Wealth Planning for the Modern Physician

David B. Mandell, JD, MBA
  • 5.0 (42)
  • Investing
  • Updated Semimonthly

Join attorney, wealth manager, and well-known author David Mandell, JD, MBA in this podcast dedicated to improving a physician's personal financial bottom line. David talks with doctors from every specialty and stage of career about their real-world lessons in financial matters, and interviews industry experts in all areas of wealth management. Tune in every other week for new episodes!

  1. Physicians & Franchising: What Doctors Need to Know, with Matt Stevens

    May 27

    Physicians & Franchising: What Doctors Need to Know, with Matt Stevens

    Episode 6.19 features franchise consultant Matt Stevens, who joins David Mandell to unpack the fundamentals of franchising and why it can be an attractive wealth-building strategy for physicians. Stevens explains that franchising is less about buying a brand and more about gaining access to a proven system, support structure, and community. With thousands of franchise opportunities across dozens of industries, physicians have a wide range of options, many of which can be tailored to their time constraints and financial goals. A core theme of the conversation is the concept of 'buying down the learning curve.' Instead of spending years making costly mistakes building a business from scratch, franchisees leverage established playbooks, training systems, and peer networks. This is particularly appealing to busy professionals like physicians who may lack the time to build and test systems independently. The discussion also highlights how franchise ownership can be structured around passive or semi-passive involvement, often through hiring operators or partnering with family members. The episode also explores due diligence, risk factors, and long-term exit strategies. Stevens emphasizes the importance of reviewing the Franchise Disclosure Document (FDD), especially Item 20, and speaking with existing franchisees to validate the opportunity. Success ultimately comes down to engagement—following the system, leveraging support, and committing to the model. With the right approach, franchising can provide not only income but also scalable growth and a meaningful exit, making it a compelling addition to a physician's overall wealth strategy. Franchising accelerates business success by providing a proven system and reducing the learning curve. Physicians can participate in franchising even with limited time through structured, semi-passive ownership models. Thorough due diligence—especially speaking with existing franchisees—is critical to identifying the right opportunity. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    41 min
  2. From Surgeon to Innovator: An Entrepreneurial Journey with Dr. Steven Siepser

    May 13

    From Surgeon to Innovator: An Entrepreneurial Journey with Dr. Steven Siepser

    Dr. Steven Siepser shares a compelling journey from his early fascination with medicine to becoming a highly skilled ophthalmologist and entrepreneur. His career path was shaped by curiosity, adaptability, and a willingness to pursue opportunity, from studying abroad to pivoting specialties into ophthalmology. He ultimately built a thriving solo practice by leveraging early expertise in emerging technologies like intraocular lenses and LASIK, positioning himself ahead of many peers.   The conversation highlights both the rewards and risks of entrepreneurship in medicine, particularly through Dr. Siepser's experience with practice ownership and commercial real estate. While his clinical success led to expansion and investment in a large medical facility, external factors such as 9/11, economic downturns, and rising interest rates significantly impacted his financial outcomes. His story serves as a cautionary tale about leverage, market timing, and the unpredictability of macroeconomic forces.   Dr. Siepser's latest venture, VisionLock (now SightAssure), represents an innovative approach to patient confidence and physician differentiation through outcome-based insurance. By identifying top-tier surgeons and insuring their results, the model enhances trust while creating a premium positioning for providers. Although initial scaling challenges and undercapitalization slowed progress, he is relaunching the concept with a more robust financial and structural strategy, emphasizing the importance of execution, funding, and timing in entrepreneurial success. 3 Key Takeaways Clinical excellence can create entrepreneurial opportunity, but business success requires different skills and risk management.   Real estate investments in medical practices carry risk, especially when tied to economic cycles and interest rate changes.   Innovative business models—like outcome insurance—can differentiate physicians and improve patient trust but require strong capitalization and scalability planning. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    38 min
  3. From Burnout to Breakthrough: Reinvention Strategies for Physicians with Todd Jason

    Apr 29

    From Burnout to Breakthrough: Reinvention Strategies for Physicians with Todd Jason

