In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship.

The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS.

Finally, the episode dives into physicians' relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a "board of directors" for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship.

Key Insights:

• Dr. Press discovered physiatry through a unique summer program, showing the value of early exposure to diverse specialties.
  
  
• Dr. Figgie pursued an MBA during fellowship, believing in the power of financial literacy for physicians.
  
  
• Mentorship at HSS now includes financial, administrative, and personal development components—not just clinical.
  
  
• A cross-specialty mentorship program allows different departments (e.g., orthopedics and radiology) to learn from one another.
  
  
• Many young physicians lack basic financial planning tools, leading to under-preparedness later in their careers.
  
  
• HSS has created a repository of recorded educational sessions covering mortgages, insurance, investing, and more.
  
  
• Dr. Figgie cautions against blindly signing industry contracts without legal review, especially when IP is involved.
  
  
• Relationships with medical device companies often include consulting, design input, or teaching—but require transparency.
  
  
• Dr. Press emphasizes the importance of building a trusted "personal board of directors" to help with life and career decisions.
  
  
• Future initiatives at HSS may include subsidized financial checkups for new physicians to kickstart long-term planning.
  

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space.

The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.

Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.

Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.

KEY INSIGHTS:

1. The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
   
   
2. Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
   
   
3. Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
   
   
4. Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
   
   
5. Many physicians form LLCs to optimize tax deductions and liability protection.
   
   
6. Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
   
   
7. There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
   
   
8. The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
   
   
9. Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
   
   
10. Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

In this first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry.

Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in various healthcare settings, providing them with flexibility, higher earnings, and work-life balance. He highlights how the industry has evolved from a necessary staffing solution to a strategic workforce model, driven by growing physician shortages and changing work preferences.

This first part of a two-episode interview also covers trends in locum tenens, including the increasing interest from younger physicians, the rising demand for specific specialties like neurology, cardiology, and psychiatry, and the impact of AI. Cory emphasizes that locum tenens is becoming an essential part of healthcare staffing, allowing doctors to explore different practice environments while mitigating burnout and financial stress.

Key Insights:

1. Locum tenens, meaning "to hold the place," originated in the Catholic Church before transitioning into healthcare staffing.
   
   
2. The industry has grown significantly, with more physicians, especially younger ones, choosing it for career flexibility and income potential.
   
   
3. Locumpedia is a digital platform that provides a free, centralized resource for physicians and healthcare organizations.
   
   
4. The No-BS Guide to Locum Tenens was created to offer straightforward, unbiased insights into locum work. See https://www.locumpedia.com/.
   
   
5. Locum tenens physicians work as 1099 independent contractors, allowing them to take advantage of tax benefits and business deductions.
   
   
6. The demand for locum tenens is increasing due to physician shortages, burnout, and changing work preferences.
   
   
7. Specialties such as hospital medicine, neurology, cardiology, psychiatry, anesthesiology, and radiology are currently in high demand.
   
   
8. AI is expected to impact radiology, but the combination of AI with skilled radiologists is seen as the future rather than full automation.
   
   
9. More doctors are using locum tenens as a way to test different work environments before committing to full-time positions.
   
   
10. Locum tenens is becoming an essential part of modern healthcare staffing, allowing hospitals to adapt to patient demand and financial constraints efficiently.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!