Wealth Planning for the Modern Physician

Join attorney, wealth manager, and well-known author David Mandell, JD, MBA in this podcast dedicated to improving a physician’s personal financial bottom line. 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. Tune in every other week for new episodes!

From Surgeon to Innovator: An Entrepreneurial Journey with Dr. Steven Siepser 05/13/2026

From Surgeon to Innovator: An Entrepreneurial Journey with Dr. Steven Siepser Dr. Steven Siepser shares a compelling journey from his early fascination with medicine to becoming a highly skilled ophthalmologist and entrepreneur. His career path was shaped by curiosity, adaptability, and a willingness to pursue opportunity, from studying abroad to pivoting specialties into ophthalmology. He ultimately built a thriving solo practice by leveraging early expertise in emerging technologies like intraocular lenses and LASIK, positioning himself ahead of many peers. The conversation highlights both the rewards and risks of entrepreneurship in medicine, particularly through Dr. Siepser’s experience with practice ownership and commercial real estate. While his clinical success led to expansion and investment in a large medical facility, external factors such as 9/11, economic downturns, and rising interest rates significantly impacted his financial outcomes. His story serves as a cautionary tale about leverage, market timing, and the unpredictability of macroeconomic forces. Dr. Siepser’s latest venture, VisionLock (now SightAssure), represents an innovative approach to patient confidence and physician differentiation through outcome-based insurance. By identifying top-tier surgeons and insuring their results, the model enhances trust while creating a premium positioning for providers. Although initial scaling challenges and undercapitalization slowed progress, he is relaunching the concept with a more robust financial and structural strategy, emphasizing the importance of execution, funding, and timing in entrepreneurial success. 3 Key Takeaways Clinical excellence can create entrepreneurial opportunity, but business success requires different skills and risk management. Real estate investments in medical practices carry risk, especially when tied to economic cycles and interest rate changes. Innovative business models—like outcome insurance—can differentiate physicians and improve patient trust but require strong capitalization and scalability planning. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/41257195

From Burnout to Breakthrough: Reinvention Strategies for Physicians with Todd Jason 04/29/2026

From Burnout to Breakthrough: Reinvention Strategies for Physicians with Todd Jason Episode 6.17 features Todd Jason, a reinvention coach and podcast host, who joins David Mandell to explore physician burnout, career transitions, and the evolving nature of work. Drawing on his experience working with organizations like Kaiser Permanente, Todd highlights the growing prevalence of burnout among physicians, driven by overwhelming workloads, administrative burdens, and lack of support systems. He emphasizes that burnout is not a personal failure but a systemic issue affecting many professionals, particularly those in high-stakes, service-oriented careers like medicine. Todd shares practical strategies to manage burnout, focusing on small, intentional actions that can be integrated into daily routines. These include taking mindful breaks, spending time outdoors, journaling, and using tools like AI to reduce cognitive load. He also stresses the importance of setting boundaries outside of work and delegating tasks where possible to reduce overwhelm. By reframing how physicians approach their workday and personal time, Todd suggests that even incremental changes can significantly improve mental and emotional well-being. The conversation then shifts to the concept of reinvention—particularly for mid-career professionals. Todd defines reinvention as a proactive, mindset-driven approach to aligning one’s career with personal fulfillment, rather than simply reacting to burnout or external changes. Through exercises like writing one’s own eulogy, he encourages individuals to reflect on what truly matters and explore new opportunities, income streams, and career paths. Ultimately, the episode underscores the importance of adaptability, self-awareness, and intentional decision-making in navigating both burnout and long-term career satisfaction. Key Takeaways: Burnout is systemic, not personal: Physicians are facing increasing complexity and workload, making burnout a widespread and legitimate challenge. Small, intentional habits matter: Simple daily practices (breaks, movement, journaling, AI tools) can significantly reduce stress over time. Reinvention is a mindset shift: Mid-career professionals should proactively explore what fulfillment looks like and align their work accordingly. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/41004640

From OB/GYN to Advocate, Part II: Entrepreneurship and Disability Insurance Insights, with Stephanie Pearson, MD 04/15/2026

