Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts. He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes. Jon invites individuals to contact...

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties. Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios....

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things.   Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has...

Doug Kraus from BMO Harris Bank shares insights on the evolving mortgage market. With significant shifts in interest rates, he advises listeners to research their mortgage options thoroughly. Doug highlights potential challenges in the industry and encourages caution when selecting lenders or brokers. He emphasizes the importance of working with established professionals to navigate the changing landscape. If you have questions, Doug is available to assist and offers a free book...

On today’s episode of A Life Well Lived James Nutter is joined by his mentor, great friend, business partner, and founder of his company Jeff McPherson, CFP®. There’s a difference between taking action with your money and fully taking control of your money. In today’s episode James and Jeff talk from a high-level overview of common mistakes they see physicians make with their money. How to unsubscribe from rules of thumb like live like a resident. Student loan tips and tricks and Jeff’s...

In this episode, James Nutter explores the concept of time versus money and how it relates to physicians' lives. He discusses the common belief that time is money and how physicians often equate more time worked with more money earned.  However, he also highlights the negative consequences of this mindset, such as burnout and a lack of work-life balance. James encourages physicians to reflect on how they are spending their time and to consider whether they can delegate tasks that don't bring...

Jon from Contract Diagnostics discusses the disparity in contract offers for physicians within the same organization but different divisions. He emphasizes the importance of clarifying decision-making processes and reasons behind rejections when negotiating compensation. Jon advises physicians to seek multiple offers, understand policies, and persist in negotiations to achieve favorable outcomes.  He highlights Contract Diagnostics' role in providing data-driven guidance and support...

Jon from Contract Diagnostics discusses the FDA's evolving role in regulating AI in healthcare. As AI-powered medical devices become more prevalent, the FDA must adapt its processes to ensure safety and efficacy. Jon highlights the potential impact of AI on physician workflows and suggests that employers will need to update policies accordingly. He emphasizes the importance of staying informed about AI advancements and encourages annual policy reviews.  Jon is optimistic about AI's...

Dr. Bernard has literally written the book on physician wellness and shares her insights to help us find our love of medicine again while maintaining our own happiness and well-being. She advocates for physicians to have autonomy and control the things they can in their practice. She offers simple tips for running an efficient practice and setting limits on the time you allocate for work so that you have more time for yourself. She also promotes motivational interviewing to help patients...

In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming external factors such as the government, the economy, or other people only hinders personal growth and financial success. He encourages listeners...

Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’ve proven yourself as an invaluable asset to the team. In today’s episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to...

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond. He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance. He advises...

  Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations.  They addressed various...

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value. They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected. You can reach Doug at [email protected] or go to www.DougCrouse.com.

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals. He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because...

Ever felt overwhelmed about not knowing what you don’t know as it relates to money? Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you’re reading this now, you’re here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents....

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make in your life. There’s no financial investment that’ll ever match it, because if you develop more skill, more ability, more insight, more capacity,...

Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause. Jon...

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down.  This option is cheaper than refinancing your loan and does not involve the hassle of getting a...

Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to consult Contract Diagnostics for guidance on interpretation and negotiation strategies. Jon invites individuals to contact Contract Diagnostics...

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! You may know Dr. Lisha Taylor from Money Meets Medicine or her new podcast Wealth Minded MD. She joins us today to share her Top 5 Financial Tasks to help new attendings get out of debt, protect themselves and build wealth. For more information on Dr. Lisha or to sign up for one of her financial wellness workshops, go...

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! “Know thyself” – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the depths of this profound saying. There’s a reason why nearly one third of lottery winners go broke within their first 3-5 years.* They were handed...

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow. On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor,...

The MGMA (Medical Group Management Association) data is often considered the gold standard for physician compensation analysis, but it has several limitations. Firstly, the data is delayed, with current data based on previous years' figures. Secondly, the sample size, though large, may not fully represent the physician population. Additionally, there's selection bias as certain physicians may not report their salaries. The data doesn't differentiate between full-time and part-time roles or...