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WEALTH PLANNING FOR
THE MODERN PHYSICIAN

THE PODCAST

HOSTED BY DAVID B. MANDELL, JD MBA

Join attorney, wealth manager, and well-known author David Mandell, JD, MBA for Wealth Planning for the Modern Physician, a podcast dedicated to improving a physician’s financial bottom line. The podcast focuses on the wealth planning concerns faced by today’s doctor, with the goal of helping physicians make better financial decisions.

David talks with doctors from every specialty and stage of career about their real-world lessons in financial matters, and interviews industry experts in all areas of wealth management. Look for new episodes every other Thursday. Subscribe and listen today!

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David Mandell is an attorney and renowned authority in the fields of asset protection and wealth management. He is a co-author of more than a dozen books, including Wealth Management Made Simple and Risk Management for the Practicing Physician.

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OJM partners and orthopaedic surgeon Dr. Sanjeev Bhatia have authored this financial resource to provide physicians with wealth planning strategies to protect assets, reduce taxes, invest wisely and build retirement wealth during all phases of their medical careers.

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OJM Group has helped more than 1500 physicians across the U.S. with the financial challenges they face as individuals, employees, and medical practice owners. Click the button below to learn how we work with physicians.

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EPISODES

Today we have two guests joining the show: Drs. Robin and Evander Fogle, from Atlanta, Georgia. Robin is a Reproductive Endocrinology and Infertility Specialist, while Evander is an Orthopaedic Surgeon. In this episode, we discuss their stories of how they met, and their medical training paths across the U.S. (and Evander’s stint as staff surgeon at Guantanamo Bay, Cuba).

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We focus most of the discussion on their challenges of making financial decisions as a couple and raising a family with busy practices – including the differences in how Robin deals with money vs Evander, yet how they make it work. They touch on buying that first house, savings vs spending, budgeting, the value of getting a professional’s input, the importance of delegation and more.

What You’ll Learn:

  • Why Robin chose to specialize in fertility
  • How Evander got into orthopaedic surgery
  • Evander’s experience working in the military
  • Their initial job search and how they ended up in Atlanta
  • How the couple chose and financed their first house
  • How Robin and Evander manage their finances as a couple – and key differences on how they approach money
  • Key advisors they have used and the value they have brought
  • The balance between doing everything oneself and delegating to experts
  • One key piece of advice to younger docs from both Robin and Evander

Ideas Worth Sharing:

“Doctors get paid about the same, regardless of where they work, so cost of living makes the bigger difference.” – Dr. Evander Fogle

“A budget doesn’t really work if you don’t follow it.” – Dr. Robin Fogle

“Once I realized I needed to be prioritizing my time and leaving things for others to help me with, my life got a lot simpler.” – Dr. Evander Fogle

Resources Mentioned:

  • David Mandell: Bio
  • Robin Fogle: Bio
  • Dr. Evander Fogle: Bio

Tim Sawyer is the President and Co-Founder of Inc. 500 Company Crystal Clear Digital Marketing. He is a highly regarded motivational speaker, author and practice management consultant within the medical industry.

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Listen in as Tim explains what he has learned from running his own business, including his mistakes, and what his advice would be for physicians in private practice or with entrepreneurial aspirations. You will learn the important difference between abdicating and delegating, how to increase productivity by updating your database and more.

What You’ll Learn:

  • How Tim became an entrepreneur
  • What Doctors and Entrepreneurs have in common
  • Delegation versus Abdication when it comes to practice staff
  • The importance of having an updated patient database
  • How Tim’s business has pivoted with all in-person medical conferences cancelled during COVID
  • How Tim took advantage of the COVID shutdown to better position his personal finances

Tweets:

There is a difference between delegation and abdication. — @CCDMTim

One thing that we did really well was we created a lot of strategic partnerships with other non- competitors in the industry. — @CCDMTim

Resources Mentioned:

A second-generation physician, Jonathan explains why he became a plastic surgeon, his background in getting a master’s degree in public health, and his choice to become an employed physician out of fellowship. He and David discuss Jonathan’s decision to buy a private practice in San Francisco and everything that was involved in that transaction, including his use of an SBA loan and creation of a business plan.

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Jonathan then discusses the areas of wealth planning he handles himself, as well as the areas he delegates. Finally, Jonathan and David chat about why he created BuildMyBod, a tool that strives to create price transparency in health care. Jonathan covers what this new venture offers physicians and valuable lessons he has learned from this business.

