On today’s episode, host Jon Harris interviews Dr. Michael Jerkins and Brandon Finazzo with Panacea Financial. They engage in a lively discussion about what banking built for doctors by doctors looks like, how Dr. Michael Jerkins and Brandon Finazzo stumbled into their current career paths, and why it is extremely important that niche banking exists. 

Brandon Finazzo has been in the financial services field for about 15 years. He started his career working for a small direct lender, but quickly moved on to larger banks. Brandon then solidified his career path working in healthcare finance and landed a job with Panacea Financial Bank. Brandon ultimately found his passion helping doctors, dentists and veterinarians complete their banking in a direct and efficient way. 

Dr. Michael Jerkins attended medical school and completed his residency in Tennessee all while accruing a monstrous amount of debt. He observed the stark difference between how banks and loan companies treat individuals with debt versus those with plenty of funds and decided to make a change. Dr. Jerkins and four other doctors set out to create a dynamic loan process to address a small niche of loaners such as doctors, dentists and veterinarians. Now, Dr. Michael Jerkins is the CEO and co-founder of Panacea Financial helping doctors effectively bank. 

Tune into this week’s episode of 21st Century Dentistry for a conversation with Dr. Michael Jerkins and Brandon Finazzo. Learn more about practicing physicians running a bank, setting the right expectations, and how Panacea Financial is run. 

Quotes

• “If you're sick, you're going to the doctor, right? If you have a massive toothache, you're going to go see the dentist. I think those factors drive businesses from being a little more recession-proof than let's just say a restaurant, for example.” (13:38-13:42 | Brandon) 

• “There's four thousand something banks out there. They all pretty much do roughly the same thing. They're not super innovative or dynamic. And so, it seemed like there needed to be a creative and dynamic process to really address a very small niche, but a very high-value, highly-employable, high-lifetime-value group of customers, like my community. And so, that's what we did.” (20:03-20:26 | Michael)

• “You have got to take risks to be able to reap that reward of those ideas.” (23:44–23:51 | Michael) 

• “This is a way to give a lifeline to these folks who have so much demanded of them in their training and they had nowhere to turn but toxic debt, to give them that that opportunity.” (37:01-37:11 | Michael) 

• “My biggest goal when I'm dealing with a client is to make sure that I set the right expectation.” (42:40-42:55 | Brandon) 

• “The best kind of debt is no debt at all. But unfortunately, for our community, we can't avoid it in a lot of ways. And we just needed a fairer and healthier shot at it.” (54:27-54:37 | Michael) 

Links

www.panaceafinancial.com

Connect with Jon Harris on Facebook:

https://www.fortunemgmt.com

https://www.facebook.com/jon.harris.39545

https://www.facebook.com/fortunemgmtmidsouth

https://www.facebook.com/fortunemgmtgeorgia

Follow Jon on Instagram: 

@jonharris_ 

@21stcenturydentistry

Podcast production and show notes provided by HiveCast.fm