Astute Physician

When a disaster strikes—whether it be a hurricane, earthquake, flood, terrorist attack, or some other devastating event—many businesses are eager to volunteer and assist those in need. They want to help rebuild the damaged homes and businesses, and they often donate the necessary materials and manpower to do so. Unfortunately, the resources that are brought in on a volunteer and donation basis typically run out much sooner than expected. And very often, those businesses who gladly gave their time and resources to those in need feel guilty charging for additional services, so they pack up and leave the area, proud of their good deed, yet leaving those in the disaster area with few recovery options.

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.

Young Physicians and Dentists who graduate from their respective residency and fellowship programs should feel a sense of relief but instead, are saddled with a tremendous amount of tuition debt. Even though many of these professionals will earn a very comfortable income, it really does not provide any form of security when a large portion of that income is allocated directly to paying down those loans. The numbers are staggering.

A study done by the Association of American Medical Colleges in 2008 indicated that the average medical student carries with them over $155,000.00 in student loan debt from tuition costs associated from medical school and related programs.

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.

These TIPS have been compiled by astutephysician.com to assist you in obtaining your dream job! The tips are in no particular order. Feel free to review this list frequently during your job search. GOOD LUCK.

TIP #1

You will compare your offers based on salary, CME allowance, vacation time, research time (academia), call schedule, and a long list of other criteria. Potential employers will sometimes ask you to tell them what you want to be paid. The Astute Physician will not fall into this trap. Always let the employer make the initial financial offer. Consider saying, “I’m just a resident (or fellow), and have no idea what I should be asking for, what can you offer me?”

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.):

Long before an employment contract will be presented to you, you will be forced to go through what I call “the dating ritual.” This is very much like going out on a date with a new love interest. You will be forced to use all of your senses to obtain a stereotyped image of what you believe the practice in question represents. This is not the time to be shy, as you may be making the decision to “marry” this practice (although divorce is always an option, but something you might want to avoid). The practice will attempt to get to know you and possibly your family during this process. Likewise, you should use this time to learn more about the practice. You will want to know: