I still don’t understand how emergency physicians can be classified as independent contractors. While you have some say in your shift schedule, you’re bound by rules you can’t control: you’re told how to do your job, how you’re paid, etc. That’s against the IRS definition of an independent contractor.

Betting on the stock market might be closer to gambling at the roulette table than you realize. Stop trying to predict the future and diversify your risk.    

Last time I discussed ways you can hang in there during tough markets. Let’s take a look at the consequences if you throw in the towel too early.

Have you ever worked a shift where nothing clicked? The CT scanner was down. On call docs refused to admit patients. The nurses couldn’t get IVs. You felt helpless and couldn’t control anything. You might feel the same way with your investment portfolio.

Despite the headlines, it’s been a solid year for investing. In fact, if you’ve been investing and you don’t have a far higher portfolio value now than you did two years ago, you may be in serious need of a new investment plan.

Part IV, In which we look at an example group and provide some benchmarks for guiding your own group’s discussion of administrative compensation.

If you want to get a handle on your finances, simplify your life by cutting out the excess investments, advisors and fees that are weighing you down.

The fee and payment system in medicine is a big black box. Patients don’t know the true costs of medical care and we have no clue what bill the patient gets when we order all those tests. There’s a black box with financial advisors also: fees. I have not yet met a physician who knows exactly what fees he’s paying to his financial advisor.

A very busy emergency physician, Dr. Smith turned to a financial advisor – Frank – to handle his investments. Initially Dr. Smith was happy, but eventually realized he didn’t understand the investment strategy.

No question generates more angst or consumes more discussion for a democratic emergency medicine (EM) group than how much to pay for practice leadership and administration. In the typical democratic EM group, every dollar of proposed leadership or practice management expenditure is challenged and every dollar of approved expenditure is resented to one degree or another.