In Part one of this two‑part conversation, Dr. Peter Staats shares the formative experiences that shaped his path into anesthesiology and pain medicine, beginning with his upbringing in Hawaii and the profound intellectual influence of his father, a pioneering academic psychologist. This early exposure to integrative thinking laid the groundwork for Dr. Staats' approach to medicine, one that challenged traditional silos and emphasized the interconnectedness of behavior, psychology, and physiology. His medical training, initially aimed toward orthopedic surgery, ultimately shifted toward anesthesiology after a transformative clinical experience that revealed the power of precision, innovation, and patient‑centered care.

Dr. Staats reflects on his academic career at Johns Hopkins University, where he became the youngest division chief and helped define the early landscape of modern pain medicine. He describes the opportunities that academic medicine provided, including time for research, access to world‑class collaborators, and a platform to develop and publish groundbreaking work such as new pain treatment modalities and clinical trials. At the same time, he candidly addresses the financial realities of academic medicine and the operational challenges that pushed him to pursue business education, ultimately earning an MBA out of necessity rather than intention.

The episode also explores Dr. Staats' eventual transition from academia to private practice, highlighting the stark differences in mindset, efficiency, and incentives between academic institutions and entrepreneurial medical practices. He discusses the importance of ethics, operational discipline, and financial literacy in building sustainable practices, as well as the risks physicians face when evaluating partnership opportunities without fully understanding compliance, billing, and incentive structures. Part 1 sets the stage for deeper discussions in Part 2 around leadership, industry involvement, and large‑scale impact beyond clinical care.

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Dr. David Koronkiewicz, a retired orthopedic surgeon and current leader in healthcare quality, safety, and risk management, joins the podcast to discuss two major issues affecting physicians today: the peer review system and workplace violence in healthcare. Drawing from more than 30 years in clinical practice and extensive experience in administrative leadership, he offers a rare, multidimensional perspective on how internal hospital processes can deeply impact a physician's career, finances, and long‑term wellbeing.

Koronkiewicz explains how peer review—originally intended to ensure quality care—can be weaponized for political or competitive reasons. Sham peer review cases can lead to devastating outcomes including damaged reputations, loss of privileges, reporting to the National Practitioner Data Bank, and severe financial fallout. He highlights the importance of understanding hospital bylaws, due process, legal protections, and obtaining proper insurance coverage to safeguard against these risks.

The conversation then shifts to violence and bullying in healthcare environments. Koronkiewicz shares eye‑opening statistics about the rise in aggression toward healthcare workers, particularly post‑COVID. He emphasizes how hierarchical culture, burnout, sexual harassment, and lateral bullying all contribute to worsening morale, poorer patient outcomes, and increased turnover. He concludes by offering practical advice for early‑career physicians: stay informed, protect yourself, document everything, uphold professionalism, and never assume the system alone will keep you safe.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

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Attorney Bo Loeffler returns to the podcast to revisit with David the foundational principles of asset protection—what it is, why physicians need it, and how proper timing and structure make all the difference. The conversation begins with an overview of risk for physicians, from malpractice and employee claims to real estate liability and auto accidents and stresses the importance of addressing these risks before they arise. Bo and David emphasize the crucial concept that asset protection is only effective when implemented ahead of any foreseeable claim.

The discussion then shifts to the three legs of the asset protection stool: proper insurance coverage, state-specific exempt assets, and legal tools such as LLCs and irrevocable trusts. Bo highlights how differences between state laws—especially Ohio's robust statutes—can dramatically impact the success of an asset protection plan. They also explain how tools such as LLCs and Domestic Asset Protection Trusts can be structured to protect against creditors through features like charging orders, sole-remedy statutes, and sate-specific limitations on creditor remedies.

Finally, the episode examines real legal cases—including one in Colorado involving LLC misuse and one in Delaware validating long-standing asset protection trust structures—to illustrate what works and what fails in the real world. David concludes by drawing a parallel to medicine: asset protection requires both "surgery" (establishing tools) and "rehab" (proper, ongoing maintenance). With Bo's deep experience drafting state statutes and litigating these issues, the episode provides a practical, high-level roadmap for physicians looking to protect their personal and professional assets.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!