From OB/GYN to Advocate, Part II: Entrepreneurship and Disability Insurance Insights, with Stephanie Pearson, MD In Part Two of this two-part conversation, Stephanie Pearson shares how personal hardship ultimately led her to build a mission-driven business dedicated to protecting physicians. What began as a deeply personal recovery journey evolved into an education-first approach to disability and life insurance. Rather than setting out with a business plan, Stephanie initially focused on helping other physicians avoid the mistakes and gaps that impacted her own experience. Through organic growth, word-of-mouth referrals, and a partnership that developed naturally, she built a firm centered on advocacy, transparency, and informed decision-making. Stephanie discusses the challenges of transitioning from surgeon to entrepreneur, including the discomfort many physicians feel around sales. She reframes the role not as selling a product, but as educating clients about complex insurance contracts and advocating for their best interests. The conversation explores the critical differences between group and private disability policies, the nuances of policy language, and why specialty-specific definitions of disability are essential for physicians. Her philosophy emphasizes managing expectations, pre-underwriting, and eliminating surprises—treating insurance planning with the same rigor as informed consent in medicine. Beyond insurance mechanics, Stephanie reflects on broader themes relevant to physicians: burnout, identity shifts, entrepreneurship, and the importance of mentorship and community. She encourages physicians considering business ventures to seek mentors, surround themselves with experts, and remain authentic to their mission. For those facing burnout, she stresses the importance of therapy, boundaries, hobbies, and building a support system. Ultimately, her story illustrates how adversity can be transformed into purpose—creating both financial protection for others and personal fulfillment. 3 Key Takeaways Education Over Sales: Disability and life insurance planning for physicians should center on education, transparency, and advocacy—not product pushing. Definitions Matter: The specific language in disability policies (especially specialty-specific definitions) can significantly impact outcomes in the event of a claim. Burnout Requires Intention: Transitioning careers or starting a business is not automatically a cure for burnout; personal work, boundaries, and mentorship are critical. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/40802345

From OB/GYN to Advocate, Part I: An Injury that Changed Everything, with Stephanie Pearson, MD 04/01/2026

From OB/GYN to Advocate, Part I: An Injury that Changed Everything, with Stephanie Pearson, MD In Part One of this two-part conversation, Dr. Stephanie Pearson shares her powerful journey from practicing OB/GYN to becoming a nationally-recognized advocate for physician disability insurance and financial protection. Nearly ten years into practice, a traumatic shoulder injury sustained during an emergency delivery permanently ended her ability to operate and perform obstetrics.. What initially felt like a temporary setback quickly became a life-altering pivot point—complicated further by contract language, disability policy limitations, and systemic barriers that left her financially and emotionally vulnerable. Stephanie details the harsh realities she encountered after her injury, including being terminated when her FMLA expired, denied disability coverage due to policy fine print, and fighting a lengthy workers’ compensation battle. She candidly discusses the mental toll of the experience, including a period of severe emotional distress, and emphasizes how little physicians are taught about contracts, disability insurance, and financial risk management. Her story underscores the importance of reviewing employment agreements and understanding both employer-sponsored and private disability coverage. Out of this adversity, Stephanie co-founded PearsonRavitz, an insurance brokerage dedicated to helping physicians secure appropriate disability and life insurance protection. Now part of the broader Earned Wealth platform alongside OJM Group, she is committed to improving financial literacy among physicians. This episode sets the stage for Part Two by highlighting not only the risks physicians face but also the importance of proactive planning, proper policy design, and advocating for oneself long before a crisis occurs. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/40669235

Healthcare M&A in 2026: What Physicians Need to Know with Matthew Phillips 03/18/2026

Medicine Meets Machine Learning: Real-World AI in Practice with Dr. Joshua Lowentritt 03/04/2026

Medicine Meets Machine Learning: Real-World AI in Practice with Dr. Joshua Lowentritt In Episode 6.13, Dr. Joshua Lowentritt joins host David Mandell to explore the rapidly evolving role of artificial intelligence in medicine. Dr. Lowentritt shares his 25+ year journey as a practicing physician and healthcare leader, highlighting how Hurricane Katrina reshaped his professional outlook and entrepreneurial path. From building physician-owned organizations to investing in startups, his career reflects a deep commitment to improving healthcare delivery. Today, that mission increasingly centers on leveraging AI to enhance both physician experience and patient outcomes. A central focus of the conversation is the use of AI-powered ambient scribes in clinical practice. Dr. Lowentritt explains how tools like AI documentation assistants have reduced administrative burden, lowered cognitive load, and allowed him to reconnect with patients at a human level. Rather than typing throughout visits, he now maintains eye contact, listens more fully, and spends more time counseling patients. Beyond documentation, AI tools assist with chart summaries, clinical decision support, population health prioritization, and genetic testing insights—streamlining workflows and improving proactive care. The episode also explores critical guardrails for AI adoption. Dr. Lowentritt emphasizes the importance of data privacy, informed patient consent, verifying clinical sources, and using multiple evidence-based references when relying on large language models. Drawing on Everett Rogers’ Diffusion of Innovations theory, he discusses why physicians—traditionally cautious adopters—have embraced AI more rapidly than expected. Ultimately, he argues that AI will not replace physicians but will supplement them, allowing doctors to focus on judgment, empathy, context, and patient connection—the highest value aspects of medicine. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/40286665

