Why this physician felt an obligation to write a children's book

The LOUNGE - A Newsletter for Savvy Physicians

Here are the stories which caught our eye this week…

• 9 passive Income strategies to add $100K this year

• Why burned out doctors are switching to entrepreneurship

• PHE has ended…what happens to telemedicine now?

• How to invest in artificial intelligence

• Why this entrepreneur went back to complete medical school

• The only people who will remember you work late

ENTREPRENEUR SPOTLIGHT

Why this doctor felt it was her obligation to write a children’s book, and her hope to inspire other physicians to think bigger.

Learn the remarkable journey of Michele Cho-Durado, a pediatric gastroenterologist who transitioned from clinical practice to non-clinical endeavors while also authoring a book to enhance her child's financial education and promote financial literacy. Through her book, titled Reach for the Stars, Dr. Cho-Dorado skillfully combines medical expertise with finance, providing practical tools and invaluable insights to foster financial literacy among young readers. We discuss the importance of financial education for children, the impact it can have on their future, and the steps parents can take to instill these vital skills. Join us as we explore Michele's unique perspective as a healthcare professional and her passion for empowering children with essential financial knowledge.

LOUNGE TALK

Looking to add an extra $100k to your yearly income? Passive income could be the answer. Deriving from activities that don't require your active involvement, passive income has two main forms: creation and investment. In this article written by the Debt-Free Doctor, he states creation could come from writing books, creating digital products, and affiliate marketing. Meanwhile, investment income could stem from real estate, dividends from stocks, or interest from capital gains. The benefits of passive income are plentiful - lowering financial risk, reducing stress, accelerating debt payoff, and offering more life options. Various methods to make this kind of income include setting up a blog, creating an online course, investing in the stock market, and more.

Feeling the heat of burnout, some physicians are turning to entrepreneurship for a breath of fresh air. Dr. Cindy Rubin paints a poignant picture of her journey from burnout to liberation in a broken healthcare system. A year ago, she was stuck in a system that was depleting her spirit and felt she had no real options to make a change. Then, she found a different path: becoming a physician entrepreneur, stepping outside the system, and owning her medical practice. Even though this path is extremely challenging, the empowerment and support she has found from fellow physician entrepreneurs has been remarkable. Despite the hardships, she encourages other doctors feeling trapped and exhausted to explore this path, as it has the potential to offer more sustainable ways of practicing medicine.

With the end of the COVID-19 public health emergency, is it the end of telemedicine as we know it or a promising opportunity to reshape healthcare? As the COVID-19 public health emergency concludes, the healthcare industry and telemedicine stand at a crossroads, assessing their strategies for the future. While there won't be a sudden radical shift in practices, some COVID-specific measures may be phased out over time. Importantly, Medicare reimbursement for telemedicine will continue until the end of 2024, marking an extension of expanded access to care. However, after 2024, these flexibilities will likely be narrowed to mainly focus on mental health services. The industry, particularly CIOs and health IT leaders, will need to prove telemedicine's efficacy and overall value to maintain its practice and influence policy changes. Amid this, the security of patient data remains paramount.

As we stand on the brink of an AI revolution, is your investment portfolio ready to leverage the potentially massive gains? From chatbots to self-driving cars, AI is becoming an integral part of our daily lives. This makes it an exciting investment opportunity, and it's not just for the tech titans. The AI investment landscape is broad, spanning from chip makers and software developers to cloud computing giants. Additionally, AI is also present in the offerings of exchange-traded funds (ETFs) and select private companies. However, just like any other investment, it's important to tread cautiously. Despite the hype, AI is still a nascent industry, and due diligence is key in identifying truly AI-centric companies and innovations.

A decade later, an entrepreneur completes unfinished business by returning to medical school. Ten years ago, Shiv Gaglani left medical school at Johns Hopkins to co-found Osmosis.org, a revolutionary online learning platform seeking to make medical education more engaging and effective. Now, after scaling the platform to over 3 million users worldwide and a successful acquisition by scientific publisher Elsevier, he's returning to Johns Hopkins as a third-year medical student. His motivations span from the profound fulfillment in directly helping patients, to building a more robust healthcare system by combining clinical and entrepreneurial experience, to personal growth and achieving a life-long dream. He'll bring his unique perspective and experience back to the lecture hall, potentially transforming not only his future but the landscape of medical education and healthcare.

20 years from now, the only people who will remember you working late are your kids. What a great title. Breaking away from traditional thought, it appears that the key to achieving a fulfilling work-life balance is to focus less on the quantity of hours and more on the quality of those hours. The remorse from missing family events due to work commitments is far more impactful than any potential reward from work itself. Time, after all, cannot be recaptured, but what if we think differently about how we use it? The argument here is to stop trying to balance the number of hours you spend on work and life, but rather focus on making every hour you have count. Be more intentional, and invest in experiences that leave you fulfilled - not just in work, but in family and personal pursuits too.

QUICK BITES

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