Michael Jerkins, MD, is president and co-founder of Panacea Financial, a bank designed to service the specific needs of physicians.
In a Dec. 23 podcast published by Medical Economics, Dr. Jerkins outlines why Panacea is different from other financial institutions.
“I would say there is no financial institution in this country that can do the breadth of services with one relationship, totally digitally like we can, that is accessible around a doctor’s schedule, that we can,” Dr. Jerkins said.
He noted that for many physicians, brick and mortar branches close far before they finish their work days. Beyond this, many banks, especially smaller ones, may not have an accessible app that offers the full range of services as a brick-and-mortar establishment.
Dr. Jerkins also noted that the products offered by Panacea cater specifically to the needs of physicians. For example, they do not require a cosigner for resident borrowers, have their own student loan refinancing program and practice financial management services.
