By Spaugh Dameron Tenny
5
1717 ratings
The podcast currently has 78 episodes available.
Women in medicine encounter unique challenges and opportunities. Five female physicians who formed a tight-knit bond during medical school have been actively examining these issues.
Over the past few years, they have shared their experiences and developed strategies to support women in various aspects of their medical careers, including applying to medical school, navigating residency and fellowship, understanding compensation, balancing work and family, and planning career trajectories.
On this episode of the Prosperous Doc®, our host, Shane Tenny, CFP®, dives deeper into the insights and initiatives of two of the authors, Dr. Sylvia Morris and Dr. Angela Walker. They discuss the experiences that brought them to write “THE GAME PLAN: A Woman’s Guide to Becoming a Doctor and Living a Life in Medicine.”
After years of mentoring and finding support within their own group of friends, the book was born out of the desire to reach a wider audience of professionals beyond what one-on-one mentoring could accomplish. It was important to both Dr. Morris and Dr. Walker to provide practical insights into navigating the real-life scenarios that they encountered but were not adequately prepared for on their own career journeys.
“If you don't have people around you who have an intimate understanding and knowledge of what we're going through, then you're right, [the profession] can be very lonely,” explains Dr. Morris regarding building a community and having resources available to support medical professionals.
Both authors wrote this book with a clear audience in mind. Dr. Walker wrote for the medical school version of herself, who did not have a clue what life would look like outside of school, and to answer the questions she wished she had known then. Dr. Morris wrote for her parents, as a guide to help parents and loved ones know what to expect.
💡 Featured Guest 💡Name: Dr. Sylvia Morris MD, MPH
What she does: Dr. Morris's goal is to utilize the media to improve our nation's public health by combining her training in internal medicine and public health. She has made guest appearances on local and national news outlets to deliver her message. She is currently a hospitalist and Area Physician Market Lead at Kaiser Permanente.
Company: Kaiser Permanente
Words of wisdom: “It's really important to take care of ourselves. Because if we don't take care of ourselves, we cannot take care of the people in our block.”
Connect: Website | Linkedin | Instagram
💡 Featured Guest 💡Name: Dr. Angela Walker, MD
What she does: As an OB/GYN caring for women for 25 years, she shares her journey as a wife, mother, daughter, and woman of color along her path of achieving optimal health and wellness. She helps others succeed by providing wisdom and steps to create their own story of wellness. Dr. Walker is also a co-author of the book "THE GAME PLAN: A Woman's Guide to Becoming a Doctor and Living a Life in Medicine.” In this book, she shares her insight and personal stories of what it is like and things to consider as a female in medicine.
Company: Humana
Words of wisdom: “There are changes that you can make. There are alternatives. There are demands that are put on you, and you can say no. You may have to change the job, but at the end of the day, it may be the best choice for you. It can be scary, but you have to take inventory every now and then.”
Connect: Website | Linkedin | Facebook
💰 On the Money 💰Top takeaways from this episode
[03:37] An optimistic outlook on life: The women’s friendship was the inspiration for the book. They wanted to share their experiences as a way to mentor and guide the next generation of women in medicine.
[05:10] It started with scholarships: Originally, the group had a small scholarship for fourth-year medical students at Georgetown. During their annual girls’ trips, they would decide who would get the scholarships. This evolved into wanting to find a way to share their message with more students considering the field of medicine.
[06:52] Answering unasked questions: Dr. Walker provides examples of some of the less obvious questions the book answers for readers, such as about home life and whether you have children or a partner.
[11:42] A game plan for medicine: Both Dr. Morris and Dr. Walker review some of the more personal details that influence a physician's career but are often overlooked when considering a career in medicine.
[15:42] This generation discusses burnout: Dr. Morris shares how her personal self-care journey has evolved over the years and how she made it a priority from residency. Unlike previous generations, the new generation of medical practitioners is much more open about the importance of work-life harmony.
[20:33] Empowered to say no: Dr. Walker learned how good it can feel to say no and to advocate for herself. She’s weathered several career changes and made choices to protect her well-being and her personal life.
[24:49] Self-care for perseverance: Self-care can take many different forms. The actions you take on a regular basis to care for yourself and the community you build are types of self-care.
[27:31] Financial preparedness is part of the game plan: Dr. Walker is quick to recommend that medical professionals get a financial planner to help them make good decisions and set themselves up for success. Dr. Morris recommends CFP.net as a resource, and Shane reminds listeners that SDTplanning.com also has resources for those looking to learn more.
[34:36] A different perspective: Writing the book gave Dr. Morris’ godsister a new view of her journey through medical school. Dr. Walker heard from people who applied the advice to other careers, giving the book a broader audience than she initially expected.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, yet you’re still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP, at [email protected] or on Twitter.
