How Physicians Can Clear the Financial Clutter

By Michael Jerkins, MD, M. Ed., President and Co-founder of Panacea Financial

Between patient care, administrative responsibilities, and life outside medicine, keeping track of every financial obligation can fall to the bottom of the list. Over time, a credit card balance here, a financed purchase there, and a lingering loan can create more debt clutter than any one balance suggests.

Multiple debts can mean multiple due dates, interest rates, and monthly payments. Even when each payment feels manageable, tracking them all can make it harder to understand where your money is going and how much room you have in your monthly budget.

Start With an Hour and a Blank Page

● Take full inventory. List each balance, interest rate, minimum payment, and due date.
● Look at the full cost. Review fees and total interest, not only the monthly payment.
● Simplify where possible. Automatic payments or adjusted due dates may make debts easier to manage.

Consolidation is one potential tool, and the details matter. A lower monthly payment may come with a longer repayment term and more interest paid over time. Compare the new loan’s rate, fees, term, and total cost with your current debts before deciding.

For Doctors, By Doctors
Panacea Financial was founded by physicians because we kept running into the same wall: Lenders who did not understand our financial needs and situations as physicians.

Our PRN Personal Loan is built for that gap. Fixed rates. No cosigner required for most applicants. An application that takes just minutes and you can get funding in as little as 24 hours. AMS members can receive a discount on their interest rate with Panacea.

Questions? Visit us at panaceafinancial.com/ams.

Panacea Financial is a division of Primis Bank. Member FDIC.

Michael is the President and Co-founder of Panacea Financial and is also a practicing physician in Little Rock, AR. After earning his BBA in Economics, he deferred his medical school acceptance to teach middle school science in the Phoenix, AZ area while also earning his Masters in Education from Arizona State University. He then completed medical school at the University of Tennessee Health Science Center before finishing his residency at University of Cincinnati Medical Center and Cincinnati Children’s Hospital. With a faculty position and board certifications in both Internal Medicine and Pediatrics, Michael is able to treat patients of all ages and teach medical trainees in both inpatient and outpatient settings.