We live in a time of international mega-corporations, stagnant wage growth, the shrinking middle class, growing distrust in institutions, and concerns about the “1%”. At SMP we are a true partner for physicians. We believe that the key to long-term success is ensuring that the practices we partner with have the best teams possible.
Physicians are entrusted to safeguard the well-being of their patients. While they focus on helping others, it is vital that MDs protect their own peace of mind and their practices through adequate insurance coverage. Normally you wouldn’t start a blog post with a series of caveats, but I think it’s warranted since this area is so complex.
Physicians dedicate their lives to providing excellent care for their patients. However, amidst their demanding jobs, it is crucial for them to take the time to understand and manage their own finances. Financial literacy is generally overlooked in medical training, but it is an essential skill that impacts both the personal and professional aspects of an MD’s life. According to Environics Research 2019 MD Physician Literacy Study, 56% of younger physicians said that they did not receive financial education before starting their careers. The same survey showed that practicing MDs scored just 55% on a test of basic finance (although that is better than the 53% attained by residents). In this post, we will delve into why it is vital for physicians to understand their own financial situation.
Are you going to Vascular 2023? Canadian healthcare is entering a pivotal time where the demand and pressure on specialists is growing at an exponential rate. Over the last few years, you may have asked yourself some key questions about your future. Our team will be in Montreal from October 25 to October 29, 2023, and would love to meet up for a chat.
We understand that the transition from sole ownership to a partnership model can be frightening for doctors, and team members alike. It can be an unsettling time with the fear of the unknown.
Buying into a medical practice as a Partner or working as a non-owner Associate are both valid options for MDs who are joining a clinic. While both have their pros and cons, ultimately the decision will depend on your long-term personal and professional goals.
A Common definition for an MSO is as follows: An MSO provides services to the medical and healthcare industries by managing administrative duties such as human resources, payroll, employee benefits, and compliance…