AMCNO Hosts Annual Business of Medicine Seminar for Residents

The Academy of Medicine of Cleveland & Northern Ohio (AMCNO) hosted its annual seminar, “Understanding the Legal and Financial Aspects of Practicing Medicine,” on Oct. 18 at the Cleveland Museum of Natural History. The event was well-attended by physicians-in-training, who had positive feedback following the close of the program.

Once again sponsored by the Academy of Medicine Education Foundation and William E. Lower Fund, this event opened with welcome remarks from AMCNO President Dr. Fred Jorgensen and featured representatives from four different companies who covered various interesting topics for residents.

Mark O’Sickey and Phil Moshier, from Sagemark Consulting/Lincoln Financial Group, discussed key points for successful financial planning, including creating a budget, building an emergency fund, and paying high-interest debt first. They encouraged the residents to start a conversation with an advisory team as soon as possible so that they don’t have to worry about their finances. A knowledgeable team can help with the fine details and get them on the right track right from the start.

Isabelle Bibet-Kalinyak, from McDonald Hopkins LLC, covered the legal aspects of reviewing and negotiating a physician employment agreement. She stressed the importance of making sure the agreement is correct (as some companies use templates), reviewing the description of duties and coverage obligations, and asking about the length of the contract and what happens at the end of the term. She also provided tips on how to negotiate compensation.

Katherine Wensink, also from McDonald Hopkins LLC, discussed estate planning. She emphasized that of the different options available, it’s important to at least choose to have a healthcare power of attorney, as this designated person will make healthcare decisions for you when you are incapacitated. She discussed the differences between wills and trusts, as well as the various types of trusts, and how to create a solid estate plan, which should be reviewed at least every 5 years.    

Cindy Kula and Dean Lisowski, of Walthall LLP, covered the “business and tax aspects of a medical practice.” They discussed factors to consider if you’re thinking of starting your own practice, such as tax and non-tax issues, including legal liability protection and federal and state income taxes; how to structure the business, such as through sole proprietorship or a partnership; and the options for compensation and payroll taxes. At the close of their presentation, they also offered options to the residents about paying off student loans.

The AMCNO and AMEF would like to thank the Cleveland Museum of Natural History for hosting this event.

To view photos from the event, click here.

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