In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship.

The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS.

Finally, the episode dives into physicians' relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a "board of directors" for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship.

Key Insights:

• Dr. Press discovered physiatry through a unique summer program, showing the value of early exposure to diverse specialties.
• Dr. Figgie pursued an MBA during fellowship, believing in the power of financial literacy for physicians.
• Mentorship at HSS now includes financial, administrative, and personal development components—not just clinical.
• A cross-specialty mentorship program allows different departments (e.g., orthopedics and radiology) to learn from one another.
• Many young physicians lack basic financial planning tools, leading to under-preparedness later in their careers.
• HSS has created a repository of recorded educational sessions covering mortgages, insurance, investing, and more.
• Dr. Figgie cautions against blindly signing industry contracts without legal review, especially when IP is involved.
• Relationships with medical device companies often include consulting, design input, or teaching—but require transparency.
• Dr. Press emphasizes the importance of building a trusted "personal board of directors" to help with life and career decisions.
• Future initiatives at HSS may include subsidized financial checkups for new physicians to kickstart long-term planning.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

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