Compliance code: CRN202705-6457590
Healthcare access is not equal across all countries around the world. Pediatric orthopedic surgeon Dr. Brian Scannell is actively working to address this issue. Recently, he resumed his passion for medical missions, embarking on a journey to provide essential care to underserved communities.
In this episode of the Prosperous Doc Podcast, as Dr. Scannell joins host Shane Tenny, CFP®, to share his experiences and insights, offering inspiration for those considering similar humanitarian endeavors.
Project Perfect World started in the late 80s with the refurbishment of a medical clinic in Ecuador. Dr. Scannell began volunteering with the group around 2010. At that time, the project’s focus was shifting toward pediatric orthopedics. Now the group organizes twice-yearly missions to the area, providing medical care each spring and fall.
“Anytime you're doing mission work, I think of going in and making sure that local surgeons and physicians are involved, making sure that there's good communication, making sure that there is good follow-up for those patients,” Dr. Scannell says. “So it's never something that you go in and you do these big surgeries, and then you're just gone.”
The trips have been profoundly fulfilling for Dr. Scannell, both in terms of fighting burnout, reigniting his passion for the profession, and building long-term friendships with the other doctors who travel with him.
💡 Featured Guest 💡Name: Dr. Brian Scannell
What he does: Dr. Brian Scannell specializes in pediatric orthopedic surgery at OrthoCarolina in Charlotte, NC, and serves as the Orthopedic Surgery Residency Program Director at Carolinas Medical Center Atrium Health. He is currently the Chief of Pediatric Orthopedic Surgery at Levine Children's Hospital Atrium Health.
Company: OrthoCarolina
Words of wisdom: “It's one of those things that refills the bucket. There's other things that I do to kind of help refill my bucket. But medicine and healthcare is hard and burnout is real. We all feel that at times. It's a fun, selfless thing that I found that the patients are unbelievably grateful for, and that refills my bucket.”
Connect: Website | Project Perfect World
💰 On the Money 💰Top takeaways from this episode
[02:21] Ortho and kids: Dr. Scannell shares his early medical journey and what brought him to decide on orthopedics and pediatrics. Mentors early on in his career inspired him to become an orthopedic surgeon.
[05:03] Operating all over the body: Dr. Scannell enjoys getting to do a variety of procedures in his practice. He specializes in scoliosis and spine deformity cases, as well as congenital issues like club feet and hip dysplasia in infants and children.
[06:37] Project Perfect World: Dr. Scannell first got involved in medical missions through existing friendships and long-term connections with fellow physicians.
[08:39] Delivering much-needed care: The project started in the 80s with the refurbishment of a medical center in Ecuador. Today, there is a distinct focus on providing the orthopedic care that the country so desperately needs.
[09:52] Adjusting to new work environments: Dr. Scannell reviews what a typical day looks like during the mission. Some things are similar to working at home in the US, though sometimes the process and how he approaches cases differs.
[16:25] Lack of screening protocols: Not having screening protocols in place at birth means that Dr. Scannell has found later-term cases of hip dysplasia, some as late as five years old.
[20:39] Refill the bucket: Dr. Scannell participates in the mission trips because the work is rewarding and it gives him a chance to take a break from the American medical system.
[23:45] Fight burnout by giving back: Dr. Scannell reviews different ways to get involved with medical missions and things to consider when deciding which trip or initiative might be the right fit.
[28:50] Good mentors are priceless: Both the crew who attend the missions with Dr. Scannell and the doctors who influenced him early on in his career get a shout-out for their impact.
💵 Financial Wellness Tip 💵Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202704-6309673
Every physician has felt it before: You have a bad day or work is stressing you out, and you start imagining what life would be like if you were doing something else. Most of us shake it off after a good night's sleep, but what do you do if that feeling doesn't go away? You don't necessarily want to leave medicine with all the time you have invested in your education and training. And changing careers doesn't feel simple.
Fortunately, the pharmaceutical and biotech industries offer opportunities for you to use your clinical knowledge in a different kind of role. Dr. Nerissa Kreher, MD, MBA, advises physicians on how to make the shift from the grind of seeing patients and doing procedures to working in pharma or biotech.
Three different roles comprise the options for physicians looking to land biotech or pharma careers: medical affairs, clinical development, and drug safety or pharmacovigilance. Each role lends itself to different types of practitioners.
On this episode of the Prosperous Doc®, our host Shane Tenny, CFP® welcomes Dr. Kreher to discuss how she made the move from the patient room to research. For her, it all started with a pharma rep asking for her resume to pass back to their company. But she thinks there are plenty of other ways to break in.
“I’m a big fan of LinkedIn,” she says. “LinkedIn is a great place to not only network — which is critically important to making this transition [to clinical research] — but also to job search.”
Compensation for physicians transitioning to the pharma/biotech field starts in the mid-to-upper $200K range, with bonus opportunities and the potential for equity and options. But perhaps the greatest compensation of all for a tired physician? No call.
