Lancaster Physician Winter 2020 - 20

L A N C A S T E R M E D I C A L S O C I E T Y.O R G

Best Practices

Finished
with
Residency

NOW
WHAT?

I

n undergrad, medical school, and throughout residency, learners often
receive much guidance, instruction, and oversight. Once completed with
residency or fellowship, however, we are thrust into the real world, and
no longer have that same supervision and direction as we did before. For
some, this is freeing, for others quite anxiety-provoking, and for many, it's a
little bit of both.
I have compiled a list of "to dos" to help navigate the transition to becoming an
attending physician. This is by no means a comprehensive list or something you
have to specifically follow, but hopefully you'll find it helpful moving forward.
Find a physician mentor.
Identifying a physician mentor early in your career can be hugely beneficial.
You want to choose someone you can trust, and who has an understanding
of your specialty and role. A physician mentor can be helpful in dealing with
challenging situations, whether it be an issue with a coworker, patient encounter,
day-to-day stress, or any of the above. A physician mentor can also help you
identify your short- and long-term goals and overcome any challenges that you
may face along the way. We all need support at some point, and establishing
a physician mentor early on in your career is a very wise choice.
Find a financial advisor.
Suddenly, when you start your first attending job, your salary will
jump by 150-400 percent depending on your specialty. If you are like
most of us, you will also have a tremendous amount of debt. On average, medical school graduates have $200,000 of debt coming out of
school. Many have much more when including undergrad education.
This debt is daunting, and it can be helpful to have someone who is an expert
in debt management and financial planning on your side. For some, it will
make sense to pay off debt with standard repayment, but for others, taking
advantage of income-driven payment plans is a better option. Also, those who
work for a non-profit institution may be eligible for loan forgiveness after 10
years of payments and service.
Additionally, you want to be smart with your influx of cash. Max out your
yearly retirement savings accounts, and set specific goals for retirement with
the help of your financial advisor. For some, this means living "like a resident"
for a few years post residency. For others, it means living with more financial
freedom than medical school or residency, but still making smart financial
choices and ultimately living below your means.
Purchase life and disability insurance.
As physicians, we should know better than anyone that accidents can happen,
and anyone can get sick when they least expect it. Hopefully, this will never happen
to you, but it is important to be prepared for the worst while hoping for the best.
Many hospital systems have life and disability (both short- and long-term) in
their benefits package. However, if you're self-employed or in a small group, this
may not be an automatic benefit. There are many companies from which you
can purchase short- and long-term disability insurance as well as life insurance.
Do your research and talk to your colleagues for company recommendations.

ROBIN M. HICKS, DO
UPMC Pinnacle

Hire an attorney to review your contract.
Physician contracts are very long and full of legal verbiage. To those of us

LANCASTER

20

PHYSICIAN



Lancaster Physician Winter 2020

Table of Contents for the Digital Edition of Lancaster Physician Winter 2020

Lancaster Physician Winter 2020 - 1
Lancaster Physician Winter 2020 - 2
Lancaster Physician Winter 2020 - 3
Lancaster Physician Winter 2020 - 4
Lancaster Physician Winter 2020 - 5
Lancaster Physician Winter 2020 - 6
Lancaster Physician Winter 2020 - 7
Lancaster Physician Winter 2020 - 8
Lancaster Physician Winter 2020 - 9
Lancaster Physician Winter 2020 - 10
Lancaster Physician Winter 2020 - 11
Lancaster Physician Winter 2020 - 12
Lancaster Physician Winter 2020 - 13
Lancaster Physician Winter 2020 - 14
Lancaster Physician Winter 2020 - 15
Lancaster Physician Winter 2020 - 16
Lancaster Physician Winter 2020 - 17
Lancaster Physician Winter 2020 - 18
Lancaster Physician Winter 2020 - 19
Lancaster Physician Winter 2020 - 20
Lancaster Physician Winter 2020 - 21
Lancaster Physician Winter 2020 - 22
Lancaster Physician Winter 2020 - 23
Lancaster Physician Winter 2020 - 24
Lancaster Physician Winter 2020 - 25
Lancaster Physician Winter 2020 - 26
Lancaster Physician Winter 2020 - 27
Lancaster Physician Winter 2020 - 28
Lancaster Physician Winter 2020 - 29
Lancaster Physician Winter 2020 - 30
Lancaster Physician Winter 2020 - 31
Lancaster Physician Winter 2020 - 32
Lancaster Physician Winter 2020 - 33
Lancaster Physician Winter 2020 - 34
Lancaster Physician Winter 2020 - 35
Lancaster Physician Winter 2020 - 36
Lancaster Physician Winter 2020 - 37
Lancaster Physician Winter 2020 - 38
Lancaster Physician Winter 2020 - 39
Lancaster Physician Winter 2020 - 40
Lancaster Physician Winter 2020 - 41
Lancaster Physician Winter 2020 - 42
Lancaster Physician Winter 2020 - 43
Lancaster Physician Winter 2020 - 44
Lancaster Physician Winter 2020 - 45
Lancaster Physician Winter 2020 - 46
Lancaster Physician Winter 2020 - 47
Lancaster Physician Winter 2020 - 48
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPFall21
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSummer21
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSpring21
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPWinter21
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPFall20
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LancasterPhysicianSummer2020
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSpring20
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPWinter20
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPFall19
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSummer19
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSpring2019
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPWinter2019
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPFall2018
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSummer2018
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSpring18
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPWinter18
https://www.nxtbook.com/hoffmann/Lancaster_Physician/Fall2017
https://www.nxtbook.com/hoffmann/Lancaster_Physician/Summer2017
https://www.nxtbook.com/hoffmann/Lancaster_Physician/LPSpring17
https://www.nxtbookmedia.com