. Residency and

Financial Challenges: During his residency, Dr. Pierre faced significant financial pressures, prompting him to moonlight and prioritize early debt repayment.

Real Estate Ventures: Dr. Pierre began investing in real estate during residency, starting with a condominium and later flipping properties, which sparked his interest in entrepreneurship.

Physician Practice Challenges: Early in his career, Dr. Pierre faced challenges establishing a private practice in Miami due to oversaturation of primary care providers.

Strategic Career Moves: Dr. Pierre moved to Spring Hill, near Tampa, for greater professional opportunities, noting that smaller markets can offer significant practice growth potential compared to larger urban areas.

Burnout Awareness: Dr. Pierre emphasizes the importance of work-life balance, sharing his experiences with burnout and the personal impact on relationships.

Coaching and Education: He launched a course, "Learn About Medicare Advantage (LAMA)," to educate physicians on managing patient populations and insurance dynamics effectively.

Independent Practice Advocacy: Dr. Pierre promotes independent practice models like concierge medicine and direct primary care as alternatives to corporate healthcare.

Risk Management in Rural Practice: He highlights the risks of being overwhelmed in underserved areas, urging physicians to set boundaries and prioritize manageable workloads.

Efficient Practice Management: Dr. Pierre coaches physicians on balancing patient care with payer relationships to optimize practice sustainability.

Podcast Rebranding: His podcast, initially "Practice Impossible," was rebranded to "Independent Physicians Blueprint" to align with his mission of empowering independent practitioners.

Advice to Physicians: Dr. Pierre advises doctors pursuing entrepreneurship to seek wise counsel and avoid taking on ventures alone, emphasizing the value of collaboration and specialized guidance.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!