EMPOWERING THE NEXT GENERATION OF PHYSICIANS
In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship.
(Video Available May 14, 2025 at 6 AM Eastern)
The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS.
Finally, the episode dives into physicians’ relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a “board of directors” for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship.
TAKEAWAYS:
Takeaway 1: Early exposure to multiple medical specialties can provide valuable insights and help shape career decisions.
Dr. Joel Press shares his experience of a summer program after his first year of medical school, where he rotated through 12 different specialties, spending a week with each doctor. “They had a program where they tried to recruit you back to the community. So they have you spend a week with all the different doctors and you get a week with this guy, a week with that guy,” he explained. This unique opportunity gave him exposure to various aspects of medicine, which was crucial in his decision to pursue physiatry. “I spent one week with a friend of my father’s who was a physiatrist. And all of a sudden I realized they put a bunch of things together that I liked orthopedics, musculoskeletal care, there was some pediatric stuff to it, there was some neurology to it,” he said.
David highlights the value of such experiences, noting that they provide a more realistic view of medical practice compared to the theoretical learning in medical school. “Medical school is a little distorted about what you learn and how you see things. So it was actually a great experience,” Press adds. This early exposure allowed him to make a more informed decision about his career path and helped him find a specialty that aligned with his interests and values.
Takeaway 2: Mentorship programs can provide both clinical and financial guidance, enhancing the overall well-being and success of young physicians.
Dr. Mark Figgie discusses the mentorship program he developed at HSS, which goes beyond clinical training to include financial advice and career development. “We’ve done a similar type thing in our physiatry program where we have mentors for all of our new attendings and for all of our young ones, in particular,” Dr. Press says, emphasizing the importance of a well-rounded mentorship. The program includes sessions on various financial topics such as cash flow, mortgage insurance, estate planning, and more. “We recorded all of them. We’re trying to edit them and get them in shape. But it was really interesting because I learned something every time I listen to anybody in there,” Figgie notes.
The mentorship program also emphasizes the importance of building a personal board of directors, as Joel Press explains: “The concept of a board of directors is having the people that you trust to ask those questions about where do I put my money? Do you trust this person? Are they investing their money in the same things you are?” This approach helps young physicians navigate the complex financial decisions and career challenges they face, providing them with a solid foundation for their professional and personal lives.
Takeaway 3: Navigating industry relationships requires careful consideration and transparency to maintain professional integrity and avoid conflicts of interest.
Dr. Figgie shares his insights on the various types of relationships physicians can have with industry, including design, consulting, and investment opportunities. “The real of start from scratch developing a new implant is less and less and used to get a potentially good royalty on that, but it’s usually now an hourly rate in the design phase and maybe a royalty stream later, but takes a while to get there,” he explained. He warns against becoming too closely tied to one manufacturer, emphasizing the importance of using the best components for each case rather than being tied to a single brand.
Figgie also stresses the importance of transparency and trust in these relationships. “I don’t have a problem getting up on a podium and talking about a product that I believe in and I think is helpful. And so I have no problem disclosing that I have a relationship with this company. I’m going to talk about it. The reason I’m going to talk about it and the reason I have a relationship is the stuff works, but I don’t do that if I don’t believe in it,” he said. This approach ensures that the focus remains on patient care and the quality of the products, rather than financial gain.
Takeaway 4: Personal and professional fulfillment in medicine often stems from finding purpose and meaning in one’s work.
Dr. Press emphasizes the importance of finding meaning in one’s medical practice to maintain satisfaction and avoid burnout. “I say, ‘That’s important, but it’s probably not as important as do what gives you meaning.’ And I think if you can maintain that focus throughout the career, the rest of it’s going to be easy,” he stated. He recommends Viktor Frankl’s book, “Man’s Search for Meaning,” as a key resource for young physicians. “Having purpose and meaning, that gives people happiness I think a lot of times. That gives you that meaning of your life and what you’re doing,” Press adds.
INSIGHTS
- Dr. Press discovered physiatry through a unique summer program, showing the value of early exposure to diverse specialties.
- Dr. Figgie pursued an MBA during fellowship, believing in the power of financial literacy for physicians.
- Mentorship at HSS now includes financial, administrative, and personal development components—not just clinical.
- A cross-specialty mentorship program allows different departments (e.g., orthopedics and radiology) to learn from one another.
- Many young physicians lack basic financial planning tools, leading to under-preparedness later in their careers.
- HSS has created a repository of recorded educational sessions covering mortgages, insurance, investing, and more.
- Dr. Figgie cautions against blindly signing industry contracts without legal review, especially when IP is involved.
- Relationships with medical device companies often include consulting, design input, or teaching—but require transparency.
- Dr. Press emphasizes the importance of building a trusted “personal board of directors” to help with life and career decisions.
- Future initiatives at HSS may include subsidized financial checkups for new physicians to kickstart long-term planning.