Medical Archives - Panacea Financial

How Doctors Can Improve Their Credit Score & Other Common Credit Score Questions

By Michael Jerkins, MD MEd / Budgeting & Financial Planning, Dental, Medical, Veterinary

Key takeaways: Your credit score can have a big impact on your ability to borrow money or open new credit cards. Raise your credit score by making on-time payments, decreasing your credit usage, and keeping existing credit cards or other accounts open if possible. Panacea Financial does not use a doctor or doctor-in-training’s credit score …

How Doctors Can Improve Their Credit Score & Other Common Credit Score Questions Read More »

What is a 401k and an IRA? What Doctors Need to Know About Retirement Savings

By Michael Jerkins, MD MEd / Budgeting & Financial Planning, Dental, Medical, Retirement, Veterinary

Key takeaways: The most important part of saving for retirement is starting as early as possible. 401(k)s are employer-sponsored retirement accounts that are most beneficial when the employer matches a portion of the employee’s contribution. IRA accounts are individual retirement accounts that allow more freedom to invest on your own terms. Speak with an experienced …

What is a 401k and an IRA? What Doctors Need to Know About Retirement Savings Read More »

picture of credit card for credit card consolidation

What You Need to Know About Credit Card Consolidation for Doctors

By Michael Jerkins, MD MEd / Budgeting & Financial Planning, Dental, Medical, Personal Loans, Practice Solutions, Veterinary

Key takeaways: Credit card consolidation takes multiple credit card balances and rolls them into one monthly payment. Doctors can often build up credit card debt in school and residency, which can quickly become toxic when not paid off. Personal loans are one option for consolidating credit card debt. Americans have over $840 million in credit …

What You Need to Know About Credit Card Consolidation for Doctors Read More »

The Changing Landscape of Medicine: Trends and Key Benefits of Private Practices

By Michael Jerkins, MD MEd / Employment & Workforce Data, Medical, Practice Solutions

Key takeaways: Private practice employment and ownership is declining. Owning and working for a private medical practice can allow a physician to have greater autonomy, can be more lucrative, and allows the owner to develop non-medical skills. Private practices are important to healthcare, allowing patients and providers to have more options. Most physicians are employed …

The Changing Landscape of Medicine: Trends and Key Benefits of Private Practices Read More »

Personal Loans for Doctors: What You Need to Know

By Michael Jerkins, MD MEd / Budgeting & Financial Planning, Dental, Medical, Personal Loans, Veterinary

Key takeaways: Personal loans offer doctors money when they need it most for any need — credit card consolidation, application fees, relocation and more. Panacea Financial’s PRN personal loan was created specifically for doctors and doctors-in-training with a number of unique benefits. With examination fees, residency relocation costs and credit card debt, becoming a doctor …

Personal Loans for Doctors: What You Need to Know Read More »

What is the Average Medical School Debt?

By Michael Jerkins, MD MEd / Employment & Workforce Data, Medical

What is the Average Medical School Debt? Key takeaways: The average medical student graduates with $241,600 in total student loan debt. Between 76% and 89% of medical students graduate with debt. Private colleges are generally more expensive than public institutions. It is no secret that medical school is expensive. Most physicians enter the workforce burdened …

What is the Average Medical School Debt? Read More »

RaDonda Vaught: This is a picture of a gavel.

A Fatal Medical Error: How the RaDonda Vaught Case Affects the Future of Healthcare

By Ned Palmer, MD MPH / Medical

A Fatal Medical Error: How the RaDonda Vaught Case Affects the Future of Healthcare To err is human, and Nurse RaDonda Vaught erred. As a result, she has been found guilty of homicide and is now sentenced to three years of supervised probation. A medical error led to the tragic and untimely death of her …

A Fatal Medical Error: How the RaDonda Vaught Case Affects the Future of Healthcare Read More »

Is There a Looming Physician Shortage?

By Michael Jerkins, MD MEd / Employment & Workforce Data, Medical

Is There a Looming Physician Shortage? Key takeaways: Demand for physician services is expected to grow due to a growing and aging population. Supply of physicians is expected to decrease because of an aging workforce and insufficient new physicians. There will likely be a physician shortage, but the magnitude of it will vary based on …

Is There a Looming Physician Shortage? Read More »

How Has the Biden Presidency Affected My Student Loans?

By Michael Jerkins, MD MEd / Dental, Medical, Student Loans, Veterinary

Editor’s Note: This article was originally published in October 2020. We updated and revised the content on May 6, 2022 to provide the most current and accurate information. Student debt has doubled over the last ten years, ballooning up to $1.54 trillion, and becoming the second largest consumer debt type, placing it higher than both …

How Has the Biden Presidency Affected My Student Loans? Read More »

5 Things Physicians Need To Know About Buying Into a Medical Practice or Surgery Center

By Michael Jerkins, MD MEd / Medical, Practice Solutions

5 Things Physicians Need To Know About Buying Into a Medical Practice or Surgery Center Key takeaways: Becoming a partner is a great way to become a co-owner in an existing, thriving practice. Before signing the agreement, review the buy-in offer, know the practice value, learn the income distribution structure, understand exit plan options, and …

5 Things Physicians Need To Know About Buying Into a Medical Practice or Surgery Center Read More »