As an Attending Physician who has transitioned into practice, you may be stressed, wondering if you are on track to meet your financial goals. You are asking yourself, colleagues, or family how to organize your finances and what you should do with your money.
On the evening of April 3rd, 2019, Spaugh Dameron Tenny will be hosting a panel of distinguished leaders who will address the convergence of financial wellness and leadership in the medical industry. The panelists will touch on the six money decisions for physicians & how they affect taxes, surgery center buy-ins, college planning, moonlighting, and stress.
The Financial Vital Signs Panelists:
- Sanjiv S. Lakhia, DO of Carolina Neurosurgery & Spine Associates. Dr. Lakhia is passionate about the financial, mental, and physical well being of fellow physicians.
- John Dameron, Partner of Spaugh Dameron Tenny, LLC. John has two decades of experience helping physicians with their personal finances.
- Tom Loeblein, President/CEO of Healthcare Management Consultants. Tom has over 26 years of experience in healthcare consulting for physicians and dentists.
In preparation for the Financial Vital Signs for Surgeons event, I’m interviewing each of the panelists to gather their thoughts on the importance of financial wellness for physician leaders. This week I’m chatting with John Dameron, Partner here at Spaugh Dameron Tenny.
About the Panelist: Tom Loeblein, CEO/President of Healthcare Management Consultants
Tom is the President and CEO of Healthcare Management Consultants, Inc. and the Dental CFO ™. He joined the firm in 1992. Tom is a Certified Healthcare Business Consultant, a Charter Member of the National Society of Certified Healthcare Business Consultants, a Kolbe Certified Consultant, and a Certified Financial Planning Professional. He is a graduate of the U.S. Naval Academy and a retired Lieutenant Colonel in the U.S. Marine Corps Reserve.
Tom has served in numerous leadership positions in the community including Board Chair, Rowan County Chamber of Commerce and Salisbury Academy and Treasurer of the Community Care Clinic of Rowan County and Waterworks Visual Arts Center. He has 26 years of experience in healthcare consulting for physicians and dentists. Tom publishes a leadership blog at www.tomloeblein.com.
(1) Financial stress is the second leading cause of physician depression/burnout. Why do you think
financial issues cause physicians so much stress and how can this be addressed?
When physicians find themselves with insufficient funds to cover their expenses, their focus becomes on “survival of self.” If they have families they are often the majority breadwinner which puts additional stress on the situation. This “survival” mode clouds their vision and they lose their focus on being the leader they are called to be in their practice. Before you know it, employees sense the tension and they practice fails to perform as it should – thereby causing additional financial stress. The key is to begin working with a professional that will help you make sound financial decisions early in your career. They help you with “behavior modifications” in order to keep from making critical financial mistakes.
(2) How do successful practice leaders view their employees and attract great talent?
Successful practice leaders view their employees as critical components in the success of their practice. They train them, nurture them, and invest in them. They understand that the main goal is to make sure there is a good return on this investment. They strive to create a healthy culture where each individual has committed to the mission and vision of the practice. Successful leaders know that in order to attract top talent they need to be a good leader, have a compelling vision, and provide the opportunity for personal growth.
(3) As income grows, taxes become more complex. How can surgeons keep up with this growing complexity?
Surgeons should certainly continue to read in order to know what is happening with major tax changes. However, each surgeon should make sure that they engage an advisor that is qualified and is trustworthy. This not only helps them take advantage of effective planning strategies but will also help keep them out of trouble. And, nobody likes big surprises on April 15th.
(4) What are the common pitfalls of buying into a surgery center and how can surgeons avoid those mistakes?
Failing to understand the risk is certainly a pitfall. However, most of these I have worked with are pretty sound investments. The biggest pitfall is failing to properly plan for the tax consequences of any income including capital gains recognized during the year. These investments do not withhold taxes from distributions, and therefore can potentially create significant tax liabilities that must be properly planned for.
(5) With 26 years of experience in healthcare consulting for physicians, what are three key things surgeons should be aware of when starting their own practice?
- It is all about people. Hire wisely and invest in your employees
- Your clinical ability has very little to do with the success of your practice.
- Develop yourself as a leader and surround yourself with trustworthy advisors that can help you forgo costly mistakes.
Financial Vital Signs for Surgeons Event Details
- Date: April 3rd, 2019
- Time: 6:30 to 8:30pm
- Location: Capital Towers- SouthPark
- Address: 4250 Congress Street, Charlotte, NC 28209
To register for the event, click or tap the image below!
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