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New Physicians Choosing Private Practice Again

July 16, 2021 by wpcornerstone

As the workforce evolves and younger generations are entering into the mix, there has been a big push for independence and working for oneself. This is true in every industry, and especially so in the healthcare world. Many younger physicians and medical specialists are looking for options involving private practices, not wanting to be tied down or restricted by big hospitals and healthcare systems.

Melissa Starowitz, Founder of Cornerstone Healthcare Consulting and Management, specializes in helping practitioners make the jump into private practice and expects to see a lot more of them popping up in the next few years. This is in part due to patterns she sees that resemble what happened a few decades ago, and due to the business and healthcare management environment of today.

As Starowitz explains, this draw towards opening private practices stems in part from younger generations entering the workforce, and not being satisfied with the status quo. Many people now want to go into the entrepreneurial space, while still working one-on-one with patients.

Some physicians feel reluctant to get into a contract with a big healthcare system because they are limited in how they can practice, these systems often have patient quotas, specific treatment timeframes, and treatment limitations. In other cases, it is simply a practitioner wanting to focus on a more customer-centric model, and wanting the freedom of owning their own business.

Start-ups of any kind are easier now more than ever, without the requirement of a brick-and-mortar space there is no limit to how practitioners can connect with patients. Cornerstone Healthcare Consulting and Management has a turnkey solution that can get private practices up and running quickly, with everything they need to provide the best patient care.

They also work with practitioners looking to purchase or partner into an established practice, going through all the pros and cons, helping them decide which route forward best serves their needs.

Starowitz has been in the business a long time and has herself started multiple successful private practices in the Greater Philadelphia Region and New York area, so she knows what it takes both from the management side of it and the owner side. She is not a practitioner, she is an expert in healthcare systems management, and knows the industry inside and out.

Because part of her business is working with practices looking to sell, or improve their sustainability, she knows all the different areas where things can go wrong or need improvement. Her company helps with every single phase of the process, she will do everything from the ground up, including scouting out retail space, coordinating the website, installing the phone system, literally everything.

Starowitz is so successful because she never loses sight of the objective, providing the best care and making things better for the patient. She strives to be cutting edge and on top of trends in the industry, looking at all the new methods and business models that are working.

An example of that is telemedicine, which she was offering well before the COVID-19 pandemic made it so popular. As an entrepreneur herself, she knows exactly what struggles and challenges these practitioners will face and has a ready-made way to approach it.

Starowitz is an incredibly positive and insightful person, deeply committed to helping both physicians and patients. As a single mother, and woman in business, she understands how important work-life balance is and incorporates that into everything she does.

Visit the Cornerstone Healthcare Consulting and Management website to see how they can help get your private practice started.

New Physicians Choosing Private Practice Again

Filed Under: News Tagged With: #doctor, #healthcareconsulting, #medicalpractice, #medicalpracticemanagement, #medicalpracticestartup, #openamedicalpractice, medicalresidency, medicalstudents

How Young Doctors Can Afford to Plan for Retirement

April 1, 2021 by wpcornerstone

How Young Doctors Can Afford to Plan for Retirement

In a recent interview, Melissa (Missy) Starowitz from Cornerstone Healthcare Consulting and Management sat down with Alex Heringer and Jim Ginnane of Planned Futures Financial, located in Buffalo, New York. They discussed several important topics concerning young physicians just graduating from residency, focusing primarily on debt management and financial planning for the future.

The Importance of Disability Insurance for Young Physicians

Why Do You Need Disability Insurance?

One of the first questions Missy asked was about the importance of disability insurance for physicians, especially those who are just starting their careers. Jim’s response was straightforward and compelling:

“Your ability to work and earn a paycheck is the biggest asset you’ll ever own,” he said. He emphasized that all future purchases—houses, cars, education—depend on this ability. Therefore, ensuring you can continue to earn an income, even if you become disabled, is crucial.

Is Disability Insurance Affordable?

For young physicians concerned about affordability, Jim and Alex offered reassuring news. Similar to life insurance, disability insurance is less expensive when you are young and healthy. Many young doctors buy their policies in their final year of medical school. Alex mentioned that starter packages are available, and they even offer discounts through partnerships with medical schools across the country.

Managing Debt While Planning for Retirement

The 85-15 Rule

With substantial educational debt and a newly earned income, many young physicians wonder if it’s feasible to plan for retirement. Jim introduced a simple yet effective strategy known as the “85-15 rule.” He explained:

“If a person can discipline themselves to live on 85% of their gross income and save 15% for the future, it makes planning for retirement achievable,” he said. This rule is particularly easy to implement for young doctors who are transitioning from a low-income residency to a higher-paying position.

Starting Early Is Key

Jim also stressed the importance of starting early. “The earlier you start saving, the better off you’ll be,” he said. Delaying retirement planning can cost more in the long run, making it crucial to begin as soon as possible.

Practical Tips for Debt Management

Jim and Alex provided several practical tips for managing debt while starting to save for retirement:

  • Live Within Your Means: Stick to the 85-15 rule to ensure you’re saving while managing your debt.
  • Prioritize Debt Repayment: Focus on paying off high-interest debt first.
  • Seek Professional Advice: Don’t hesitate to consult a financial advisor to help you create a tailored financial plan.

Conclusion

In summary, young physicians can indeed plan for retirement despite their debt. By securing disability insurance and adhering to the 85-15 rule, you can pave the way for a financially secure future.

Looking for personalized advice? Contact Planned Futures Financial to discuss your specific financial needs and start planning your future today.

Call to Action:

For more insights and personalized financial planning, book a consultation with Alex and Jim at Planned Futures Financial. Don’t wait—your future starts now!

Filed Under: Blog Tagged With: #alexheringer, #buffalony, #disabilityinsurance, #doctor, #employeebenefits, #healthcareconsulting, #howtoaffordretirementplanning, #jimginnane, #medicalresidency, #plannedfuturesfinancial, #retirementplanning, medicalstudents

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