Planning your financial future is all about choosing a direction and charting a course forward.

Northern Capital Management | Retirement Services

Create a path to your future.

Every medical professional needs a plan for each stage of their career. Our team of Certified Financial Planners have been working with the Washington State Medical Association membership for more than 30 years and understand the distinct financial requirements of physicians, physician assistants, and their practices.

Services for you:

Northern Capital Management offers both stand-alone financial planning services and wealth management services to WSMA members.

Our advice is tailored to you as a unique individual.
Asset management is based on an assigned investment objective that considers your financial situation, risk tolerance, and long-term goals.
The financial plans created for you are dynamic, “living documents” that can be updated as your career progresses.

Services for your practice:

It's important to invest your dollars — it's also crucial to invest in the people who work for you. Help boost morale and show your employees how much you value them by offering financial tools that bring them peace of mind.

Through our affiliate, Northern Capital Retirement Services, we can provide retirement plan services to you and your employees.

Plan types include 401(k), 403(b), Cash Balance Plans, SEP Plans, and SIMPLE IRA Plans.
As a 3(38) Investment Manager fiduciary, we assume full responsibility for managing plan investment menus, relieving you of that obligation.
We take a hands-on approach to Plan Sponsor and participant education providing direct access to our Financial Advisors and a Financial Wellness program.

Let us help you take the next step in your financial journey.

Northern Capital Management | Retirement Services

Disclosure:

Washington State Medical Association is a client of Northern Capital Management and Northern Capital Retirement Services and receives compensation for promoting our services. As a result of the compensation arrangement there is an inherent conflict of interest.

Disclosure

Financial Considerations for Mid-Career Physicians Podcast with Jim Wilson, CFP®

The WSMA has partnered with Northern Capital Management to produce a four-part series focused on the many financial considerations for mid-career physicians. The series is hosted by the WSMA President, Dr. Bridget Bush, MD who is joined by Jim Wilson, a Financial Advisor and CERTIFIED FINANCIAL PLANNER® with Northern Capital Management.

Jim Wilson has worked extensively with medical practitioners for more than three decades and brings a wealth of experience and knowledge to the discussion. The series takes a deep dive into areas that are fundamental to the financial planning process, including common pitfalls and how to avoid them.

The podcast is available to all physicians and health professionals either as audio or audio and video.

The WSMA is a client of Northern Capital Management and receives compensation for promoting their services resulting in an inherent conflict of interest.

Disclosure

Episode 1: Estate Planning

In this episode, Jim Wilson explains the most common estate planning documents, alternative documents that may be beneficial, the importance of properly registered assets, and estate tax considerations particularly for Washington state residents.

Audio-only Versions

Listen to audio for episode 1: Apple Podcasts | Spotify | MP3

Episode 2: Risk Management

In this episode, Jim Wilson dives into the benefits of various insurance products and how they may be used effectively to mitigate your financial risk in the event an untimely death or disability.

Audio-only Versions

Listen to audio for episode 2: Apple Podcasts | Spotify | MP3

Episode 3: Investment Management

In this episode, Jim Wilson provides clarity on the various types of investment vehicles and their characteristics, how Advisors are typically compensated for managing investment assets, and common approaches to allocating your contributions within your employer retirement plan.

Audio-only Versions

Listen to audio for episode 3: Apple Podcasts | Spotify | MP3

Episode 4: Financial Planning Considerations

In this episode, Jim Wilson takes a holistic approach by bringing the topics from the prior three episodes together to highlight common financial planning pitfalls and how to avoid them.

Audio-only Versions

Listen to audio for episode 4: Apple Podcasts | Spotify | MP3

Financial Considerations for Newly Appointed Attending Physicians

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The Power of Health Savings Accounts

Partners in Medicine

Shared_Content/News/Membership_Memo/2026/january-9/the-power-of-health-savings-accounts