The number of hours physicians spend working on call or during weekends factors into their hourly rate, Dr. Kreher explains. “That’s something that they should translate as well, as compared to just thinking about that annual salary piece.
💡 Featured Guest 💡Name: Dr. Nerissa Kreher, MD, MBA
What she does: Dr. Kreher is the Chief Medical Officer (CMO) of a biotech company and a pediatric endocrinologist. Her move into the pharmaceutical industry occurred early in her career, and she has now accumulated more than 15 years of experience working in biotech and pharma.
Company: The Pharma IndustryMDCoach
Words of wisdom: “There’s a myth that there’s no stress in the pharma and biotech industry. The stress is still there, but it’s different stress.”
Connect: LinkedIn | Website
💰 On the Money 💰Top takeaways from this episode
[05:01] Scientific vs clinical research: Dr. Kreher draws the distinction between scientific research, which occurs in the lab, and clinical research, which occurs with actual human patients.
[08:51] Three different flavors: Typically, there are three roles that are common for physicians to move into when they transition from practice to pharma and biotech: medical affairs, clinical development, and drug safety. Dr. Kreher details the differences between the types.
[14:16] Fact vs fiction: Dr. Kreher’s coaching work dispels myths about how to work in the pharmaceutical industry. Physicians do not necessarily need a strong research background to land a position in biotech or pharma.
[15:12] It’s different stress: While a physician working in the pharmaceutical/biotech space might not be dealing with the grind of patient visits and EMR maintenance, they often have to adjust to communicating with professionals of different backgrounds than medical.
[18:53] All specialties have a place: Dr. Kreher believes that any physician specialty can find a home in pharma and biotech. It might seem that family or internal medicine wouldn’t have a place in research, but those clinicians are good fits for drug safety roles.
[21:30] Skills to display: The skills that are helpful in the pharma and biotech industry are the same as what you bring to any clinical position: leadership, humility, and the ability to translate complex concepts into lay terms.
[22:31] Compensation considerations: Non-procedural physicians will experience a greater increase in compensation, with base salaries in the mid-to-upper $200K range. There are also bonuses of 20% to 25%, plus equity options.
[23:22] What is ‘no call’ worth to you?: Physicians working in biotech and pharma careers don’t have to deal with call, and that has an opportunity cost. Even if the compensation is lower than what you might get as a procedural physician, not being on call is a major lifestyle bonus.
[24:55] Not ready to jump? Dabble: If you want a taste of what working in biotech and pharma is like, companies are often looking for clinicians to consult. This is particularly true for those who have established themselves as thought leaders in the field, something you can do with an active LinkedIn account.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, yet you’re still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202608-4945833
Having a well-oiled team is a crucial piece of any successful business. Medical practitioners running their own practices are no stranger to the impact of employee turnover. In this episode of the Prosperous Doc®, Shane Tenny, CFP®, speaks with Dr. Michael Neal about the importance of building a strong team and hiring and retaining the right people.
Dr. Neal practices optometry alongside his wife, Dr. Amy Neal. When they first opened their practice, he began to experience the challenges of developing a team alongside a growing business.
“We were approaching hiring team members the wrong way. We were approaching it completely upside down. And unfortunately, we got the results that we deserved because of how we were approaching it,” Dr. Neal says about his first hiring challenges.
A desire to streamline the hiring process and evaluate candidates more effectively led Dr. Neal to develop assessments that determine a candidate's suitability for a role and their ability to learn quickly. These assessments are delivered via text message and filter out 97% of applicants, removing a significant administrative burden from the hiring process. This was the starting point of his other business venture, Build My Team, which delivers better people faster.
Later in the episode, Shane and Dr. Neal discuss the benefits of bringing in a professional manager to oversee the operations of a medical practice.
“It's the team that's providing the care for the bulk of [the time]. If you want to advance in healthcare, one of the ways to do it is to adopt that mindset and bring on these A players,” he says.
💡 Featured Guest 💡Name: Dr. Michael Neal
What he does: As the Chief Executive Officer at Build My Team, Dr. Neal is the face of the company. He founded Build My Team as a result of his own practice’s hiring struggles.
Dr. Neal is a practicing optometrist alongside his wife, Dr. Amy Neal, at Lakeside Vision in picturesque Hawley, Pennsylvania. They are celebrating their 20th year of servicing patients in Northeast Pennsylvania.
Company: Build My Team and Lakeside Vision
Words of wisdom: “I like to grow businesses. That's one of the things I get most excited about. We serve people, we grow, and do as good a job as possible.”
Connect: Website
💰 On the Money 💰Top takeaways from this episode
[03:12] Founding the practice: Dr. Neal works with his wife in their practice, which was founded when she didn’t want to go into private practice and found an opportunity to open her own practice in an underserved rural area.
