David B. Mandell, JD, MBA, is an attorney and author of five national books for doctors, including "For Doctors Only: A Guide to Working Less and Building More," as well a number of state books. He is a principal of the financial consulting firm
OJM Group, which works with doctors and healthcare practices nationwide. Jason M. O'Dell, MS, CWM is a principal of OJM Group as well. They can be reached at 877-656-4362 or
mandell@ojmgroup.com.
SPECIAL OFFERS: For a free hardcopy of "For Doctors Only: A Guide to Working Less & Building More," please call (877) 656-4362. If you would like a shorter, free Kindle, iBooks or Nook E-book download of our “highlights” version, you can download it at
www.fordoctorsonlyhighlights.com.
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Friday, August 22, 2014
You may understand that it is a significant liability risk to put all of a practice's "eggs" into one basket. But what's the solution? For your practice, it may be as simple as using multiple baskets. In fact, using multiple entities to run a business is quite common in many types of business outside of medicine.
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Friday, July 18, 2014
Many firm owners use a corporation as part of their corporate structure — either for the main business or for ancillary business units. In this article, we examine the basics of corporations, with a focus on their asset protection benefits and weaknesses.
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Thursday, June 05, 2014
In our many years as professionals, we have seen many physicians and medical practice clients make mistakes when choosing and working with their practice advisors. From this experience, we have created a list of seven pitfalls to avoid.
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Thursday, May 01, 2014
In our many years as professionals, we have seen many medical practice clients make mistakes when choosing and working with their business advisors. From this experience, we have created a list of seven pitfalls to avoid, and we will describe the first four in this article and the last three in part two of the article.
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Wednesday, January 22, 2014
As we discussed in Part I of this article, in attempting to protect an ongoing practice or healthcare business against lawsuits and potential creditor threats, most leave much to be desired. They may rely too heavily on insurance, have suboptimal corporate structures in place and even unknowingly miss out on significant tax advantages.
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Monday, December 16, 2013
In attempting to protect a medical practice or healthcare business against lawsuits and potential creditor threats, most such businesses leave much to be desired. They may rely too heavily on insurance, have suboptimal corporate structures in place and even unknowingly miss out on significant tax advantages.
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Thursday, November 21, 2013
Physicians, medical practices, and healthcare entities are unfortunately all high visibility lawsuit targets. Many doctors or healthcare executives think that insurance is the only viable protection tool to shield their practices, businesses and themselves from such litigation risks. However, as we will explore in this article, insurance policies have their limitations and drawbacks. Moreover, there are other techniques that can be explored to shield and build wealth and often save taxes.
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Monday, October 14, 2013
For the purposes of this article, we are going to review how market risk can affect your investments and potential ways to mitigate the risk. However, the true value of your portfolio is determined by more than just its raw return or value at any one time. Inflation, taxes and the time value of money are important considerations when evaluating the real return on any investment.
