10 Important Financial Investments for Orthopods in India

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Journal of Clinical Orthopaedics | Vol 8 | Issue 2 |  Jul-Dec 2023 | page: 03-04 |  Sachin Kale, Arvind Janardhan Vatkar

DOI: https://doi.org/10.13107/jcorth.2023.v08i02.576

Authors: Sachin Kale [1], Arvind Janardhan Vatkar [2]

[1]  Head of Unit, Department of Orthopedics, D Y Patil Hospital and Medical College, Navi Mumbai, Maharashtra, India,
[2]  Consultant Orthopedics Spine Surgeon, Fortis Hiranandani Hospital, Navi Mumbai, Maharashtra, India.

 

Address of Correspondence
Dr. Vatkar Arvind Janardhan,
Consultant Spine Surgeon, Department of Orthopaedics, Fortis Hiranandani Hospital, Juhu Nagar, Sector 10A, Vashi, Navi Mumbai – 400703, Maharashtra, India.
E-mail: vatkararvind@gmail.com

Editorial

Orthopedic surgeons are usually well-versed in the medical parts of their career, but they may be less so in the financial aspects. The purpose of this article is to present orthopedic surgeons with a list of ten critical financial investments that will help them ensure their financial future and improve their practice. Orthopedic doctors may make educated decisions and develop a sound financial foundation for their careers and retirement by considering these investing alternatives. The article will discuss a variety of investment possibilities, including stocks, bonds, real estate, and alternative investments, as well as how to manage funds wisely to maximize profits and minimize risks.

Life Insurance Plan
Term life insurance is recommended for doctors due to its affordability and flexibility, but should not be mixed with money back clauses. The ideal life cover amount depends on income, financial obligations, and future goals. Dave Ramsey’s Rule of Thumb suggests getting coverage 10–12 times your income, while the Life Insurance Amount Formula calculates needs by adding outstanding debts, projected family expenses such as kid’s education and marriage, annual expenses, and deducting current savings and investments. The White Coat Investor recommends a 30-year term life insurance policy for simplicity, and it is generally wise to have life insurance until children become financially independent and you have enough money to care for your spouse.

Mediclaim Policy
Mediclaim coverage is crucial for orthopedic surgeons and their families in India to cover the financial impact of medical emergencies. Factors to consider include the sum insured, network hospitals, and pre-existing sickness coverage. For major cities like Delhi or Mumbai, an insured amount of Rs 10 lakh per person is recommended. For households of two adults and one child, Rs 30 lakh is recommended. Pre-existing diseases disclosure is essential to avoid reimbursement issues like refusal of claim. Health insurance portability allows policyholders to switch insurance companies for better coverage or services, without forfeiting any accrued renewal benefits waiting period for pre-existing diseases. However, portability is only available 45 days before policy renewal.

Fixed Deposit
Fixed deposit plans provide greater interest rates than savings accounts, making them an appealing long-term investment option. Early withdrawals, on the other hand, may result in penalties or lesser returns. Before investing, it is important to examine the bank’s trustworthiness, interest rate offered, scheme duration, and other terms and conditions. It should be noted that the interest produced by these schemes is taxable.

Gold and Gold Bonds
Gold and Sovereign Gold Bonds (SGBs) are attractive investment alternatives for doctors in India because they provide a buffer against inflation and a secure harbor for funds. Gold is a desirable asset that gains with time, but there are expenditures to consider such as storage and maintenance. SGBs, which were introduced in November 2015, are government securities priced in grams of gold with a set annual interest rate of 2.5% and an 8-year maturity with tax advantages. Individuals, HUFs, trusts, universities, and charity institutions are all eligible investors.

Mutual Funds
Mutual funds have several benefits, including diversification, expert management, liquidity, and cost. Doctors can invest in mutual funds and can invest on their own or use an advisor. Systematic Investment Plans (SIPs) are a popular option for doctors to engage in mutual funds because they allow them to contribute small sums on a regular basis and profit from the power of compounding. Before investing, it is critical to assess several mutual fund options, such as direct investment, which lowers the expense ratio, and consider variables such as the fund’s performance history, fund manager track record, fund stock portfolio, and investment strategy. One of the simplest methods is to invest in index mutual funds, which provide identical returns to indexes such as the Nifty50.

Equity Stocks
India’s economic might is increasing. As a result, equity stocks provide long-term development and capital appreciation potential for investors. Doctors should examine market risks carefully and diversify their investment portfolios. They can invest in large-cap stocks with a track record of consistent growth, such as Asian Paints and Pidilite, and equities traded funds, such as Nifty Bees, or seek professional assistance in developing a portfolio that is matched with their financial goals and risk tolerance. SIPs are popular for investing in equities companies. Due to stock market volatility, the investment horizon should be more than 5 years to expect returns of 12–15%.