What You’ll Learn:

  • Why Dr Kaplan decided to get into plastic surgery
  • What to look at specifically when buying a practice
  • The importance of transparency in purchasing or selling a practice
  • The thought process behind creating BuildMyBod
  • How to utilize email marketing for any medical practice
  • Financial advice for any young physician

Tweets:

“The Key is finding someone you trust. Transparency is a big part of that.” — David Mandell

“If you want to learn about business and finances go buy a practice and you’ll get a crash course on all of them.” — Dr. Jonathan Kaplan

“I have two sets of patients, the people that are my patients and the people that are not yet my patients.  That’s what the email marketing does; it brings those other people in.” — Dr. Jonathan Kaplan

Resources Mentioned:

Michael S. Byrd is a partner at the law firm of ByrdAdatto, a national business and healthcare boutique law firm. As the son of a doctor and entrepreneur, Michael has a personal connection to both business and medicine, and he has blended these life experiences to become a leading advocate for doctors and dentists throughout the United States. Today he joins the show to share his advice for any physicians looking to become involved in entrepreneurial activities, including running a private practice.

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Listen in as Michael shares where physicians tend to go wrong when it comes to legal issues and how “$5 problems” often escalate to become “$50 solutions.”  Michael also discusses success factors that every doctor should be aware of when working with attorneys.

What You’ll Learn:

  • Michael’s background and what pushed him to become an attorney
  • How he began representing physicians early in his career and never deviated
  • Advice for physicians involved in entrepreneurial activities
  • Where physicians tend to go wrong when evaluating and treating legal issues
  • Success factors that any doctor should know when working with an attorney
  • How his firm charges physicians differently than nearly all other law firms 

Ideas Worth Sharing:

“We realized we are truly entrepreneurs living in lawyers’ bodies.” – Michael Byrd

“There wasn’t the same appreciation for the level of risk and decisions you’re making when you’re building something for others or it is your own creation.” – Michael Byrd

“The thing with doctors is they are not very good about going to doctors.” – Michael Byrd

Resources Mentioned:

 

Dr. Jeffrey Segal is a board-certified neurosurgeon, attorney and founder of Medical Justice, a physician-based organization focused on keeping doctors from being sued for frivolous reasons. He is also the founder of eMerit, which helps doctors protect and preserve their reputations—particularly online. Jeff joins the show today to discuss his journey from physician to CEO to attorney to CEO.

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Listen in as he explains what is takes to launch a venture and why there are always lessons to learn from starting one—even if you fail. You’ll discover the importance of creating a great team around you – whether it terms of staff or advisors, how managing your online presence can help you not only overcome bad reviews but also positively add more patients, and Jeff’s advice for young physicians starting out.

What You’ll Learn:

  • Jeff’s personal story that drove him to become a neurosurgeon
  • His experience transitioning from practicing physician to pharma CEO
  • Why becoming a lawsuit defendant lead him to launch Medical Justice
  • How Medical Justice helps doctors de-escalate potential conflicts so they don’t become lawsuits
  • Why one’s online reputation is so important for nearly all physicians – and how there is both a protection and marketing element to successful management
  • The ONE THING Jeff would advise young physicians about business and finance

Ideas Worth Sharing:

“The solution to pollution is dilution.” – Jeffrey Segal

“The online world is what makes or breaks a practice.” – Jeffrey Segal

“No business—even if it fails—is a complete and total failure. Lessons are learned that can be applied later.” – Jeffrey Segal

Resources Mentioned:

In this opening episode, Sanjeev Bhatia, MD, joins the show to discuss investing, making informed job decisions, and more. You will learn the importance of viewing investing as a long-term game (and not being discouraged if you lose money in the beginning), why we must be careful not to over-analyze ourselves, and why the first job you take is not necessarily your perfect job.

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What You’ll Learn:

  • What turned Sanjeev off from investing initially
  • The proper way to view investing
  • The benefit of being proficient in financial modeling
  • Why it’s important to ensure your job aligns with your long-term goals
  • Sanjeev’s take on why 75% of orthopedic surgeons (and many other physicians) change jobs after five years
  • Why we must make informed job decisions

Ideas Worth Sharing:

“The perfect job that you find is often not the first job that you take.” – Sanjeev Bhatia, MD

“Imprudent investing and having an unbalanced approach is really detrimental to your finances.” – Sanjeev Bhatia, MD

“If you’re going to make a move, it’s really important to make sure that your job aligns with your long-term goals.” – Sanjeev Bhatia, MD

Resources Mentioned: