1. Learn how to run your practice like a business This is usually completely uncharted territory for anyone finishing residency. However, like most things in life, the hardest part is getting started. There are many aspects to a medical business model that vary widely depending on your specialty and practice type. There are a number of resources that can help figure...
Humans are a walking talking contradiction. Recently I was posed a question as to whether an investment was a good idea or not and without knowing the investors current investment situation. As an adverse, I hate this question, because it's impossible to answer properly. This morning I was listening to the Masters In Business Podcast where one of the guests...
“I’m intimidated by my financial adviser, he knows how little I know.” – Daniel Kahneman Nobel Laureate and author of Thinking Fast and Slow The Wall Street Journal shared an interesting story about Bill Gross’s new fund with Janus Capital back in 2015. Investors poured $1.1 billion into his brand-new unconstrained bond fund. That’s a decent haul, but the real scoop...
While some investors have the ability and common sense to create their own investment plan, many of us simply have better things to do with our time than paying significant attention to our investment portfolio. It does take time and effort. Plus, smart people know their limitations. The biggest risk we all take is letting our emotions drive our decisions. Fear and...
That’s quite a daunting title for a blog. I went back and forth on whether I should lighten it up a bit, but the subject itself isn’t light, so why should the title be? Some of us struggle to envision what our business would look like if we were to experience a critical illness. If you have not personally battled cancer, a heart attack, or a stroke, you may not...
Chances are you have heard some buzz about whole life insurance, with a mix of negative and positive remarks. Likely the negative you have heard is “it’s too expensive”. I get it, I’ve heard that too. When I used to work in the family market, that was the answer 99% of the time I proposed it to clients. Canadians are stretched thin, asking a young family or...
Disability is quite frankly a realistic risk during your career arc. I’m fortunate to have not suffered a severe enough disability to warrant a claim, but I have seen those close to me go through the process. It’s ugly. The focus is on recovery, but there can be grueling appointments with specialists, rehab, physiotherapy, etc. You deal with your illness or injury,...
We’ve all been exposed to life insurance in some way. Some of us have heard about it through a movie, or an annoying commercial. Maybe you have a parent or relative that has been telling you for years to “get it while you’re young and healthy, the rates are cheap.” Others have lived firsthand with a death in the family and seen the financial impact having or not...
There are many factors a physician needs to consider when choosing their specialty and where to work. What type of work you enjoy, compensation levels, personal and family considerations, and where you want to live are all important factors to consider. In this post, we look into physician compensation in Canada and explore physician clinical payments in different...
For any physician practicing in Canada, it is important to understand how doctors actually get paid. In this post, we review how physician compensation works in Canada, the various sources of income available, and what physicians should expect when starting their practice.Funding for Healthcare in CanadaMany people know that Canada has a large public healthcare...
Billing isn’t discussed much in medical school but its pretty important for a physician. Billing is how you get paid. Like any business or contractor, if you’ve not on top of your invoicing, you’re probably losing money. A 2019 study from Ontario concluded that physicians on average we’re missing 7% of their public health insurance claims. That equals almost $25,000...