Professional Indemnity
In India, professional indemnity insurance is essential for orthopedic specialists since it protects legal responsibilities resulting from medical malpractice lawsuits. It shields doctors against financial risks such as judgments, arbitration fees, medical harm, punitive damages, restitution, attorneys’ fees, legal costs, and penalties. For orthopedic surgeons, the insurance should give continuity of coverage for liability from previous years of practice, offer out-of-court settlement, and have a minimum sum insured of 1 crore. The sum guaranteed is also determined by insurance period (any one year AOY) and accident times (any 1 time AOT). For complete coverage and dependable service, it is critical to renew the policy on time and to pick a renowned insurance provider. Various medical organizations, such as Maharashtra Orthopaedic Associations, have professional indemnity programs.

Car Insurance
Before purchasing car insurance for doctors in India, it is crucial to consider the following factors: company reputation, coverage, exclusions, deductible, claim process, premium payment frequency, add-on options such as cashless facility, customer service, claim settlement ratio, and online buying option. The Insured Declared Value is the market price of a car and the maximum sum insured if the car is stolen or damaged beyond repair. The insurance premium is also directly proportional to IVD; hence, an appropriate IVD is important. The Incurred Claim Ratio (ICR) is the total claim amount paid by the insurance company in relation to the total premium amount collected in a financial year. A high ICR indicates good compensation settlement. By considering these factors, doctors can make informed decisions and get the most value for their money when purchasing car insurance in India.

Real Estate
Residential, commercial, real estate crowdfunding, raw land, and real estate investment trusts are all types of real estate investments in India. These investments enable investors to diversify their portfolios while also generating rental income or capital appreciation over time. Doctors should evaluate their property’s location, thorough property registration documents check, and any legal concerns relating to the property to make informed judgments. They should define their investment goals and risk tolerance, as well as perform extensive study on market trends, property valuations, demographics, and possible future growth.

Retirement Planning
Retirement planning is important in India for a variety of reasons, including financial stability, addressing increased life expectancy, managing inflation and healthcare expenses, taking advantage of tax breaks, and gaining peace of mind during the post-retirement era. Early in their careers, Indian doctors should begin planning for retirement, diversifying their retirement portfolio to spread risk and maximize returns, considering tax-efficient retirement planning strategies such as the Public Provident Fund and the National Pension System, budgeting for health-care expenses, and seeking professional advice. Starting early investment uses power of compounding which dramatically increase their retirement savings over time, while diversifying their portfolio can help balance risk and reward. Seeking competent financial counsel can assist Indian physicians in making educated judgments and navigating the complex retirement planning alternatives.

Conclusion
Finally, we must diagnose our own financial literacy. We must learn and study to clear blind spots in our financial knowledge. Finally, just as we utilize our medical knowledge to operate and treat our patients, we should use our financial knowledge to be financially independent, wealthy, and to assist others in achieving their life goals.

 

 

How to Cite this article: Vatkar AJ, Kale S. 10 Important Financial Investments for Orthopods in India. Journal of Clinical Orthopaedics 2023;8(2):03-04.

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Does inequality prevail in treatment of fairer sex in orthopaedics?

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Journal of Clinical Orthopaedics | Vol 8 | Issue 2 |  Jul-Dec 2023 | page: 01 | Nicholas A Antao

DOI: https://doi.org/10.13107/jcorth.2023.v08i02.572

Authors: Nicholas A Antao [1]

[1] Department of Orthopaedics, Holy Spirit Hospital, Mumbai, India.

Address of Correspondence
Dr. Nicholas A Antao,

Department of Orthopaedics, Holy Spirit Hospital, Mumbai, India.
Chief Editor Journal of Clinical Orthopaedics
Managing Trustee of FIAMC BioMedical Ethics Centre
Past President of Bombay Orthopaedic Society
Past President Of Indian Arthroscopy Society
Past Editor of Indian Journal of Orthopaedics
E-mail: narantao@gmail.com

Editorial

From times immemorial, women has had the difficult road to travel, may be their values in societal position, their active participation and understanding and realisation of their voice in matters of legislation, not to say the least in day to day contribution still needs to be appreciated despite working full time24/7.
When I was a resident in the seventies, I often used to wonder, why the Opd’s were full of womenfolk as compared to men in chronic ailments of musculoskeletal pains carrying a with them , a thick pad of opd papers with only written legible prescription was ctall (continue all). On the other hand, the numbers were higher for male gender in trauma and sports injuries. To attend the OPDs, probably was an outing for them, getting away from daily chores of unrecognised and unappreciated, housebound work of 24/7.
The most research subjects were males than females and the surprising feature was absent of consent when it came to consent for surgery, as if their presence does not matter and their place needs to be at home alone. It was accepted that they are not the bread winners but only the homemakers and medical expenditure on them was not very fruitful. It was after the 1993 the National Institute of Health made a declaration to deliver equal high quality of care and effective management to all and not to make gender biased discrimination.
As we crossed the twentieth century and went into the 21st century, a forward progressive thinking brought about sea of change, when women started working in offices, took up to education, excelled more than men in education and in financial matters , thereby becoming independent and therefore demanded equality of status. There are now ever increasing number of women not only doing Orthopaedics but also superspecialising in sub specialist and attracting female patients and thus competing with their male counterparts. So you no longer see the world” destined for men only “ operating today, because of the need felt to give equal opportunity to all without any bias and discrimination of social status and circumstances to attain their full potential.
Nowadays you see more women readily agree to consent for surgery, since more and more educated young men and women tend to accompany their mother for being operated because they insure their parents for medical treatment and feel satisfied emotionally and morally as they are giving back to them to reciprocate their loved and care. But still in some developing and underdeveloped countries for want of insurance agencies and abilities, there opportunities of facilities of care are lacking and therefore the male counterpart still is preferred for surgery over female patient. The female patient has more ailments of osteoporosis, osteoarthrosis and musculoskeletal problems than the male counterparts and the need to be promptly treated, to keep the pillar and backbone of the family healthy and not disabled.
In developed countries, many joint replacement registries show, increasing number of female patients getting operated for joint replacement surgery and even for sports related injuries, implying that the ratio is changing to the prevailing order earlier.
This reversing trend is better for society as the female patient becomes multitasked and well respected needs to be equally cared for and given the importance.

