Medics Money podcast

In this episode of the Medics' Money podcast, Ed, Andy, and Tommy discuss the impact of current UK tax policies on productivity, particularly focusing on fiscal drag and marginal tax rates. They highlight how tax traps are affecting both the public and medical professionals, especially those earning around the £100,000 mark. The team delves into budget speculations, including potential changes in national insurance that could impact GP partners. They also reflect on the V11 scandal involving Premier League footballers to draw parallels with how doctors can be vulnerable to poor financial advice. Key points include the dangers of high-pressure sales tactics, promises of high returns with minimal risk, and word-of-mouth referrals without proper due diligence. They emphasise the importance of financial education and the necessity of using vetted advisors. Additionally, they touch on pension issues, tax-free allowances, and the upcoming Medics' Money Live event. 00:00 Introduction and Overview 00:50 Meet the Medics Money Team 02:09 The New Middle Class Tax Revolt 03:19 Marginal Tax Trap Explained 07:49 Pre-Budget Speculation and Concerns 09:40 State Pension and Triple Lock 13:56 Trump's Investment Strategy for Newborns 18:40 National Insurance and GP Partners 23:00 Government Budget Speculation 23:33 Targeting Wealthier Classes 24:40 Marginal Tax Rates and Policy Behaviours 27:03 GP Partnerships and Business Structures 29:41 Financial Vulnerability of Footballers and Doctors 33:08 Red Flags in Financial Advice 41:59 Final Thoughts and Upcoming Events

A course for GP Partners: https://www.medicsmoney.co.uk/gp-partnership-programme/ E-mails: Dr Dave Hindmarsh: dave@docsupport.co.uk For anything YouTube related and if anyone is interested in getting started on YouTube. Dr Matthew Wickham: matthew@docsupport.co.uk If you are a doctor looking to get into private practice by yourself and need help setting this up. Website: www.docsupport.co.uk SystmOne: Auto-filling guide: https://www.docsupport.co.uk/product-page/systmone-auto-filling-user-guide YouTube: Doc Support: https://www.youtube.com/@DocSupportLtd Eaglescliffe Medical Practice: https://www.youtube.com/@eaglescliffemedicalpractice SystmOne Auto-filling guide: https://youtu.be/e4yWR98XE38 Presentation on utilisation of YouTube in practice (40 minute presentation): https://youtu.be/lJF3j5bWhZM In this episode of the Medics' Money Podcast, Dr. Dave Hindmarsh returns to discuss his journey from a GP trainer and NHS partner to a content creator on YouTube. He rebranded his YouTube channel to 'Doc Support' and collaborates with Dr. Matthew Wickham to provide valuable medical and business content for fellow clinicians. Dave shares insights on managing GP partnerships like relationships, the efficiencies of auto-filing with System One, and using social media to improve patient care. He also delves into the business side of YouTube, leveraging niche content, and the importance of diversifying income streams. The conversation highlights the multi-faceted nature of modern medical practices and the potential of digital tools and platforms in transforming healthcare. 00:00 Reconnecting with Dr. Dave Hindmarsh 00:47 Journey from Military to GP Partnership 03:16 The Importance of Partnership Dynamics 05:42 Building a Supportive GP Community 10:07 Leveraging Social Media for Patient Engagement 14:30 Innovative Approaches in General Practice 17:41 Efficiency and Automation in GP Practices 19:21 The Power of Auto Filing in Clinical Practice 20:26 Collaborative Efforts and Teamwork 23:26 Expanding Beyond NHS Work 26:02 Monetising YouTube in a Niche Market 29:18 The Reality of Being a YouTube Content Creator 33:33 Balancing Partnership and Personal Ventures 35:23 Conclusion and Future Plans  

