Ophthalmology Business

SEP 2015

Ophthalmology Business is focused on business topics relevant to the entrepreneurial ophthalmologist. It offers editorial, opinion, and practical tips for physicians running an ophthalmic practice. It is a companion publication of EyeWorld.

Issue link: http://digital.ophthalmologybusiness.org/i/565757

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Page 23 of 27

24 Ophthalmology Business • September 2015 or part time for a group or a hospital or other healthcare entity. From the beginning of your career, you should have a financial plan. I strongly advise finding a reputable financial planner. I would have either my bank or an indepen- dent financial manager look over my finances and give me guidance every few years. This is the best way for many of us to go. You must investigate and plan on financial independence from the early days in your practice. It is essential to use someone who isn't selling product, if possible. If there is product involved, be aware and cautious. Financial consultants realize that early on, you have limited resources and are glad to offer advice, hoping that this will establish an ongoing relationship as you progress. With careful planning, especially with the high cost of education, a house, and children, it is essential to put money aside for emergencies and for the future. This may be very dif- ficult. Many physicians earn a good living and cannot resist spending money on fancy cars, houses, etc. One should plan a budget early and decide on priorities. Hopefully a ma- jor priority is saving for the future. I never picked a date for re- tirement—it just crept up on me. Decisions must be made. There is no ideal area of the country in which to live. Many physicians like where they live and adjust their lives according- ly. People are people, meaning that we all have different priorities. As in all business, it is location, location, location. Consider cost of living (this may vary considerably), the tax (personal and state) situation, climate, activities, location, etc. Some people feel that the presence of an institution of higher learning is im- portant. If not present, local schools and religious institutions often pres- ent activities and courses for seniors. Of course you are most famil- iar with your local community and have friends there. However, you can make friends anyplace if you are willing to make the effort. If you are thinking of moving elsewhere, you should visit the area periodically over the years to get to know it better. Weather should be a consideration. Regardless of what you do, if you have a spouse, recognize that your spouse is part of the "team" and should be involved in all decision making. If you have good relations with your family, involve children in your decision since the presence of children where you retire is a great plus. Unfortunately, if illness strikes, they might have to help you in criti- cal situations. Have interests—school, cours- es, concerts. Be able to be happy at home. Traveling is fun but gets hard- er as we get older. I was fortunate to be able to do my mountain trekking overseas and visit many countries while I was younger and able to do essentially everything. In summary, think of the future early in your practice and periodical- ly review your situation if you hope to retire some day. OB continued from page 23 Dr. Weinstock is profes- sor of ophthalmology, Northeast Ohio Medical University, affiliate clin- ical professor, Charles E. Schmidt College of Biomedical Science, Florida Atlantic University, and volunteer professor of ophthalmology, University of Miami Leonard M. Miller School of Medicine. He can be contacted at fjstock@aol.com. DIGITAL.OPHTHALMOLOGYBUSINESS.ORG

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