RISK TIP

The Doctors Company, the nation’s largest physician-owned medical malpractice insurer and part of TDC Group, is offering a new lecture series, “Financial and Workplace Well-Being for Doctors: Lessons for Life After Medical School,” from Ronald H. Wender, MD, FACA, Chairman Emeritus and Professor of Anesthesiology at Cedars-Sinai Medical Center and member of The Doctors Company Board of Governors.

The 23-part video series is free of charge and provides renowned experts’ advice about the realities of financial planning, medical malpractice, and hospital economics encountered upon graduating medical school.

The average medical school graduate owes $241,600 in total student loan debt—six times as much as the average college graduate.

“The Doctors Company is proud to partner with Cedars-Sinai Medical Center to offer this lecture series to newly practicing physicians,” said Richard E. Anderson, MD, FACP, Chairman and CEO of The Doctors Company and TDC Group. “It is in our mission to serve those who provide care, and we anticipate all physicians will find this series valuable.”

In a study published last September, the “International Journal of Medical Education” found that medical residents and fellows have high debt and low levels of financial literacy. A California Medical Association survey in 2021 found that 64 percent of physicians expressed a need for financial assistance, and 95 percent of physician practices reported concern about their financial well-being.

“When you leave medical school, you need to be prepared for managing debt, finances, and patients who may sue you; we want medical providers to be ready for these harsh realities,” said Dr. Wender. “In my forty-six years of practice, I saw many healthcare providers overwhelmed with life challenges. I hope this will be a useful resource for new physicians in their future endeavors.”

Find all these insights at thedoctors.com/aftermedschool.

In a year where the world was starting to return to “normal,” the California Medical Association (CMA) seized the opportunity to make big gains for physician practices in several areas, from modernizing crucial malpractice legislation, preserving reproductive rights and encouraging grassroots engagement. This year’s achievements include:

MICRA Modernization

Facing another statewide ballot proposition that would have effectively eliminated MICRA’s cap on non-economic damages, CMA and Californians Allied for Patient Protection seized an opportunity to end one of the longest running political battles in California. The legislative deal (AB 35), which modernizes MICRA while preserving its underlying principles, has ushered in a new and sustained era of stability around malpractice liability.

Reproductive Rights

After the Supreme Court’s Dobbs decision, CMA worked with the Future of Abortion Council to protect and expand access to reproductive health care in California, leading to 15 bills signed into law, $200 million in the state budget and the passage of Prop. 1 to enshrine abortion rights into California’s constitution.

Election Victories

CMA member Jasmeet Bains, M.D., joined the California Assembly as its third physician legislator, while incumbent assemblymembers Joaquin Arambula, M.D., and Akilah Weber, M.D., were re-elected. At the federal level, representatives Ami Bera, M.D., and Raul Ruiz, M.D., were re-elected to Congress. CMA also saw its ballot measure positions reflected in election results, including the rejection of Prop. 29 (dialysis clinic requirements) and passage of Prop. 31 (ban on flavored tobacco).

Federal Loan Forgiveness

The U.S. Department of Education overhauled the Public Service Loan Forgiveness Program, including the specific fix that CMA advocated for that will allow all eligible California physicians to receive loan forgiveness.

Billing and Burdens

CMA recouped more than $1 million this year (nearly $40 million over 14 years) on behalf of physician members through direct payor interventions. CMA also stopped Cigna’s burdensome modifier 25 policy.

Health IT

CMA achieved significant victories on health information technology issues by extending the COVID telehealth waivers into 2023; permanently extending key Medi-Cal telehealth payment parity; eliminating e-prescribing burdens (AB 852); and helping physicians comply with the new federal information blocking rule while protecting patients’ sensitive medical information (SB 1419).