Is the traditional path of being a physician changing rapidly?

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…

• Are you a physician curious about side hustles?

• New business openings in the first half of 2023 have shattered previous records, with minority-owned businesses taking the lead.

• What if I told you there's a better way to attain wealth and live life on your own terms?

• Physician-owned practices have lost 40% of their support staff per doctor since the pandemic's beginning, according to a new report.

• Don't let the complexities of financial calendars deter you from making informed investment decisions.

• Is social media helping physicians reshape medical education? A recent study in JAMA seems to suggest so.

ENTREPRENEUR SPOTLIGHT

Are you tired of the traditional path in medicine?

Dr. Jonathan Baktari, a triple-boarded physician specializing in internal medicine, pulmonary, and critical care medicine, shares his journey from the hospital setting to starting multiple related companies. He emphasizes the importance of taking action and implementing ideas to achieve entrepreneurial goals, highlighting the significance of having a vision beyond oneself. Dr. Baktari's story serves as inspiration for aspiring entrepreneurs to pursue their dreams and make a difference, reminding them of the need for consistent progress towards their goals.

LOUNGE TALK

Nearly 40% of Americans performed freelance or had a side hustle in 2022, a 10% increase from the previous year, and the trend is even more prevalent among millennials. This growing side hustle culture extends to the medical profession, as physicians find themselves facing challenges such as student loan debt, decreasing reimbursements, and burnout. The benefits of financial freedom and choice are becoming increasingly apparent to doctors, and many are exploring side hustles to supplement their income and pursue their passions. To choose the right side hustle, physicians should start by taking the leap and understanding that their first venture doesn't have to be perfect. Defining their motivation, assessing their interests and strengths, considering their time availability, and exploring available options will help them make an informed decision. Investing in knowledge and finding a mentor are also important steps to succeed in a side hustle. By embracing side hustles, physicians not only supplement their income but also gain financial autonomy and the ability to practice medicine out of passion, not necessity.

A recent report from Yelp reveals that the first half of 2023 has seen an unprecedented number of new business openings, surpassing previous records. Entrepreneurs from underrepresented communities, particularly LGBTQ+ individuals, Black entrepreneurs, and Latino entrepreneurs, have been launching businesses at an impressive pace, outpacing the national average. This growth can be attributed to increased support from the government, such as the Capital Readiness Program initiated by the Minority Business Development Agency. California, Texas, and Florida have emerged as the leaders in new business openings, with over 50,000 and 70,000 new businesses in Texas and Florida respectively, and more than 70,000 in California alone. Despite inflationary pressures, this surge in new businesses indicates a positive outlook for business owners, and Yelp predicts a record-breaking year for new business formations in 2023.

Achieving wealth goes beyond accumulating money—it's about having control over your time and designing the life you desire. While the traditional approach to wealth-building may involve sacrificing your youth and vitality for a distant retirement, successful individuals have discovered unconventional strategies. They make their money work for them by creating passive income streams and multiple avenues of wealth. To follow in their footsteps, think intentionally about where you invest, aim for multiple streams of income, develop a debt utilization strategy, master your financial numbers, cultivate a growth mindset, and commit to lifelong learning.

Physician-owned primary care practices have faced a substantial decline in support staff since the start of the COVID-19 pandemic, with a reduction of 40% per doctor, according to a report from the Medical Group Management Association (MGMA). In 2022, these practices had only 3.0 support staff per full-time equivalent physician, compared to 5.08 support staff per doctor in 2019. The ongoing economic trend of the "Great Resignation" and the impact of the pandemic have contributed to these labor problems in the healthcare industry. The lack of support staff has had a negative effect on medical groups' ability to meet patient demand, impact revenue cycle management, and create cash flow challenges due to unpaid claims. The MGMA report sheds light on the need for creative solutions to address these staffing issues.

Investing in the stock market can be intimidating, especially when there are different financial calendars to navigate. Companies follow various financial calendars, making it important for investors to stay informed about important dates and events. Keeping track of investments and maintaining a balanced portfolio is crucial for diversification. Marking important dates allows investors to make strategic changes to their portfolio and take advantage of market events. Additionally, creating a watchlist and setting financial goals can help investors make more informed decisions. Utilizing a digital calendar can enhance investment decision-making and keep investors on track to reach their financial milestones.

A new study published in JAMA proposes that social media is playing a transformative role in medical education, especially among physicians. The traditional approach to medical education has always revolved around formal lectures and textbooks. However, this study highlights that physicians are increasingly turning to social media platforms like Twitter, Facebook groups, and Instagram to exchange knowledge, learn from each other, and enhance their medical education. The findings reveal that through these platforms, physicians are able to access a vast network of medical professionals, share clinical experiences and insights, keep up with the latest research, and provide support to one another. This new trend of using social media as a means of medical education has the potential to reshape the way medical knowledge is disseminated and learned, ultimately benefiting both physicians and patients alike.

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QUICK BITES

• How one doctor would invest $250,000 cash in today’s market.

• These 6 physician specialties have the most burnout.

• 20 self-made millionaires who didn’t go to college

• Female doctors in movies are largely outnumbered.

Like the newsletter? Share it with someone you know! If you have any feedback or suggestions for future issues, please don’t hesitate to reach out!