In the past, it was simple: Get through the rigors of a medical school education, training, interning, residencies. Become a physician. Earn a great living. Right? Not so these days. Being a physician just isn’t as “easy” as it used to be.
The Physician Family Office recently completed an extensive study that confirmed what we all know to be true: Reimbursement is falling while the costs of operating a practice are rising.
One of my employees recently told me a story about how her now-deceased parents got married in the 1950s and lived in a one-bedroom rental in the suburbs as newlyweds while her father worked full time in a modest-paying management training program and went to NYU part time for his MBA at night. His tuition was paid for by the GI Bill, as he had served in the Army during the Korean War. The three nights per week he went to school, his young wife offered to work overtime at her job as a bank secretary. They met at Grand Central Terminal late those nights, tired and hungry.
The Physician Family Office recently completed a study confirming what we all know to be true: reimbursement is falling while the costs of operating a practice are rising. Several unsettling trends facing physicians are expected to continue over the next two decades. The approaching trends in the healthcare system directly affect how physicians manage their practices and their wealth.
When confronted with a range of titles, be it financial adviser, consultant, or wealth manager, how can you be sure the person you hire always will be acting on your behalf? What makes the question especially confusing is that some brokers will say they are able to act as both fiduciary and salesperson, seamlessly alternating between each role (typically depending on which role pays the most) without taking 100% fiduciary responsibility 100% of the time.
Despite raking in higher compensation than most other Americans, more and more physicians say they lack the financial means to retire today. Why?
Declining reimbursements, rising operating costs, and increasing threat of litigation surely play a significant role. But something else may contribute to the problem: Physicians may be making mistakes when determining who to hire to handle their money, and how to manage those they choose to hire.
With less time to manage both their practices and the finances, a multi-year study commissioned by The Abernathy Group II revealed many physicians have poor financial planning.
Among the trends was the fact that 50% of physicians nearing retirement age have postponed it, and one of the reasons is because medical practices are just worth less these days.
The Abernathy Group II, an investment firm and RIA specializing in services for the medical profession, has launched a family office for high net worth doctors to be called the Abernathy Group II Physician Family Office.
The Abernathy Group II is launching a brand new Specialty Family Office on Tuesday, which will be devoted to managing the investments of high net worth doctors.
The Abernathy Group II Physician Family Office is opening in New York, and it is one of the first of its kind to reach the market, according to the firm.
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There is ample evidence supporting deflationary trends. There is ample historical evidence supporting inflationary trends. Demographics provide lessons that are very difficult to overcome as long as each population segment continues to act in accordance with historical tendencies.