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
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
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
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.