 

Dr. Nicholas A Antao
M.S; D.N.B; F.C.P.S.
Professor and Head of Department of Orthopaedics, Holy Spirit Hospital
Chief Editor Journal of Clinical Orthopaedics
Managing Trustee of FIAMC BioMedical Ethics Centre
Past President of Bombay Orthopaedic Society
Past President Of Indian Arthroscopy Society
Past Editor of Indian Journal of Orthopaedics
E-mail: narantao@gmail.com

How to Cite this article: Antao NA. Does inequality prevail in treatment of fairer sex in orthopaedics? Journal of Clinical Orthopaedics 2023;8(2)01.

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A Two-Decade Odyssey: My Journey with the Bombay Orthopaedic Society

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Journal of Clinical Orthopaedics | Vol 8 | Issue 2 |  Jul-Dec 2023 | page: 02 | Sanjay Dhar

DOI: https://doi.org/10.13107/jcorth.2023.v08i02.574

Authors: Sanjay Dhar [1]

[1] Professor of Orthopaedics, Navi Mumbai, Consultant Apollo Hospital, Navi Mumbai, India.

Address of Correspondence
Dr. Sanjay Dhar
Professor of Orthopaedics, Navi Mumbai, Consultant Apollo Hospital, Navi Mumbai, India.
Email: drsanjaydhar@gmail.com

Editorial

Introduction: In the fall of 1993, I arrived at King Circle station, a young orthopaedic graduate from the strife-ridden town of Jammu. Bombay, as it was known then, offered me the opportunity to work in one of the finest trauma centers in the country, a dream come true for someone displaced by the violent turmoil in Kashmir.
Early Years and Professional Marvel (1993-2001): Working alongside esteemed colleagues such as NS Laud, VT Ingalhalikar, Joy Patankar, Ajay Puri, Ram Chaddha, and Arvind Goregaonkar felt like wielding a magic wand that turned everything to gold. Joining Sion Hospital, a professional marvel, was a significant leap for me. It was during this time that my friend, Ajay Puri, introduced me to the Bombay Orthopaedic Society (BOS), marking the beginning of a profound association.
Executive Committee Member (2001-2003): Becoming an executive committee member in 2001 opened doors within BOS’s inner circles. The society, free from bias and politics, focused on nurturing the orthopaedic fraternity. Its unique selling point was enhancing orthopaedic surgery and promoting holistic development.
Organising WIROC2003: The pinnacle of my involvement came when I organized WIROC2003, despite the personal adversity of losing my father. This flagship conference became a milestone, setting new standards in organization and academic excellence. From revolutionary conference organizing paradigms to creating academic events, BOS provided the freedom to unleash unrestrained creativity.
Secretaryship and Refining Programs (2016-2018): Elected as Secretary in 2016, my role was to refine existing programs and introduce fresh academic activities, maintaining BOS’s academic dominance. Initiatives such as PG classes, the launch of the Journal of Clinical Orthopaedics, and more showcased a burning desire to contribute to the society.
Presidency and Innovations (2023)): Now, as the President, I’ve introduced new programs like “Rising Star” and “Student of the Year” to recognize and inspire young talents. Tying it all together is WIROC 2023, with the theme “Brevis Longus Magnus,” aiming to solidify its status as the apex of orthopaedic education.
Future Aspirations and Legacy: After relinquishing my office, I envision BOS exploring areas like orthopaedic advocacy, motivating the younger generation, and fostering empathy for patients. BOS, with its unbiased education and commitment to excellence, stands as a beacon for orthopaedic education and treatment.
Conclusion: This two-decade journey from a reluctant newcomer to the President’s seat reflects the unique ethos of BOS. With a legacy of unwavering guidance from figures like LN Vora and Anand Thakur NS Laud, D D Tanna and many more who always stood up for BOS and it’s ethos. I shall leave with the confidence that BOS will continue to flourish, and maintain its place in exploring new frontiers in orthopaedic education and advocacy.

 

 

How to Cite this article: Dhar  S. A Two-Decade Odyssey: My Journey with the Bombay Orthopaedic Society. Journal of Clinical Orthopaedics 2023;8(2):02.

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