The Business of Independence: Private Practice Done Right with Teri Yates 02/18/2026

From Academia to Innovation: Redefining Pain Medicine with Dr. Peter Staats (Part 2) 02/04/2026

From Academia to Innovation: Redefining Pain Medicine with Dr. Peter Staats (Part 1) 01/21/2026

From Academia to Innovation: Redefining Pain Medicine with Dr. Peter Staats (Part 1) In Part one of this two‑part conversation, Dr. Peter Staats shares the formative experiences that shaped his path into anesthesiology and pain medicine, beginning with his upbringing in Hawaii and the profound intellectual influence of his father, a pioneering academic psychologist. This early exposure to integrative thinking laid the groundwork for Dr. Staats’ approach to medicine, one that challenged traditional silos and emphasized the interconnectedness of behavior, psychology, and physiology. His medical training, initially aimed toward orthopedic surgery, ultimately shifted toward anesthesiology after a transformative clinical experience that revealed the power of precision, innovation, and patient‑centered care. Dr. Staats reflects on his academic career at Johns Hopkins University, where he became the youngest division chief and helped define the early landscape of modern pain medicine. He describes the opportunities that academic medicine provided, including time for research, access to world‑class collaborators, and a platform to develop and publish groundbreaking work such as new pain treatment modalities and clinical trials. At the same time, he candidly addresses the financial realities of academic medicine and the operational challenges that pushed him to pursue business education, ultimately earning an MBA out of necessity rather than intention. The episode also explores Dr. Staats’ eventual transition from academia to private practice, highlighting the stark differences in mindset, efficiency, and incentives between academic institutions and entrepreneurial medical practices. He discusses the importance of ethics, operational discipline, and financial literacy in building sustainable practices, as well as the risks physicians face when evaluating partnership opportunities without fully understanding compliance, billing, and incentive structures. Part 1 sets the stage for deeper discussions in Part 2 around leadership, industry involvement, and large‑scale impact beyond clinical care. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/39763895

Peer Review, Workplace Violence, and Protecting Your Career with Dr. David Koronkiewicz 01/07/2026

Asset Protection Essentials for Physicians with Attorney Bo Loeffler 12/24/2025

Asset Protection Essentials for Physicians with Attorney Bo Loeffler Attorney Bo Loeffler returns to the podcast to revisit with David the foundational principles of asset protection—what it is, why physicians need it, and how proper timing and structure make all the difference. The conversation begins with an overview of risk for physicians, from malpractice and employee claims to real estate liability and auto accidents and stresses the importance of addressing these risks before they arise. Bo and David emphasize the crucial concept that asset protection is only effective when implemented ahead of any foreseeable claim. The discussion then shifts to the three legs of the asset protection stool: proper insurance coverage, state-specific exempt assets, and legal tools such as LLCs and irrevocable trusts. Bo highlights how differences between state laws—especially Ohio’s robust statutes—can dramatically impact the success of an asset protection plan. They also explain how tools such as LLCs and Domestic Asset Protection Trusts can be structured to protect against creditors through features like charging orders, sole-remedy statutes, and sate-specific limitations on creditor remedies. Finally, the episode examines real legal cases—including one in Colorado involving LLC misuse and one in Delaware validating long-standing asset protection trust structures—to illustrate what works and what fails in the real world. David concludes by drawing a parallel to medicine: asset protection requires both “surgery” (establishing tools) and “rehab” (proper, ongoing maintenance). With Bo’s deep experience drafting state statutes and litigating these issues, the episode provides a practical, high-level roadmap for physicians looking to protect their personal and professional assets. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/39509360

Ethical Entrepreneurship in Medicine: Building Smarter Practices with Dr. Paul Lynch 12/10/2025

