Doctor Money Matters

Dr. Tarang Patel

Welcome to the Doctor Money Matters podcast.
I am your host Dr. Tarang Patel, a practicing diagnostic radiologist in Phoenix, AZ.
I started this podcast as a way to share knowledge about financial matters as they relate to health care professionals. We spent many years learning about the science and art of providing patient care but most of us have relatively little knowledge about reaching financial well being. I know that I had no formal training in setting up investment accounts, negotiating contracts, buying insurance, buying real estate, etc. I just learned by reading and also by making many mistakes. Health care professionals are trusted to take put their patients needs first and we in turn assume everyone in other fields work the same way. Unfortunately this is not always true.
By talking about these topics, I hope we can reduce the many financial mistakes that prior generations of doctors have made. Those physicians were able to overcome these mistakes because of shorter training periods, less debt, and they were more likely to be in private practice. Today we no longer have those luxuries and many of us have significant debt burdens. The good news is that we also have access to information that the prior generation never had.
A little background about me. As I said before I am a practicing radiologist in Phoenix, AZ. I went to undergrad at Indiana U. (Go Hoosiers), medical school at the Kirksville College of Osteopathic Medicine (Now AT Still Univ) in Missouri, moved east and did my radiology residency at New York Hospital-Weill Cornell Medical Center in Manhattan. I then moved west to serve my Air Force commitment at Nellis AFB in Las Vegas, NV. I then did a fellowship in Body/Musculoskeletal Imaging at Mayo Clinic Arizona. Since I finished training I have been in a hospital employed group for the last 6 years.
I have always enjoyed learning about finance and have read (listened to) many of the financial books. I also spent time reading on the bogleheads.org forum which I found to be a valuable source of information. Finally I just observed that many of my colleagues and I had the same questions about relatively basic financial matters but it was difficult to find clear answers.
Hopefully you find these podcasts useful. I encourage you to subscribe to them, that way you will be updated when any episodes are released automatically. Also please let your friends and colleagues know about this podcast.
Please give us good feedback on iTunes, Google Play and stitcher and if you have suggestions on topics or how to improve the podcast please send your emails to [email protected]
Social media links:
twitter @drmoneymatters
Facebook www.facebook.com/doctormoneymatters/
Please understand that this show is for entertainment and education only and you should do your own research and speak with the appropriate experts prior to making any changes in regards to material you may have heard on the show. The opinions from the guests on this show are their own and do not necessarily reflect those of the host or of Doctor Money Matters, LLC.

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Top 10 Doctor Money Matters Episodes

Goodpods has curated a list of the 10 best Doctor Money Matters episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Doctor Money Matters for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Doctor Money Matters episode by adding your comments to the episode page.

Ep 62. Doctors and Social Media -- Dana Corriel, MD

Doctor Money Matters

07/30/20 • 47 min

On this episode we talk about social media with Dana Corriel MD, an internal medicine physician and creator of the SoMeDocs group. She recently left the practice of medicine to help physicians develop their online presence. Her goal is to help empower physicians reach their patients, a broader audience, and develop their brand and yet balance it with responsibilities as professionals, employees, etc. We talked about why she left medicine to pursue this opportunity.

Dr. Corriel runs master classes for physicians interested in improving or developing their presence. I am going to be a teacher in one of the upcoming courses (in Aug 2020) for those who want to start a podcast. If you are interested, here is the link.

Note this episode was recorded just prior to the Covid shutdowns in March 2020 and yet is timely because we just saw the power of physician social media this week when the journal of vascular surgery published and then retracted an article about social media posts of vascular surgery residents and fellows. That article was probably published to a very narrow audience, yet was able to be circulated widely because of twitter, facebook, instagram, etc. The article created a firestorm because of the techniques and judgements of its authors about the posts and calling pictures of female physicians in bathing suits potentially inappropriate but not the same of male physicians. Anyway there was a very quick and appropriate backlash which prompted retraction of the article and wide reassessment of gender biases in medicine in a way that traditional media could not have done.

Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates.

Please visit our website at www.doctormoneymatters.com for the catalog of all our prior episodes.

Here is a link to the SoMeDocs website where you can find out more information about what Dr. Corriel is doing to help physicians with the sometimes confusing world of social media.

You can follow our show on:

Twitter @drmoneymatters

Facebook: Doctor Money Matters

Instagram @doctormoneymatters

I encourage healthcare professionals to join our private facebook group, Doctor Money Matters.

If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher.

Any constructive criticism or topics for future shows can be directed to [email protected]

Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Ep 59. Joel Greenwald, MD CFP -- Withdrawing assets in retirement

Doctor Money Matters

06/11/20 • 61 min

Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility.

Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management.

We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn't recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have.

We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable)

Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy.

We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule.

Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them.