In this insightful episode, Tommy welcomes Dr. Laura Naidoo, a GP from Northern Ireland, for her podcast debut to discuss the thought-provoking book 'Die With Zero' by Bill Perkins. They explore themes like living life to the fullest, spending money on experiences over accumulating wealth, and balancing financial security with adventure, especially from the perspective of medical professionals. The conversation delves into the psychological aspects of money, generational differences in financial habits, and practical tips for maximizing enjoyment and financial health throughout life. Dr. Naidoo shares personal stories and learnings, emphasizing the importance of early financial education and the impactful approach of spending in alignment with one's values and health stages. 00:00 Introduction and Book Recommendation 00:53 Guest Introduction: Dr. Laura Naidoo 01:18 Discussing 'Die With Zero' 03:49 Key Concepts from the Book 06:14 Personal Reflections on Wealth and Experiences 15:21 Impact of Background on Financial Perspectives 18:35 Challenges for Modern Medical Students 20:16 Advice for New Graduates 20:57 Balancing Spending and Saving 21:34 Concerns About Running Out of Money 21:44 The Importance of NHS Pension 23:21 Psychology of Money 24:36 Emotional vs. Logical Financial Decisions 27:28 Taking Sabbaticals and Mini-Retirements 31:11 Traveling with Kids vs. Without Kids 34:25 Summary and Recommendations for 'Die with Zero' 36:18 Final Thoughts and Course Promotion   Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.   Podcast Show Notes: State of Medics Money 2025 00:00 – Introduction & Overview Hosts introduce the Medics Money mission and the results of their recent financial health check survey for doctors. 00:49 – Podcast Purpose & Resources Discussion of upcoming webinars, mailing list, and resources for doctors to improve their finances. 01:32 – Meet the Team Introduction of the Medics Money team: Cyra (resident doctor & accountant), Andy (specialist medical accountant), Ed (GP & chartered accountant), and Tommy (GP partner & co-founder). 03:31 – Survey Results: Tax Relief Ed discusses the importance of claiming tax relief on professional subscriptions. 26% of doctors haven't claimed, resulting in lost money. 06:07 – Tax Awareness & Financial Literacy Only 35% of respondents feel confident about available tax allowances. Discussion of marginal taxation and tax traps. 10:48 – Tax-Efficient Investments Many doctors are not using ISAs or other tax-efficient investment vehicles. Clarification on ISA access and types. 12:42 – Investing Habits 43% of doctors regularly invest in stocks, shares, or funds. The importance of investing vs. holding cash due to inflation. 16:20 – Attitudes Toward Investing Discussion on perceived risk and complexity of investing. The need for financial education and trusted resources. 19:44 – Property Investment 18% of doctors invest in rental property. Pros and cons of property vs. other investments. 23:34 – Saving & Emergency Funds 81% save regularly, but 24% lack a 3-month emergency fund. Importance of liquidity and emergency planning. 26:19 – Budgeting Only 45% have a monthly budget. Why budgeting is crucial for financial health and reducing stress. 29:52 – Impulse Spending 41% admit to impulse buying and regretting it. Tips for reducing impulse purchases and the impact of small spending habits. 33:36 – Insurance & Protection 49% have life insurance; 35% have income protection. Importance of understanding NHS pension benefits and reviewing insurance needs. 39:13 – Financial Worries & Planning 52% worry about their financial position relative to their age. Only 22% have seen a financial planner in the last two years. 41:12 – Wills & Record Keeping Only 29% have a will; 46% keep financial records organized. Why having a will and organized records is essential. 44:31 – Final Thoughts & Resources Hosts reflect on the survey, thank listeners, and share links to free resources and upcoming webinars. Links Mentioned: Free webinars: www.medicsmoney.co.uk/live Mailing list: www.medicsmoney.co.uk/join Family finances guide: www.medicsmoney.co.uk/familyfinances Will guide: www.medicsmoney.co.uk/wills Tax relief guide: www.medicsmoney.co.uk/taxrelief

Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results. In this episode of the Medics' Money podcast, Steve Nichols from Nichols Specialist Medical Accountants in London joins Tommy to discuss the complexities and potential benefits of starting a limited company for tax planning. They explore various scenarios where a limited company can offer flexibility in paying less tax, distributing profits, paying off mortgages, and managing pension contributions. The discussion covers the differences between receiving a salary and dividends, the benefits of family investment companies and money box companies, and how to navigate key tax thresholds. They also touch on the considerations and processes involved in setting up a limited company and employing family members. Steve offers valuable insights into the practical aspects and legal considerations, making this a comprehensive guide for anyone considering a limited company for tax efficiency. 00:00 Introduction: Should I Start a Limited Company? 00:27 Meet the Expert: Steve Nichols 01:49 Understanding Limited Companies and Tax Planning 02:54 Flexibility of Limited Companies 3:07 Salary vs. Limited Company Payments 03:52 Tax Efficiency and Limited Companies 11:29 Different Ways to Take Funds Out 17:19 Setting Up a Limited Company 19:42 Family Investment Companies 23:46 Money Box Companies 25:09 Dividend vs. Retained Earnings: Tax Implications 26:15 Members Voluntary Liquidation and Tax Savings 26:33 Understanding Business Asset Disposal Relief 26:59 Money Box Companies: A Tax Strategy 31:12 Cliff Edges in Taxation: 100K and 200K 35:54 Avoiding Pension Tax Charges 40:31 Using Director's Loan Accounts to Pay Off Mortgages 45:22 Employing Family Members in Your Limited Company 48:43 Conclusion and Contact Information

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals. 00:00 Introduction to Income Protection and Insurance 00:32 Meet the Expert: Richard Heap 04:09 The Importance of Income Protection 09:40 Understanding Own Occupation Cover 11:23 Wealth Protection, Creation, and Preservation 14:50 Income Protection vs. Critical Illness 16:37 Navigating Sick Pay and Deferred Periods 21:16 Choosing the Right Financial Advisor 23:51 Independent vs. Restricted Advisors 26:13 Determining the Right Amount of Protection 29:46 Understanding Variations in Payouts 30:38 Tax-Free Payouts and Life Cover 31:21 Defining Incapacity in Policies 33:50 The Importance of Deferment Periods 36:32 Mental Health and Preexisting Conditions 39:51 Review Periods and Premium Adjustments 44:18 Critical Illness Definitions and Payouts 52:46 Mortgage Protection Options 59:37 Final Thoughts and Contact Information

This podcast provides an in-depth explanation of the NHS pension scheme, featuring insights from Andy Pow, a specialist medical accountant with 30 years of experience. Topics discussed include the tax efficiency of NHS pensions, the differences between the 1995, 2008, and 2015 sections of the scheme, retirement age variations, and comparisons between NHS and private pensions. The video also covers additional benefits such as death in service and ill-health retirement benefits. Essential yearly checks for maintaining an accurate pension record are highlighted, alongside practical examples and detailed calculations. 00:00 Introduction to NHS Pension Queries 01:07 Understanding the Basics of Pensions 01:52 Tax Efficiency of NHS Pensions 02:49 Employer Contributions and Tax Bands 04:33 Differences Between NHS and Private Pensions 05:35 Sections of the NHS Pension Scheme 09:29 Additional Benefits of NHS Pensions 11:31 Calculating Your NHS Pension 16:22 Importance of Regular Pension Checks 20:18 Conclusion and Further Resources

