The worst financial mistakes doctors can make | MDLinx

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Since the COVID-19 pandemic roared into the US, the shaky state of the business of healthcare has frightened people from all walks of life. But healthcare’s questionable financial standing has been especially frightening for and harmful to physicians.  The pandemic has worsened the precarious financial situations of some physicians, but medicine has always harbored hidden money problems. In 2019, for instance, 43% of physicians in a private survey said they suffered financial losses due to poor investments, practice challenges, and other setbacks.Consider this: In a California Medical Association survey, 64% of physicians said they urgently need financial assistance, while 47% pressed for temporary housing. “Doomsday! Scariest days and nights. For all staff, MDs as well as patients,” one physician respondent said. “My family is at edge due to potential COVID-19 exposure, financial strains, and mental cloudiness.” And physicians who work for health systems are also in trouble, as a tally last month found that at least 18 US hospitals have closed.The pandemic has worsened the precarious financial situations of some physicians, but medicine has always harbored hidden money problems. In 2019, for instance, 43% of physicians in a private survey said they suffered financial losses due to poor investments, practice challenges, and other setbacks. …

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