Welcome Don Lee, MD, MPH, as Wisconsin Medical Society President

The Wisconsin Medical Society (WisMed) is pleased to welcome Don Lee, MD, MPH, as president. Dr. Lee was inaugurated at our annual event in April, and you can read his speech here. Dr. Lee shared a bit about leadership and participating in WisMed.

Why did you want to be Wisconsin Medical Society President? 

I wanted to serve as President of the Wisconsin Medical Society because I believe that the medical profession was facing and continues to face enormous challenges that have resulted not just from the pandemic, but also from the corporatization of health care, changes in payment models and factors related to social determinants of health. I believe my research and educational background in leadership and government, my 17-year work experience in hospital based medical practice and my dedication to organized medicine will help me to lead the Wisconsin Medical Society forward out of this public health crisis and into the new post-pandemic world. 

What would you like to achieve as WisMed President?

As WisMed President, I will continue to encourage active participation of all WisMed members from across the state of Wisconsin. I will continue to reduce the unnecessary administrative burdens on physicians so that they get the time that they need to practice medicine the way it was meant to be. I will continue to promote physician-led team-based care which has helped lead to high quality health care for Wisconsin communities. I will continue to help WisMed help physicians navigate the complexities of the business side of medicine. I will continue to help lead WisMed to help develop solutions to address the issues of health care access and social determinants of health. And finally, I will continue the important work WisMed does every day inspiring the new generation of physician leaders.

Why is WisMed involvement important to you? 

My interest in organized medicine started during my father’s tenure as President of the Wisconsin Society of Anesthesiologists. During his tenure, while I was just a kid, he talked to me about health care reform and the possible roles government could play. Through my own journey, first as a college student majoring in government and economics, then as a program analyst at the Wisconsin Bureau of Health Care Financing and finally as an internal medicine hospitalist with leadership roles in WisMed, I experienced firsthand how the economy and politics affect people’s health care. I found that my medical practice combined with WisMed leadership roles has allowed me to serve individual patients as well as continue to work to impact the health status of whole communities. 

Tell us about one WisMed initiative that you are excited about.

I am excited about putting the 2023-2027 Strategic Plan into action… All of it! 

Do you have advice for future physician leaders? 

To quote Steve Jobs, “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” 

What are some of your hopes for WisMed’s future?

To quote the Wisconsin Medical Society Vision Statement, “To enable physicians to lead efforts with other health care partners to optimize health care delivery and ensure accessible, efficient, patient-centered quality care for all the people of Wisconsin.”

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New physician wellness member benefit

The Wisconsin Medical Society is happy to announce Core Choice, a new physician wellness resource for our physician members. Core Choice, provided by Erica Larson, DO, focuses on your complete wellness. Dr. Larson uses a holistic approach with a comprehensive assessment and advanced diagnostics, and provides Wisconsin Medical Society members a 25% discount on the assessment. Learn more here.

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Input from rural full spectrum OB physicians needed for Foundation fellowship research on Barriers and Facilitators to Obstetric Care in Rural Wisconsin Communities

Madeline Hoitink, a first-year medical student at Medical College of Wisconsin-Milwaukee is the recipient of a 2023 Wisconsin Medical Society Fellowship entitled Barriers and Facilitators to Obstetric Care in Rural Wisconsin Communities. Her research examines strengths, challenges and opportunities to deliver high quality obstetric care in rural communities by interviewing physicians to gain their perspectives. 

Madeline and her advisor, Leslie Ruffalo, PhD, will conduct one-on-one interviews with physicians who provide obstetric care in rural areas of Wisconsin. During the interviews, they will ask questions about physicians’ thoughts concerning providing obstetric care to patients that reside in smaller Wisconsin communities.   

If you are interested, please respond with your willingness and availability to complete a one-time interview with Madeline. Her email address is mhoitink@mcw.edu. 

If you choose to participate, Madeline will work with you to schedule a time to meet via Zoom, in-person or via phone for 30 minutes to conduct the interview. Your responses during the interview will be confidential and any results that are shared will have your name removed.  

If you have any questions, please contact Madeline’s research advisor, Dr. Leslie Ruffalo, Medical College of Wisconsin Associate Professor, at lruffalo@mcw.edu.

Please consider supporting important medical research of Wisconsin physicians and students through the Wisconsin Medical Society Foundation Fellowship Fund. For more information about this, or any Foundation program, please contact foundation@wismed.org.

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WISMedPAC board meets quarterly

Your WISMedPAC board held its second quarter meeting last week via Zoom and it was, as always, a well-attended meeting. There are 16 board members, of which almost half are new to the board this year. This includes two residents and two medical students. Led by Board Chair Dan Bennett, MD, this board always enjoys a detailed insider’s legislative update from Mark Grapentine, JD, Wisconsin Medical Society Chief Policy & Advocacy Officer, who explains the state, federal and judicial actions that are in the works and would affect the practice of medicine. There was also an update from Heidi Green, Director of Federal Relations and Political Giving, on WISMedPAC finances and plans to generate more money into WISMedPAC and WISMedDIRECT. Fundraising events and GO PAC GO were top of the priority list.

WISMedPAC board terms are one year. If this political insight interests you, be sure to nominate yourself at the end of the year for next year’s board!