<div class="col-md-12"> <div class="col-sm-5 pull-right" style="text-align: center;"><img src="/images/Newsletters/MembershipMemo/2026/january/doctor-piggy-bank-illustration-shutterstock-1860228250-645x425px.png" class="pull-right" alt="illustration of a doctor standing by a giant piggy bank" /></div> <h5>Jan. 9, 2026</h5> <h2>The Power of Health Savings Accounts </h2> <p> By Elizabeth Hail, Northern Capital Management </p> <p> <em>Looking for a boost to your retirement savings options? Look closer into opening a health savings account</em>. </p> <p> Health savings accounts are tax-advantaged savings accounts designed to cover health care expenses to and through retirement. These tax-advantaged accounts offer benefits akin to those of contributing to a pre-tax employer-sponsored retirement plan, such as tax-free contributions and tax-free growth. However, unlike your typical retirement account, health savings account contributions are made pre-FICA tax, making them even more tax-advantaged! While these vehicles were designed to help offset health care costs, many offer an investment menu, similar to your employer retirement plan. This allows you to invest a large portion of the account for potential appreciation above and beyond traditional savings rates. </p> <p> <em>Notable: It is important to note that health savings accounts must be paired with a high-deductible health plan. As such, they are not available within all benefit structures.</em> </p> <p> Benefits, per current law, include but are not limited to: </p> <ul> <li>Potential quadruple tax exempt: <ul> <li>Tax-free contributions.</li> <li>Tax-free growth.</li> <li>Contributions made are pre-FICA tax.</li> <li>Tax-free withdrawals (if used for qualified medical expenses).</li> </ul> </li> <li>Penalty-free withdrawals after age 65.</li> <li>Potential employer contributions to help fund your account.</li> <li>Portability (you can transfer to a new employer, assuming they have a high-deductible health plan).</li> </ul> <p> Other unique features include: </p> <ul> <li>No time limit on reimbursement (if you keep records of your qualified medical expenses, you can make withdrawals against those reimbursements years down the road!).</li> <li>Can be used to pay long-term care or COBRA premiums (up to certain limits).</li> <li>Not subject to probate.</li> </ul> <p> It is important to note that any health savings account withdrawal not used for qualified medical expenses will be subject to ordinary income tax and a 20% tax penalty. After age 65, or upon disability, the penalty is typically not assessed. </p> <p> <strong>Primary takeaway:</strong> With their tax-advantaged nature and multifaceted benefits, health savings accounts can serve as a great complement to your overall financial plan. If you retain and invest your balance (not tap for medical expenses), those funds can compound to further enrich your retirement savings reservoir. </p> <h3>Questions?</h3> <p> Northern Capital Management advisors are certified financial planners with extensive experience working with medical professionals. </p> <p> You may reach us by utilizing our <a href="https://northernwelcome.com/wsma-contact">WSMA member contact form</a>. </p> <p> The WSMA is a client of Northern Capital Management and Northern Capital Retirement Services and receives compensation for promoting our services. As a result of the compensation arrangement there is an inherent conflict of interest. <a href="javascript://[Uploaded files/News and Publications/newsletters/2026/ncm-promoter-disclosure.pdf]" target="_blank">Disclosure</a>. </p> <p> <a href="https://northernwelcome.com/wsma-members">Northern Capital Management</a> </p> <p> See here for current IRS funding limits and more detailed information: <a href="https://www.irs.gov/publications/p969">https://www.irs.gov/publications/p969</a> </p> <p> Sources: </p> <ol> <li>Cpa/Pfs, B. K. C. L. (2023, January 24). 9 facts about HSAs that might surprise your clients. Journal of Accountancy. <a href="https://www.journalofaccountancy.com/news/2023/jan/9-facts-hsa-that-might-surprise-your-clients.html">https://www.journalofaccountancy.com/news/2023/jan/9-facts-hsa-that-might-surprise-your-clients.html</a> </li> <li>Publication 969 (2024), Health Savings Accounts and Other Tax-Favored Health Plans | Internal Revenue Service. (n.d.). <a href="https://www.irs.gov/publications/p969">https://www.irs.gov/publications/p969</a> </li> </ol> </div>

1/9/2026 12:00:00 AM

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Meet Physicians Insurance's First Physician President/CEO

Partners in Medicine

Shared_Content/News/Latest_News/2026/meet-physicians-insurances-first-physician-president-ceo

