This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In the 2024 Medicare payment rule, the CMS has announced a 1.25 percent reduction in overall payment rates. However, there are notable increases in payment rates for primary care and direct patient care services.  The changes aim to balance healthcare quantity and access, and further analysis of the impact on various specialties will be provided by Contract Diagnostics in upcoming content. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - CMS changes for 2024

As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. But, not to worry. That’s where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You’ll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other “investment” pitches that are not in their best interest. You didn’t receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it’s ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great - let's do this! Let your financial residency begin.

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Cindy Brown, an expert in transforming medical practices, shares valuable insights on optimizing revenue streams, personalized tax strategies, and achieving business success. She emphasizes the importance of having a strategic plan and understanding the business side of medicine. Cindy highlights common mistakes made by physicians, offers advice on surrounding yourself with a capable team, making hard decisions early, and being proactive in financial planning. Additionally, she discusses the importance of hiring professionals who are experts in their field and shares valuable tips for new physicians opening a private practice or those looking to sell their practices. Cindy Brown is the co-founder of Brown Welch Mehta, a company that excels in transforming specialty medical and dental practices. With over 35 years of experience in corporate finance, operations, and management, she boasts an impressive background working with global 1000 healthcare, consumer products, and entertainment industries. Her track record shines with her previous roles as a senior executive at renowned organizations such as Blockbuster, Cadbury, Schweppes, Dr. Pepper, Coca-Cola, and the James River Paper Company, making her an expert in financial strategies and business optimization for medical practitioners.                     Timestamp   Summary     2:25   Transitioning from Medicine to Business Ownership     8:19   Maximizing Profits in Medical Practices     12:26   Crisis Management Following Healthcare Cyberattack     18:57   Strategies for Business Cash Reserves and Credit Lines     24:02   Cultivating Excellence and Leadership in Business     28:34   Understanding Cash Flow Versus Profit in Medical Practices     35:53   Strategies for Maximizing Small Business Tax Credits     40:50   Tax Strategies for Renting Property and Employing Children     43:02   Incorporating Family into Business Payroll Strategies     45:53   Strategizing Business with Advisory Boards and Tax Deductions     50:12   Maximizing Home Office Deductions for Business Owners     51:43   Strategizing Tax Compliance for Business Owners      Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.  

A Physician’s Guide to Wealth - Expert Reveals Critical Tips for Financial Success in Medical Practices

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Physician families who succeed with their finances in both good and bad times follow four key steps. First, they unsubscribe from generic financial rules and instead focus on their unique circumstances. Second, they define their values and use them as a guide for financial decisions. Third, they have a clear vision and mission for their family's future.  Finally, they are coachable and seek guidance from experts to achieve their goals. By following these steps, physician families can take control of their money and live a meaningful life. Join James Nutter as he explores these steps in this episode of "A Life Well Lived: A Physician's Guide to Wealth."               Timestamp   Summary     0:03   Four Steps for Physicians to Win With Money     4:35   Aligning Life Choices with Personal and Family Values     6:11   Balancing Present Joys and Future Financial Goals     7:47   Embracing Coachability and Overcoming Ego in Pursuit of Success     9:12   Phil Jackson's Impact on Basketball Legends     10:40   Embracing Coachability and Building a Life Well Lived      Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

A Physician’s Guide to Wealth - 4 Key Money Habits of Physicians Winning Now

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Welcome to another insightful episode at Contract Diagnostics, where Jon dives into the complex world of physician contracts and the common pitfalls they face.  Today, Jon reflects on a recent conversation with a physician who misunderstood crucial elements of his contract, leading to significant financial loss. He highlights the risks of outdated electronic health record systems and the impact on physicians' efficiency and reimbursement. Jon emphasizes the importance of clear, informed contract negotiations and proactive communication with employers to rectify issues and optimize working conditions.  If you're a physician facing contract uncertainties or system inefficiencies, tune in for expert advice and support at Contract Diagnostics. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - FP Doc and What We Learned

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode Jon delves into the significant ransomware attack on Ascension, affecting its system and 35,000 affiliated providers. We explore the repercussions for healthcare providers, from reverting to paper notes to potential impacts on scheduling and income.  The FBI and authorities are actively investigating the cause and next steps. Amidst uncertainty, we discuss the importance for physicians to understand their employer's policies and the implications for compensation, especially during system outages.  At Contract Diagnostics, we're here to assist with navigating these challenges, offering insights and support through our free 15-minute web inquiries. Stay informed and prepared with us as we monitor the situation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - A Ransomware Attack - Ascension

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Welcome back to the Mortgage Minute with your host, Doug Crouse from BMO Bank. In this episode, we dive into the intricacies of interest rate locks. Learn the optimal timing to lock your rate post-preapproval and how this affects your mortgage application.  Doug explains why securing your rate is crucial no later than 10 days before closing to ensure your loan gets finalized, emphasizing the importance of coordinating this with your insurance. Tune in to understand how to navigate rate locks efficiently and avoid the pitfalls of fluctuating market rates. If you have questions, Doug is available at DougCrouse.com

Coffee & Contracts - CMS changes for 2024

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