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.
What You’ll Learn:
- How Michael grew up in a medical family
- Why Michael deferred medical school and spent a year getting a master’s degree in education and teaching middle school
- The financial stresses Michael experienced during medical school and training, especially around the costs of healthcare for family and loans
- Why those experiences showed him how the traditional banking system failed physicians in training and gave him the idea that became Panacea Financial
- How Michael splits his time between clinical practice and work at Panacea
- What Panacea Financial is, how it compares to other banks and what its unique elements are for physicians
- Panacea’s relationship with Primis bank and what that means for customers
- A few of the statistics of Panacea’s growth over the last few years
- Which of Panacea’s products are most popular with physicians personally and at the practice level
- What misconceptions Michael sees physicians having around debt and banking
- Michael’s one piece of advice to physicians about finance
David Mandell: Bio
Dr. Michael Jerkin Bio:
Michael is the President and Co-founder of Panacea Financial and is also a practicing physician in Little Rock, AR. After earning his BBA in Economics he deferred his medical school acceptance to teach middle school science in the Phoenix, AZ area while also earning his Masters in Education from Arizona State University. He then completed medical school at the University of Tennessee Health Science Center before finishing his residency at University of Cincinnati Medical Center and Cincinnati Children’s Hospital. With a faculty position and board certifications in both Internal Medicine and Pediatrics, Michael is able to treat patients of all ages and teach medical trainees in both inpatient and outpatient settings. Learn more by visiting panaceafinancial.com.