The Teleradiology financial plan
The Teleradiology Financial Plan
1. Get a will in place. (Estate planning and Asset protection will also come into play later.) Custody of the kids if something bad were to happen to you. Get it in writing. How your assets are divided and who gets what. I believe every financial plan should begin with this. As you add insurance and other financial assets you will update your will and estate plan.
2. Life insurance. Disability insurance. I know I know. Every “financial planner” is trying to peddle this because of the high commissions. Truth is you need it. What happens if you can not work AS A TELERADIOLOGIST ? How do the bills get paid? Having solid owner occupation disability insurance is a must. Or worse, what happens to your family if you pass away? Do they have a solid income source to rely on ?
3. Personal and business bookkeeping. No you can not do it on your own. Get a professional to clean up your financial house. This has nothing to do with tax planning yet. This is just so you know what’s coming in, going out and what you are spending on. Get a handle on this. Quickly.
4. Debt management. Pay off those high interest credit cards first. Create a plan to manage and eliminate student debt if any. So this sooner rather than later and it will help to get loans and raise capital for investments.(you have to invest to get wealthy)
5. Proactive tax planning. Most of you get your taxes done by a tax pathologist. You wait for the end of the year to die off. Then in February you get an accountant to fill in some forms and either you get hit with a tax bill or worse you get a refund. (W2 physician income are swear words).
6. Create and Maintain Excellent Credit. Credit is a subject that rarely gets talked about in financial planning. But it is extremely important to build and maintain excellent credit for both your home mortgage as well as for obtaining business financing for business ventures and real estate. The old adage of "it takes money to make money" is simply not true. Your credit is a tangible asset that you can leverage to yours and your family's advantage. There is absolutely no reason for physicians to have poor credit. Nearly all physician credit problems can be repaired and solved.
7. Retirement plans. Now is the time to pay yourself first. Sock away all you can into tax deductible retirement plans and have your financial planner invest according to your investment horizon. This is not the same as wealth planning and creating wealth. This is money you are putting away that you will not need until you reach retirement age.
8. Side gigs and investing in real estate and other businesses. The reality is your physician income ain’t gonna cut it. You will be bonded slave labor for decades unless you can break your golden handcuffs. One of the ways to do this is to invest in businesses and real estate that are tangible and are generating revenue. There are many ways to get good debt, raise capital and even use self directed it’s funds to fund your wealth plan. Side gigs and real estate investing can shorten the number of years you HAVE to work and take some pressure off of you as a Radiologist and accelerate you to early retirement if you so desire.
9. College savings plans. Have a plan in place to pay for your kids college. College education gets more expensive every year. Most of us will have kids who want to go to college. It is extremely important to start saving early and putting money aside for when they turn 18 and those tuition bills seem larger and larger.
10. Home Mortgage. 100% Physician financing for your home is possible. Contrary to popular belief, Physicians can still get 100% financing for their homes. Why would you want to do this? It is a very cheap source of money with low interest rates. That money can be used for wealth building investments that can add to your net worth perhaps faster than the appreciation from your home. There pros and cons to paying off your house completely. Each individual's situation is different.
11. Malpractice Insurance Checkup. What is the current state of your malpractice insurance? Are you currently covered for all claims? Do you have tail policies for prior exposures ? We work with several malpractice insurance brokers in the Teleradiology space and we can get you comprehensive answers to questions you may have and help you work with your malpractice insurance such that you have adequate coverage in case of a claim but are not paying too much in insurance premiums.
12. Malpractice claim support. What happens if you get sued ? The first thing that happens is there is a blizzard of paperwork that gets generated that has to be stayed on top of. We can help you manage this as well as stay on top of upcoming deadlines.
13. State medical licenses. Do you have state medical licenses that need renewal ? We help you stay on top of all of your state medical licenses and help you get more if needed.
14. Have someone help manage all of the above. You can not do all of the above on your own. You need a team to help manage the many different aspects of your business financials. There is also help available to manage personal financials as well. Having one central place where all of the above areas are being worked on and improved on is critical to teleradiology practice success. I have assembled a team of professionals to help you with all of the above. Each is a subject matter expert in their area of expertise. If you are interested in having our team craft a plan for you and get to work on your own financial and wealth plans, we can schedule a 30 minute discovery session where we go over all of the areas above and craft a plan. Please go ahead now and book a plan on our calendar. We will do a zoom session where we will gather information from you in advance and present a plan of action for you for no charge whatsoever.
No I am not a financial planner or a CFP.
I don't need to be.
I am a TeleRadiologist just like you. That qualifies me to share with you what I have learned along the way.
Talking to TeleRadiologists over the years I know your points of pain and I have created solutions to help you practice medicine while also having peace of mind in the business side of your practice.
What I have put together is a common sense roadmap of things that EVERY TeleRadiologist should at least think of if not implement as part of your business strategy and plan.
If you are working from home, even if you are a w2 employee, you have your own teleradiology practice and business.
It is CRITICAL you pay attention to these areas of your business and financial life so that you can legally minimize your taxes and create a plan to increase your income and create wealth.
Nothing on this website is meant to convey financial, legal or accounting advice. For specific questions in these areas please seek the advice of licensed professionals.
If you are new to teleradiology, it is important for you to start thinking about formulating a long term financial and wealth building game plan. I have used the roadmap below in my own teleradiology practice and keep improving upon it on a regular basis. I provide the below roadmap so that you can at least start thinking and formulating a plan for yourself.
If you need help in any of these areas, I have assembled a team of licensed professionals who are specialists and subspecialists in each of their areas of practice. If you would like to do a deeper dive with us and learn about how we can help you navigate the financial landscape of teleradiology income production and wealth building, we can schedule a 30 minute discovery call to see what types of things we can help you with.
