Key Tips for Physicians in Business Transition

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• As pressures mount and job satisfaction declines, physicians are abandoning frontline medical care for roles in the business of healthcare.

• Are you ready to make 2024 your most productive and fulfilling year yet? Find out the resolutions of an orthopedic surgeon to inspire your own goals.

• Want to know the key to successful real estate investing? It's all about understanding cash flow.

• Gold may not be the best investment, but what if there was a more convenient way to own gold for transactions?

• The entire process of buying a home can now be done remotely by both sellers and buyers.

• Discover the unexpected truths about living a happier life in Gretchen Rubin's thought-provoking book.

ENTREPRENEUR SPOTLIGHT

Learn how to stop overpaying rent and start building wealth through property investments in commercial real estate for healthcare tenants.

Colin Carr, founder of CARR, a leading commercial real estate firm for healthcare tenants, shares his expertise on lease negotiations, purchasing your own space, and investing in commercial real estate. With over a thousand physician deals closed, Carr has mastered medical office leases and offers valuable advice to save doctors money and build wealth through property investments. Whether you want to stop overpaying rent, buy your existing office, or explore commercial real estate investing, Carr's proven system and in-the-trenches expertise can optimize your most critical business asset.

LOUNGE TALK

With the increasing pressures and declining job satisfaction in frontline medical care, a growing number of physicians are opting for career transitions into the business of healthcare. While these roles can offer more flexibility and creativity, many physicians face difficulties or stagnation after making the switch. To ensure success in these new positions, there are four key recommendations for physicians. Firstly, physicians should not rely on others to do their job, but instead take ownership of their projects and initiatives. Secondly, being thoughtful and curious, rather than reflexive and defensive, is crucial in complex business situations. Thirdly, physicians should focus on outcomes rather than getting caught up in organizational politics. Lastly, physicians should make an effort to learn key business concepts and language while maintaining their physician identity. By adopting the right mindset and approach, physicians can make significant contributions to leading the healthcare system in a better direction.

In a recent conversation, an orthopedic surgeon discussed his academic goals for 2024 and reflected on the trade-offs required to achieve them. While his primary focus is excelling in his professional and clinical fields, he also wishes to become more active in writing and spend quality time with his patients, staff, and family. The surgeon has compiled a list of New Year's resolutions that can benefit anyone pursuing personal and professional growth. These resolutions include maintaining focus, prioritizing teamwork and feedback, embracing new experiences, practicing patience, letting go of things beyond control, and strengthening relationships. The surgeon emphasizes the importance of finding a balance between productivity and personal fulfillment.

Cash flow in real estate refers to the profit generated by a property after accounting for operational expenses, income, and reserves for future repairs. Positive cash flow occurs when income exceeds expenses, while negative cash flow happens when expenses exceed income. Calculating cash flow involves determining gross income, subtracting operating expenses, and subtracting annual mortgage payments. There are two types of cash flow in real estate: Net Operating Income (NOI) and Cash Flow Before Taxes (CFBT). Real estate investors can optimize cash flow by implementing effective strategies, managing rental properties efficiently, and understanding financial indicators. It's also important to consider different property types and investment strategies, minimize tenant turnover, and comprehend market conditions. Cash flow is critical for understanding a property's financial performance and potential return on investment.

Goldbacks are a new form of owning and trading gold that are more convenient than traditional gold bars or jewelry. They come in various denominations and resemble paper money, making them easy to trade and make change with. Minted by Valaurum, Goldbacks are made of 24k gold shaped into flat pieces and coated with a clear polymer. They are currently used in five states as legal tender. However, there are some disadvantages to Goldbacks, including the high markup cost and the limited acceptance in businesses outside of the supporting states.

With advancements in technology and the changing dynamics of the real estate market, buying a home remotely is no longer a distant concept. From out-of-state buyers purchasing second homes to real estate investors seeking opportunities in different markets, the process of remote home buying has become increasingly common. However, finding the right real estate agent who is experienced in remote transactions is crucial for a smooth process. Additionally, using the due diligence period to conduct inspections and visiting the property if possible can help mitigate risks. Technology, such as electronic signature systems, has made remote closings routine, making it feasible for both sellers and buyers. Overall, buying a home remotely may require additional reliance on the agent, but with the right preparations, it can be a viable option.

Drawing on contemporary science, wisdom from the ages, lessons from pop culture, and personal experiences, Gretchen Rubin shares unexpected truths about how we can live happier lives and transform abstract ideas into concrete action. In her latest book, Rubin explores a surprising path to a more fulfilling life by tuning in to the five senses. She also highlights the importance of understanding how we respond to inner and outer expectations, which can greatly impact our success in achieving our goals. Through her "happiness project," Rubin chronicles the year she spent exploring cutting-edge science, timeless wisdom, and popular culture to find ways to increase happiness. Additionally, Rubin hosts a top-ranking podcast called "Happier with Gretchen Rubin," discussing happiness and good habits with her sister, Elizabeth Craft. Overall, Gretchen Rubin is known for her ability to distill complex ideas into relatable and engaging content with humor and clarity.

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QUICK BITES

• 55 small business ideas to start in 2024.

• 42-year-old brings in an average of $41,000 a month from his podcast and works on it just 5 hours a week.

• How investing in rare books can give your portfolio a boost.

• 8 leading entrepreneurs who share their wisdom on social media.

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