Extra resources: https://www.medicsmoney.co.uk/ https://www.medicsmoney.co.uk/free-guide/ https://www.medicsmoney.co.uk/is-your-doctors-tax-code-correct/ https://www.medicsmoney.co.uk/what-medical-school-didnt-teach-us/     In this episode, we welcome new FY1 doctors starting their first roles in the UK and break down the complexities of the NHS payslip. Join Dr. Ed Cantelo, a GP, chartered accountant, and tax advisor, along with Dr. Cyra Mackintosh, also a doctor and accountant, as they explore the various elements of a payslip, offer insights on tax codes, and share personal anecdotes from their early medical careers. This comprehensive guide aims to help new and established doctors understand their compensation better, manage professional expenses, and claim tax relief efficiently. Tune in for practical advice and real-life examples from healthcare professionals who have navigated the NHS payslip system. 00:00 Welcome New FY1 Doctors! 01:29 Meet the Hosts: Ed and Cyra 02:49 Navigating Your First Payslip 04:07 Understanding NHS Pay Structure 04:38 Breaking Down the Payslip Components 07:01 Tax Codes and National Insurance Explained 16:21 NHS Pension Insights 24:19 Claiming Tax Relief on Professional Expenses 25:24 Understanding the Tax Year 26:09 Setting Up a Personal Tax Account 27:43 Making Your Tax Relief Claim 28:48 Common Tax Issues and Solutions 31:52 Emergency Tax Codes Explained 44:18 Resources for Checking Payslips 47:23 Conclusion and Final Tips Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/   Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com   Want to improve your finances fast? Then come on our course   https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/   GP partner looking to improve your practice/ Then come on our course   https://www.medicsmoney.co.uk/gp-partnership-programme/   Follow us on Instagram   Follow us on Twitter   Disclaimer:   The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Use code 'FIGSUK' at wearfigs.com for 15% your order. In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively. 00:00 Welcome and Introductions 01:17 Tony's Journey from Radiologist to Pension Expert 01:47 Understanding the Pension Crisis 03:22 The Brown Envelope Shock 04:51 Developing Pension Tools and Political Advocacy 11:17 Taxation and Pension Growth Explained 15:52 The Impact of Tapered Annual Allowance 19:31 Recent Changes and Future Challenges 28:46 The Importance of Staying in the NHS Pension Scheme 30:14 Private vs NHS Pensions: A Comparison 31:18 Understanding the Career Average Scheme 31:53 Current Issues with NHS Pensions 32:12 The McCloud Remedy Explained 39:20 Challenges in Pension Administration 53:08 Advice for Doctors on Managing Pensions 56:58 Final Thoughts and Resources

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings. 00:00 Introduction and Guest Introduction 00:22 Emma's Journey into Money Blogging 04:03 Mindset and Habits for Financial Success 05:30 Saving Strategies and Tools 08:25 Favourite Budgeting Tools and Techniques 11:40 Money Saving Apps and Cashback Tips 1 9:00 Diversifying Income Streams 24:02 Building a Website for Income 27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate. takeaways Resident doctors are considering striking due to pay issues. Student loan forgiveness is seen as a potential solution but raises questions about fairness. Pension swapping proposals may not address the core issues of pay restoration. Generational differences in medical training and financial burdens are significant. The Economic Crime and Transparency Bill will increase financial transparency for doctors. Cash ISAs are losing value due to inflation, prompting calls for investment education. Financial education is lacking in schools, leading to poor financial decisions. Doctors feel undervalued compared to previous generations. The current economic climate is affecting recruitment and retention in the NHS. Investment is generally more beneficial than holding cash in the bank. Chapters 00:00 Introduction to Resident Doctors' Financial Concerns 01:05 Student Loan Forgiveness vs. Pay Restoration 07:00 Pension Swapping: A Controversial Proposal 11:40 Generational Perspectives on Strikes 16:52 Economic Crime and Transparency Bill 26:25 The Debate on Cash ISAs and Investment Education

Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/   In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future. 00:00 Introduction to Retirement Planning 00:45 Meet Dennis Hall: Financial Expert 01:24 The Evolution of Financial Planning 02:26 Pensions and Retirement Strategies 06:04 Financial Mistakes and Missed Opportunities 09:17 The Importance of Personal Financial Goals 11:52 Frameworks for Retirement Planning 18:47 The Emotional Side of Financial Planning 24:16 Advice for Younger Professionals 26:58 The Importance of Active Financial Planning 27:35 The Cost of Inaction and High Fees 29:16 The Rush of Last-Minute Investments 29:42 Tailored Financial Advice for Medics 30:16 The Pitfalls of Uncoordinated Portfolios 30:55 The Simplicity of Effective Investing 31:20 The Influence of Online Financial Advice 31:39 The Dangers of Unregulated Investments 32:33 Procrastination in Financial Planning 35:11 Addressing Financial Blind Spots 37:53 Unexpected Life Events and Financial Planning 38:46 Over-Insuring in the Medical Profession 40:23 Engaging with Your Finances 44:01 The Value of Long-Term Planning 46:37 Final Thoughts and Contact Information