Ethical Entrepreneurship in Medicine: Building Smarter Practices with Dr. Paul Lynch In this episode, host David Mandell welcomes Dr. Paul Lynch, a double board-certified anesthesiologist and pain management specialist, entrepreneur, and business leader. Dr. Lynch shares his remarkable journey from aspiring psychiatrist to pain medicine innovator—a shift inspired by his mother-in-law’s battle with cancer and the discovery of interventional pain treatments that could transform patients’ lives. His early experiences at the Mayo Clinic shaped his belief in comprehensive, integrated care—a philosophy that became the foundation for his first practice, Arizona Pain, which quickly became one of the nation’s leading pain management centers. Dr. Lynch details how entrepreneurial thinking, coupled with strategic use of digital tools, drove his success. His story of launching a medical website during fellowship—eventually ranking number one on Google before opening his doors—illustrates how physicians can use education-based marketing to reach patients and grow responsibly. As his career evolved, Dr. Lynch founded U.S. Pain Care, intentionally designed to avoid the mistakes of his first venture. Through introspection and what he calls his “Manifesto of 53 Errors,” he now builds companies around lessons learned, focusing on empowering other physicians with ownership, autonomy, and ethical profitability. The discussion also delves into real estate, private equity, and long-term business strategy in medicine. Dr. Lynch explains how owning medical real estate can be one of the most impactful and ethical ways for physicians to build wealth—separate from clinical care—highlighting the benefits of property ownership, long-term leasing, and physician-owned REITs. He closes with advice to doctors: never make fortunes “on the backs of patients.” Instead, focus on providing excellent care while building wealth through smart business decisions, integrity, and surrounding yourself with expert advisors in law, finance, and real estate. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/39262610

Thriving in a Changing Healthcare Landscape with Jerry Kelsheimer 11/26/2025

The Journey from Pediatrics to Scrub Sisters with Dr. Jacqueline Winkelmann 11/12/2025

The Journey from Pediatrics to Scrub Sisters with Dr. Jacqueline Winkelmann In this episode of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Jacqueline Winkelmann, a pediatric hospitalist and founder of Scrub Sisters. Dr. Winkelmann shares her journey from growing up in Puerto Rico, being inspired by her uncle's compassion and dedication to medicine and eventually pursuing pediatrics as her calling. She discusses how financial foresight and a unique tuition waiver allowed her to graduate debt-free, enabling her to maintain a balanced career and family life as a part-time physician at the Children's Hospital of Orange County. Dr. Winkelmann describes her transition from clinical practice to non-clinical roles in the healthcare industry. Through opportunities that arose organically, she became a consultant and medical advisor for pediatric and consumer health companies, eventually serving as Chief Medical Officer for a baby monitor company. She reflects on the differences between clinical and corporate medicine, emphasizing the need for physicians entering industry to understand the profit-driven mindset of business and to address burnout before pursuing such transitions. Her story highlights the challenges, rewards, and ethical dilemmas physicians may face when moving from patient care to product innovation. Finally, Dr. Winkelmann discusses her nonprofit organization, Scrub Sisters, a 501(c)(3) community dedicated to supporting and empowering female physicians at all stages of their careers. The group provides mentorship, fosters real-life discussions about work-life balance, and addresses challenges such as mental health, parenting, and financial stress. With chapters in multiple states and countries, Scrub Sisters is rapidly expanding its reach and aims to create scholarship opportunities to help women overcome the financial barriers of medical school applications. The episode concludes with Dr. Winkelmann's vision for growing this supportive, mission-driven community of women in medicine. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/38943540

Innovation, Industry, and Ancillaries: Lessons from Dr. Jack Bert (Part 2) 10/29/2025

Innovation, Industry, and Ancillaries: Lessons from Dr. Jack Bert (Part 2) In this second part of a two-part episode, host David Mandell continues his discussion with Dr. Jack Bert, a board-certified orthopedic surgeon and former president of the Arthroscopy Association of North America. In this conversation, Jack emphasizes the importance of ancillaries in building a financially successful medical practice. He explains how orthopedists and other specialists can significantly increase revenue streams through owning or participating in ambulatory surgery centers (ASCs), imaging services, physical therapy, and durable medical equipment. Dr. Bert stresses that physicians should strive for ownership and control rather than settling for minority stakes in ventures that disproportionately benefit outside management companies. The discussion transitions to contract negotiations, where Dr. Bert highlights common pitfalls and best practices for physicians. He explains how employers often use national databases like MGMA to undervalue physicians and why local market comparisons are far more accurate benchmarks. He also warns against restrictive clauses—such as intellectual property ownership—and underscores the importance of seeking professional review of employment agreements. Dr. Bert strongly advocates for negotiation, pointing out that physicians only get the deals they negotiate, not the ones they are simply offered. In the final portion, Dr. Bert shares advice on long-term financial planning and retirement. He stresses the importance of consistent saving—at least 25% of income—early in one’s career, aiming for at least $10 million in retirement assets. He also discusses his transition into retirement, finding fulfillment through part-time independent medical evaluations, entrepreneurial ventures like MD Direct (which bypasses insurers to reduce costs), and leadership in orthopedic conferences. He concludes by underscoring the importance of not only saving wisely but also having meaningful pursuits in retirement. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/38764215

