Chester County Medical Society Presents: Financial Literacy Workshops

Chester County Medical Society Presents:

Financial Literacy Workshops

The staff of our county medical society has been working with a team of financial and legal advisors to present a series of “Financial Literacy” modules for medical students, residents/fellows and early career physicians. The first two programs have been held and are now archived on the www.chestercms.org website for viewing by our members.

The next scheduled module entitled

“Creating Your Team of Advisors: Attorneys; Financial Advisors & Accountants/Tax

Professionals” will be a live Zoom program on Wednesday evening December 1, 2021. To participate in the live session see the flier on our website. This module will also be recorded and archived on our website.

Module #1 “Physician Employment

Contracts: Pillars, Pitfalls & Tips” was held on September 21, 2021. The program was designed for physicians in transition from one employment contract to a new employer as well as the aforementioned target group of early career physicians.

This program features veteran healthcare attorney Karen E. Davidson, Esq., and was moderated by Financial Advisor Rory Sullivan with CCMS Executive Director David McKeighan. Ms. Davidson’s presentation featured “Four Pillars” of employment contracts for physicians including a focus on: compensation & benefits; professional liability insurance coverage and non-compete clauses. It’s a terrific primer for physicians who are considering an employment contract.

Module #2 “Managing Student Debt, Budgeting and Understanding Employer

Benefits” was held on October 6, 2021. Karen Davidson, Esq., served as the moderator and Rory Sullivan from Mass Mutual of Greater Philadelphia and Brian Walters from GradFin were panelists.

Mr. Walters discussed some recent major changes in public service loan forgiveness programs of the US Department of Education. It was noted that eligibility has increased for physicians who are employed by non-profit hospitals and health centers. It was also noted that the Department of Education is planning to make additional improvements in the process of applying for loan forgiveness and will simplify the requirements for a payment to be considered a qualifying payment. The Department is also planning on allowing some types of deferments and forbearances to count toward loan forgiveness. These changes will be made by issuing new regulations.