    Episode 6.17 features Todd Jason, a reinvention coach and podcast host, who joins David Mandell to explore physician burnout, career transitions, and the evolving nature of work. Drawing on his experience working with organizations like Kaiser Permanente, Todd highlights the growing prevalence of burnout among physicians, driven by overwhelming workloads, administrative burdens, and lack of support systems. He emphasizes that burnout is not a personal failure but a systemic issue affecting many professionals, particularly those in high-stakes, service-oriented careers like medicine. Todd shares practical strategies to manage burnout, focusing on small, intentional actions that can be integrated into daily routines. These include taking mindful breaks, spending time outdoors, journaling, and using tools like AI to reduce cognitive load. He also stresses the importance of setting boundaries outside of work and delegating tasks where possible to reduce overwhelm. By reframing how physicians approach their workday and personal time, Todd suggests that even incremental changes can significantly improve mental and emotional well-being. The conversation then shifts to the concept of reinvention—particularly for mid-career professionals. Todd defines reinvention as a proactive, mindset-driven approach to aligning one's career with personal fulfillment, rather than simply reacting to burnout or external changes. Through exercises like writing one's own eulogy, he encourages individuals to reflect on what truly matters and explore new opportunities, income streams, and career paths. Ultimately, the episode underscores the importance of adaptability, self-awareness, and intentional decision-making in navigating both burnout and long-term career satisfaction. Key Takeaways: Burnout is systemic, not personal: Physicians are facing increasing complexity and workload, making burnout a widespread and legitimate challenge.   Small, intentional habits matter: Simple daily practices (breaks, movement, journaling, AI tools) can significantly reduce stress over time.   Reinvention is a mindset shift: Mid-career professionals should proactively explore what fulfillment looks like and align their work accordingly.   Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    44 min
  4. From OB/GYN to Advocate, Part II: Entrepreneurship and Disability Insurance Insights, with Stephanie Pearson, MD

    Apr 15

    From OB/GYN to Advocate, Part II: Entrepreneurship and Disability Insurance Insights, with Stephanie Pearson, MD

    In Part Two of this two-part conversation, Stephanie Pearson shares how personal hardship ultimately led her to build a mission-driven business dedicated to protecting physicians. What began as a deeply personal recovery journey evolved into an education-first approach to disability and life insurance. Rather than setting out with a business plan, Stephanie initially focused on helping other physicians avoid the mistakes and gaps that impacted her own experience. Through organic growth, word-of-mouth referrals, and a partnership that developed naturally, she built a firm centered on advocacy, transparency, and informed decision-making. Stephanie discusses the challenges of transitioning from surgeon to entrepreneur, including the discomfort many physicians feel around sales. She reframes the role not as selling a product, but as educating clients about complex insurance contracts and advocating for their best interests. The conversation explores the critical differences between group and private disability policies, the nuances of policy language, and why specialty-specific definitions of disability are essential for physicians. Her philosophy emphasizes managing expectations, pre-underwriting, and eliminating surprises—treating insurance planning with the same rigor as informed consent in medicine. Beyond insurance mechanics, Stephanie reflects on broader themes relevant to physicians: burnout, identity shifts, entrepreneurship, and the importance of mentorship and community. She encourages physicians considering business ventures to seek mentors, surround themselves with experts, and remain authentic to their mission. For those facing burnout, she stresses the importance of therapy, boundaries, hobbies, and building a support system. Ultimately, her story illustrates how adversity can be transformed into purpose—creating both financial protection for others and personal fulfillment. 3 Key Takeaways Education Over Sales: Disability and life insurance planning for physicians should center on education, transparency, and advocacy—not product pushing. Definitions Matter: The specific language in disability policies (especially specialty-specific definitions) can significantly impact outcomes in the event of a claim. Burnout Requires Intention: Transitioning careers or starting a business is not automatically a cure for burnout; personal work, boundaries, and mentorship are critical.     Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    32 min
  5. From OB/GYN to Advocate, Part I: An Injury that Changed Everything, with Stephanie Pearson, MD

    Apr 1

    From OB/GYN to Advocate, Part I: An Injury that Changed Everything, with Stephanie Pearson, MD

    In Part One of this two-part conversation, Dr. Stephanie Pearson shares her powerful journey from practicing OB/GYN to becoming a nationally-recognized advocate for physician disability insurance and financial protection. Nearly ten years into practice, a traumatic shoulder injury sustained during an emergency delivery permanently ended her ability to operate and perform obstetrics.. What initially felt like a temporary setback quickly became a life-altering pivot point—complicated further by contract language, disability policy limitations, and systemic barriers that left her financially and emotionally vulnerable. Stephanie details the harsh realities she encountered after her injury, including being terminated when her FMLA expired, denied disability coverage due to policy fine print, and fighting a lengthy workers' compensation battle. She candidly discusses the mental toll of the experience, including a period of severe emotional distress, and emphasizes how little physicians are taught about contracts, disability insurance, and financial risk management. Her story underscores the importance of reviewing employment agreements and understanding both employer-sponsored and private disability coverage. Out of this adversity, Stephanie co-founded PearsonRavitz, an insurance brokerage dedicated to helping physicians secure appropriate disability and life insurance protection. Now part of the broader Earned Wealth platform alongside OJM Group, she is committed to improving financial literacy among physicians. This episode sets the stage for Part Two by highlighting not only the risks physicians face but also the importance of proactive planning, proper policy design, and advocating for oneself long before a crisis occurs. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    29 min
  6. Healthcare M&A in 2026: What Physicians Need to Know with Matthew Phillips