Innovation, Industry, and Ancillaries: Lessons from Dr. Jack Bert (Part 1) 10/15/2025

How Practices Can Build the Right Physician Comp Models Today and Beyond with Attorney Jason Greis 10/01/2025

How Practices Can Build the Right Physician Comp Models Today and Beyond with Attorney Jason Greis In this episode, host David Mandell welcomes back attorney Jason Greis for his third appearance. Jason, a healthcare business attorney with extensive experience advising physician practices, discusses one of the most pressing issues for independent groups today: physician compensation models and partnership structures. With generational shifts and economic realities reshaping the field, many practices are rethinking what it means to become a partner and how to fairly compensate both younger and senior physicians. Jason explains how compensation models have evolved from the 1980s and 1990s to today. Younger physicians increasingly favor employment arrangements with health systems over partnership tracks, which creates challenges for groups that need to recruit. To compete, practices must clearly articulate the benefits of partnership—including higher long-term compensation, decision-making authority, and ancillary investment opportunities—while balancing the responsibilities and risks that come with ownership. He outlines the growing popularity of three-tiered structures (associate, non-equity partner, equity partner) as a way to create flexibility and manage risk tolerance. The conversation also explores buy-in and buy-out models, the shift away from high dollar amounts, and the trend toward productivity-based (“eat what you kill”) compensation rather than common pot models. Jason highlights potential red flags, including outdated “founder’s models” that rely on new doctors funding senior physicians’ retirements, which often result in disputes. He emphasizes the need for practices to proactively revisit their structures—ideally years in advance of retirements or potential sales—to remain competitive, avoid pitfalls, and position themselves for long-term success. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/38372255

The Journey from Solo Practice to Industry Leader with Dr. Cynthia Matossian 09/17/2025

The Journey from Solo Practice to Industry Leader with Dr. Cynthia Matossian In the Season 6 premiere of the Wealth Planning for the Modern Physician Podcast, host David Mandell welcomes Dr. Cynthia Matossian, an accomplished ophthalmologist, entrepreneur, and industry leader. Dr. Matossian shares her unique journey into medicine, starting from an initial interest in political science and international relations before ultimately discovering her passion for ophthalmology. She discusses the early challenges she faced in starting her own practice in 1987, particularly as a woman seeking financial backing in a male-dominated field, and the resilience and determination that fueled her success. Dr. Matossian reflects on the growth of her solo practice into a thriving multi-location enterprise with 14 physicians and over 90 employees. She emphasizes the importance of delegation, transparency, and staff empowerment in building an efficient, patient-focused practice. Her insights into practice management include implementing scribes to reduce physician burnout, investing in proper business education, and hiring skilled managers to bring structure and professionalism to the organization. She also highlights her personal approach to financial planning, beginning with small investments guided by a trusted advisor, which laid the foundation for long-term financial success. The conversation also explores Dr. Matossian’s involvement in industry innovation, her leadership in clinical trials, and her founding of GPOptho, a group purchasing organization designed to help practices lower costs through collective buying power. She shares valuable advice for physicians considering private equity transactions, stressing the importance of preparing years in advance and selecting the right advisors. Ultimately, Dr. Matossian underscores the critical need for physicians to educate themselves on the business of medicine early in their careers, pairing clinical excellence with sound financial and practice management strategies. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/38204795

Summer Rewind 2025 #6: 50 Years in Private & Locums Practice, Business Ventures & More with Dr. Charles Mandell 09/03/2025

Summer Rewind 2025 #5: An Unexpected Career Path and Lessons from the Business Side of Medicine with Dr. Shaminder Gupta 08/20/2025

