Ep 260: Understanding NHS Pensions, Student Loans, and Childcare

https://www.medicsmoney.co.uk/our-courses/ In this episode, the Medics' Money team recaps a recent experiment where they discussed current medical finance issues and received positive feedback from their audience, prompting another MDT episode. The team, including Dr. Tommy, Dr. Ed, Dr. Cyra Asher, and accountant Andy Pow, covers crucial topics such as checking national insurance records for state pension eligibility, the volatility in the stock market, and the financial implications of electric cars. Additionally, they dive into why current trainees might be hesitant to pursue GP partnerships, discussing the financial risks and lack of business training in medical education while emphasizing the importance of seeking proper guidance and education through Medics' Money's courses. The discussion also touches on medical negligence and vicarious liability risks within GP partnerships. 00:00 Introducing the MDT Experiment 01:07 Meet the Medics Money Team 02:35 Importance of Checking National Insurance Records 04:10 Understanding Voluntary Contributions 05:50 Child Benefits and National Insurance Credits 11:26 Global State Pension Eligibility 13:03 The Great Stock Market Crash Discussion 20:18 Stock Market Sale 20:37 Electric Car Tax Changes 21:33 Luxury Car Tax Explained 22:30 Electric Car Incentives 24:38 Impact of Tax Policy on Electric Cars 27:10 GP Partnership Challenges 31:53 Lack of Knowledge About Partnerships 37:09 Unlimited Liability Concerns 42:49 Conclusion and Final Thoughts

4 Apr 44min

Transforming Primary Care: The Role of Independent Prescribing Pharmacists In this podcast, a GP hosts members from DPP Connect to discuss innovative ways of integrating pharmacists into primary care. Raheena Kasam, Mahmud, and Sadik explain their roles and the function of DPP Connect in facilitating pharmacists to become independent prescribers by matching them with GPs for practical training. They delve into the specifics of the independent prescribing qualification process, the benefits for GP practices, and the future of pharmacist roles in general practice. The conversation highlights the collaborative efforts between GPs and pharmacists, the workflow integration, and the positive impact on patient care. 00:00 Introduction to the Podcast and Guests 02:02 Overview of DPP Connect 02:40 Understanding Independent Prescribing for Pharmacists 04:04 Real-Life Experiences and Benefits 06:44 Training and Supervision Requirements 10:03 Specialization and Scope of Practice 13:59 Vetting and Onboarding Process 16:04 Getting Started with DPP Connect 16:38 Future of Pharmacists in General Practice 21:16 Conclusion and Contact Information

3 Apr 21min

Sign up to Tandem here. In this episode, host Tommy interviews Dr. Katie Baker, who transitioned from being a GP to becoming the CEO of a global healthcare company and Operations Director at Tandem Health. They discuss Dr. Baker's career journey, the role of AI in healthcare, and the groundbreaking AI scribe tool by Tandem Health designed to reduce administrative burdens for clinicians. They also delve into Dr. Baker's insights on the future of health tech, the importance of clinician involvement in tech startups, and practical tips for integrating AI tools into medical practices. The conversation highlights how AI can transform healthcare by allowing clinicians to focus more on patient care while streamlining administrative tasks. 00:00 Introduction and Guest Welcome 01:00 Discussing AI in Healthcare 02:03 AI Scribe Demonstration 03:26 Consultation Simulation 08:38 Tandem Features and Benefits 14:36 Getting Started with Tandem 16:02 Understanding Tandem's Pricing and Cost Efficiency 17:33 Necessary Equipment for Using Tandem 18:49 Navigating Implementation and Sign-Off Challenges 19:53 From GP to Health Tech: Katie's Journey 23:15 Breaking into Health Tech: Tips for Clinicians 29:23 The Role of Clinicians in Health Tech Startups 32:19 The Future of Health Tech and AI in Medicine 35:20 Conclusion and Trial Information 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.

