Category: SMP News & Information

Retirement is a significant milestone achievement that most of us look forward to. It’s a time when we can finally relax, pursue our passions, and enjoy the fruits of our labour. Similar to many Canadians, the vast majority of physicians will not benefit from a pension plan provided by an employer, so the onus is on us to ensure that we plan ahead for a comfortable retirement. One of the most common questions Canadian MDs ask is, “How much money do I need to save to retire?”

I will no longer be the Chief Medical Officer (CMO) for Specialty Medical Partners. And by that, I mean I’m getting a new title. The reason I was the CMO in the first place was that I got to pick my own title, and join the team of Chief Executive Officer, Chief Financial Officer, and Chief Operations Officer. So, ‘Chief Medical Officer’ seemed to make sense. However, what I have found out since then is that CMO is a well-defined job description, especially in the United States.

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.