Summer Rewind 2025 #5: An Unexpected Career Path and Lessons from the Business Side of Medicine with Dr. Shaminder Gupta This summer, join host David Mandell as he revisits and highlights episodes from Season 3 and 4 of , in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Episode 3.13 | Originally Released: March 9, 2023 In this episode, Dr. Shaminder (Shammi) Gupta joins David to discuss his career path, the impact of Hurricane Katrina on that path, and what he is learning from being a business executive as well as a clinician. Shammi begins with his background – where he grew up, what got him interested in medicine why he gravitated to internal medicine & nephrology. He explains why his first job out of training was not a fit for him and how hurricane Katrina changed his path completely – as it did for many living in New Orleans at the time – opening up a career path he would not have considered otherwise. Shammi also covers how he built a significant dialysis practice in a smaller town setting, became president of the Kidney Foundation, and built a reputation throughout the state. This led to his practice being acquired by Monogram Health, where he works today as an executive and clinician. Shammi then shares what he is learning from the “business side” of medicine, as he builds out a multi-state medical platform for kidney health, and describes the value CEOs see in physicians who can communicate well and know their field of medicine intimately. Next, David gets Shammi’s insights on wealth management, including building the right advisor team and why to potentially change advisors as you grow, and Shammi concludes with his three pieces of advice for fellow physicians, especially those starting out. Learn more about our guest, including additional show notes and more, by visiting . /episode/index/show/wealthplanningmodernphysician/id/37880485

Summer Rewind 2025 #4: Understanding One’s P&L and Being a Good Practice Citizen with Plastic Surgeon and Professor Dr. Richard Bartlett 08/06/2025

Summer Rewind 2025 #3: Varied Ventures, an Orthopedic Podcast and #Followthefro with Dr. Scott Sigman 07/23/2025

Summer Rewind 2025 #2: A Deep Dive Into Real Estate with Colin Carr 07/09/2025

Summer Rewind 2025 #1: All Things Real Estate with Trisha Talbot 06/25/2025

Executive Summary: Highlights of Season 5 with Host, David Mandell 06/11/2025

Executive Summary: Highlights of Season 5 with Host, David Mandell In this final episode of Season 5, host David Mandell recaps the season’s key themes and previews the upcoming Summer Rewind series, which will highlight standout episodes from Seasons 3 and 4. The podcast will continue on a biweekly schedule over the summer, with new introductions to previously released episodes, allowing listeners to revisit valuable content over the Summer. David reviews each of the 18 episodes of Season 5, including a quick recap and highlights. The goal of this episode is to help listeners catch up on missed episodes or revisit important insights they may have forgotten. He invites feedback and topic suggestions for future episodes as the podcast continues to grow its audience. EPISODE SNAPSHOTS: 5.1 & 5.2 – Dr. Jay Foley: After a life-altering snowboarding accident, Dr. Foley transitioned from surgery to medico-legal consulting, highlighting the importance of disability insurance and leveraging a medical license in new ways. 5.3 – Andy Taylor: Explored how election cycles influence market behavior and how physicians can remain calm and strategic with their portfolios. 5.4 – Nolan Bradbury, CPA: Covered KPIs, practice delegation, legal/tax structure for side hustles, and exit planning from a CPA’s perspective. 5.5 – Dr. Ben Ostrander: Applied hospitality industry lessons to healthcare to enhance patient experience, employee satisfaction, and operational efficiency. 5.6 – Jessica Jones, Consultant: Shared insights on aligning practice models with physician passion, wellness trends, and diversification within practices—especially cash-based models. 5.7 & 5.8 – Dr. Sue Keller: An unflinching look at financial mismanagement, the emotional toll of bankruptcy, and finding meaning in a reinvented career after decades in dentistry. 5.9 – Dr. Jay Zigmont: Introduced “child-free wealth” as a growing financial niche, challenging traditional planning assumptions and offering guidance tailored to child-free individuals. 5.10 – Dr. Jude Pierre (Pt. 1): Talked about geographic and specialty shifts, mentorship, and the creation of a physician coaching practice to fight burnout and debt. 5.11 – Carole Foos & Greg Heimkreiter, CPAs: Discussed looming tax law expirations, industry-wide challenges in accounting services, and what physicians should know about finding quality tax advisors. 5.12 – Kristy LaGourgue & Rachel Varga: Focused on brand building and marketing strategy for all doctors, not just those in aesthetics—emphasizing the importance of digital presence and patient communication. 5.13 – Dr. Pat St. Pierre: Reflected on a military-to-medicine career, financial planning, industry involvement, and proactive retirement through wine education to avoid post-retirement difficulty. 5.14 – Attorneys Byrd & Adatto: Covered major legal trends including compounding pharmacy scrutiny, the evolving legal landscape around non-competes, and internal practice exits. 5.15 – Dr. Jude Pierre (Pt. 2): Discussed optimizing workflow through scribes, practice innovation via Medicare Advantage, and financial/lifestyle balance to avoid physician burnout. 5.16 & 5.17 – Cory Kleinschmidt: Provided a comprehensive look at locum tenens work for physicians—ideal for both early-career flexibility and late-career freedom—including licensing, contract tips, what to look for in an agency, forming LLCs for tax purpose and more. 5.18 – Drs. Mark Figgie & Joel Press: Shared a mentorship model from HSS that helps young physicians with career planning, finances, wellness, and leadership development. 5.19 – Bob Goettling: Introduced ESOPs (Employee Stock Ownership Plans) as an innovative, tax-efficient practice exit strategy increasingly relevant in the medical space. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/36925615

