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FINANCIAL SUCCESS FOR PHYSICIANS: Navigating Common Challenges and Maximizing Opportunities

by | Jun 5, 2023 | Articles, Nifty Blog | 0 comments

FINANCIAL SUCCESS FOR PHYSICIANS: Navigating Common Challenges and Maximizing OpportunitiesLet me tell you, I wish there was a DOC2DOC Lending, Inc. when I was coming out of dental school. Dr. Kenton Allen—their co-founder and Chief Growth Officer—is disrupting the lending world. He’s solving the money issues that most of us dentists (and physicians alike) run into early in our careers.

When we’ve just graduated from dental school or just got out of residency, finances are a big obstacle for us—we’re often deep in debt. But even if we’ve been practicing in the professional realm for some time, opening up a practice is still something we might struggle to afford. So, we’re left wondering: What’s the best way to go about getting loans?

Well, that’s where Kenton steps in.

Created by health professionals for health professionals, Kenton and his team over at DOC2DOC believe that traditional lenders overestimate the risk of lending money to dentists. Traditional lenders focus too much on the challenges of their clients’ financial past and give them insufficient credit for the promise of their financial future.

And that’s why they created this platform—to give both physicians and dentists a fair platform to get the funding they need. But what exactly inspired Kenton to start DOC2DOC and shift into the finance industry? In other words, what’s the origin story?

Well, DOC2DOC was founded on Kenton’s experiences as well as the experiences of the company’s other co-founder, Dr. Zwade Marshall (also an anesthesiologist).

Kenton attended Dartmouth Medical School, the Dartmouth Tuck School of Business. Coming out of all that learning, Kenton found himself $250,000 deep in debt. Soon enough, Kenton started his residency in Anesthesiology, Perioperative, and Pain Medicine at Brigham and Women’s Hospital in Boston, MA, where he made about $54,000 a year for four years.

At this point in time, Kenton had a growing family—his wife and two kids (both at the age of three). When he did the math and calculated what it would take to keep their personal and professional lives on track, he soon realized that his salary just wasn’t going to cut it. The rent alone—in a bad part of Boston—was $2,200 a month.FINANCIAL SUCCESS FOR PHYSICIANS: Navigating Common Challenges and Maximizing Opportunities

Knowing he needed to supplement his salary some other way, Kenton went out to see what his options were. He was very discouraged to learn that he was viewed as a “high-risk” borrower. It didn’t make sense: he had completed medical school, was in a well-respected training program, and had opportunities to take up job offers that offered many multiples of what he was currently earning.

But, the fact of the matter was, that the traditional metrics that are used to judge the riskiness of any borrower made Kenton seem like the bottom of the barrel when applied to him. As mentioned before, DOC2DOC’s other co-founder, Zwade, was having a similar experience.

When they both finished training, they circled back to one another and, with each peer they spoke to, the more they learned that they weren’t alone in this frustration of feeling misjudged and misrepresented in the financial marketplace.

Thus, DOC2DOC was born. They created a platform where doctors were deemed more creditworthy than the market traditionally allowed for. After launching the business in 2017, it didn’t take long for Kenton and Zwade to prove that this business hedge was true.

Tune in to learn more about the company and the types of loans they have available for all of us. With DOC2DOC, you can access flexible lending options, favorable loan terms, and expert physician support to achieve financial success. Start your journey today:

Check out the Nifty Deal at https://join.doc2doclending.com/landing/niftythrifty

 

Learn about:

  • What are some of the common financial challenges faced by physicians?
  • How (and why) do lenders view physicians as risky borrowers?
  • How can you use cases for leveraging borrowed money to improve your financial situation?
  • Since Kenton and Zwade started DOC2DOC, what’s some of the “exciting data” that has shown up?
    • Hint: It has something to do with proving that dentists and physicians are actually more creditworthy than the collective population.
  • How did the pandemic actually boost business for DOC2DOC?
  • How can DOC2DOC’s team of six doctors help a borrower get clear on what goals they’re trying to achieve through loans?
  • What are some of the factors that come into play when getting accepted for a loan from DOC2DOC? What do they look at, besides credit score and other more “standard” variables?
    • Hint: They consider “doctor-specific” metrics.
  • For those more “mature” doctors who have a practice already and are just looking for some extra “breathing room” or want to fund entrepreneurial activities, is DOC2DOC able to help?
    • Hint: Kenton and his team have been able to support many folks in these endeavors, and they always have a blast hearing about the amazing ideas they’re funding.
  • How did Kenton’s family react when he told them he wanted to make the pivot of launching a finance business right after putting so much work into graduating from medical school, finishing his residency, etc.?
    • Hint: Being a nurse, Kenton’s wife had seen the struggle young doctors face when it comes to money—she knew there was a need for DOC2DOC’s services.
  • When Kenton and Zwade started DOC2DOC, did they expect it to grow as large as it is today?
    After you fill out an application to get in touch with Kenton and his team at DOC2DOC, how long do you need to wait for a response?
    • Hint: If it’s not instantaneous, it’s within 12 hours.
  • And more!

 

Nifty Deal:
Nifty Thrifty members receive $100 cash back on your funded loan.

 

 

Disclaimer:  This post contains affiliate links, which means we receive a commission at no additional cost to you.  The funds we receive are small and go towards running this site and our podcast.  For more information about our affiliate policy, please click this link.

 

 

Glenn Vo
Author: Glenn Vo

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