Astute Physician

For a long time the Bank of America Doctor Loan was the best and, in some cases, the only option available as financing for doctors and medical residents who wanted to buy a home. On April 1, 2009, Bank of America indefinitely suspended their Doctor Loan Program due to the economy and the impending restrictions on risky lending practices. This has made finding financing for the purchase of a new home very difficult for young physicians, especially those still in residency. There are other programs available, but they are often hard to find and nearly always limited to specific geographical areas. If you can find a lender who offers Doctor Loans in your area, then it is worth checking out because the advantages of owning your own home can often make it more affordable than you think.

The healthcare debate is on and mud is being slung in all directions. Physicians have managed to keep their white coats clean, but they won’t stay clean for long. Mud will be slung in our direction. The October 26, 2009 issue of Time magazine has an article that made me realize that some journalist have no idea what they are reporting. They need a story, they have a deadline, and the story needs to sound good. The problem is that many of these stories are filled with inaccuracies and fail to dissect the complex problem that our nation is facing.

You’ve searched high and low for your dream job. You’ve interviewed at numerous practices. Today you were offered the position, but for the deal to become official, you must first sign the physician employment contract. Whatever you do, don’t sign the contract until you understand its contents! That may or may not be an easy thing to do, especially if the contract contains a lot of legal jargon. One of the most controversial parts of the physician employment contract is the Restricted Covenant or Covenant Not to Compete. What follows is a primer on Restricted Covenants (taken from the Primer on Employment Contracts by Relief Jones, III, M.D.):

Healthcare was previously viewed as a recession-proof industry. Physicians believed that illness would continue to present despite the economic woes of the country. A recent BusinessWeek article echoed these thoughts by stating that “folks could opt for mortgage payments over health insurance.” It seems that as money grows short in the home, people tend to delay preventive healthcare and fail to pay for care already received. With the population becoming older and obesity becoming rampant, this combination could spell disaster for healthcare professionals.