What doctors don't know about their own finances, with Michael Jerkins, M.D., M.Ed., and Jillian Vestal, J.D., of Panacea Financial

Physicians are among the highest earners in the American workforce. They're also among the most financially stressed.

Panacea Financial's 2026 survey, "The Financial Lives of Doctors," puts numbers to that tension. Financial confidence rises from just 2.33 out of 5 in medical school to 3.27 among practicing physicians. More than half of respondents said they would not choose medicine again, or weren't sure, if federal student loans were capped at $200,000 (which they will be next month). Nearly two-thirds cited tax complexity as a top career challenge.

Medical Economics Associate Editor Austin Littrell speaks with Michael Jerkins, M.D., M.Ed., president and co-founder of Panacea Financial, and Jillian Vestal, J.D., head of legal services at Panacea Legal, about what's driving those numbers. The conversation covers what physicians consistently miss when reading their own contracts, how student debt shapes nearly every major financial decision a doctor makes, the tax traps hiding in signing bonuses and relocation reimbursements, and what the financial services industry keeps getting wrong about physicians as clients.

Read the report: https://panaceafinancial.com/survey-2026/

Music Credits:
Ambient Jazz by AurbanniAudio - 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 – 0:26 | Sponsor message Copic medical liability insurance.

0:26 – 0:42 | Cold open Dr. Jerkins previews the episode's core tension: being a doctor is still the coolest job you can have — but there will be a financial point where people reconsider.

0:42 – 1:57 | Introduction Austin Littrell introduces the episode and the guests and previews the key findings from Panacea's 2026 survey, "The Financial Lives of Doctors."

1:57 – 3:41 | Meet the guests Dr. Jerkins describes his path from financially struggling MedPeds physician to co-founding Panacea Financial. Vestal explains her background in health system contract work and what drew her to Panacea Legal.

3:41 – 6:08 | Would doctors choose medicine again? 53% of survey respondents said they wouldn't choose medicine, or weren't sure, if student loans were capped at $200,000. Dr. Jerkins puts the number in context: record medical school enrollment suggests demand remains strong, but the cap could quietly shift who enters the profession and where they end up practicing.

6:08 – 11:39 | The contract knowledge gap 49% of respondents said understanding their own compensation is a top challenge — but Vestal argues the real number is higher, because many physicians don't know what they don't know. Two contracts with identical salary numbers can look very different once call obligations, productivity incentives and bonus structures are factored in.

11:39 – 12:50 | Why earning more doesn't mean feeling more confident Financial confidence barely moves from training to practice — not because doctors are irresponsible, but because clinical and administrative demands leave little bandwidth for learning to navigate tax strategy, long-term planning and retirement savings.

12:50 – 17:22 | Student debt and contract negotiations 46% of doctors don't fully understand their repayment, forgiveness or refinancing options — and that knowledge gap follows them into employment negotiations. Vestal walks through how signing bonuses structured as loans, student loan assistance clauses and termination language can each carry significant financial consequences that most physicians never see coming.

17:22 – 18:21 | P2 Management Minute Keith Reynolds shares practice management tips and invites listeners to submit their own workflow ideas.

18:21 – 21:24 | Balancing loans with life goals 70% of respondents struggle to balance loan repayment with other financial goals, including 37% already in practice. Dr. Jerkins explains why the period right after training is when physicians are most at risk of financial mistakes — and why a student loan strategy needs to come before the nice house.

21:24 – 25:23 | The tax complexity problem Tax complexity was the most cited career challenge at 67%, split nearly evenly between trainees and practicing physicians. Vestal breaks down how signing bonuses structured as loans, relocation reimbursements and state-to-state tax bracket shifts create unexpected W-2 surprises in a physician's first year of practice. Dr. Jerkins adds the growing 1099 locums trap.

25:23 – 28:31 | What the financial services industry gets wrong about doctors Physicians aren't careless — they're busy and uninformed. Dr. Jerkins argues the industry misreads physician risk, ignores their schedules and fails to account for the income gaps that happen between training and practice.

28:31 – 32:27 | The single most important thing to do right now Educate yourself, don't trust appearances and find a fiduciary advisor with physician-specific experience. Vestal adds: even if you've already signed your contract and have no plans to leave, get it reviewed — one doctor recovered $40,000 she never knew she was owed.

32:27 – 33:20 | Closing thoughts and outro Littrell thanks the guests, directs listeners to Panacea's 2026 survey in the show notes and wraps the episode.