In this episode of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Jacqueline Winkelmann, a pediatric hospitalist and founder of Scrub Sisters. Dr. Winkelmann shares her journey from growing up in Puerto Rico, being inspired by her uncle's compassion and dedication to medicine and eventually pursuing pediatrics as her calling. She discusses how financial foresight and a unique tuition waiver allowed her to graduate debt-free, enabling her to maintain a balanced career and family life as a part-time physician at the Children's Hospital of Orange County.

Dr. Winkelmann describes her transition from clinical practice to non-clinical roles in the healthcare industry. Through opportunities that arose organically, she became a consultant and medical advisor for pediatric and consumer health companies, eventually serving as Chief Medical Officer for a baby monitor company. She reflects on the differences between clinical and corporate medicine, emphasizing the need for physicians entering industry to understand the profit-driven mindset of business and to address burnout before pursuing such transitions. Her story highlights the challenges, rewards, and ethical dilemmas physicians may face when moving from patient care to product innovation.

Finally, Dr. Winkelmann discusses her nonprofit organization, Scrub Sisters, a 501(c)(3) community dedicated to supporting and empowering female physicians at all stages of their careers. The group provides mentorship, fosters real-life discussions about work-life balance, and addresses challenges such as mental health, parenting, and financial stress. With chapters in multiple states and countries, Scrub Sisters is rapidly expanding its reach and aims to create scholarship opportunities to help women overcome the financial barriers of medical school applications. The episode concludes with Dr. Winkelmann's vision for growing this supportive, mission-driven community of women in medicine.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In this second part of a two-part episode, host David Mandell continues his discussion with Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America.

In this conversation, Jack emphasizes the importance of ancillaries in building a financially successful medical practice. He explains how orthopedists and other specialists can significantly increase revenue streams through owning or participating in ambulatory surgery centers (ASCs), imaging services, physical therapy, and durable medical equipment. Dr. Bert stresses that physicians should strive for ownership and control rather than settling for minority stakes in ventures that disproportionately benefit outside management companies.

The discussion transitions to contract negotiations, where Dr. Bert highlights common pitfalls and best practices for physicians. He explains how employers often use national databases like MGMA to undervalue physicians and why local market comparisons are far more accurate benchmarks. He also warns against restrictive clauses—such as intellectual property ownership—and underscores the importance of seeking professional review of employment agreements. Dr. Bert strongly advocates for negotiation, pointing out that physicians only get the deals they negotiate, not the ones they are simply offered.

In the final portion, Dr. Bert shares advice on long-term financial planning and retirement. He stresses the importance of consistent saving—at least 25% of income—early in one's career, aiming for at least $10 million in retirement assets. He also discusses his transition into retirement, finding fulfillment through part-time independent medical evaluations, entrepreneurial ventures like MD Direct (which bypasses insurers to reduce costs), and leadership in orthopedic conferences. He concludes by underscoring the importance of not only saving wisely but also having meaningful pursuits in retirement.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In this first part of a two-part episode, host David Mandell welcomes Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America. Dr. Bert shares his background, including his training at Northwestern, Temple, and the Mayo Clinic, as well as his career—building one of the first outpatient ambulatory surgery centers in Minnesota. He highlights how his practice expanded from a solo effort into a large multi-location group, providing insight into the evolution of orthopedic practice models.

Dr. Bert reflects on the influences that led him to orthopedics, including his brother, a spine surgeon, and his time training with John Lachman. He emphasizes the role of innovation in orthopedic surgery, from pioneering arthroscopic procedures to developing surgical tools and implants. His experiences underscore the importance of adapting to insurance reimbursement models and industry dynamics that affect medical practice and physician compensation.

Beyond his clinical and entrepreneurial achievements, Dr. Bert discusses his involvement with industry partners and his tenure on the board of the Retired NFL Players Association, where he saw firsthand the long-term toll professional football takes on players. He also stresses the importance of ancillary services and delegation for physicians to achieve financial success, drawing parallels between leveraging physician extenders in medicine and delegating financial management to professionals.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In this episode, host David Mandell welcomes back attorney Jason Greis for his third appearance. Jason, a healthcare business attorney with extensive experience advising physician practices, discusses one of the most pressing issues for independent groups today: physician compensation models and partnership structures. With generational shifts and economic realities reshaping the field, many practices are rethinking what it means to become a partner and how to fairly compensate both younger and senior physicians.

Jason explains how compensation models have evolved from the 1980s and 1990s to today. Younger physicians increasingly favor employment arrangements with health systems over partnership tracks, which creates challenges for groups that need to recruit. To compete, practices must clearly articulate the benefits of partnership—including higher long-term compensation, decision-making authority, and ancillary investment opportunities—while balancing the responsibilities and risks that come with ownership. He outlines the growing popularity of three-tiered structures (associate, non-equity partner, equity partner) as a way to create flexibility and manage risk tolerance.

The conversation also explores buy-in and buy-out models, the shift away from high dollar amounts, and the trend toward productivity-based ("eat what you kill") compensation rather than common pot models. Jason highlights potential red flags, including outdated "founder's models" that rely on new doctors funding senior physicians' retirements, which often result in disputes. He emphasizes the need for practices to proactively revisit their structures—ideally years in advance of retirements or potential sales—to remain competitive, avoid pitfalls, and position themselves for long-term success.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In the Season 6 premiere of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Cynthia Matossian, an accomplished ophthalmologist, entrepreneur, and industry leader. Dr. Matossian shares her unique journey into medicine, starting from an initial interest in political science and international relations before ultimately discovering her passion for ophthalmology. She discusses the early challenges she faced in starting her own practice in 1987, particularly as a woman seeking financial backing in a male-dominated field, and the resilience and determination that fueled her success.

