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Financial Management

During residency and fellowship, physicians are focused on their clinical responsibilities and often lack the time or the inclination to concern themselves with financial issues, such as managing debt, creating a budget, obtaining necessary insurance protection, or contributing to retirement plans.
Physicians seem to have a natural affinity for complexity. That’s a good thing for patients with difficult diagnoses, but it’s a prescription for disaster when it comes to investing. Owning a myriad of securities spread across a dozen or more financial accounts usually means more taxes, more transaction costs, less clarity, and more time spent on investing.
Dr Smith has been practicing as a solo provider in New York for many years. Although he currently has a very successful practice, because of personal circumstances, he is ready to retire. As retirement approaches for Dr Smith, what are his options with regard to his medical practice? He essentially has 2 options: sell the practice or permanently close the office.

Dr Smith has been practicing as a solo provider in New York for many years. Although he currently has a very successful practice, because of personal circumstances, he is ready to retire. As retirement approaches for Dr Smith, what are his options with regard to his medical practice? He essentially has 2 options: sell the practice or permanently close the office.

Healthcare providers in private practice often ask whether they should form a legal entity. You need to decide if you want to “incorporate,” and to determine which business entity is best for you based on your individual needs and goals. This article will highlight why you should consider forming a legal entity, as well as review some important aspects associated with the most common legal business entities available.
Because physicians are personally responsible for their own professional negligence or malpractice, regardless of whether they practice with or without a legal entity, what is the benefit of having one? Although a legal entity does not provide any liability protection from professional negligence or malpractice, it does shield you from liabilities that result from the actions of others.
You pay more than your fair share of taxes, so when it comes to your investments, why would you pay more than you absolutely have to? While it may be too late to save taxes on investments you made last year, it’s the perfect time to focus on saving money this year, so we want to share some tax tactics to keep your tax bill for 2016 in check.
It is a new year. That means you have another chance to start over again, to take a fresh look at your finances, and to get on track for the future. So, where should you begin?
It is a new year. That means you have another chance to start over again, to take a fresh look at your finances, and to get on track for the future. So, where should you begin? Every physician should take several steps when moving toward financial security, and we want to share a few of them with you at the beginning of 2016.
A smart investor needs to fully comprehend how risk is measured and its potential effect on long-term portfolio performance. This article outlines 5 principles of investment management that can increase your chance of success.
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