Wealth Planning for the Modern Physician

Listen in or watch as host David Mandell interviews orthopedic surgeon Dr. John “Jay” Foley.

David begins with questions he asks all physician guests to the program—about their initial interest in becoming a physician, early career journey and more.  Jay explains what got him interested in orthopedics at a young age, about how he spent a few years as a seasonal surgeon between the mountains and the beaches, before settling down in Reno, Nevada. 

David learns from Jay how he built a busy orthopedic practice in two locations, emphasizing his flexibility and willingness to take call as key drivers to build his practice early on.  He also notes how his practice grew steadily over the years.   

The conversation shifts as Jay explains his fateful snowboarding accident on his birthday at age 58, which he knew instantly created a disability that would keep him from performing surgery for years, if not permanently.

For the remainder of this first part of a two-part episode, Jay tells David about his immediate reactions to the injury, both practical and emotional. In part two, they discuss Jay’s career transition and successes he has had.

Learn more, including additional show notes, links, and more, by visiting 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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"

Episode 3.12  (Originally released on February 23, 2023)

Career Moves, Personal Finance & Entrepreneurship with Selene Parekh, MD, MBA

In this episode, orthopaedic surgeon Dr. Selene Parekh joins David to discuss his career path, academic medicine, entrepreneurship, finance and more.

Selene begins with his background – where he grew up, what got him interested in medicine and orthopaedics in particular.  He then explains his early exposure to and interest in financial topics, and why he chose to pursue an MBA.

Selene then explains why he took his first job out of training at the University of North Carolina, his role there and why he later moved to Duke University.  He describes his adjunct professor role at Duke’s business school, and then why, after 14 years at Duke, he has made a very recent move to Rothman Orthopaedics in New Jersey.

Selene shares his approach to personal finance and his philosophy of surrounding himself with experts rather than trying to do too much himself.

Next, Selene explains his role in a number of entrepreneurial activities, including The Fantasy Doctors and The Tech Doctor.

The episode concludes with Selene summarizing a lecture he often gives to physicians on work-life balance and offering his one piece of advice for young physicians.

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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"

Episode 3.7  (Originally released on December 8, 2022)

Lessons from An Aesthetic Practice Sale with Dr. Steven Dayan and Dominic Mazzone

Listen in as David chats with facial plastic surgeon Dr. Steven Dayan and MedSpa Partners (MSP) CEO Dominic Mazzone. They discuss the consolidation in medicine in general and aesthetics in particular and delve into why Steven chose to sell his practice to MSP.

David begins the conversation by asking both Steven and Dominic about their upbringings and career paths.  Steven explains how his practice grew over the decades with his use of research and “guerilla marketing,” and when selling the practice first appeared on his radar.

Steven shares what he learned going down the road with three other firms to the letter of intent (LOI) stage before finally agreeing to work with Dominic’s firm.  Dominic then addresses the areas that a physician should look for when choosing a platform, the key questions he asks potential physician partners, and why integration is crucial – not just consolidation.

Steven the gives David his perspective, including why he chose MSP and how he continues to see MSP as different than other platforms when he speaks with colleagues.

Dominic tells listeners what his firm looks for in a potential practice for acquisition -- including financial and non-financial elements – and why he sees aesthetics as different from non-cosmetic specialties.

David concludes with asking Steven to give his best pearls of advice for fellow physicians considering a sale.

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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"

Episode 3.15  (Originally released on April 6, 2023)

Banking for Doctors, by Doctors featuring Dr. Michael Jerkins

In this episode, David is joined by Dr. Michael Jerkins, internist, pediatrician, and co-founder and President of Panacea Financial.

Michael begins with his background – where he grew up and what got him interested in medicine.  He explains his decision to postpone medical school for a year and get a master’s degree in Education, and how teaching is still part of his passion and career. 

Michael relates how the financial stresses of medical school and starting a family showed him how the traditional banking system fails physicians in training and gave him the idea that eventually became Panacea Financial.

Michael then provides an overview of Panacea Financial: its physician focus, what’s unique about it compared with other banks, its relationship with Primis Bank, and a few statistics to illustrate Panacea’s recent growth. He covers which of their offerings are most popular with physicians and which are growing.