To learn more about WISMedPAC (our political action committee) and WISMedDIRECT (our conduit), click on these links or contact Heidi Green at 608.358.6116.

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Jesse Ehrenfeld, MD, MPH, 2023 STATUS list honoree

Congratulations to Jesse Ehrenfeld, MD, MPH, American Medical Association (AMA) President-elect, Director of the Advancing a Healthier Wisconsin Endowment and Senior Associate Dean and Professor at the Medical College of Wisconsin School of Medicine, for being named to STAT’s 2023 STATUS List, the ultimate list of leaders in health, medicine and science.

Dr. Ehrenfeld is among only 46 honorees named to the 2023 STATUS List, selected from sectors including biotechnology, diagnostics, education and policy. When he takes office as AMA President in June 2023, Dr. Ehrenfeld plans to focus on the AMA’s Recovery Plan for America’s Physicians, which includes promoting telehealth and helping physicians suffering pandemic burnout.

Read Dr. Ehrenfeld's full biography here. To view the 2023 STATUS List, click here.

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Financial tips for 2023

Financial planning isn’t a one-time event. Rather, it’s ongoing each year. Consider these timely items for 2023.

Student Loans

Depending on where you are in the student loan repayment, there are multiple items to consider.

• Payments are expected to restart by September 1. Review your payment plan. Should you be enrolled in PAYE, REPAYE or another plan?
• For those graduating this spring, you can skip the 6-month grace period and start paying your loans by consolidating. This is most advantageous for those who want to start counting the months toward loan forgiveness.
• In November, final regulations are expected to be published which amend the REPAYE plan. The amended plan is expected to become effective in July of 2024. Review your payment plan a second time later this year.

No More Debt

The fastest way to eliminate consumer debt, like credit cards and auto loans, is the debt snowball or debt avalanche methods. Pair this with a budget to redirect frivolous spending toward debt elimination. Then, build a pile of cash so you never need to borrow again, even for cars.

Increase Investment Contributions

• The maximum 401(k) or 403(b) limit for 2023 has increased to $22,500 per person. If you are 50 by the end of the year, the amount is increased to $30,000.
• Similarly, Roth IRA or backdoor Roth IRA contributions are up to $6,500 per person or $7,500 for those age 50 by yearend.
• Health savings account limits have increased to $3,850 individual, $7,750 family and those age 55 or older by yearend can add an additional $1,000. You must have a high deductible health plan to contribute to an HSA.
• Deductible Edvest 529 contributions are now $3,860 per beneficiary.

I Bond Sale

With inflation declining, I Bond interest is falling below money market and CD rates, so plan your sale of these securities. For most people, selling three months into the low renewal rate makes the most sense. Please see last month’s Medigram story for details.

2022 Tax Return Review

There are some commonly missed items on tax returns.

• Backdoor Roth IRA contributions. Check line 4b on your 1040, it should be $0. If it’s not, your backdoor Roth IRA was taxed and reported incorrectly, or you had pretax money in an IRA.
• Missing Edvest deduction on the WI return. This is an easy one to miss since Edvest doesn’t send a tax document. Check line 10 on WI Schedule SB.
• Missing long-term care insurance deduction on the WI return. When you don’t itemize your federal tax deductions, some tax programs skip the available long-term care premium deduction on the state return. Check line 7 on WI Schedule SB.

Now for some tax planning opportunities.

• Do you have a side business? If so, you may be able to take advantage of additional tax deductions through an individual/solo 401(k). And if you have the cash, a mega backdoor Roth 401(k) contribution may help you stash up to $66,000 or $73,500 if you’re age 50+ as tax free Roth money.
• The market decline in 2022 was a prime opportunity for tax loss harvesting of investments. As a result, many people have loss carryforward into 2023. Use these losses to offset realized gains this year.

Review Insurance Coverage

Check your life insurance and disability coverage. Don’t skimp on term life insurance – it’s cheap. If your family relies on your income, and you don’t have substantial assets, you need insurance. Check your beneficiaries while you’re at it too. For disability insurance, it usually makes sense to get as much as possible because insurance companies limit the benefit to two thirds of your income. Make sure the policy pays if you cannot perform your own occupation rather than any occupation.

Estate Documents

Everyone age 18 and up should have health care and financial power of attorney documents. If you have minor children, a will is mandatory since that’s where you name a guardian for your kids. In many cases, a trust is the preferred method of transferring assets to heirs since it avoids probate, can protect the assets from creditors or divorce, not disqualify special needs beneficiaries from government benefits, protect assets for maturing children and more.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®
WisMed Financial, Inc. part of the Wisconsin Medical Society. 

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Digital marketing discount for WisMed members

Wisconsin Medical Society members can access an exclusive discount to produce a digital marketing or TV broadcast campaign with WMSN Fox 47 News. Digital marketing (commercials on streaming services) is a fraction of the cost of traditional TV commercials.

Additionally, this discount includes creative design and bilingual services. There are no production fees on the commercial, the ads can be targeted to key market segments and the campaign results can be tracked.

Learn more about this great opportunity or contact Chris Lezotte at clezotte@sbgtv.com or 608.662.5019.

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