[05:19] Trial by fire: Dr. Neal joined his wife’s practice after a fire burnt the building to the ground, and they had to start over. Once they teamed up, they started to experience growth within the business and that’s when he began to see challenges with managing the team.
[07:17] The old school approach: Dr. Neal explains how his initial hiring process did not work for his practice. The resumes he was receiving were not an accurate representation of who the candidates were.
[12:10] Finding a better mousetrap: Frustrated by the poorly matched hires, Dr. Neal found that industry leaders like Disney were using assessments over resumes for vetting candidates. He sought out to develop his own assessments delivered to candidates via text message.
[19:43] Adapting to remote work: Dr. Neal shares an example of one team member who is now working remotely. That works for some positions, but optimal outcomes require great team members in-person.
[23:51] Competing in a tight job market: To be more competitive in the job market, Dr. Neal recommends making decisions quickly. Grade A players will have multiple offers, so he gives competitive compensation that is often more than what candidates are asking for.
[27:27] Bring in professional managers: Professional managers have a huge impact on the performance of the practice. Practitioners aren’t always the best managers of a business, and a designated hire can fill those gaps.
[30:51] Shoutouts: There are three people who helped Dr. Neal get to where he is today. He credits Dr. Gary Webmore whose practice he had his first job at as a receptionist, Dr. Joe Rita who showed him the possibilities of running a business in healthcare during optometry school, and Frank Tuffy for helping run his practice and Build My Team.
💵 Financial Wellness Tip 💵Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202702-5864946
Physicians go to school to become physicians, right? Well, most of the time that’s true. Sometimes physicians go through all their many years of med school, residency, and fellowship to find that they’re actually more interested in research. Dr. Toyosi Onwuemene is one such physician, choosing to become a clinician researcher. And she thinks there’s room for more doctors like her.
“It's very obvious that there's a deficit now that I've done a little bit more research. As clinicians, because you're so immersed in patient care, you're reading the literature, you're interpreting the literature, there's a sense that you're aware of what research is needed, ” Dr. Onwuemene says in regards to moving from a clinician to a researcher. “You can interpret the research, but the gap we have is not recognized [is] how much really needs to come together to be able to be successful as a researcher.”
In this episode of the Prosperous Doc®, host Shane Tenny, CFP® welcomes Dr. Onwuemene to discuss her path to becoming a clinician scientist. Dr. Onwuemene views research as an exciting growth opportunity that feeds her curiosity to answer questions to help people improve their health.
Recognizing there is a lack of mentors available to help guide clinicians to become clinician scientists, Dr. Onwuemene offers coaching to professionals in the field. She fills the gap for individuals who feel they lack the necessary training or mentoring to succeed in their research. Her ideal coaching client is someone who is early in their career and wants to move research forward but has the opportunity and the ability to lead their own experience.
And if it’s not early in their career, it’s not too late. But sooner is better. “From the beginning, start with what you care about,” she says.
💡 Featured Guest 💡Name: Dr. Toyosi Onwuemene
What she does: Toyosi Onwuemene, M.D. M.S. is an Associate Professor of Medicine-Hematology at Duke University School of Medicine and a coach, consultant, and speaker. She helps academic clinicians build research programs so that they can thrive in their careers while making a lasting impact. She also hosts two podcasts — Heme Consults for Women of Color in Hematology and Clinician Researcher.
Website: https://www.coagcoach.com/
Words of wisdom: “The work we do matters and being able to care for not just the person in front of us but generations beyond them is so powerful, and it's so impactful.”
Connect: LinkedIn | Instagram
💰 On the Money 💰Top takeaways from this episode
[03:04] Clinician scientists bridge the gap: Dr. Onwuemene discusses how clinician scientists address the unanswered questions in the clinical space. They form research questions to ultimately improve patient outcomes.
[04:48] The gap between clinicians and scientists: According to Dr. Onwuemene, extensive training and qualifications are required to succeed as a research scientist even after completing their clinical training. Notably, more practical experience is needed to move from being a clinician to a PhD researcher.
[07:33] Access to mentors: Having a mentor is a huge benefit for academic clinicians, despite only 20% of clinicians having one. Because of this, on-the-job training becomes very important to building skills and learning how to conduct research.
[11:22] Bringing people to the table: Dr. Onwuemene reviews one of her recent projects that focuses on a rare, hard-to-diagnose blood clotting disorder. Her research has given her the opportunity to find ways to treat more people sooner, which is really impactful.
[15:49] Be strategic with the resources you do have: Through her coaching work, Dr. Onwuemene helps other clinicians find different ways to pursue a transition into research when traditional mentors might not be available.
[17:48] Scientists are communicators: Dr. Onwuemene underscores the importance of scientists having strong communication skills to communicate with the scientific community, with funders, and with the public.