Dr. Matossian reflects on the growth of her solo practice into a thriving multi-location enterprise with 14 physicians and over 90 employees. She emphasizes the importance of delegation, transparency, and staff empowerment in building an efficient, patient-focused practice. Her insights into practice management include implementing scribes to reduce physician burnout, investing in proper business education, and hiring skilled managers to bring structure and professionalism to the organization. She also highlights her personal approach to financial planning, beginning with small investments guided by a trusted advisor, which laid the foundation for long-term financial success.

The conversation also explores Dr. Matossian's involvement in industry innovation, her leadership in clinical trials, and her founding of GPOptho, a group purchasing organization designed to help practices lower costs through collective buying power. She shares valuable advice for physicians considering private equity transactions, stressing the importance of preparing years in advance and selecting the right advisors. Ultimately, Dr. Matossian underscores the critical need for physicians to educate themselves on the business of medicine early in their careers, pairing clinical excellence with sound financial and practice management strategies.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 4.1 | Originally Released: September 21, 2023

To kick off Season 4 of the podcast, David welcomes a very special guest – his father, radiologist Dr. Charles Mandell. David begins by asking Charlie, as he does with all physician guests, where he is from and what led him to become a physician in general and a radiologist in particular.

Charlie shares a bit about his first job out of training and his move to become chairman of a group radiology practice after a few years, including what he learned about the business of medicine.

David and Charlie discuss Charlie's various entrepreneurial business ventures during this phase of his career, including real estate development and alternative energy.

Charlie then talks about the second phase of his career – a locums practice that has allowed him to travel around the U.S. and maintain an ideal work-life balance for him and his wife. He relates some advice to other physicians who may consider this option. Charlie also discusses the telemedicine-medical software firm he co-founded, which continues to operate and grow today.

The episode concludes with Charlie sharing some insights from 50 years in practice, why he still works and enjoys it, and what younger physicians should ponder when they consider their future retirement.

Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.13 | Originally Released: March 9, 2023

In this episode, Dr. Shaminder (Shammi) Gupta joins David to discuss his career path, the impact of Hurricane Katrina on that path, and what he is learning from being a business executive as well as a clinician.

Shammi begins with his background – where he grew up, what got him interested in medicine why he gravitated to internal medicine & nephrology. He explains why his first job out of training was not a fit for him and how hurricane Katrina changed his path completely – as it did for many living in New Orleans at the time – opening up a career path he would not have considered otherwise.

Shammi also covers how he built a significant dialysis practice in a smaller town setting, became president of the Kidney Foundation, and built a reputation throughout the state. This led to his practice being acquired by Monogram Health, where he works today as an executive and clinician.

Shammi then shares what he is learning from the "business side" of medicine, as he builds out a multi-state medical platform for kidney health, and describes the value CEOs see in physicians who can communicate well and know their field of medicine intimately.

Next, David gets Shammi's insights on wealth management, including building the right advisor team and why to potentially change advisors as you grow, and Shammi concludes with his three pieces of advice for fellow physicians, especially those starting out.

Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.11 | Originally Released: February 9, 2023

In this episode, plastic surgeon Dr. Richard Bartlett joins David to discuss his career, academic and private practice, financial decisions and more.

Richard begins with his background—where he grew up, what got him interested in medicine and surgery in particular—and his lack of interest in finances as he went through medical and surgical training.

Richard explains the process for choosing his first job, including the benefit of learning to "balance the books" even in an academic setting.

He and David then cover his 15 years as an academic surgeon, what he learned financially in creating a plastics foundation from scratch, as well as his decision to create a private practice and the value of "being a good citizen" in making that transition easier.

Richard then spends a few minutes relating the types of financial advice he gives to fellows at Harvard and the advice he would give to all doctors.

Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 3.5 | Originally Released: November 3, 2022

In this episode, orthopaedic surgeon Dr. Scott Sigman joins David to discuss his career path, business and entrepreneurial endeavours, marketing, podcasts, and more.

Scott begins with his background – where he grew up, what got him interested in medicine and orthopaedics. He explains how both of his parents were entrepreneurs and how he realized early on the need for leveraging the expertise of others.

David and Scott then discuss the important factors Scott considered when choosing his first job out of training and Scott's view on the importance of branding and marketing, especially for younger physicians looking to build their practices. Scott then relates the value he sees in finding great advisors and the importance of changing to new people if needed.

David and Scott then delve into Scott's various entrepreneurial activities, from lasers in orthopaedic surgery, an orthopaedic mutual fund, the Ortho Show podcast, his #followthefro social media hashtag and more.

Finally, Scott gives David two important pieces of business advice for fellow physicians, especially younger doctors.

You can find show notes and more information by visiting www.physicianswealthpodcast.com.

This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of The Wealth Planning for the Modern Physician podcast, in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!"

Episode 4.3 | Originally Released: October 19, 2023

Listen in as David chats with healthcare real estate expert Colin Carr. Colin begins with his background in real estate in a variety of settings. He then tells the story of how, after seeing physicians do so poorly in deals, he decided to launch a firm dedicated to helping doctors.

Next, Colin explains the top mistakes he sees physicians and practices make when it comes to their real estate—including do-it-oneself, not performing adequate due diligence and more—and what that will cost them in the long run.

Colin delves into the choice between leasing and purchasing for a medical practice and relates the importance of having a multi-factor decision process as the key to fostering long-term peace of mind.

He then discusses the significance of timing, in terms of when to make the 'rent vs. own' decision, when to contact a landlord on a possible lease renewal, and even when to reach out to potential real estate agents.

Colin wraps up by sharing how physicians can find an ethical, competent real estate agent they can trust.

Learn more and listent to this and past episodes by visiting www.physicianswealthpodcast.com.