<div class="col-md-12"> <div class="col-sm-5 pull-right" style="text-align: center;"><img src="/images/Newsletters/Reports/2026/january-february/cover-wsma-janfeb-2026-final-645x425px.jpg" class="pull-right" alt="WSMA Reports cover: January-February 2026" /></div> <h5>Jan. 5, 2026</h5> <h2>Meet Physicians Insurance's First Physician President/CEO</h2> <p> From Physicians Insurance </p> <p> On Nov. 1, Physicians Insurance A Mutual Company welcomed David Carlson, DO, as president and chief executive officer, as Bill Cotter stepped down to begin his retirement. Dr. Carlson has served on PI's board of directors since 2018 and as chair from 2019 to 2023. As the first physician to sit at the head of PI's executive table, he comes to his new role with a unique dual perspective, informed by decades of clinical and business experience. </p> <p> A board-certified family practice physician, Dr. Carlson has held several senior executive roles at major health systems, including MultiCare Health System in Washington, Hospital Sisters Health System in Illinois, and Conemaugh Health System in Pennsylvania, roles in which he also oversaw those health systems' captive insurer organizations. He was most recently vice president of medical operations-King County at Virginia Mason Franciscan Health. </p> <p> Here, Dr. Carlson introduces himself to WSMA members and sheds light upon the perspectives he will bring to his new role with Physicians Insurance. </p> <p> <strong><em>WSMA Reports:</em> You will be the first physician CEO of Physicians Insurance, a company that was formed by physicians for physicians. What's one takeaway from your experience as a practicing physician that you think will inform your leadership?</strong> </p> <p> <em>Dr. Carlson:</em> Having cared for patients, I'm accustomed to absorbing as much information as possible in short amounts of time to quickly make important decisions. At the same time, I am comfortable making decisions when we don't have all the answers at once, because we rarely do. Early in my career, a mentor said, "If you don't have the answer yet, listen harder." So, I listen a lot and I focus on continually taking in new information. Given the quickly shifting dynamics we face in medicine, I think this is important. </p> <p> In addition, while in leadership and overseeing captive organizations, I gained experience in efforts to improve the day-to-day landscape of care delivery and in prioritizing patient safety to improve outcomes. There are a lot of moving parts to care delivery today, but with the right support in place, both internally and externally, I'm optimistic about the quality and safety of care. I'm excited to bring my experience as a health care insider to a medical professional liability insurer that cares so much about supporting its members' needs during both the good days and the bad days. </p> <p> <strong>Are there any unique trends impacting the medical professional liability insurance industry today that Washington physicians should be aware of?</strong> </p> <p> Probably the most powerful trend is the pending updates to damages caps. Related to this is the dramatic impact of social inflation, which has jurors deciding on incredibly high damage awards, in turn raising expenses across the board for health care. It's not financially sustainable or good for patient care in the long run. It's imperative for PI to continue participating in the dialogue of damage caps, seeking solutions that contribute to a stable marketplace and that support overall care quality in cities and rural areas. The ~$250,000 caps from decades ago are certainly due for an update, and PI advocates for reasonable caps. </p> <p> Early settlement demands from plaintiff attorneys are another rising trend. This is where a claimant receives an early, aggressive letter from a plaintiff attorney intended to create fear and division regarding the defense approach while demanding an outsized settlement before the medical facts have even been reviewed. In such instances, PI recommends that a defendant works closely with their claims team to navigate the demand with an appropriate legal response that is in their best interest. </p> <p> <strong>With medical professional liability rates going up, many of our members are advocating for tort reform. For years, that goal has remained elusive due to the political makeup of Washington state. What type of reforms do you see on the horizon to improve the cost of coverage?</strong> </p> <p> PI participates in advocacy work across the legislative, judicial, and regulatory environments to protect physicians, hospitals, and their patients. By advocating for reasonableness in all aspects of reforms, whether that's updating damage caps or statutes of limitations, for instance, we work to create a sustainable health care landscape that is affordable for patients and where quality care persists in cities and rural areas alike. Our best chance at success in our desired reforms, especially in political environments like Washington's, is to maintain a broad- based approach that benefits all parties through the support of an accessible and quality health care system. We will continue with advocacy strategies that benefit the whole of health care so that liability expenses, and corresponding medical professional liability rates, can remain reasonable. </p> <p> <strong>Coming out of a health system, you know how overwhelmed many physicians are feeling. How can Physicians Insurance help today's practicing physicians and their insureds?</strong> </p> <p> Physicians Insurance has kept the physician's perspective at the center of its work since its formation almost 45 years ago. A lot has changed in health care over those decades, but attentive support and a commitment to excellence in claims management are still among the best ways we can help physicians. The organization is continually looking out for rising trends and meeting the needs those trends create. PI exists to create peace of mind for physicians by being the experts they need in their corner, with unwavering financial resources, guidance, and claims expertise. </p> <p> <strong>Looking forward, what does the future hold for Physicians Insurance?</strong> </p> <p> PI will continue doing what it does very well in protecting its members, first and foremost. We will continue to look at our growth and healthy diversification options that support our ongoing strength and relevance. We are here to be the best medical professional liability insurer in Washington, in our region, and in the country. How we grow and support our members is critical. </p> <p> I'm an optimist-the glass is nearly always full. We have rough waters to sail with all the challenging trends in the medical community, but the good news is that PI has the strategies to deal with the threats we're facing, including the purpose-driven mentality to keep our members at the center of our work. That is our job every day. </p> <p> <em>This article was featured in the January/February 2026 issue of WSMA Reports, WSMA's print magazine. </em></p> </div>

1/5/2026 12:00:00 AM

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a-safer-smarter-approach-to-peer-review-and-patient-care

A Safer, Smarter Approach to Peer Review and Patient Care

Partners in Medicine

Shared_Content/News/Latest_News/2025/a-safer-smarter-approach-to-peer-review-and-patient-care

