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As loyal readers of this blog already know, Dr. Cory Fawcett had recently underwent an examination under the X-ray Beam.
Of course an examination of this type, expertly read by a mid/late career radiologist doesn’t come cheap.
Hit with the charges of both the professional and technical components of the radiology bill, Cory offered an autographed signed copy of his “The Doctors Guide To” series of books which I gladly accepted in lieu of payment.
There are currently three books in this series:
- The Doctors Guide to Starting Your Practice Right
- The Doctors Guide to Eliminating Debt
- The Doctors Guide to Smart Career Alternatives and Retirement
Although I was tempted to jump into the last book in the series, as it was the one most applicable to my current situation, I thought it best for my readers if I read and review them chronologically (the things I do for you guys).
The Doctors Guide To Starting Your Practice Right
Date of Publish:
It is rare that a physician has a writing style that speaks to the masses.
Too often authors try to impress upon their readers their expertise in a particular subject by using words that could make you win a scrabble championship.
What ends up happening is that audience tunes out and the information is forever lost.
Cory has won numerous writing awards for his books which speak volumes of how well written they are.
This book in particular won the Silver Medal in Business Entrepreneurship as well as the 2016 non-fiction book of the year by the Idaho Author Awards.
This book is perfect for those finishing up training in residency and about to embark on their medical career. Any physician looking for a change in workplace will also benefit from the information contained inside the covers.
Cory has divided the book into 10 chapters.
The first chapter, “The Right Start Makes All The Difference,” emphasizes the importance of choosing your first job out of residency wisely.
Too often residents are lured by dollar signs but don’t take into consideration other factors that may make a lesser paying opportunity more financially attractive.
In fact Cory, quite appropriately, states that the starting salary of a job should be near the bottom of factors to consider when choosing a job.
The cost of choosing wrong the first time is high:
- Moving expenses
- Possibility of requiring expensive tail malpractice insurance coverage
- Licensing costs if going to another state
- School relocation issues for kids
It is also in this first chapter that the reader is introduced to the characters, “Dr. Rolex” and “Dr. Timex.”
These two characters epitomize how lifestyle choices can have a drastic impact on your financial future.
How to define your dream job is another concept that is introduced early in the book.
Knowing what type of practice (academic or private) and location (city versus suburb/rural) you will thrive in is essential to finding your dream job right off the bat.
You do not want to be the fish out of water when it comes to your medical practice.
Far too often the mentality a resident has finishing training is that this first job is just merely a stepping stone to the final medical practice.
Why can’t that first job be your last?
Taking Cory’s advice to heart significantly improves your odds that this can indeed be the case, saving you considerable money in the process.
I especially liked Cory’s section on the interview process.
Remember an interview is a two way street.
Sure they are interviewing you for the position, but at the same time you need to be interviewing them for potential fit.
There is nothing worse than having personality conflicts in your practice.
Typically one or both parties end up leaving the practice with much ill-will left behind.
The chapter “Negotiating Your Contract,” by itself is worth the admission price of the book.
I wish I had this well thought out checklist when I was presented with my current contract.
There are so many negotiating points Cory lists that I would have never even thought about even now, much less back then as a starry-eyed fledgling attending.
Cory ends the chapter with an appropriate quote:
“You are more likely to get what you want when you know what you want.”
Highlights from subsequent chapters:
- Important things that need to be in place before you start your first day at work (for example state licensing and credentialing)
- The rent versus buying home debate.
- Getting priorities straight by choosing family time over work.
“Committees have many members, but you are the only mom or dad your child has.”
- Discussion on accounts receivable and an equitable way of buying into a practice.
- Importance of retirement planning and debt management early on in career.
Finishing up a residency and transitioning to a brand new attending is probably one of the most stressful periods a young doctor can go through.
Despite years of training nothing really prepares you for practicing the art of medicine for the first time without training wheels.
I remember the first time I viewed an imaging study, dictaphone in hand, and hesitating to press the send button because I no longer had someone above me looking over my shoulders and telling me what to include in the report.
Once I hit send, that report became official with just my name on it.
On top of that, there are multiple other factors to consider that frankly don’t get taught in residency.
Dr. Fawcett’s Doctors Guide To Starting Your Practice Right is a great aid to ease your mind during this transitional period, with examples of what to look for and what to look out for.
The chapter on contract negotiation is high yield information and can help you avoid common contract traps.
We have spent hundreds of thousands of dollars on educating ourselves for this moment.
By comparison, the price of this book is a steal, and can put you in a position to best take advantage of your high priced education.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN
Thanks for your kind words about my book. My hope is that every resident reads this during their final year of training and moves to their attending job with a great start. The right start makes all the difference.
Happy New Year
Dr. Cory S. Fawcett
Prescription for Financial Success
It really is a well written book and every resident needs to read it before making mistakes that can set them back
Sounds like a wonderful read. It’s a shame Christmas has already past or I’d be sure to make this a present for my wife.
I know my wife has had considerable stress picking her first job out of residency. She wants a lot of things out of it, but luckily her field has flexibility and a great lifestyle to match.
Dermatology definitely is a great medical field for lifestyle. Your wife picked a great one.
Cory wrote a great series and this one has a lot of great tips making the process of leaving residency and starting up a practice much more manageable
Young and the Invested,
Go ahead and get her the gift, even if it’s not Christmas. Surprising your spouse with thoughtful little gifts now and then is one of those things that will put good points in your relationship bank. Some of us need a large balance in that account. It is especially helpful in physician households where the stress from the job is very high. Anything you can do to combat the stress and give her positive feelings will improve your relationship.
Happy New Year
Dr. Cory S. Fawcett
Prescription for Financial Success
You make a good point. I did plan to buy the book for her, actually. I know my comment doesn’t reflect that, but I think it would make a wonderful present for her. I need all the positive balance I can in that account.
This looks like an awesome read. My cousin is about to wrap up med school, and maybe this will be my gift to him! He still has a way to go before he’ll fully launch his career, but can’t hurt to jump on the right bandwagon early, right? 😉
You are incredibly thoughtful and I do think your cousin would appreciate it. Congrats for finishing medical school, the fun part is just beginning 🙂
🙂 I’ll pass along the message!
Cory’s common sense approach and accessible writing are a powerful combination. Glad to see this review.
I definitely need to carve out some time and read the other 2 books he generously gave and write a review on those as well