[18:44] Moving research forward: The typical profile of someone who comes to Dr. Onwuemene for coaching is a clinician who is early in their career or has been practicing for a few years and wants to move research forward.
[24:38] Building revenue and value opportunities: Dr. Onwuemene reviews the different ways a clinician can drive revenue to their institution. She also reviews how her coaching practice can help clinicians create value opportunities through their work for their institution, particularly when they are not able to bring in a lot of funding.
[28:65] Mentor shout out: Dr. Onwuemene recognizes Dr. Betty Pace, Physician Scientist at Augusta University for her work in mentoring clinician scientists and the inspiring research programs she has sponsored over the years.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, yet you’re still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202702-5845268
Studies from the Medical Group Management Association (MGMA) and Healthgrades have confirmed that patients overwhelmingly want their physician providers to not just be smart and technically astute, but to also show compassion, comfort, patience, personality, and bedside manner.
“The patient will never care how much you know until they know how much you care.” This quote aptly summarizes today’s episode of the Prosperous Doc®, where host Shane Tenny, CFP® welcomes Dr. Scott Abramson, a retired neurologist who practiced medicine for over 40 years with Kaiser Permanente in Northern California. Dr. Abramson is also the author of a book titled, Bedside Manners for Physicians and Everybody Else: What They Don't Teach in Medical School or Any Other School, which includes stories from his extensive medical experience and from coaching colleagues in the mission of physician communication. Tune in to hear Dr. Abramson talk about “bedside manner”, a central element of patient care. Dr. Abramson also shares his perspective and insights from years of training, including actionable communication tips, and practical takeaways.
💡 Featured Guest 💡Name: Dr. Scott Abramson
What he does: Dr. Scott Abramson is a retired neurologist who practiced medicine for over 40 years with Kaiser Permanente in Northern California. He's also the author of the book, Bedside Manners for Physicians and Everybody Else: What They Don't Teach in Medical School or Any Other School.
Dr. Abramson has been passionately involved in physician communication and physician wellness endeavors. While retired from neurology, Dr. Abramson remains actively engaged in these pursuits. He has conducted numerous workshops in these areas and has personally coached many physicians. He has developed programs on time management, physician-patient communication, marriage in medicine, burnout, the threatened physician, difficult conversations, storytelling, and his favorites: “The Secret of Happiness” and “What The Great Wisdom of Country Music Can Teach Physicians.” Dr. Abramson also has a YouTube website channel called Doctor Wisdom, where he shares insights and stories from his extensive experience and years of practice.
Words of wisdom: “My hope is that number one, you will develop a better connection with your patients because if they like you, they will connect with you. If they connect with you, they'll trust you. If they trust you, they're gonna follow your advice. If they follow your advice, they're gonna have a better outcome. Number one is better patient outcome.
The second thing is better clinician outcome because when you connect with people, when you can do that on a human level and not just, you know, find it, fix it, explain it, go bye-bye, it brings such joy and meaning to your medical practice.”
Connect: LinkedIn | Website
💰 On the Money 💰Top takeaways from this episode
[04:48] Toastmasters: Toastmasters is an organization that teaches people about public speaking and public listening. Dr. Abramson thought that if he could bring those listening skills to patient care, it could make a difference. And he found that it did.
[09:01] What matters: When you eliminate the simple three-letter word, “the,” you are asking the patient, “what matters,” instead of “what’s the matter.” This is the crucial thing about communication: what matters.
[11:09] Myth-busters: It’s a myth that a good bedside manner has to take more time. If you can ask the right question, then you don’t need to spend a lot of time with your patients to have a genuine interaction. Asking the right question will also make the patient feel a better connection with you.
[19:20] Empathic statement: One of the things Dr. Abramson teaches about communicating with empathy, is to make it a habit with every patient. All it takes is one empathic statement.
[28:28] Bowling anyone?: One of Dr. Abramson’s communications tips is to make a simple social comment. It takes very little time and it makes the patient feel more connected to you. It will also save you time in the long run because the patient will trust you and be willing to take your advice.
[32:25] Shout-outs: Dr. Abramson would like to thank Dr. Terry Stein, who started the communication effort at Kaiser. Dr. Abramson would also like to thank Dr. Mahendra Somasundaran, who was one of his attendings in the 1970s. He was humble, caring, and compassionate to his patients and became a role model to Dr. Abramson. Finally, Dr. Ambramson would like to thank his father, who was a vacuum cleaner salesman all his life and believed in everything he sold.
💵 Financial Wellness Tip 💵Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors, dentists, and those whose work can help them to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists throughout the U.S. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP®, at [email protected].
Compliance code: CRN202612-5530999
Dr. Christine Meyer’s negative experience working as an employed physician in poorly managed medical practices motivated her to become an independent doctor and launch her entrepreneurial career with her husband. The pair believed that they could provide better patient care through their own venture.
