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.
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.
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
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.
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.
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.
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.
To register for the event, click or tap the image below!
White Coat Wellness podcast producer and Marketing Director of Spaugh Dameron Tenny. Molly is passionate about connecting with people, digital marketing, and serving her community. Reach out to her if you have blog topic or podcast ideas.
For over 50 years, Spaugh Dameron Tenny has provided comprehensive financial planning for physicians and dentists in Charlotte, NC. In addition to providing personalized advice, we walk our clients through their options to help maximize finances and maintain financial security.
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