Cleveland, OH (PRWEB) May 31, 2013
This spring,Physician Advisors, LLC, a physician-specific financial services company, toured medical colleges, universities and clinics in the Cleveland, Ohio, area, offering physician residents and fellows advice and training in career and practice management, with the goal of helping young doctors create a confident future, and minimize frustration, stress and worry. Physician Advisors held group presentations to guide new doctors through the transition from training to practice, including negotiating smart physician contracts.
“This new generation of doctors is facing a field rife with potential pitfalls,” said Justin Nabity, one of the firm’s founders. “That’s why we are eager to help guide residents and fellows through the transition from training to practice. There is a real cost if doctors fail to manage finances from the beginning of their careers.” During the sessions, Physician Advisors focused on questions and concerns new doctors often ask as they seek their first professional positions. “Many doctors manage their careers well and reap the rewards. We believe we know how to help physicians provide for their families, while providing the level of care they have dreamed of for their patients,” Nabity said.
To educate area doctors about physician finances, Physician Advisors met with them at several Cleveland clinics and medical schools, including Case Western University Hospital, Metrohealth, and Cleveland Clinic. The company also contacted new doctors at medical universities around the nation earlier this spring in a series of webcasts. Nabity said Physician Advisors toured the state to help doctors, who already are overburdened by the responsibilities of their demanding work, understand the importance of a financial plan. He explained that the company has a deep commitment to assisting physicians all across the U.S.—a focus that comes, in part, from the fact that Nabity’s family includes a number of physicians.
During the visit to Cleveland, Ohio, Physician Advisors began the discussion about physician finances by shedding light on the rigorous process of interviewing for a professional position and negotiating an air-tight doctor employment contract that benefits the physician, not just the employer. The presentation also provided examples of malpractice insurance and tail, physician contracts and practices to avoid contract pitfalls during negotiation. Residents and fellows also had a chance to learn more about financial record management, alternative income sources, fringe benefits and investment planning strategies. Stacy Miller, coordinator of the Southern Illinois Dermatology program, said the program helped round out the knowledge residents need to begin successful careers, “For our younger residents, it was a great introduction to things they should be thinking about in the near future for career planning, etc. Our more senior residents particularly felt that discussion of disability insurance and interview preparation was beneficial.”
“Though there is a heavy focus on medicine [during a doctor’s education], we need to also be armed with the business aspect [of medicine], and Physician Advisors provided that,” said Dr. Heidi Woessner of Mayo Clinic. Dr. Sital Patel, Dermatology Academic Chief Resident at University Hospitals in Cleveland agreed: “The lecture was eye opening and reminded us of non-clinical aspects of medicine that we need to know in order to be successful in the future.”
“Physician Advisors provides a reliable and capable partner for doctors—as if they had a friend in the family—a resource they can rely on to keep their careers and personal financial lives on track to success,” Nabity said. According to the Omaha, Nebraska, native, the most potentially damaging financial pitfalls busy doctors could face include ineffective contract negotiation, a burden of debt after school, a tendency to overspend once income begins flowing, and having little time to think about and plan for financial strength.
On the other hand, Nabity said, physicians who follow proven steps can overcome these pitfalls easily. The steps include teaching themselves to recognize poor financial habits in one’s self, understand the real dangers of those poor habits, creating a plan, finding a financial consultant they can trust—including a physician contract attorney—and turning financial planning into a habit. Nabity said these steps often lead to peace of mind, an ability to focus better on work, increased pride in one’s work, and the satisfaction and pride of caring well for family, not to mention less frustration, stress and worry.
ABOUT PHYSICIAN ADVISORS LLC
In spite of physicians’ earning ability, many never realize their financial potential. Physician Advisors LLC can help by providing specialized financial planning and consulting for the medical profession. Since 1982, Physician Advisors have helped negotiate doctor employment contracts, implement financial plans for doctors at more than 400 medical centers, hospitals, and medical schools, which includes more than 1,000 residency and fellowship programs encompassing all specialties. Physician Advisors charges flat fees, works with an independent broker dealer, and is a fiduciary to prove its advisors deserve the trust of valued clients. The company’s goal is “Empowering doctors to secure jobs, assets, and financial futures.™” Learn more about Physician Advisors and doctors’ financial resources at http://www.physicianadvisorsllc.com.