“I think the movement towards value-based care in medicine has been tremendous and so enjoyable. I know a lot of people feel like it’s a grind, and it’s so hard to meet these metrics and earn these incentives. But what it has done for our practice is truly improve the quality of care that our patients receive,” Dr. Meyer says.
In this episode of the Prosperous Doc®, host Shane Tenny, CFP®, welcomes Dr. Meyer to discuss the preservation of independent medical practices and the alarming changes in the medical landscape over the past decade, with many private practices disappearing or being acquired.
In 2022, the American Medical Association found that wholly physician-owned practices had dropped from 60% a decade ago to just above 45%.
Despite the challenges of running an independent practice, Dr. Meyer can attest to how rewarding it can be. In its early days, the practice was just her, two examining rooms, and a couple hundred patients. Today, her practice includes five physicians, 15 advanced practitioners, and a team of 55 with multiple buildings to support the more than 20,000 patients they are responsible for.
“People probably think they need to have some sort of a business degree to run a successful medical practice, and you really don’t,” Dr. Meyer says. “I think it goes back to the patient experience. If you’re a physician and you went into medicine to provide patients with an excellent experience, you can run a successful medical practice.”
💡 Featured Guest 💡Name: Dr. Christine Meyer
What she does: Dr. Meyer is the founder and owner of Christine Meyer, MD and Associates. She was born and raised in New Jersey to first-generation Egyptian parents. She received her Bachelor’s Degree from Rutgers University and then went on to earn her Medical Degree from Hahnemann University School of Medicine (now Drexel University). Dr. Meyer then completed her Internal Medicine Residency at Thomas Jefferson University Hospital and is Board Certified in Internal Medicine.
Company: Christine Meyer, MD and Associates
Words of wisdom: “Private practice allows you to build a culture in your organization that you are proud to work in.”
Connect: Website
💰 On the Money 💰Top takeaways from this episode
[00:30] The state of independent practices: Shane gives an overview of current trends in the medical space, showing that more doctors are moving away from independent practices and how the issue is particularly dire amongst younger doctors.
[02:49] Venturing out on her own: Dr. Meyer shares the factors that led her to venture out on her own: frustration with poorly managed practices, a belief in her ability to provide better patient care, and office space becoming available at the right time.
[06:30] Lean beginnings: About 100 patients from Dr. Meyer’s previous practice followed her to her independent practice. Her first employee was her mother — who was open to learning medical billing — and it was three years before she felt confident in growing the team.
[09:32] Being a bad boss: It wasn’t until Dr. Meyer started to really value people that she became a better person and a better leader for her practice. She shares how she turned around her management style to build a better business.
[12:55] Scaling beyond individual efforts: Dr. Meyer shares key inflection points on her entrepreneurial journey, including hiring the first nurse practitioner, transitioning to electronic medical records, investing in a new building, and building a reliable team.
[18:40] Clear metrics to follow: Dr. Meyer shares quantifiable examples of how patient care at her practice has improved over time because she is able to prioritize value-based care.
[24:55] You don’t need a business degree: Dr. Meyer reiterates that it all comes down to patient experience. You don’t need a business degree to run a medical practice — as long as you’re putting your patient first, you can figure out the rest as you go.
[28:30] The fee-for-service model doesn’t work: Dr. Meyer advocates for alternative payment models like the Shared Savings Program to encourage high-quality care for patients.
[30:06] On a mission: If there’s one thing that’s top of mind for Dr. Meyer, it’s her personal mission to get people to consider primary care because of the impact they can have on their patients.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, yet you’re still unsure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202611-5421737
“Part of my identity was just being a doctor. I never thought I could do things outside of medicine,” says Dr. Michele Cho-Dorado, who wrote a children’s book about financial literacy and founded her own company to spread this knowledge to more children.
But Dr. Cho-Dorado didn’t start as an entrepreneur or financial literacy expert. Her own knowledge gap prompted the creative leap.
“I was about eight years into practice as an attending and already almost 40. And I just realized, at some point, despite all those years of medical school and training, I had received very little financial education,” Dr. Cho-Dorado explains.
On this episode of the Prosperous Doc®, our host Shane Tenny, CFP® welcomes Dr. Michele Cho-Dorado, a pediatric gastroenterologist, Medical Director, author of the children’s book Reach for the Stars, and founder of Bright Futures EDG, which strives to educate and empower children through money knowledge.
Dr. Cho-Dorado speaks about her immigrant parents and her upbringing, her work ethic and perseverance, and how, despite it all, she found herself in the dark about money and what to do with it. She set out to become more money savvy and, in doing so, opened the door for personal growth and even more success.
Tune in to hear about how Dr. Cho-Dorado took charge of her finances, learned more about creating wealth for herself, and now shares this knowledge with today’s youth.
