Maybe you already know these things but as a physician buying our first home 1.5 years ago I was completely in the dark about what options were available to me. Our savings was virtually nil since my wife’s income had paid for our years in med school, we had a new baby, and moved to a big city with a high cost of living for my 6 year residency. So yeah I was definitely on the hunt for the mortgage loan that gave me the most short-term gains so that we could get our family established in our new city.
Gregory Hanson, MD, MPH
Greg is a PGY-3 interventional radiology resident at Thomas Jefferson University Hospitals in Philadelphia. He graduated from UCLA with his BS in Atmospheric and Oceanic Sciences before moving across the country to New York City. While in New York, Greg obtained his Master of Public Health degree in epidemiology with an advanced certificate in applied biostatistics. He then went on to do his medical school training at Dartmouth Medical School in Hanover, New Hampshire. In June 2018, he started his post-graduate training with a surgical intern year at Jefferson before continuing there for his integrated interventional radiology residency. During his first year of diagnostic radiology, he began offering his services to various clients by any means possible and was able to make additional side income to help support his family through residency training. This is what sparked the idea for flipMD.
We built flipMD to bring the gig economy to currently practicing physicians. However, in doing so, we have built something that most physicians do not have any prior context to orient themselves. Hence, this quick blog post. How do I stand out as a consultant on a marketplace like flipMD? Let’s chat.
Since starting flipMD and jumping into the world of entrepreneurship, I’ve been listening to a lot of podcasts, which to be honest has become a new hobby for me. After every hospital shift in the summer and fall, I would walk home (try to avoid public transportation during COVID) and tune into my favorite podcasts to learn what it means to be a startup founder. Podcasts are gold; succinct, informative, entertaining and perfect for a walk to and from the hospital. I thought it would be fun to share what I’m currently listening to.
As a resident I’ve pretty much been dreaming of the day when all of my money worries melt away with my first check as an attending. But while daydreaming is fun, there are a huge number of questions on how to actually get on track with my financial wellness when that magic day comes. Below I’ve put together many of my top questions and considerations, and then paired them with the opinions of Chad Chubb, CFP®, CSLP® the financial planner and mastermind behind WealthKeel.
As a physician, from the moment you enter the healthcare system you are at risk of malpractice suits which will likely come when you are least prepared. So it is important to understand what is ahead and to protect yourself from medical liabilities. (Below is our summary but feel free to jump to the full post here that Physician’s Thrive put together.)
After all the years amassed in the classroom, back-breaking hours on rotations during training, several life changes and moves later you’ve finally become an attending physician. Now imagine that all could crumble from a back injury, vision loss, or a hand injury. Disability insurance protects you against financial hardship if injury or illness prevents you from working. Sounds simple. Except for physicians there are many things you’ll need to consider when choosing a company and policy that they just don’t teach you in medical school.
Everyone has their own reason they need a side hustle. For me, I needed to make some extra cash to support my family. I was a PGY-2 fresh off my surgical intern year and went from an “80 hour” work week to 45 hours. I got half of my life back overnight. The only issue is, I needed to make more money just not work less. I turned to my MD and MPH degrees to find any job that would pay better than my hospital salary. I took jobs in data analysis, ghost writing, manuscript editing, meta-analysis, and many others and quickly created a reputation of getting jobs done quickly and completely. I went from charging $45/hr to $250/hr (as a PGY-2) in less than a year and made enough money to go on to build flipMD.
We are very excited to have you join the first and only physician gig economy ever created. As many of you may or may not know, physicians work pretty hard. We are trying to make it much easier to find interesting jobs outside the clinic, hospital, or operating room. Many physicians are looking to do something a little different, whether to make a little extra income to help pay off student loans or pay for a new vacation or simply to try something completely different.