1 Apr 36min

In this episode of the Medics' Money podcast, host Cyra welcomes co-leads Sophie and Henry from the BMA's finance campaign and fourth-year medical student Miki to discuss the financial challenges faced by medical students in England. They delve into how student finance currently works, the significant drop in funding during later years of study, and the impact of these financial shortcomings on students' lives. Personal stories highlight the struggles of balancing intense academic workloads with part-time jobs and the use of food banks, among other hardships. The episode also explores potential solutions, including the continuation of full maintenance loans, increased grants, and better pre-application information. The guests share ongoing efforts to engage with government departments and proposed actions to address these critical issues. 00:00 Welcome to the Medics Money Podcast 00:28 Meet the Finance Campaign Co-Leads 01:16 Understanding the Student Finance System 03:18 The Financial Struggles of Medical Students 05:38 Personal Stories of Financial Hardship 11:00 Campaign Goals and Government Engagement 18:14 Closing Remarks and Future Actions

25 Mars 24min

In this episode of the Medics' Money Podcast, Chartered Accountant and Doctor Cyra takes over for Women's Week in honour of International Women's Day. She engages in a detailed discussion with Melanie Thomas, an accountant specialising in the financial management of doctors. The conversation delves into observed behavioral and career differences between male and female NHS consultants and GPs, particularly in relation to risk-taking, investment behaviors, and work-life balance. They explore the impact of these differences on gender pay gaps and pension disparities. Additionally, the episode provides actionable advice for female doctors to gain financial literacy and confidence in managing their finances. Stay tuned for more insights throughout Women's Week on multiple platforms. 00:00 Introduction to Women's Week 00:28 Meet Melanie Thomas: Accountant for Doctors 01:05 NHS Consultants: Gender Differences in Private Practice 03:16 GPs: Gender Dynamics and Financial Roles 06:11 Investing Behaviors: Risk Appetite and Gender 08:38 Balancing Family and Career: The Hidden Workload 10:10 Empowering Women in Finance 12:10 Conclusion and Upcoming Topics

21 Mars 12min

GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Journey from ONG Trainee to Influential GP Partner: Tips & Insights with Dr. Durrat In this episode, we hear from Dr. Durrat, a GP partner who shares her transformative journey from an ONG trainee to a GP partner. Durrat offers invaluable insights into improving recall systems, leveraging cloud accounting, and utilising automations and technologies to enhance GP practices. She discusses the significant impact of the Medics Money GP partnership course on her career and practice management. She also highlights the pros and cons of being a GP partner, the benefits of a supportive GP community, and provides practical tips for aspiring partners. 00:00 Introduction to Today's Podcast 02:20 Meet Dr. Durrat Bharmal 02:53 Journey to Becoming a GP Partner 04:41 Learning the Business Side of GP 08:05 Implementing Changes in Practice 11:05 Pros and Cons of Being a GP Partner 14:13 Future Plans and Final Thoughts

18 Mars 16min

In this episode of the Medics' Money podcast, hosts Ed and Matthew provide a comprehensive guide on essential tax planning strategies to consider before the end of the 2024-2025 tax year on April 5, 2025. They cover six crucial topics, including claiming tax rebates for professional expenses from prior tax years, maximizing ISA allowances, understanding and mitigating marginal tax rate traps, exploring asset transfers to lower-taxed spouses, and staying aware of potential pension annual allowance issues. The episode aims to help healthcare professionals avoid missing out on valuable tax-saving opportunities and offers actionable tips to optimize financial planning. 00:00 Introduction and Overview 00:58 Meet Ed: Your Tax Guide 02:12 Claim Your Tax Rebates 06:00 Maximizing Your ISA Allowance 11:54 Understanding Marginal Tax Rates 14:57 Transferring Assets to Lower Tax Spouses 17:27 Pension Contributions and Annual Allowance 19:21 Final Thoughts and Recap Want the latest financial tips for doctors and exclusive invites? Join 56,000 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.

14 Mars 22min