Resources to help: https://youtu.be/ZHSBcGyycMI?si=vkQDr5FRb9O8JmAE https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ Reforming the NHS Pension System: A Manifesto for Change In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system. 00:00 Introduction to the GP Pension Crisis 00:21 Presenting the Manifesto for Change 00:52 Meet the Expert: Andy Pow 01:08 Current State of GP Pension Records 01:43 The Annual Return Process 02:12 Challenges with PCSE and Systemic Issues 03:09 Complexity of Pension Forms 05:19 Proposed Solutions: Early Form Availability 05:39 Abolishing GP Solo 06:43 Automating the Pension System 08:33 Regular Updates Between PCSE and NHSBSA 09:48 The Issue of Annualization 12:50 Investing in System Improvements 15:03 Resources to Navigate the System 16:34 Final Thoughts and Additional Suggestions 17:34 Conclusion and Call to Action

Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave. 00:00 Introduction to Financial Family Planning 00:24 Meet Cyra: Doctor and Chartered Accountant 01:55 Understanding Occupational Rights During Pregnancy 06:45 Navigating Maternity Leave 14:41 Statutory Maternity Leave and Pay 17:25 Understanding Maternity Allowance 18:00 Maternity Allowance for Self-Employed Individuals 19:42 Maximising Your Maternity Allowance 20:43 Maternity Pay for Salaried GPs 21:40 Recap of Maternity Pay Tiers 23:15 Introduction to Paternity Leave 24:25 Eligibility and Details of Paternity Leave 26:31 Adoption Leave Explained 28:10 Shared Parental Leave: An Overview 30:59 Maximising Shared Parental Leave Benefits 3 6:38 Conclusion and Next Steps

In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.   00:00 Introduction to Dr. Hannah Allen's Journey 01:26 Welcome to the Medics Money Podcast 01:48 From Doctor to Chief Medical Officer 02:09 Early Career and Initial Challenges 03:44 Venturing into Health Tech 05:19 Founding Tinto: A Digital Health Startup 08:12 Joining Heidi and Initial Impressions 10:13 The Impact of AI Scribes in Healthcare 11:43 How Heidi Enhances Medical Practice 17:43 Addressing Common Concerns About AI in Healthcare 27:38 Future of AI in Healthcare 34:03 Advice for Aspiring Health Tech Professionals 39:16 Conclusion and Final Thoughts

Book a demonstration here. In this episode of the Medics' Money Podcast, Tommy welcomes Dr. Andrew Whiteley, the founder of Lexacom, a widely-used health tech product. They discuss the origins of Lexacom, the challenges faced during its development, and the innovative features of its new version. Dr. Whiteley demonstrates Lexacom's capabilities, including streamlined email dictation, patient visit documentation via mobile, and AI-driven workflow enhancements. Ideal for GPs and hospital doctors, Lexacom aims to save time on administrative tasks and improve patient care. Watch the live demo to see Lexacom in action and learn how to integrate it into your practice. 00:00 Introduction and Guest Welcome 00:43 The Origin Story of Lexacom 03:55 Challenges and Growth of Lexacom 09:36 Innovations and New Features of Lexacom 11:58 Live Demonstration of Lexacom's Capabilities 27:07 Data Security and Privacy Measures 30:08 Conclusion and Final Thoughts   DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

