Watch or listen in as host David Mandell welcomes Dr. Eric Hansen, an independent physician, clinical professor and physician advocate who has spent more than two decades building his own practice while working to strengthen the environment for independent doctors. Eric begins by sharing the personal story that inspired him to pursue medicine. Growing up on a ranch near Temecula, California, he expected to work in his family's construction business until the loss of a close childhood friend changed his direction and motivated him to prove to himself that medical school was possible. The conversation then turns to Eric's passion for independent practice. He explains why autonomy, entrepreneurship and control over his own schedule have been central to his career, and why he believes young physicians should continue to view independent or small-group practice as a viable option. David and Eric also discuss side opportunities for physicians, contract review, payer mix and the importance of making deliberate business decisions rather than simply accepting the status quo. Eric then explains how value-based care has changed the economics of Medicare patients in his practice. He describes his participation in an accountable care model, how better tracking and follow-up can improve patient outcomes, and how shared-savings programs can create an additional revenue stream for independent practices already doing the work of delivering strong preventive care. David and Eric also discuss medical office real estate, including Eric's decision to build and own his practice space, as well as his involvement in organized medicine and healthcare policy through the California Medical Association. The episode concludes with Eric offering practical advice for both younger and experienced physicians on overcoming fear, building long-term financial assets, teaching and mentoring, and staying engaged in the profession. Key Insights: Background: Dr. Eric Hansen grew up on a 26-acre ranch near Temecula, California, in a family that worked in construction, and he worked in ceramic tile construction before medical school. Motivation for Medicine: A conversation with a close childhood friend, followed by that friend's death in a car accident, became a defining moment that pushed Eric to work harder academically and pursue medicine. Independent Practice Mindset: Eric says the desire to determine his own path and make his own decisions made independent practice a natural fit for him from the beginning of his career. Teaching the Business of Medicine: He believes medical students and residents often hear that independent practice is no longer realistic, so he makes a point of teaching trainees about practice ownership and the business side of medicine. Using a Medical Education Broadly: Eric encourages physicians to recognize that their training can create opportunities beyond seeing more patients, including teaching, consulting, locums work and other professional side pursuits. Schedule Control: One benefit Eric attributes to independent practice is the ability to design his own schedule and make operational choices that support both practice performance and personal flexibility. Contract and Payer Review: He stresses that independent physicians should regularly review contracts, reimbursement and payer mix rather than signing an agreement and leaving it untouched for years. Value-Based Care: Eric describes value-based care as an important opportunity for physicians who already provide strong preventive care and follow-up, particularly for Medicare patients. Shared Savings: Through an accountable care organization model, physicians can be financially rewarded when strong care coordination and outcomes help reduce overall healthcare costs. Medicare Economics: Eric explains that participation in value-based care changed the economics of Medicare in his own practice and made those patients significantly more valuable to the business than they had been under fee-for-service alone. Owning Practice Real Estate: After years of renting, Eric purchased commercial property, designed his own office building and used an SBA loan to create an asset that also serves as the home of his practice. Long-Term Wealth Building: He views practice real estate as both a way to control occupancy costs and a potential long-term asset that can become part of a physician's retirement nest egg. Physician Advocacy: Eric's involvement in organized medicine grew from a local medical society role into leadership with the California Medical Association, where he advocates for independent physicians and healthcare policy. Supporting Access to Care: He argues that independent physicians remain especially important in smaller and underserved communities where larger health systems may have less incentive to operate. Advice Across Career Stages: For younger physicians, Eric emphasizes overcoming fear, considering ownership and starting a defined benefit plan when appropriate. For experienced physicians, he encourages organized medicine, mentorship, teaching and value-based care as ways to stay engaged and work smarter. Key Takeaways Takeaway 1: Independent Practice Is Still a Viable Path A central theme of the conversation is Eric's belief that physicians should not dismiss independent practice simply because employment has become the more common or easier path. He sees autonomy as both a career benefit and a business advantage, provided physicians are willing to learn the financial and operational side of running a practice. That means reviewing payer contracts, understanding which patient populations are financially sustainable, building an effective staff and using the flexibility of ownership to make changes when the numbers or the physician's priorities change. "You are smart enough to run a small business. That is nothing compared to med school or residency." Takeaway 2: Value-Based Care Can Reward Work Physicians Are Already Doing Eric describes value-based care as one of the most important economic opportunities available to independent physicians who care for Medicare patients. In his experience, tracking preventive care, monitoring patient outcomes and responding quickly to events such as emergency-room visits can improve care while also creating access to shared-savings revenue. His larger point is that physicians who are already doing the work of coordinated, high-quality care should understand whether a value-based program can compensate them for that effort. For practices with significant Medicare populations, Eric believes this can materially change the economics of the practice. "You're doing the work already. You should be getting compensated for that." Takeaway 3: Build Assets and Purpose Beyond the Daily Clinical Grind Eric's career illustrates several ways physicians can build value outside of simply seeing more patients. He points to owning practice real estate, creating retirement assets such as a defined benefit plan, teaching medical students and residents, and participating in organized medicine as examples of how doctors can broaden both their financial and professional lives. For younger physicians, that may mean moving through the fear that comes with ownership or entrepreneurship. For experienced physicians, it may mean mentoring, advocacy or teaching as a way to remain connected to the profession while sharing the knowledge accumulated over a career. "Everything you want is on the other side of fear." Links: Eric Hansen Bio Aledade.com After-Tax Alpha: Quantifying the Value of Integrated Wealth and Tax Management for Doctors | Get Your Free Report Free Copy of Wealth Strategies for Today's Physician | Get Your Free Copy For more information, offers and more, please visit earned.com/wpmp.
