"I had a degree from a prestigious college, had been accepted to my top residency program, had a bright future with a decent salary and job security waiting for me, and all I felt was angry and afraid. I didn't want what came with it, the practice of medicine."
Dr. Michelle Mudge-Riley, Physicians in Transition - Interviews with 25 doctors who successful reinvented themselves
A very sobering, yet powerful quote from my next guest Dr. Michelle Mudge-Riley. Michelle is open about her story of realizing that clinical medicine was not for her. After graduating from medical school, Dr. Mudge-Riley went through both uncertainty and stress, yet, she found her way and a strong community of physicians who thought and felt the same way she did.
This experience led her to create Physicians Helping Physicians, her coaching business for doctors looking to transition to non-clinical careers. For over 10 years, Dr. Mudge-Riley has been helping physicians find satisfaction and solutions with their medical careers. Besides the coaching business, Dr. Mudge-Riley’s work has been featured in numerous media outlets including KevinMD, The D.O., and The Physician Executive Journal.
Things you’ll learn in this interview:
How lucrative the field of career coaching is compared to clinical practice
Common reasons for dissatisfaction she sees among her clients
Her take on social media and why she encourages her clients to use it
Role play: What’s her advice for the 36 yr old CT surgeon who is fresh out of fellowship but can’t see himself opening chests for the next 25 years
There’s more to Dr. James Pinckney than what you see in the VistaPrint commercials. He’s a major player in concierge medicine, starting his practice (Diamond Physicians) in 2012 in Dallas, Texas. He has opened two additional locations in the Dallas metro area and has expanded the practice’s scope of services, now known as Diamond Luxury Healthcare. Dr. James is a Fox News medical expert, actor, and even has a US patent on a surgical gown… Nice!
Docs, if you don’t know, concierge medicine has become a popular alternative for patients and physicians. The usual model revolves around patients paying a month fee (or subscription) and, in exchange, they get exclusive access to their primary care doctor. Depending on the practice, this access can include:
Same day appointments with no waiting time
24/7 direct access to a physician (no answering service in most instances)
I’m willing to bet that all of you have either purchased or heard the reasons why you should purchase life insurance and disability insurance. These two products are meant to protect your best wealth-building weapon – you and your income! Whether or not you fully understand these products (and many doctors don’t), the implications can be quite costly. Ranging from just a couple of Benjamins to stacks on stacks of Clevelands, how much you pay for your insurance plans will depend on how well you understand the products and your current financial situation.
I invited Julie Fleischner, president of Set for Life Insurance, to step outside the box on this episode. She’s an independent broker who specializes in disability, life, and long term care insurance. With over 20 years of experience, she has seen plenty examples of physicians either being sold the wrong products or being over-insured. Full disclosure – I have used her services to help me revise my current insurance coverage (more about that on another show).
On this episode, I chat with Dr. Julien Pham – Chief Medical Officer and Founder of RubiconMD. Dr. Pham merged his experience as a nephrologist with his passion to innovate – and is truly living his life outside the box. With an eye for e-health he helped create RubiconMD, which is a technology platform that connects primary care providers to specialists with the aim of reducing unnecessary referrals and duplicate tests. Imagine the possibilities that could play out with this platform in third-world countries – where access to specialists can be rare!!
How many of you just want to stick your head in the sand when it comes to understanding personal finance and investing? I get it! The majority of us had no exposure to finances in college and medical school which either makes us feel like we don’t know what we’re doing or makes us feel obligated to pay someone else to manage our hard-earned money!
Well, what if I told you that understanding investing is a lot simpler than the concepts we all learn in medical school? Don’t take my word for it. My next guest, Dr. Jim Dahle (a.k.a The White Coat Investor), reinforces that point on this podcast. Like many of you listening, he had a bad experience with a financial advisor and unknowingly bought financial products he would later regret. Sound familiar? Dr. Dahle didn’t get discouraged by that, he sought empowerment through self-education, acquiring enough knowledge to start his website, The White Coat Investor. This is not just a side gig, people… His side hustle has become arguably the most comprehensive website for doctors who are looking for a “fair shake” on Wall Street!
Docs, I hope you’ve got your bus passes ready for this next episode! We’re taking a ride with the co-founders of Tour for Diversity in Medicine – Drs. Kameron Matthews and Alden Landry. As we all know, there’s a physician shortage in the United States and it’s only going to get worse. The physician shortage disproportionately affects those from minority communities, specifically African – Americans, Native Americans, and Hispanics. National initiatives from the Association of American Medical Colleges and the US government exist to help decrease this shortage, but what about bottom-up grass roots efforts to tackle this problem? Well, that’s exactly what the Tour for Diversity is doing – putting physicians, medical students, and pre-med advisors on a bus and driving hundreds of miles to target students from under-represented backgrounds and teach the basics of the medical school admissions process.
Class is in session! That’s right.. we’re getting an education on personal finance and financial independence from Katie Brewer, CFP. She’s a fee-only certified financial planner and owner of the financial advising firm – Your Richest Life. With a focus on both Gen X and Y’ers, you’ll find her advice in various media sources including Forbes, The New York Times, and podcasts like Stacking Benjamins and His & Her Money.
In this episode you’ll learn:
What you should look for in a financial advisor
Understand the different pay structures for financial advisors
Top three doctor financial mistakes
How to break the cycle of living paycheck to paycheck
What does it mean to be financially independent
Get the basics of investing – like what is a stock? A bond? What is passive vs active investing
We’ve all heard of Sanjay Gupta, Dr. Oz, Travis Stork…..now meet Dr. Drai – “America’s OB/GYN.” Dr. Draion Burch is a board certified OB/GYN and media personality. He’s fun, charismatic, off-the-cuff, and is arguably the leading media voice for women and transgender issues. After learning to be honest with himself about loving not just his patients, but also a great lifestyle – Dr. Drai has created a medical career that most can only dream of! From CNN, NBC, to HuffPost Live – it’s not hard to find Dr. Drai’s sought after medical opinions in print and electronic media. In this episode, Dr. Drai drops knowledge on how physicians can position and brand themselves to get the lifestyle of their dreams!
In this episode, I get to interview Dr. Melanie Watkins. She is a board-certified psychiatrist practicing in California. Practicing as an independent contractor only scratches the surface of Dr. Watkins. She’s an author, social medial expert, podcaster, and motivational speaker. Check out her website: www.yourmentalhealthfirst.com
In this episode you’ll learn:
One of the biggest contract traps physicians fall into
What physicians should be doing to maintain our mental health
I’m Dr. Nii Darko and welcome to the first ever episode of Docs Outside the Box podcast! I have finally launched and I’m not looking back! Are you a doctor who feels trapped by the notion that having a traditional clinical practice is the only end point to your career? Not sure you can have the bomb lifestyle and medical career of your dreams? Think again! Docs Outside the Box will feature guests and topics covering career advice, entrepreneurship, personal finance, technology, and more!
My first guest is Dr. Carmen Brown, an obstetrician-gynecologist who practices all the way down under in New Zealand. She is a southwest Atlanta native who started her medical career in Athens, Georgia. After being fed up with all the typical frustrations doctors have, she and her husband literally closed up shop, packed their bags, and took a world tour. If you’ve ever been to New Zealand, you’ll know why they decided to call it their new home.
Follow her on her blog called Adventures of the Brown Kiwis (brownkiwis.blogspot.com)
In this episode you’ll learn:
The differences in practicing medicine between the United States and New Zealand
What’s it like as an African American woman living there
What financial preparations were necessary to leave her practice and take off on a world tour
What’s her advice for other physicians considering moving and practicing abroad