ESOPs for Doctors: A Tax-Advantaged Exit Strategy for Medical Practices with Special Guest, Bob Goettling 05/28/2025

ESOPs for Doctors: A Tax-Advantaged Exit Strategy for Medical Practices with Special Guest, Bob Goettling In this episode, host David Mandell welcomes Bob Goettling, a seasoned investment banker and legal expert with over 30 years of experience in healthcare transactions, to discuss the emerging relevance of ESOPs (Employee Stock Ownership Plans) for physician practices. Goettling shares his professional journey, from early M&A work to helping physician groups explore monetization options, including ESOPs as a potentially powerful but underutilized tool. Bob breaks down the core structure and history of ESOPs, describing them as trust-based leveraged buyouts that allow physicians and employees to own their practice while benefiting from significant tax advantages. He explains how the Bloom Organization itself became an ESOP nearly a decade ago, and how his team has since developed a tailored hybrid ESOP model for medical practices, especially as interest in private equity has cooled due to rising interest rates and negative post-deal experiences. While ESOPs offer clear advantages—like retaining control and optimizing tax outcomes—they also come with complexity. Goettling stresses the importance of choosing the right advisors and ensuring a strong internal management structure. Not every practice is a good fit; size, structure, and strategic alignment are critical factors. The episode offers high-level insight into how ESOPs work, who they benefit, and what red flags to watch for in considering this alternative to traditional M&A routes. KEY INSIGHTS ESOP stands for Employee Stock Ownership Plan and enables employees to become beneficial owners through a trust structure. Originally introduced in the 1950s, ESOPs gained traction in the 1970s due to government incentives. Goettling and his team at Bloom implemented an ESOP for their own firm nearly 10 years ago and now advise physician groups on doing the same. Tax benefits are significant: ESOP sellers can defer or eliminate capital gains, and the entity itself becomes tax-exempt. ESOPs allow physicians to monetize their practice without surrendering control, unlike private equity deals. The model is ideal for larger practices (15–20+ physicians) with existing governance (boards, CEOs, CFOs). Complexity is a key barrier—ESOPs involve oversight from both the IRS and Department of Labor. Hybrid ESOP models can account for partners, junior doctors, staff, and even future hires. Mistakes often stem from poor advisory choices; experience with ESOPs is essential to avoid pitfalls. ESOPs can be a game-changer for practices looking to stay independent while scaling strategically. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/36720950

From Scalpel to Strategy: Empowering the Next Generation of Physicians with Dr. Mark Figgie and Dr. Joel Press 05/14/2025

From Scalpel to Strategy: Empowering the Next Generation of Physicians with Dr. Mark Figgie and Dr. Joel Press 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. 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. Key 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. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/36552695

Locum Tenens Uncovered: Insights from Industry Expert Corey Kleinschmidt (Part 2) 04/30/2025

Locum Tenens Uncovered: Insights from Industry Expert Corey Kleinschmidt (Part 2) In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space. The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge. Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional. Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience. KEY INSIGHTS: The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens. Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field. Talking to other physicians with locum experience can offer real-world insight into the pros and cons. Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits. Many physicians form LLCs to optimize tax deductions and liability protection. Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics. There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals. The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians. Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract. Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/36318050