Click here for more info on Greenwald Wealth Management

Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are nearing the end of residency/fellowship where you may still qualify for discounts that may not be available after training.

Please visit our website at www.doctormoneymatters.com

You can follow our show on:

Twitter @drmoneymatters

Facebook: Doctor Money Matters

Instagram @doctormoneymatters

I encourage healthcare professionals to join our private facebook group, Doctor Money Matters.

If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher.

Any constructive criticism or topics for future shows can be directed to [email protected]

Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Episode 23. Eric Tait, MD MBA -- Altering your financial mindset due to changes in medicine.

Doctor Money Matters

03/28/18 • 54 min

Episode 23 Doctor Money Matters.

Welcome to another Doctor Money Matters episode. In this episode I talk with Eric Tait, MD, MBA, an internist and asset manager who started his own investment firm. We discuss why physicians need to achieve financial independence. Dr. Tait’s has a very well thought out perspective on the future of medicine and we talk about how he separated his financial success from the practice of medicine.

Eric was influenced by his work for an insurance company while obtaining his MBA. This experience helped him realize how physicians are viewed as just another labor cost center. As physicians we generally don’t think about how we are viewed by the people who pay us. (Remember for most of us it’s not the patients who pay.) He then realized he had to become financially independent as soon as possible and developed a systematic approach to achieving this. We do this when doing a procedure or reaching a diagnosis and I think its valuable in the investment world also.

Ultimately he chose to use real estate to achieve his goal of financial independence but he talks about how he analyzed different asset classes and arrived at this decision.

We also briefly talk about his views on cryptocurrency and then how his fund works.

Finally we discuss some of the successes and mistakes he has made as an investor.

It’s great to see fellow physicians taking charge of their own financial future rather than having it handed to them.

As always the discussion on this show is for your education and entertainment only and is not personalized investment advice. Please do your own diligence prior to investing in anything.

I want to thank Dr. Tait for being my guest on this episode of Doctor Money Matters. I hope he inspired you to analyze your own mindset about your investments and your financial future as a healthcare professional. Ultimately, I will still lean towards simple investment approaches but I enjoy learning about different options.

Eric’s company can be found at Vernoville.com and he just started his own podcast recently called The Physician’s Road. Please be sure to check it out.

Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on.

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

Ep. 52 -- Surprise (Balance) Billing with Dr. Amy Cho

Doctor Money Matters

08/21/19 • 43 min

On this episode, my guest is Amy Mecozzi Cho MD, an emergency medicine physician in MN who is passionate about making sure physicians voices are heard, particularly on the issue that is all over the news lately, Surprise (Balance) Billing. This is when the medical group providing the care charges the patient the balance between their fees and the (low) rates the insurance companies will pay. Obviously this is an unfortunate position for patients to be put in and physicians end up taking the financial and perception hits.

As an emergency physician she is required to take care of anyone who comes into the emergency department by law, physician oath and ethics, regardless of ability to pay. However insurance companies do not have to follow the same rules and can refuse to negotiate adequate reimbursement because they know physicians are bound by these laws. It’s obviously an uneven playing field. These entities have also had the ear of lawmakers and are pushing solutions to Congress that would negatively impact us. We as physicians are generally too busy to fight this, but if we don’t the results will be a disaster for those involved in patient care. I encourage you to contact your congressional representative and senators and make your voice heard on this issue. The current solution in the Senate is the Benchmark solution and would lead us to the race to bottom described by Dr. Cho on the show. The New York (Independent Arbitration) solution is the one that we need to advocate for. It’s the only real way to reach fair outcomes. The fact that insurance companies are advocating for the benchmark solution should tell you as physicians how it will be for you.

https://www.house.gov/representatives/find-your-representative

Here is an article that goes over the solutions in more detail: https://www.healthaffairs.org/do/10.1377/hblog20190708.627390/full/

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

You can follow me on:

twitter @drmoneymatters

Instagram @doctormoneymatters

Facebook @doctormoneymatters

Email me [email protected]

Please consider joining the Doctor Money Matters Facebook group.

Please share this podcast with your colleagues and join our email list.

Thanks for listening and please leave us positive reviews on Apple Podcasts and continue to share this podcast with your colleagues.

Ep. 60 -- Student loan basics with Ben White, MD

Doctor Money Matters

07/07/20 • 46 min

Welcome to the Doctor Money Matters Podcast. In this episode we talk about student loans with Ben White, MD a radiologist and blogger who writes about various topics but has written a FREE book about student loans.

Note this episode was recorded pre covid so there have been some changes relating to loan deferrals so please check with your loan servicer prior to making any changes.

Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates.

We talk about types of student loans (Federal direct and plus, private, etc.)

