The medical community has been impacted significantly by the current COVID-19 pandemic. Many physicians may now be realizing the impacts, with the major concern being patient volumes - and revenues - not rebounding as robustly as hoped. A recent study by FierceHealthcare shows that outpatient visits, while up from April (2020), are still about 60%.
You have worked tirelessly to grow your practice and continue providing exceptional care to your patients. Now more than ever is a time to prioritize the things that are most important in your life as we enter a "new normal".
The Practice Protection Committee (PPC) of the American College of Surgeons (ACS) recently released a report titled "Economic Survival Strategies in the COVID World." In this report, the PPC lays out a guide to help physicians like you evaluate your current financial position, both personally and professionally, and encourages you to make changes and seek guidance where necessary.
Economic Survival Strategies in the COVID World
Wealth Management Solutions for Physicians, Business Owners & Entrepreneurs
For physicians and medical professionals between the ages of 35-55 and approaching the pinnacle of your career, a host of many new wealth management issues are likely to surface and require additional attention. Your net worth continues to grow, employment benefits become increasingly important, as does various risk management solutions, both to your personal and business assets. Retirement is no longer viewed as an arbitrary date in the future, but a time for which to actively prepare.
Financial Planning for Physicians:
1. Retirement & Education Funding
2. Tax Planning & Risk Management
3. Investment Analysis & Management
4. Cash Flow & Budgeting
5. Employer Benefits Plan Analysis
6. Legacy Planning & Wealth Transfer
7. Student Loan & Mortgage Planning
8. Real Estate