💡 Featured Guest 💡Name: Dr. Michele Cho-Dorado
What she does: Dr. Michele Cho-Dorado is a pediatric gastroenterologist, Medical Director, and author of the children’s book “Reach for the Stars.” Michele is the founder of Bright Futures EDG, which serves as a platform to share about financial literacy and empower kids to be bold and to think big.
Company: Bright Futures EDG
Words of wisdom: “Just because I didn't know about it before, doesn’t mean I cannot learn and master it.”
Connect: LinkedIn
💰 On the Money 💰Top takeaways from this episode
[02:56] A late start: Dr. Cho-Dorado shares how she came to write a children’s book about financial literacy while having a professional background in medicine.
[08:13] Environmental factors: Whether you grew up with money or were raised in a house where money was scarce, there are always financial messages being taught or picked up. Dr. Cho-Dorado discusses the effects of her upbringing on her financial literacy.
[12:13] Introductions: Dr. Cho-Dorado shares some of the books she first picked up when initially interested in expanding her financial knowledge: Rich Dad Poor Dad by Robert Kiyosaki and The Go-Giver by Bob Burg and John David Mann.
[14:40] All in: From initial ideas to written drafts to finding an illustrator, Dr. Cho-Dorado dives into the process of creating her children’s book, Reach for the Stars, which introduces financial concepts to kids in a fun way.
[18:08] Expansion: After writing her book, Dr. Cho-Dorado felt compelled to educate a wider audience of children. So, she developed a platform, Bright Futures EDG, to get the information out to as many kids and parents as possible.
[24:33] Special thanks: Although Dr. Cho-Dorado did not grow up with financial knowledge, she thanks her parents for instilling in her a strong work ethic. She also thanks her husband for pushing her to think outside the box, as well as her community of physicians.
💵 Financial Wellness Tip 💵Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors, dentists, and those whose work can help them to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists throughout the U.S. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP®, at [email protected].
Compliance code: CRN202610-5234079
“We’re recording this in mid-2023,” host Shane Tenny says. “Already, there have been more mass shootings in our country than there have been days in the year. We're pacing about 330 mass shootings as it's often defined, which is atrocious.”
Hearing these numbers is jarring and figuring out how to solve this problem is downright daunting. Where does the solution begin?
On this episode of the Prosperous Doc®, our host Shane Tenny, CFP® welcomes Dr. David Callaway to discuss the complex issue of gun violence in America. Dr. Callaway brings a distinctive perspective to the conflict, approaching it from the standpoint of a physician, a veteran, a gun owner, a law enforcement officer, a father, and a leader in his community.
Dr. Callaway is an emergency medicine physician at Atrium Health in Charlotte, North Carolina, the region's only Level I trauma center. He’s been practicing medicine for about 20 years and served as a physician with the United States Navy and the Marine Corps, as well as in Iraq with a mobile surgical unit. After leaving active duty in 2005, Dr. Callaway spent the bulk of his career working on security and violence-related issues with law enforcement and now serves as a sworn Task Force officer with US Marshals. Needless to say, he has extensive experience with guns, violence, and the law.
Together, Shane and Dr. Callaway needle through tough gun violence topics. Dr. Callaway shares his beliefs in coalitions and the importance of getting everyone to agree on a single issue.
Tune in to hear about Dr. Callaway’s belief in gun safety and gun ownership accountability as two of the first steps to be prioritized in combating gun violence.
💡 Featured Guest 💡Name: Dr. David W. Callaway, MD, MPA
What he does: Dr. David W. Callaway is a Professor of Emergency Medicine at Atrium Health where he serves as the Director of the Division of Operational and Disaster Medicine and Enterprise Chief of Crisis Operations and Sustainability. Outside of the medical center, Dr. Callaway also serves as the Chief Medical Officer for Team Rubicon, an international disaster response NGO, and as a sworn U.S. Marshal Task Force Officer.
Company: Atrium Health
Words of wisdom: “You can’t have a right without responsibility.”
Connect: LinkedIn
💰 On the Money 💰Top takeaways from this episode
[02:56] Unique perspective: Dr. Callaway’s background and expertise gives him a very unique outlook on the topic of gun violence. He approaches the issue from four unique standpoints: as a physician, a law enforcement officer, a father, and an American.
[07:27] Common denominator: When it comes to complex systemic issues, Dr. Callaway likes to first get everyone to define the actual problem. With gun violence, he believes the problem is the remarkable death rate each year and it being the leading cause of death amongst children.
[11:53] Build the coalition: During his time in Iraq and Afghanistan, Dr. Callaway saw success with coalitions to solve public safety issues. He has also seen coalitions as effective to solve problems in healthcare as well.