We talk loan strategies in relation to USPLF loan forgiveness program. He goes into good detail about how to time your payments including not paying during the first half of your intern year if going for forgiveness. Ben says you almost never want to refinance early in residency which can run counter to the advice you may have heard. In his opinion the forgiveness program may not go away despite the headlines you read.

Ben’s free student loan book is available at www.benwhite.com/studentloans/

Please visit our website at www.doctormoneymatters.com

You can follow our show on:

Twitter @drmoneymatters

Facebook: Doctor Money Matters

Instagram @doctormoneymatters

I encourage healthcare professionals to join our private facebook group, Doctor Money Matters.

If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher.

Any constructive criticism or topics for future shows can be directed to [email protected]

Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Ep 33. Amy Shah, MD -- Creating a successful side gig

Doctor Money Matters

06/14/18 • 41 min

Welcome to another Doctor Money Matters episode. In this episode I talk with Dr. Amy Shah, an allergy specialist and good friend who turned her passion for nutrition and health into a few solid side gigs.

Before I introduce Amy, I would like to talk a bit about why so many doctors are looking for side gigs. It seems crazy that people would undergo 11-17 years of post high school training and then want to look for an additional job after they worked so hard to achieve the primary one. It speaks to the dissatisfaction, disillusionment, and loss of autonomy that so many in medicine feel now. The wall st journal had an article this past weekend about physician burnout and I have addressed it on prior episodes. We didn’t get into medicine to have our expertise undermined or questioned by those with less training. We are also less likely to be allowed to use our creative sides in medicine than generations past, and so we must express that part of ourselves in otherways. Finally maybe this is the function of living in the day and age of the gig economy and also the easy and cheap technologies with which we can start businesses (though succeeding is another story. That leads me back to my guest Amy Shah, who is succeeding.

Amy is a relative pioneer in using social media to expand her reach and develop a personal brand. It has been great to watch her develop this non traditional endeavor over the last few years. She definitely has been an inspiration and source of encouragement as I started my podcast.

In this episode we talk about:

How she developed an interest in nutrition at an early age
Her mindset about developing her passion into a viable business rather than just a hobby.
Some of the fears she faced while trying to develop her status as an authority on these topics
Her advice for those who are starting this process
Her goals for the future of her various endeavours

Amy, in addition to practicing as an allergist, does personal wellness consults, has developed products including supplements, and as she talks about in the show, customized earbuds called SoundMolds (in conjunction with one of her ENT partners), worked with Bobbi Brown in the cosmetics industry, and now working with Genexa, an organic medication company. She also is starting to do physician webinars and live person coaching for those interested in learning how she has done these various things.

You can follow Amy on Instagram at @dramyshah or at her website www.amymdwellness.com. She also created a popular facebook group for those interested in healthier south asian cooking called Desi Carb Fix that has over 5k members.

Thanks for joining us on another episode of Doctor Money Matters. If this is the first episode you have heard, I appreciate you taking the time out and listening and encourage you to listen to our past episodes. I would also appreciate you leaving me a positive review on Apple Podcasts and also recommend you join our facebook group where we have ongoing discussions about this and other topics in order to help each other reach our financial goals. Finally please subscribe to our email list on the website and subscribe to the show on your favorite podcast app so you will have new episodes downloaded automatically when they are released.

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

You can follow me on twitter @drmoneymatters and on FB/Instagram at Doctor Money Matters

Please consider joining the Doctor Money Matters Facebook group.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Ep 31. Ike Devji Part 2 -- Assorted legal questions

Doctor Money Matters

06/01/18 • 25 min

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona.

Our guest on this episode is Ike Devji, JD an attorney in Phoenix, AZ. Ike is our first returning guest. He previously discussed asset protection on episode 3 which remains one our more popular episodes. Today we will be talking about estate planning on part 1 and an update to asset protection on part 2. Both episodes will be released together, but you will need to download them separately. I apologize for some of the scratching sound you will hear during the conversation, but I didn’t want to stop recording because the content was important.

In part 1 we talk about the basics of estate planning. We define the basic terms such as wills, probate, trusts, etc. Ike talks about whether you need an attorney to set this up or whether you can do it yourself.

In part 2 we update asset protection including how practices can deal with gun violence and how practices can protect themselves. We also address the situation that Physician on Fire got into when he served on a hospital board as many physicians do and ended up being sued (with risk to his personal assets) when the hospital went bankrupt and board members were sued. We also talk about purchasing property into a trust. (Investment vs personal property). Finally we talk about the liabilities physicians face when we post on social media.

You can find out more about Ike and his company at www.proassetprotection.com

Please let your colleagues know about this podcast and add them to our private facebook group and join our email list.

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

You can follow me on twitter @drmoneymatters

Please consider joining the Doctor Money Matters Facebook group.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Ep 30. Ike Devji part 1-- Basics of estate planning

Doctor Money Matters

06/01/18 • 43 min

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona.