Michael concludes with what he sees as common misconceptions doctors have around banking and debt, and offers his advice to physicians when it comes to tackling financial issues.

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 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"

Episode 3.6 (Originally released on November 24, 2022)

Loans for Physicians, From Physicians with Dr. Zwade Marshall, CEO, Doc2Doc Lending

In this episode, David is joined by Dr. Zwade Marshall, an anesthesiologist/pain medicine physician, as well as co-founder and CEO of Doc2Doc Lending.

Zwade begins with his background – where he grew up and what got him interested in medicine. Zwade the story behind Doc2Doc Lending–how they evaluate physician borrowers differently than banks do, how their program fared during COVID, and the rate at which they have been growing. David and Zwade then discuss the misconceptions many doctors have around debt, including emotions connected to it and the stress created by debt during training and early years of practice. Zwade explains how Doc2Doc Lending has raised money from physicians in practice to make these loans–the “equity” side of the business.

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 of The Wealth Planning for the Modern Physician podcast, in our 2024 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 2024," says David. "I hope you enjoy this Season 3 encore. Have a great summer!"

Episode 3.1 (Originally released on September 8, 2022)

Exiting Partners from a Practice with Attorney, Jason Greis

Listen in as David chats with nationally recognized healthcare attorney Jason Greis about the important and sensitive topic of creating win-win strategies for exiting retiring partners from a medical practice. Jason begins by describing his firm and practice and then gives some reasons why setting a partner exit pathway is so important for the exiting partners, the practice and younger partners. Jason covers what is typically involved to incorporate exit plans into the legal documents of a practice and why having a solid exit plan can actually be a practice differentiator for recruitment of younger physicians.

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

In this 19th and final episode of Season 4, host David Mandell recaps the season’s 18 episodes. He briefly summarizes each episode and highlights a pearl or two from each. This can serve as a helpful reminder for listeners who have heard all 18 episodes to revisit ones that they found most valuable, and can motivate those who missed any episodes to listen or watch them during the summer, as we also run our Summer Rewind Series.

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

In this episode, host David Mandell, JD, MBA welcomes Dr. Butch Ferguson, a retired oral and maxillofacial surgeon. Their discussion initially covers Dr. Butch's career journey, including his experience in the US Army Dental Corps, both pros and cons -- beginning with his own training, moving up the command chain, training other dentists and oral surgeons for years.

David and Butch then dive into his decision to leave the military and join Augusta University as a faculty member in Oral and Maxillofacial Surgery, where he spent a few decades.  Butch discusses the challenges and rewards of teaching in a Level 1 trauma center, dealing with complex surgical cases and severe trauma, as well as the career, financial and business advice he gave to students over the years. 

The discussion concludes covering the topic of retirement, including how Butch was not initially prepared for the transition and the toll that took on him.  They then chat about Butch’s new business and his newfound energy around that.  Their discussion includes Butch’s advice for other doctors approaching retirement on how to “retire well.”

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

Listen in to this continuing episode as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions.  Here, in part two of this two-episode interview, David begins the discussion with Erica, looking at her situation as a case study – first discovering what her frustrations were with her then-present job, how she found Ethan to help her, and their process of renegotiating her employment contract over the ensuing months. They focus on key success factors, such as leverage through other job offers and the timing of negotiations.

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

Listen in as host David Mandell sits down with Ethan Nkana, JD, MBA, founder of Rocky Mountain Physician Agency and his client, Dr. Erica Mathieu, Chief Medical Officer at Primary Health Solutions. In part one of this two-episode interview, David begins the discussion with Ethan, covering his background in law and as a hospital administrator, where he used to negotiate physician employment contracts from the employer side. He explains his agency’s approach to contract negotiations in representing doctors and the common misconceptions physicians believe which hold them back in getting better deals.   

Erica adds to the conversation the physician perspective, commenting that many doctors have a mindset that believes the employer’s statement that contract terms are non-negotiable, when, in fact, this is not true.  

As this initial part of the conversation concludes, Ethan also emphasizes the crucial success factor of having other quality offer(s) on the table when negotiating your next contract.

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