    Mar 18

    Healthcare M&A in 2026: What Physicians Need to Know with Matthew Phillips

    In Episode 6.14, host David Mandell interviews Matthew Phillips, Managing Director at City Capital Advisors, to discuss the evolving landscape of healthcare mergers and acquisitions. With more than 25 years of legal and corporate finance advisory experience, Phillips shares insights into how physician-owned practices can navigate growth, capital raises, acquisitions, and potential sales in today's selective and risk-averse market environment. Phillips explains that while capital remains abundant in healthcare, buyers are far more disciplined than in past years. Investors are prioritizing operational rigor, compliance, predictable cash flow, and cultural alignment over aggressive growth projections. He emphasizes the importance of competitive deal processes, proper due diligence, and maintaining leverage on the physician side when exploring private equity partnerships. The conversation also introduces ExitMinded, Phillips' advisory platform designed to help practices prepare for a future transaction well before going to market. By conducting a buyer-lens, risk-based assessment, ExitMinded helps identify operational, structural, financial, and compliance gaps that could erode value. Whether physicians plan to sell or remain independent, this proactive preparation strengthens practice performance and preserves long-term optionality. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    38 min
  7. Medicine Meets Machine Learning: Real-World AI in Practice with Dr. Joshua Lowentritt

    Mar 4

    Medicine Meets Machine Learning: Real-World AI in Practice with Dr. Joshua Lowentritt

    In Episode 6.13, Dr. Joshua Lowentritt joins host David Mandell to explore the rapidly evolving role of artificial intelligence in medicine. Dr. Lowentritt shares his 25+ year journey as a practicing physician and healthcare leader, highlighting how Hurricane Katrina reshaped his professional outlook and entrepreneurial path. From building physician-owned organizations to investing in startups, his career reflects a deep commitment to improving healthcare delivery. Today, that mission increasingly centers on leveraging AI to enhance both physician experience and patient outcomes. A central focus of the conversation is the use of AI-powered ambient scribes in clinical practice. Dr. Lowentritt explains how tools like AI documentation assistants have reduced administrative burden, lowered cognitive load, and allowed him to reconnect with patients at a human level. Rather than typing throughout visits, he now maintains eye contact, listens more fully, and spends more time counseling patients. Beyond documentation, AI tools assist with chart summaries, clinical decision support, population health prioritization, and genetic testing insights—streamlining workflows and improving proactive care. The episode also explores critical guardrails for AI adoption. Dr. Lowentritt emphasizes the importance of data privacy, informed patient consent, verifying clinical sources, and using multiple evidence-based references when relying on large language models. Drawing on Everett Rogers' Diffusion of Innovations theory, he discusses why physicians—traditionally cautious adopters—have embraced AI more rapidly than expected. Ultimately, he argues that AI will not replace physicians but will supplement them, allowing doctors to focus on judgment, empathy, context, and patient connection—the highest value aspects of medicine. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    46 min
  8. The Business of Independence: Private Practice Done Right with Teri Yates

    Feb 18

    The Business of Independence: Private Practice Done Right with Teri Yates

    In this episode, David Mandell speaks with Teri Yates, founder and CEO of Accountable Physician Advisors, about the realities of building, sustaining, and scaling independent medical practices. Drawing from her background in healthcare administration and consulting, Teri explains why private practice remains viable—and necessary—despite increasing consolidation in healthcare. She emphasizes that autonomy, not just income, is often the driving force behind physicians choosing independence. A central theme of the conversation is disciplined decision-making. Teri outlines why financial feasibility studies are essential before launching a practice and shares that more than half of such studies result in physicians deciding not to move forward. This intentional filtering, she explains, protects physicians from undercapitalization, unrealistic expectations, and long-term financial strain. The discussion also explores operational excellence in established practices, including revenue cycle management, staffing challenges, and leadership responsibilities. Teri underscores the importance of investing in the right people, using data to drive decisions, and creating workplace cultures that attract and retain high-performing employees. She concludes with an optimistic outlook on the future of private practice, citing efficiency, physician satisfaction, and patient access as key reasons it will continue to play a vital role in healthcare. Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

    41 min
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5
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About

Join attorney, wealth manager, and well-known author David Mandell, JD, MBA in this podcast dedicated to improving a physician's personal financial bottom line. David talks with doctors from every specialty and stage of career about their real-world lessons in financial matters, and interviews industry experts in all areas of wealth management. Tune in every other week for new episodes!

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