In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years.  This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy. As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - 100k signing bonus for a NURSE!

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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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 personal experience having his wife Michaela in Medical School from the perspective of a financial planner. Today they only scratch the surface of what will be many podcasts to come. Please email podcast@financialresidency.com if you have a topic you would like James and Jeff to explore AMA (ask me anything) style. IM Wealth currently works for 86 families and 70+ Physicians.  To learn more about IM Wealth please visit www.imwealth.com To schedule a 100% free financial wellness diagnostic with James or Jeff visit www.imwealth.com and click join. To be the first to get notified for IM Wealth’s free physician financial wellness masterclasses and other free resources visit https://www.imwealth.com/im-nest-signup

A Physician’s Guide to Wealth - Do you feel in control of your money? Or is it in control of you?

 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 them joy or hire a capable team to help them complete their mission in life. He emphasizes the importance of valuing time as the most precious resource and using money to buy back time and create a more fulfilling life.        Timestamp   Summary     0:00:04   Introduction and Will Smith quote     0:01:13   The correlation between time, money, and burnout     0:02:34   The surplus of time and money as an attending physician     0:03:48   The value of time and conducting a calendar audit     0:05:37   Investing resources for high leverage on time     0:07:01   The art of delegation and buying back time     0:08:49   Examples of areas to delegate and hire help     0:10:52   Self-assessment questions and fear of delegation     0:11:44   Evaluating income requirements and working hours     0:12:13   Conclusion and closing remarks       

A Physician’s Guide to Wealth - Time is Money or Is Money Time?: How to Use Your Money to Buy Back Time

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 throughout the negotiation process. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - They Said No to Your Ask?

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 potential to enhance productivity in healthcare and invites further discussion on the topic. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - FDA and AI

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 become true partners in decision making and goal setting, which leads to more successful outcomes. You can learn more about Dr. Bernard, listen to her podcast or discover the books she has written at  www.RebekahBernard.com.

Coffee & Contracts - 100k signing bonus for a NURSE!

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