<div class="col-md-12"> <div class="col-sm-5 pull-right" style="text-align: center;"><img src="/images/Newsletters/Reports/2025/november-december/nov-dec-2025-reports-cover-cropped-645x425px.png" class="pull-right" alt="cover image from November-December 2025 issue of WSMA Reports" /></div> <h5>Nov. 11, 2025</h5> <h2>A Safer, Smarter Approach to Peer Review and Patient Care</h2> <p> By Brock Bordelon, MD And Sara Cameron </p> <p> In today's rapidly evolving health care environment, peer review is no longer simply an administrative requirement. It has become a strategic necessity to ensure patient safety and clinical excellence. Whether it's deployed properly in hospitals or outpatient facilities, peer review plays a pivotal role in elevating care quality, reducing risk, and strengthening trust across clinical teams. </p> <h3>From punitive to proactive</h3> <p> In the past, peer review was often viewed as a punitive process, focused on finding fault in individual clinicians after an adverse event. Today's best practices emphasize a vastly different approach: continuous quality monitoring. Instead of looking at isolated complications in hindsight, modern peer review focuses on real-time trends and system-level concerns. </p> <p> This shift encourages timely, unbiased feedback and helps organizations intervene before problems escalate. Well-designed peer review should no longer be about catching mistakes. It should be about learning from them and ensuring they don't recur. Caring for patients is the bottom line of any setting, and it's the responsibility of the medical staff to ensure that patients are receiving quality care. </p> <h3>A foundation of patient safety</h3> <p> Peer review is more than a compliance box to check. It's a frontline defense for patient safety. By evaluating care delivery through structured, objective criteria, peer review helps identify both individual and systemic issues that might otherwise go unnoticed. </p> <p> This is particularly crucial in outpatient settings, where the clinical infrastructure can vary widely. Whether reviewing clinical notes, follow-up protocols, or procedural outcomes, peer review provides an opportunity to catch small concerns before they become larger risks. That goes for patients, physicians, and organizations alike. </p> <h3>Powered by clinical quality data</h3> <p> One of the most important developments in peer review is its integration with clinical quality data. Rather than relying on subjective case reviews, modern peer-review efforts draw on outcome metrics, documentation audits, and data trends. This enables reviewers to make evidence-based decisions that reflect real patterns of care. </p> <p> These insights are especially powerful when combined with other quality tools like incident reports, root cause analyses, and patient satisfaction data. When seen together, they paint a more accurate, and actionable, picture of clinical performance. </p> <p> Such data integration also enables comparative benchmarking, allowing clinics to evaluate how their processes stack up against peers or national standards. This can drive targeted improvement efforts and reduce unwarranted variations in care. </p> <h3>Credentialing, privileging, and professional practice evaluation</h3> <p> Another essential function of peer review is its role in credentialing and privileging. Today, regulatory bodies and accrediting organizations increasingly expect health care settings to move beyond one- time verifications and engage in continuous assessment of professional practice. </p> <p> Peer review is often the cornerstone of ongoing professional practice evaluation and focused professional practice evaluation. These processes ensure that clinicians are consistently performing within the scope of their training and privileges, and that any emerging issues are addressed proactively. </p> <p> Peer review helps credentialing committees make informed, fair decisions based on data and peer insight rather than hearsay or incomplete records. </p> <h3>Building a culture of safety and trust</h3> <p> Effective peer review supports both patient outcomes and clinician well- being and organizational culture. A collaborative approach to peer review can strengthen trust among the health care team, reduce burnout, and create a shared sense of accountability. </p> <p> To get there, organizations must invest in reviewer training, clear processes, and psychological safety. This ensures that clinicians can give and receive feedback without fear of reprisal. Peer review should be collegial, consistent, and constructive, not a tool for turf battles or punitive actions. </p> <h3>Getting started</h3> <p> For organizations looking to implement or improve a peer-review program, we recommend: </p> <ul> <li>Start with structure: Define clear criteria, workflows, and timelines for reviews.</li> <li>Use multidisciplinary reviewers: Engage peers from similar specialties who understand the nuances of the clinical scenarios being evaluated.</li> <li>Leverage quality data: Integrate peer review with clinical dashboards, risk reports, and quality initiatives.</li> <li>Link to professional development: Use insights to guide mentoring, education, and privileging decisions.</li> </ul> <h3>A smarter path to safer care</h3> <p> In the end, peer review is more than a regulatory checkbox. It's a practical, data-informed way to make care better. As health care organizations face increasing complexity, regulatory pressure, and patient expectations, a well-run peer-review process can help clinics and other outpatient settings stay ahead of risk, strengthen clinical teams, and keep patients safer. By embracing peer review as a tool for learning, health care organizations can lead with transparency, improve outcomes, and create a culture where quality is everyone's responsibility. </p> <p> <em><strong>Brock Bordelon, MD, FACS</strong>, is a surgery medical director and <strong>Sara Cameron</strong> a director of professional services with MDReview - A Hardenbergh Company.</em> </p> <p> <em>This article was featured in the November/December 2025 issue of WSMA Reports, WSMA's print magazine.</em> </p> </div>

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