1. Get a will in place. (Estate planning and Asset protection will also come into play later.) Custody of the kids if something bad were to happen to you. Get it in writing. How your assets are divided and who gets what. I believe every financial plan should begin with this. As you add insurance and other financial assets you will update your will and estate plan.
2. Life insurance. Disability insurance. I know I know. Every “financial planner” is trying to peddle this because of the high commissions. Truth is you need it. What happens if you can not work AS A TELERADIOLOGIST ? How do the bills get paid? Having solid owner occupation disability insurance is a must. Or worse, what happens to your family if you pass away? Do they have a solid income source to rely on ?
3. Personal and business bookkeeping. No you can not do it on your own. Get a professional to clean up your financial house. This has nothing to do with tax planning yet. This is just so you know what’s coming in, going out and what you are spending on. Get a handle on this. Quickly.
4. Debt management. Pay off those high interest credit cards first. Create a plan to manage and eliminate student debt if any. So this sooner rather than later and it will help to get loans and raise capital for investments.(you have to invest to get wealthy)
5. Proactive tax planning. Most of you get your taxes done by a tax pathologist. You wait for the end of the year to die off. Then in February you get an accountant to fill in some forms and either you get hit with a tax bill or worse you get a refund. (W2 physician income are swear words).
6. Create and Maintain Excellent Credit. Credit is a subject that rarely gets talked about in financial planning. But it is extremely important to build and maintain excellent credit for both your home mortgage as well as for obtaining business financing for business ventures and real estate. The old adage of "it takes money to make money" is simply not true. Your credit is a tangible asset that you can leverage to yours and your family's advantage. There is absolutely no reason for physicians to have poor credit. Nearly all physician credit problems can be repaired and solved.
7. Retirement plans. Now is the time to pay yourself first. Sock away all you can into tax deductible retirement plans and have your financial planner invest according to your investment horizon. This is not the same as wealth planning and creating wealth. This is money you are putting away that you will not need until you reach retirement age.
8. Side gigs and investing in real estate and other businesses. The reality is your physician income ain’t gonna cut it. You will be bonded slave labor for decades unless you can break your golden handcuffs. One of the ways to do this is to invest in businesses and real estate that are tangible and are generating revenue. There are many ways to get good debt, raise capital and even use self directed it’s funds to fund your wealth plan. Side gigs and real estate investing can shorten the number of years you HAVE to work and take some pressure off of you as a Radiologist and accelerate you to early retirement if you so desire.
9. College savings plans. Have a plan in place to pay for your kids college. College education gets more expensive every year. Most of us will have kids who want to go to college. It is extremely important to start saving early and putting money aside for when they turn 18 and those tuition bills seem larger and larger.
10. Home Mortgage. 100% Physician financing for your home is possible. Contrary to popular belief, Physicians can still get 100% financing for their homes. Why would you want to do this? It is a very cheap source of money with low interest rates. That money can be used for wealth building investments that can add to your net worth perhaps faster than the appreciation from your home. There pros and cons to paying off your house completely. Each individual's situation is different.
11. Malpractice Insurance Checkup. What is the current state of your malpractice insurance? Are you currently covered for all claims? Do you have tail policies for prior exposures ? We work with several malpractice insurance brokers in the Teleradiology space and we can get you comprehensive answers to questions you may have and help you work with your malpractice insurance such that you have adequate coverage in case of a claim but are not paying too much in insurance premiums.
12. Malpractice claim support. What happens if you get sued ? The first thing that happens is there is a blizzard of paperwork that gets generated that has to be stayed on top of. We can help you manage this as well as stay on top of upcoming deadlines.
13. State medical licenses. Do you have state medical licenses that need renewal ? We help you stay on top of all of your state medical licenses and help you get more if needed.
14. Have someone help manage all of the above. You can not do all of the above on your own. You need a team to help manage the many different aspects of your business financials. There is also help available to manage personal financials as well. Having one central place where all of the above areas are being worked on and improved on is critical to teleradiology practice success. I have assembled a team of professionals to help you with all of the above. Each is a subject matter expert in their area of expertise. If you are interested in having our team craft a plan for you and get to work on your own financial and wealth plans, we can schedule a 30 minute discovery session where we go over all of the areas above and craft a plan. Please go ahead now and book a plan on our calendar. We will do a zoom session where we will gather information from you in advance and present a plan of action for you for no charge whatsoever.
No I am not a financial planner or a CFP.
I don't need to be.
I am a TeleRadiologist just like you. That qualifies me to share with you what I have learned along the way.
Talking to TeleRadiologists over the years I know your points of pain and I have created solutions to help you practice medicine while also having peace of mind in the business side of your practice.
What I have put together is a common sense roadmap of things that EVERY TeleRadiologist should at least think of if not implement as part of your business strategy and plan.
If you are working from home, even if you are a w2 employee, you have your own teleradiology practice and business.
It is CRITICAL you pay attention to these areas of your business and financial life so that you can legally minimize your taxes and create a plan to increase your income and create wealth.
Nothing on this website is meant to convey financial, legal or accounting advice. For specific questions in these areas please seek the advice of licensed professionals.
If you are new to teleradiology, it is important for you to start thinking about formulating a long term financial and wealth building game plan. I have used the roadmap below in my own teleradiology practice and keep improving upon it on a regular basis. I provide the below roadmap so that you can at least start thinking and formulating a plan for yourself.
If you need help in any of these areas, I have assembled a team of licensed professionals who are specialists and subspecialists in each of their areas of practice. If you would like to do a deeper dive with us and learn about how we can help you navigate the financial landscape of teleradiology income production and wealth building, we can schedule a 30 minute discovery call to see what types of things we can help you with.