Blog

A Powerful Tax Strategy for Freelance Physicians

By: Peter Thoms Doctors who earn self-employment income by working freelance are in a great position to save a large amount on taxes in 2016 by establishing an IRS-approved qualified retirement plan called a small business defined benefit plan before December 31, 2016. So what is a defined benefit plan and why is contributing to one such an effective…
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Working in Retirement: Myths vs. Reality (Infographic)

As a physician, being a doctor is “who you are.” As retirement nears, it’s often difficult to walk away from such an important part of your personal identity. Because of this, many soon-to-be retired or semi-retired physicians hang onto their stethoscopes longer and work well past the traditional retirement age of 65. What if you’d…
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Dr. Ken’s Corner: 1% of Physicians Responsible for 32% of Paid Malpractice Claims

By: Dr. Ken Teufel Approximately 1% of all physicians account for 32% of paid malpractice claims (New England Journal of Medicine, January 28, 2016).  Using the National Practitioner Data Bank as their resource, Stanford medical law expert David M. Studdert and his colleagues concluded that "a small number of physicians with distinctive characteristics accounted for…
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How the Stark Law Could Affect the Locum Tenens Market

By: Dr. Robert Moghim As part of the 1989 Omnibus Budget Reconciliation Act, the Stark I provision barred physicians from making referrals which enriched themselves. Originally pertaining to clinical laboratory services, the Stark Law has been expanded over the years to include many other services. In 1993, Congress formally broadened this law through the Stark…
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Travel? It’s All Taken Care Of

By: Robbyn Davis Smooth travel arrangements can make the difference between a good experience and a bad one for locum tenens professionals on assignment. I work with a 49-year-old locum tenens physician who prefers one leading hotel chain over another for one reason: It provides feather pillows, and he insists on them. Though he often…
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Dr. Ken’s Corner: On Becoming a Doctorpreneur

By: Dr. Ken Teufel Not too long ago, doctors who became entrepreneurs got little respect from their medical colleagues.  After all, you went to medical school to learn how to take good care of patients and, in the end, you were awarded a medical degree, not an MBA. "Critics often note that profit motive tends to…
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Dr. Ken’s Corner: Does Defensive Medicine Reduce Malpractice Claims?

By: Dr. Ken Teufel Doctors are often criticized for practicing "defensive" medicine -- doing an excessive number of tests and procedures, or admitting patients to the hospital when it's not medically necessary -- "to cover myself in the event of a malpractice claim."  The sole purpose of defensive medicine is to reduce the likelihood of…
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Dr. Ken’s Corner: Errors In Diagnosis Way Too Common, Report Says

By: Dr. Ken Teufel Most Americans will experience at least one diagnostic error in their lifetime, according to a report from the Institute of Medicine (September 22, 2015).  "Diagnostic errors have been largely unappreciated," says report chair Dr. John Ball of the American College of Physicians.  "The stereotype of a single physician contemplating a patient…
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Dr. Ken’s Corner: Is Health Care By Appointment in Jeopardy?

By: Dr. Ken Teufel Patients seem to be fed up with having to adapt their own schedules to fit in with what's convenient for the doctor.  "Cost-conscious patients facing higher health plan deductibles have helped make walk-in clinics one of the fastest-growing sectors in the health care market.  With no appointments required and most insurance…
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