[16:38] Key players: Physicians can play a major role in the fight against gun violence. As natural leaders, they see the impacts of gun violence first-hand — both its immediate and lasting effects.
[23:07] A narrow focus: Dr. Callaway believes the focus should be on gun safety and accountable gun ownership. While he agrees assault rifles shouldn’t be in the streets, he points out that most gun deaths are from pistols and half of them are suicide.
[26:26] Get engaged: Regardless of specialty, Dr. Callaway believes every physician can get involved in the fight against gun violence by familiarizing themselves with their professional society’s gun violence and firearm injury prevention policy and learning from the leading groups in the space, like AFFIRM, RAND Corporation, Kaiser Family Foundation, and The Pew Charitable Trusts.
💵 Financial Wellness Tip 💵Have you found that your income is near its peak potential, and yet you’re still not sure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don't have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP® at [email protected] or on Twitter.
Compliance code: CRN202609-5075397
Too many dentists leave money on the table. Kevin Cumbus, founder and president of the mergers and acquisitions advisory group TUSK Partners, returns for an encore presentation on how dental practices can understand their options and maximize their valuation before selling to a dental support organization (DSO).
In his previous interview, Kevin explained how dentists have more choices than ever for a financial exit from their practice and the importance of evaluating multiple DSOs before committing to a deal. Now, Kevin returns to the Prosperous Doc® podcast to unpack common industry jargon so every dentist can have an informed conversation about private equity and corporate-owned dentistry.
In the early 2000s, only dentists were interested in buying dental practices. Now that DSOs backed by private equity have created a more competitive market for dental practices, demand outweighs the supply, driving up prices. Dentists today have an unprecedented opportunity to secure their financial futures — but the devil is in the details. Without understanding the terminology of a DSO’s offer, dentists could end up locked into an unfavorable deal that saddles them with too much risk.
“Where you actually realize the value from the sale of your business,” Kevin explains, “is in the enterprise value and how that enterprise value is received through structure. And the structure is made up of a couple of key components.”
What are those key components? Kevin joins host Shane Tenny, CFP® to define nine terms related to selling your dental practice that every dentist should know. From EBITDA to joint venture and holdco equity, Kevin puts economic concepts in layman’s terms so dentists can be prepared before they even start the conversation. .
💡 Featured Guest 💡Name: Kevin Cumbus
What he does: Kevin is the founder and president of TUSK Partners, an M&A firm that exclusively represents sellers in transactions with DSOs. He has valued and sold over 120 dental practices, managed over $100MM of revenue in a DSO, and is the co-owner of a startup dental practice, Mundo Dentistry.
Company: TUSK Partners
Words of wisdom: “We encourage folks, especially around retirement planning, to think about that cash at close as being the linchpin or the victory lap to your retirement. But do not sell your largest income-producing asset without knowing that the cash at close is going to get you to financial independence.”
Connect: LinkedIn
💰 On the Money 💰Top takeaways from this episode
[02:38] Who’s buying?: The marketplace has changed in the past 20 years. Kevin explains the differences between selling a practice to a dentist and selling it to a DSO.
[04:42] Think like Wall Street: DSOs set valuations based on EBITDA. Kevin and Shane break down the significance of “earnings before interest, taxes, depreciation and amortization.”
[07:37] X-men: Corporate dentistry often talks about multiples — offering 5x your EBITDA, for example — but Kevin cautions against overemphasizing the multiple and forgetting about structure.
[10:05] Structure is everything: An unfavorable deal structure can leave dentists in the lurch. Kevin introduces three common tools for structure and explains how private equity works, noting that each state has different regulations for DSOs.
[17:40] Good debt vs. bad debt: Private equity groups want to invest in a diverse portfolio of businesses while accessing their cash quickly. What’s advantageous to the private equity buyer may not be in the best interest of the dentist selling their practice.
[20:36] Cash, JV equity, and holdco equity: Every dentist looking to sell must know these three terms. Cash is the money that hits your checking account once the practice is sold, but what are the types of equity? Kevin explains how they work and the risks involved.
[26:00] The second bite of the apple: Monetizing your rolled equity is supposed to be a second big payout, but it’s vital to know the leadership team of the DSO and their investment strategy to feel confident in your return.
[28:44] Seller beware: There are millions of dollars at stake in a rolled equity deal. Dentists should be careful who they partner with.
[30:31] Words of wisdom: Be patient, read as much as you can, and talk to a trusted advisor before making a decision to sell. Don’t go up against a private equity firm alone. Kevin invites listeners to contact TUSK Partners to learn more.
💵 Financial Wellness Tip 💵Understanding where your cash flow is going every month is essential to creating an actionable plan for your financial goals. Use our monthly cash flow worksheet to give you clarity about where your money is going and help you create a budget.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [email protected] or on Twitter.
Compliance code: CRN202608-4945833
The podcast currently has 78 episodes available.