Physicians spend years mastering medicine, but many leave training with little guidance on managing money, debt or long-term financial decisions.

Michael Jerkins, M.D., M.Ed., an internal medicine and pediatrics physician and co-founder of Panacea Financial, sits down with Medical Economics Senior Editor Richard Payerchin to break down what financial pressures look like at every stage of a physician’s career — from residency cash-flow strain and student loans to practice ownership and long-term stability.

They explore why so many physicians struggle with traditional banking models, what “financial independence” really means for physicians and how financial decisions can quietly limit control over time. Jerkins also discusses growing interest in independent practice, direct primary care (DPC) and concierge models, along with the importance of financial literacy early in a medical career.

Music Credits:
Healing breeze by Cephas - stock.adobe.com
A Textbook Example by Skip Peck - stock.adobe.com

Editor's note: Episode timestamps and transcript produced using AI tools.

0:00 — Cold open
Michael Jerkins, M.D., M.Ed., practicing internal medicine and pediatrics physician and co-founder of Panacea Financial, explains how physicians can earn enough to mask financial mistakes — while debt quietly takes control of their time and flexibility.
0:28 — Intro
Austin Littrell introduces the episode and previews Richard Payerchin’s conversation with Jerkins on physician debt, cash flow and long-term financial stability.
1:30 — Interview begins
Payerchin welcomes Jerkins to the podcast and opens the discussion.
1:35 — Physicians seeking control over their practices
Jerkins discusses growing interest among physicians in independence, the lack of business exposure in medical training and why many doctors don’t know where to start when considering ownership.
4:51 — Employment vs. independence for new physicians
Why most new residency and fellowship graduates still choose employed roles, even as entrepreneurial interest slowly increases.
6:28 — When physicians aren’t ready for financing
Jerkins explains common reasons loan applications fall short and how Panacea focuses on coaching and connection rather than simple rejection.
9:14 — Fixing financial literacy in medical education
Why meaningful financial and business training won’t improve without accreditation requirements—and how current systems waste effort reinventing the wheel.
11:51 — P2 Management Minute
Keith Reynolds delivers a one-minute segment inviting physicians to share real-world workflow and leadership lessons.
12:43 — Financial trends shaping the next decade
Jerkins outlines looming pressures including Medicaid cuts, rural hospital instability, private equity consolidation and maldistribution of care.
15:30 — Defining wealth for physicians
Why controlling time—not income or lifestyle upgrades—is the real measure of financial success.
18:38 — A message to primary care physicians
Jerkins reflects on the pressures facing primary care and urges physicians to seek leadership roles to influence systemic change.
20:02 — Closing remarks
Payerchin thanks Jerkins and wraps the interview.
20:31 — Outro
Littrell closes the episode with subscription details and production credits.

S1 Ep116: Financial independence, with Michael Jerkins, M.D., M.Ed.

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