You can find out more about Ike and his company at www.proassetprotection.com

Please let your colleagues know about this podcast and add them to our private facebook group and join our email list.

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

You can follow me on twitter @drmoneymatters

Please consider joining the Doctor Money Matters Facebook group.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

William Bernstein, MD -- Lessons from an investment guru

Doctor Money Matters

05/14/18 • 47 min

Episode 29.

On this episode, I interviewed a physician investing legend, Dr. William Bernstein. He is a neurologist turned financial author and investment advisor. Now most of us will not be able to reach the asset threshold need for him to manage our money, but the good news is we don’t have to. He provides great advice for the rest of us also.

I have admired Dr. Bernstein’s approach to investing for many years and want to acknowledge him as one of the pioneers of index investing. His books are a must read for those who want to learn about financial history. Despite his tremendous expertise, he is very accessible and approachable and above all a teacher.

In this episode we discuss

His basic advice to young physicians.
What he recommends you do before investing.
How you can construct a very simple yet effective portfolio
His thoughts on cryptocurrency
How does the FIRE movement affect asset allocation/savings rate?
Whether or not most physicians need a financial advisor

Dr. Bernstein’s website is efficientfrontier.com On it there are great resources for beginning your financial education from beginner to more advanced levels.

Join our email list or private facebook group and I will let you know how to get a copy of his book If you can for free for kindle. Although even if you listen to this podcast later and it is no longer free, this book is high value advice for very nominal amount.

Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on.

More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

You can follow me on twitter @drmoneymatters

Please consider joining the Doctor Money Matters Facebook group.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Ep 61. Gita Pensa, MD -- Malpractice litigation and its impact on the physician

Doctor Money Matters

07/16/20 • 54 min

Welcome to the Doctor Money Matters Podcast. In this episode we talk with Gita Pensa MD, an emergency medicine physician and fellow podcaster who created an incredible podcast which is a must listen about lawsuits in medicine and the personal impact it had on her. Its a “Serial” type podcast which is extremely well done. I highly recommend it.

Note this episode was recorded just prior to the Covid shutdowns in March 2020.

Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates.

In this episode we discuss why Dr. Pensa started the podcast.

We talk about the impact the lawsuit had on her and she talks about how she felt initially and how even years later it has an impact, not just how long these suits can drag out, and having to relive it over and over again.

We also talk about what physicians don’t know about if they are named in a malpractice lawsuit. We are never taught about how to feel if this happens. Residency programs and CME talks may discuss some of the legal issues, but they rarely address the personal impact on physicians.

The simple threat of a lawsuit makes most physicians uncomfortable and for those who have gone through depositions/trials it can scar you for a long time. We discuss how it can impact your non professional life in addition to your worklife.

We also discuss the role of physician experts in the malpractice world. She calls some of them “Testeliars” on her podcast. These are doctors who make a career out of malpractice testimony.

Dr. Pensa suggests talks about her solutions to make it fair for all physicians.

Finally we talk about what her future plans are and what creating this podcast has done for her, how its allowed her to reach other physicians who have then connected with her about their experiences and how that has helped her find new purpose.

This is a jam packed episode.

Gita’s podcast is available on all the major outlets. Doctors and Litigation: The L Word

Please visit our website at www.doctormoneymatters.com

You can follow our show on:

Twitter @drmoneymatters

Facebook: Doctor Money Matters

Instagram @doctormoneymatters

I encourage healthcare professionals to join our private facebook group, Doctor Money Matters.

If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher.

Any constructive criticism or topics for future shows can be directed to [email protected]

Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.

Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

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FAQ

How many episodes does Doctor Money Matters have?

Doctor Money Matters currently has 64 episodes available.

What topics does Doctor Money Matters cover?

The podcast is about Doctor, Health & Fitness, Retirement, Insurance, Medicine, Physician, Podcasts, Business and Careers.

What is the most popular episode on Doctor Money Matters?

The episode title 'Ep 61. Gita Pensa, MD -- Malpractice litigation and its impact on the physician' is the most popular.

What is the average episode length on Doctor Money Matters?

The average episode length on Doctor Money Matters is 40 minutes.

How often are episodes of Doctor Money Matters released?

Episodes of Doctor Money Matters are typically released every 12 days, 2 hours.

When was the first episode of Doctor Money Matters?

The first episode of Doctor Money Matters was released on Mar 12, 2017.

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Doctor Money Matters

Dr. Tarang Patel

Top 10 Doctor Money Matters Episodes

FAQ

How many episodes does Doctor Money Matters have?

What topics does Doctor Money Matters cover?

What is the most popular episode on Doctor Money Matters?

What is the average episode length on Doctor Money Matters?

How often are episodes of Doctor Money Matters released?

When was the first episode of Doctor Money Matters?

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