Preparing for “the Business Side of Medicine” After Residency

The devil is in the details when it comes to negotiating an employment contract, planning for one’s financial future, and managing debt. That was the main takeaway for CIR members who attended post-residency life workshops in November.

Throughout the month, CIR hosted Post Residency Life Workshops at Jackson Memorial Hospital in Florida, Harbor-UCLA and LAC + USC Medical Centers in Los Angeles, and Highland Hospital and Children’s Hospital in Oakland. Residents heard from experts like attorneys Mark Richard and Henry Fenton, and financial specialist and CPA Mitch Freedman, who highlighted what to watch for in navigating the business side of a medical career.

Residents found the workshops eye-opening. “I’m sad to say as a doctor that I know nothing of the business side of medicine,” said Dr. Leslie Coello, an Internal Medicine/Pediatrics resident at Jackson Memorial Hospital. “Unfortunately that is true for many doctors.”

As a result, he found the workshop to be both educational and useful. “It is nice to know that when I do go into a contract I will have an idea of what to look for and will not go in blindly,” Dr. Coello said.