Locum Tenens Uncovered: Insights from Industry Expert Cory Kleinschmidt (Part 1) 04/16/2025

Locum Tenens Uncovered: Insights from Industry Expert Cory Kleinschmidt (Part 1) In this first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry. Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in various healthcare settings, providing them with flexibility, higher earnings, and work-life balance. He highlights how the industry has evolved from a necessary staffing solution to a strategic workforce model, driven by growing physician shortages and changing work preferences. This first part of a two-episode interview also covers trends in locum tenens, including the increasing interest from younger physicians, the rising demand for specific specialties like neurology, cardiology, and psychiatry, and the impact of AI. Cory emphasizes that locum tenens is becoming an essential part of healthcare staffing, allowing doctors to explore different practice environments while mitigating burnout and financial stress. Key Insights: Locum tenens, meaning "to hold the place," originated in the Catholic Church before transitioning into healthcare staffing. The industry has grown significantly, with more physicians, especially younger ones, choosing it for career flexibility and income potential. Locumpedia is a digital platform that provides a free, centralized resource for physicians and healthcare organizations. The No-BS Guide to Locum Tenens was created to offer straightforward, unbiased insights into locum work. See Locum tenens physicians work as 1099 independent contractors, allowing them to take advantage of tax benefits and business deductions. The demand for locum tenens is increasing due to physician shortages, burnout, and changing work preferences. Specialties such as hospital medicine, neurology, cardiology, psychiatry, anesthesiology, and radiology are currently in high demand. AI is expected to impact radiology, but the combination of AI with skilled radiologists is seen as the future rather than full automation. More doctors are using locum tenens as a way to test different work environments before committing to full-time positions. Locum tenens is becoming an essential part of modern healthcare staffing, allowing hospitals to adapt to patient demand and financial constraints efficiently. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/36119510

Maximizing Physician Success: Entrepreneurship, Efficiency, and Burnout Prevention with Dr. Jude Pierre 04/02/2025

Maximizing Physician Success: Entrepreneurship, Efficiency, and Burnout Prevention with Dr. Jude Pierre Host David Mandell welcomes Dr. Jude Pierre back to the podcast for an engaging discussion on physician entrepreneurship, financial pitfalls, and operational best practices. They begin by revisiting common mistakes doctors make when purchasing their first or second home, such as relying on 100% financing and overspending on a house before their career stabilizes. Dr. Pierre emphasizes the importance of financial prudence and warns about the risks associated with early-career real estate decisions. The conversation then shifts to the benefits of hiring a medical scribe, a strategy that transformed Dr. Pierre’s practice. He explains how scribes improve efficiency by documenting patient interactions in real time, allowing physicians to focus more on patient care. His transition from an in-house scribe to a virtual scribe further optimized workflow while reducing costs. He also discusses the financial benefits of Medicare Advantage, outlining how physicians can maximize revenue while ensuring high-quality patient care. Lastly, the discussion covers physician burnout and the importance of self-care, social connection, and financial planning. Dr. Pierre stresses to David that doctors should recognize their worth, invest in their practices wisely, and plan their personal finances strategically. He highlights the advantages of owning medical real estate and encourages physicians to take control of their financial future by being proactive in wealth management. The episode closes with a reminder that strategic decision-making, both professionally and personally, can lead to long-term success. KEY INSIGHTS: Many physicians fall into the trap of buying a large home too early, only to face financial strain when their career trajectory changes. 100% financing often leads to a lack of equity, which can create problems during economic downturns. Physicians should be mindful of lifestyle creep, resisting the temptation to upgrade their homes or cars just because they can afford them. Hiring a medical scribe can free up significant time, improving work-life balance and patient interactions. Virtual scribes offer a cost-effective and efficient alternative to in-house scribes, reducing administrative burdens. Medicare Advantage provides an opportunity for physicians to earn steady income through capitation, but it requires proper patient management. Owning the building where a physician practices can be a smart long-term financial decision, adding equity and stability to their business. Physicians should be aware of their worth and avoid undervaluing their services, ensuring they receive fair compensation. Small personal care habits, like regular haircuts, contribute to mental well-being and help combat burnout. A structured financial plan, including strategic investments and savings, is essential for long-term financial success. Learn more, including additional show notes, links, and detailed key takeaways, by visiting . to get your FREE copy of our latest book, Wealth Strategies for Today's Physician! /episode/index/show/wealthplanningmodernphysician/id/35913540

Wealth Planning for the Modern Physician

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