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Justin Budnick ~ Physician Financial Advisor

@budnickcapital

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Doctor Financial Advisor
⚕️ Physicians
🦷 Dentists
🛡️ Disability Insurance
🏥 Seminars Residents & Fellows
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Great discussion today around the growing trend of physicians moving to concierge medicine. Thank you to everyone who was able to participate remotely as well!

We often see doctors underestimate the financial side of that transition from navigating the initial income dip to structuring membership pricing and managing cash flow in a leaner, relationship driven model. It’s a big shift from practicing medicine to running a business.

A few questions that came up in today’s presentation….
💬 How long does it take for a concierge practice to reach financial stability?
💬 What’s the right way to price membership tiers?
💬 How should physicians prepare for the revenue gap during the transition? by @budnickcapital

🚀 Get ready to start your Fellowship! 🏥
Make sure to review your insurance coverage to ensure you have adequate protection. This includes health, disability, life, and malpractice insurance if applicable. Understand the terms and coverage limits of each policy, and consider any adjustments or additions based on your new circumstances.

💼 Establishing an emergency fund is also crucial during periods of transition like starting a fellowship. Aim to save enough to cover at least three to six months’ worth of living expenses. This fund will serve as a financial safety net in case of unexpected expenses or emergencies. 🛡️ by @budnickcapital

Complimentary Review For Physicians, Dentists, Residents, and Fellows Access a comprehensive suite of financial products and concierge-level service from a physician-focused expert you can trust at every phase of your of your financial and professional life, from residency to retirement. Never to early to start saving! #budnickcapital #disabilityinsurance #financialadvisor #resident #chiefresident #fellowship #residency by @budnickcapital

Had a great conversation at the hospital with some anesthesiology residents this morning about moonlighting and it reminded me how many important financial questions come up once those opportunities start rolling in. Extra income sounds great, but before you sign up for shifts, a few things are worth thinking through:
Is it actually worth it?
The hourly rate looks great on paper. Factor in taxes, commute time, extra malpractice coverage, and fatigue then see how the math holds up.
How are you getting paid?
W-2 or 1099 makes a real difference in what you owe and what you can deduct. Know which one you’re signing up for.
Are you covered if you can’t work?
Extra income is great until an injury or illness takes it away.
Check whether your disability coverage (personal or employer) actually protects your moonlighting earnings better to know now than find out later. by @budnickcapital

More doctors than ever are weighing employment and practice arrangements that look nothing like the traditional model. Some are accepting W-2 positions with large hospital systems. Others are taking on 1099 independent contractor roles. Some are joining startup practices from the ground floor. And others are exploring what it takes to acquire an established practice entirely. by @budnickcapital

Your first contract is not just an offer. It’s a starting point and the terms you accept (or don’t negotiate) can follow you for years. Non-competes, call schedules, RVU structures, partnership tracks. These deserve a careful, independent review before you sign.

Estate planning isn’t for later. The moment your income changes significantly, so does the need for updated beneficiaries, documents, and a plan. Residents often defer this, and that gap in coverage is real.

W-2 employment vs. private practice is not just a lifestyle question. It shapes your tax situation, your benefits, your exposure to overhead, and your long-term flexibility. Neither path is right for everyone and understanding the tradeoffs early helps you ask the right questions when it matters most.

If you’re finishing residency or know someone who is I’d encourage you to get that contract reviewed and get your documents in order before day one. by @budnickcapital

We had the privilege of sitting down with Internal Medicine residents at Yale this week.

The conversation kept circling back to one idea: medicine is a career, but it’s also a business decision. And most residency training doesn’t teach the business part.

The income question is more nuanced than people think. Concierge and direct primary care can offer more revenue predictability than traditional employment but the path there involves real startup risk, patient panel timing, and a break-even horizon that varies widely.

Autonomy has a price tag and a payoff. Residents are weighing the cost of early-stage practice ownership against the long-term flexibility it creates. That’s a sophisticated trade-off for someone still in training. by @budnickcapital

Great conversation this week with Internal Medicine residents around a path that’s coming up more and more concierge vs. direct primary care.

What does the income model actually look like in concierge vs. traditional employment?

How predictable is revenue when you’re building a patient panel?
What are the real startup costs and timeline to break even?
How does this impact lifestyle, autonomy, and long term career flexibility?
What risks should I be thinking about before making the jump?

One trend that stands out: more residents are prioritizing control over their time, patient load, and practice model even if it means taking a less traditional path early on.

At the same time, the business side of medicine is becoming a much bigger part of the decision. Many are realizing this isn’t just a clinical choice it’s an entrepreneurial one.

For those in or around concierge medicine what are you seeing right now? What are residents getting right (or wrong) about this model? by @budnickcapital

Before you evaluate a single job offer, get your financial foundation in place.

• Know your total debt load and what repayment strategy fits your path (PSLF vs. refinancing vs. standard repayment)
• Build a basic budget around your attending salary before lifestyle creep sets in
• Understand your tax bracket attendings often underestimate how dramatically their tax picture changes
• Open the right accounts first: your employer retirement plan, an HSA if eligible, and explore a backdoor Roth IRA

Sequence matters. Doing things out of order is one of the most common and costly mistakes I see early career physicians make. by @budnickcapital

When a ER physician enters a patient’s room, they often set the emotional tone for the entire visit a warm greeting, genuine eye contact, and a moment of real listening can transform what might feel like a clinical encounter into a deeply human connection. The technical care provided heals the body, but the compassion and attentiveness brought to each interaction can ease anxiety, build trust, and leave a patient feeling seen and cared for as a whole person by @budnickcapital

I sat down with the Chief Resident of Anesthesia to talk about what new doctors should really be looking for: a supportive workplace, how to manage the stress that comes with the role, and what it actually takes to navigate scheduling as a new physician. by @budnickcapital

In this interview, an ER physician shares his perspective on disability insurance why he believes it’s worth understanding during residency and what he learned along the way.

This is one physician’s experience and opinion, shared for educational purposes. Insurance needs vary significantly based on your specialty, health history, financial situation, and goals. by @budnickcapital