In this episode of the Medics' Money podcast, Dr. Shun Pang, co-founder of Anima Health, shares his inspirational journey from a 7-year-old immigrant from China to founding Europe's fastest-growing health tech company. He discusses his experiences in medicine, the challenges he faced, and what prompted him to transition into the tech industry. Dr. Pang elaborates on the potential impact of AI in healthcare over the next 10-15 years and highlights the importance of resilience, first-principles thinking, and a growth mindset for success. This conversation also provides valuable insights for doctors interested in transitioning to health tech. 00:00 Introduction: The Journey Begins 00:07 Founding Anima: The Seed of Conviction 00:30 Anima's Rapid Growth and Recognition 01:17 Shun Pang's Early Life and Challenges 01:54 Educational Path: From Grammar School to Cambridge 06:45 The Struggles and Failures Along the Way 09:57 The Birth of Anima: A Turning Point 15:03 Overcoming Obstacles: The Road to Success 25:36 Reflections on Resilience and Being an Underdog 28:02 The Role of Childhood Trauma in High Performance 29:07 Frameworks for Tackling Massive Challenges 29:34 First Principles Decomposition Explained 33:45 The Future of AI in Healthcare 45:51 Transitioning from Medicine to Health Tech 56:57 Advice for Aspiring Health Tech Innovators

NOTE this was recorded before the change in terminology to 'Resident Doctor' from 'Junior Doctor'.   Achieve Financial Independence with FU Money: A Doctor's Journey In this video, we explore the concept of financial independence (FI) and how FU money can serve as a stepping stone toward achieving it. The speaker, once heavily indebted as a resident doctor, shares his personal journey from debt to financial stability. He explains the concept of FU money, which is enough savings or resources to allow for short-term freedom from a main job. Using examples from his own life, including a three-month surfing trip to Hawaii and the founding of 'Medics Money,' the speaker demonstrates how strategic financial planning and disciplined saving can make even seemingly unachievable goals attainable. The video highlights key financial skills such as optimizing tax, controlling spending, and setting mini-goals, ultimately providing viewers with practical steps to start their own journey toward financial independence. 00:00 Introduction to Financial Independence 01:14 Understanding Financial Independence 02:22 The Concept of FU Money 04:55 Personal Journey to FU Money 07:38 Building Medics Money 09:13 Lessons Learned and Final Thoughts 10:57 Bonus Content: NHS Pension

Website - https://youarenotafrog.com/ Instagram - https://www.instagram.com/drrachelmorris/ LinkedIn - https://www.linkedin.com/in/dr-rachel-morris/ Facebook - https://www.facebook.com/DrRachelMorris YouTube - https://www.youtube.com/@youarenotafrog Our FREE Am I Stressed, Overwhelmed or Burnt Out Toolkit - https://www.shapestoolkit.com/stressed-overwhelmed-burnout-toolkit (please note that this is due to go live on Monday, 12 May) Stress Curve Handout - https://www.shapestoolkit.com/handout-the-stress-curve-2024 Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

Navigating Resident Doctor Pay Cuts, Investing Insights, and Financial Strategies In this episode of the Medics' Money MDT Podcast, hosts discuss various pressing issues affecting the medical community. Dr. Cyra Mackintosh, who recently secured a training job, and Mr. Andy Pow, a senior medical accountant, join to explore the significant challenges of unemployment facing many doctors. They break down the complications around the resident doctor pay offer and the psychological contract between doctors and the NHS. The team also underscores the pitfalls of active versus passive investing, spotlighting the Spiva Scorecard, which shows that passive investments historically outperform active funds. Lastly, they touch on the importance of financial habits, like taking advantage of cashback offers, in reinforcing long-term financial health. 00:00 Introduction and Guest Introductions 01:41 Discussing the Stock Market Crash 03:56 Investment Strategies and Media Influence 12:40 Resident Doctor Pay Offer and Job Security 23:54 Real Pay Trends in the Private Sector 25:25 Addressing Workforce Issues in Government 25:59 Educational Assistants and Pay Disparities 29:13 The SPIVA Scorecard: Active vs. Passive Investing 33:39 The Importance of Financial Confidence 40:08 Cashback Tips and Financial Savviness