Medical practice fraud: how to prevent it

Yves SchoofFinance

All too often you hear about doctors being the victim of medical practice fraud. The theft or fraud often occurs by way of misappropriation of cash, often in small amounts over a long period of time. In one case I heard about, the staff member was pocketing the cash payments from patients. The loss to the doctor amounted to well … Read More

Investment for doctors: should you trade shares and currencies?

Yves SchoofFinance

Quite often I hear doctors talking or enquiring about actively trading shares or even currencies. In this article I would like to explore how investment for doctors should be approached, and whether certain investment strategies are a waste of time (and money). Investment for doctors versus speculation One leads to wealth accumulation the other often to wealth destruction: do you … Read More

Doctors and holiday homes

Yves SchoofFinance

As I am spending a few fabulous days with my family in Western Australia’s glorious South West region, I can’t help but think about how many people will fall in love with a holiday home here. Summer holidays are typically the time of year when people believe buying a holiday home might also be a wise investment decision. After all, … Read More

Disruptive trends in healthcare

Yves SchoofBusiness, Finance

In a previous article (click HERE) I commented on how doctors can turn disruption into opportunity. In this week’s article I wanted to share some other interesting insights I found on current disruptive trends in healthcare. Below is a summary of the information that is available on the PWC Healthcare Website. I would encourage you to watch the 5 minute … Read More

The future of medicine: how doctors can turn disruption into opportunity in 2016

Yves SchoofFinance

The start of a new year is the ideal time for some reflection, and to ask ourselves: What is the future of medicine in 2016? There is no doubt that medicine is facing many different disruptional forces: cuts in healthcare budgets, uncertainty regarding employment, competitive forces, technology, a ‘power’ shift towards the patient… However, while some doctors might feel overwhelmed … Read More

Doctors and property investment: how much is too much?

Yves SchoofFinance

Many doctors have a preference for investing in property. It is not hard to see why: – property is tangible and easily understood; – property investment offers a lot of tax deductions; and – property investment can easily be borrowed for (particularly by doctors). While quality property is generally a great addition to an investment portfolio, it makes perfect sense … Read More

Asset protection for doctors

Yves SchoofFinance

asset protection for doctors

Many doctors are concerned about losing everything they have worked for through a claim being made against them. In this article I would like to explain what asset protection for doctors entails and how you can achieve it. What is asset protection for doctors and what are some of the risks? Asset protection means protecting your house and other assets … Read More

Estate planning for doctors

Yves SchoofFinance

Wills for doctors

Estate planning for doctors is often more complicated than for the general population, due to a range of specific issues. In this article I want to highlight what doctors need to consider when preparing their estate plan. Multiple entities Medical professionals often have multiple personal entities (trusts, companies, SMSFs, etc.) and business structures (service trusts, etc.), set up for tax … Read More

5 Important legal documents for doctors in private practice

Yves SchoofFinance

Doctors, particularly those in Private Practice face complexity in their life, which often includes various legal matters. Unfortunately, many medical specialists fail to seek professional legal advice to protect themselves. In this article I want to highlight a few critical legal documents that most medical professionals in Private Practice will require or should seriously consider. Employment contract Based on my … Read More

Doctors and debt: the good, the bad and the ugly

Yves SchoofFinance

Many doctors have an enduring love-hate relationship with debt. You may start of as a recently graduated intern with a mountain of student debt. Whilst you are paying this off, you may also get a car loan and then a mortgage. Next on your list is an investment property, for which you borrow close to 100% as well. And it … Read More