by Medical Justice | Mar 3, 2011 | Editorial
David B. Mandell, JD, MBA and Jason M. O’Dell, CWM
As authors of 4 books for physicians, including our latest,
For Doctors Only: A Guide to Working Less & Building More
, we have consulted with thousands of doctors of all specialties during the last decade. From this experience, we have become intimately familiar with the mistakes physicians make when working with their CPAs, attorneys, and other financial advisors. Whether it is in the area of tax, asset protection, retirement planning, or other areas, the result is almost always the same. We leave the meetings or conference calls asking ourselves, “How could this doctor get such [poor, uncreative, or just plain wrong] advice?” It would be laughable if it weren’t so troubling.
It is not surprising that physicians do not get the value they should out of their professional advisors. While the typical specialty physician has nearly 25,000 hours of training in his/her profession, there is a grand total of zero hours of training in business or financial issues related to the “business” of being a doctor. After learning how to utilize specialists in other areas of medicine, doctors receive no training in how to choose or evaluate the advisors whose advice and experience will be the backbone of the doctor’s financial plan for his entire career.
Doctors lack the spare time and training to do their own planning and have literally no training on how to find and evaluate the right specialists to assist them, so it is no wonder that most are ill-served by their professional advisors. To be honest, it is actually surprising when we meet a physician who is financially savvy or is properly advised by a team of professional advisors. In our experience, fewer than 5% of physicians are properly advised by a professional team.
The Two Fatal Flaws Of Physician-Advisor Relationships (more…)
by Medical Justice | Jan 7, 2011 | Editorial
Jeff Segal, MD, JD, FACS, CEO Medical Justice
Gamble Big and Lose. Then Sue Big Pharma. Then Collect Big Check. No Kidding.
To those who plan to go to Vegas and gamble, here’s how to cut your losses – even win big. The secret: Pramipexole. Stay with me on this.
Pramipaxole, to refresh, is a dopamine agonist used for early stage Parkinson’s disease. It also treats restless legs syndrome. There’s more. It is currently being investigated to treat clinical depression and fibromyalgia. Pramipaxole is sometimes used off label to treat cluster headache and to counteract problems with sexual dysfunction caused by antidepressants. Finally, it is currently being investigated for the treatment of clinical depression and fibromyalgia. A veritable cornucopia of treatments.
Back to the hedge against gambling losses. (more…)
by Medical Justice | Jan 6, 2011 | Editorial
Michael J. Sacopulos, Esq. General Counsel, Medical Justice
In most law schools around our country, second year students take “Evidence.” This is a technical class which teaches one rule and its exemptions after the next. What information is privileged and not, the hearsay rule and its dozen exceptions, relevant versus irrelevant testimony, and waivers all make up a body of law whose origins date back centuries to English common law. Rising above the trees to look at the forest, the general idea is to determine what information is fair and reliable to present to a jury. The thought goes that some information is simply too prejudicial or unreliable to be presented to a jury. At their core, the rules of evidence control information heard by jurors. Well, it seems that there may be some new rules… (more…)
by Medical Justice | Jan 3, 2011 | Editorial
By now, holiday libations are a fading memory, and the time has come to buckle down and get back to work in this new year. There will be ample challenges ahead for each of us. While there has been positive motion in the past year, it seems there’s always more to come.
New Year’s Resolutions are often forgotten when the first week of that new year commences. Though made with the best of intents, we simply become too busy, too embroiled in the day to day aspects, or too distracted by new events, to focus upon them and turn them into meaningful changes. But those resolutions were worthwhile, and deserve a fair attempt. Whether yours was to lose weight, be more conscientious about getting ample sleep, to be more considerate of others, to put away more savings, to be more careful about something… no matter what it may be, we can all benefit from a few strategically placed reminders. (more…)
by Medical Justice | Dec 16, 2010 | Editorial
The most valuable asset any physician has is time. This is true in terms of both his or her personal income, and also as pertains to the ability to help the community around him. So time management is amongst the most significant ways in which one can improve one’s practice. But neither doctor nor patient wants to be short-changed in an office visit. Here are a few suggestions on ways to optimize your time: (more…)
by Medical Justice | Dec 3, 2010 | Editorial
Doctors are also patients. If you’ve not been a patient, you will. My family and I have been patients.
I am thankful for the doctors who have taken care of my family.
This year, while finishing our dinner, my 13 year old son had a generalized seizure. Josh had been seizure-free for eight years. I have witnessed scores of seizures, but when it’s your son, it’s different. I am thankful my son has his neurologist to treat him. He is kind and professional. He is wise and his judgment is sound. On occasion, he has given us one hour of his time for a routine fifteen minute visit. Time is one commodity he needs more of. He is a doctor’s doctor and I feel fortunate to know him.
My son is a “special needs” child. For years, my wife and I dreaded taking him to the dentist. We did not think a routine exam was possible sans sedation. We were wrong. His dentist is patient and competent. My son’s first exam and subsequent ones have been walks in the park. Still no cavities.
My son and his twin sister share the same pediatrician. He is also a doctor’s doctor. Smart, personable and always available. I mean always.
Next up – me. Last year, I ruptured a cervical disc. I am thankful my friend, a neurosurgeon, fixed me. I went home the same night. Back at work part-time the next day. On a bike in two weeks. I am thankful for his competence, judgment, and friendship.
There are others. I am thankful for all of them.
It’s not easy being a doctor. It requires extraordinary discipline and years of training. I could list a hundred reasons why someone would not want to be a doctor today. My family and I feel fortunate, in spite of these challenges, you still do what you do every day.
Thanks. I mean it.
