“Physicians are more easily disabled due to the high acuity and dexterity needed to perform their work, and the risk of lawsuits threatens their wealth accumulation,” Oschman said in the email. “We have to be thinking about all of these things in building their financial plans. They are also incredibly busy, meaning they need to be able to outsource as much as possible! Our service teams are highly proactive—surgeons have a 'first assist' in a surgery who can often anticipate what they need before they even ask for it, and that’s what we strive to be for their finances.”
Oschman also said that female physicians, by and large, are often underpaid relative to their male counterparts, and that a lot of medical practices do not offer paid materinity leave.
“We have a professional negotiator who can help them determine their value and negotiate to get it,” Oschman said. “Female physicians tend to have more demand on their cash flow due to outsouircing of domestic tasks, so we help them use cash flow effectively for now and later.”
Oschman said that complicating their financial lives even further, disability insurance premiums are nearly double for female physicians compared to their male counterparts, making timing a critical factor in ensuring they are covered for pregnancy and childbirth, which she and her team help them secure.
Asked why Vestia chose to elevate her to CEO four years after the firm’s founding, Oschman indicated that a confluence of events necessitated the leadership change.
“I co-founded Vestia in 2018 and have served as our chief experience officer prior to becoming CEO,” she said in the email. “Our former CEO, Tommy Martin, started a healthcare venture capital firm (Mammoth Scientific) to address our physician clients’ desire to have access to early-stage healthcare investments. We want both companies to have leadership fully focused on strategic vision and execution. I am taking the reins at Vestia as Tommy moves to the board of directors to have continued impact as a strategic advisor.”
Last year, Martin, along with other serial entrepreneurs and top executives from the healthcare, life sciences, fintech and financial services industries, launched the healthcare venture capital firm Mammoth Scientific, which provides advisory clients with access to venture capital and early-stage healthcare investments.