Physician Placement, Consulting, and Financial Management
An all-inclusive company for physicians, by physicians. We help you make the transition from residency and fellowship to your first employed job by providing permanent and locum tenens job placement services, contract negotiation, financial and retirement planning, CPA and tax planning, as well as physician specific disability insurance and mortgage services. Through our vetted and experienced network of professionals we are able to provide all of these services to you at no cost while bringing you the highest quality in service and ease. Use your final years in training to learn your specialty while we handle all the other stuff. Now, you can finally say, “I’ve got a guy for all that.”
We provide guidance to serve all facets of your career including: post-resident placement, insurance selection, contract negotiation, legal compliance and business consulting.
We help you to build strong financial foundation: Cash & Liabilities (Income & Expense), Protection Planning (Insurance), Tax Planning (Income Sources) and Investments (Asset Growth & Risk Management).
Easing your transition from residency to permanent placement, finding recurrent placement or locum tenens.
Ensuring both you and your practice have all necessary legal steps in place to maintain professional proficiency.
Covering insurance and representation options, so you can focus on your practice.
Understanding all aspects of Cobra and how it affects your practice.
Negotiating legal documents, using contract attorneys, consultants or retained partners.
Guiding your financial future through our proven financial planning processes.
Partnering with financial planners to prepare tax returns, W2s and 1099s.
Choosing the best insurance to keep you covered, professionally and personally.
Advising you on the best business decisions to ensure your career’s continued success.
Repaying student loans, using SoFi M.D, which caters specifically to recent graduates in the medical field.
QRS Physician Consultants receives a small royalty for client referral to SoFi.
Using a team of specialized underwriters, we evaluate the individual income protection needs of each physician for their chosen specialty. We present several carriers and policy options to our clients to help them determine the most cost-effective way to insure their income. Being physically unable to practice your profession can greatly disrupt the financial goals and families of any professional, but physicians, because of the lengthy time and education investment, especially need to have a plan for how income would be provided to meet obligations if they were no longer able to practice medicine.
Using a human life valuation, we project the earnings and savings potential of each physician over their career. We consider what financial objectives would need to be met if death occurred prematurely: satisfying all loans, debts, mortgages and funding of education and family legacy goals. Once we understand the physician’s priorities, we make a recommendation of what current and future needs could be met with life insurance. We present each of our findings as different policy structures.
Business structure and sources of earned income for a physician will determine what retirement account(s) is most appropriate. We can help to align this account(s) with savings objectives, so there is pathway in place leading to financial independence. A common strategy we use with our physician clients is helping them build three pools of retirement assets: Tax Deferred, Tax Free and Taxable. This aids in providing tax “flexibility” in retirement, giving our clients multiple streams of income and options during the withdrawal phases of life.
Education planning for children is often a high priority for our physician clients. Physicians understand the value of education and costs associated. We assist in estimating a funding level, so that ample assets are accessible at the time children are college-aged. We discuss the different savings vehicles that can be used (529, UGMA, Coverdall, UTMA) for this goal and track the growth over time.
One of most common objectives for physicians leaving residency is the pay-down of debt and repayment of loans. We help structure a debt consolidation and repayment plan that aligns with the financial goals of the physician and their family. We are familiar with the different loans, forgiveness programs available and consolidation options.
Investments are the tools we use to build financial independence. Financial independence is having the choice and freedom to determine when and how much you want to continue practice medicine. The need for earned income is no longer there, once the assets you accumulated can generate enough income to making working optional. We help structure an investment portfolio that is growth-oriented during your working years and provides income in the years you want to work less or not at all. The desire and planning for financial independence is a common goal that all of our physician clients have.
If a physician decides to go to work on an independent contractor status ,whether they know it or not, they’ve essentially become a business owner. With that status comes obligations different from a standard W2 employee that need to be considered: taxes that will need to be set aside and paid, specific accounting requirements and benefits planning. We help our physicians who are new to this type of employment be aware of the requirements to be met and what pitfalls to avoid.
We offer guidance and recommendations when a physician is making an election for benefits offered through an employer. This could be at the point-of-hire or during an annual open-enrollment period. By understanding the full financial picture of our physicians, we are able to advise on coverage type, amounts, retirement deferral percentages and investment allocation for company-offered retirement plans.
We work with our physician clients to understand their family and legacy objectives for the assets they’ve accumulated. We discuss the basic estate documents, Will, Power of Attorney, Health Care Directive, beneficiary listings, as well as more detailed strategies that can involve trusts and legal consultation. As our physicians grow in their careers, often more involved estate planning is needed for family objectives, tax planning and philanthropic goals. We partner with experienced and vetted Estate and Tax attorneys, when needed, to draft and update documents so our clients’ goals can be met in the most efficient manner possible.