Why Some Doctors Are Becoming Venture Capitalists

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…

• These doctors are investing in the next big thing in healthcare

• How can sole proprietors earn maximum profits?

• Why less doctors are falling in love with their job

• How our brain can sabotage our leadership skills

• 3 channels to buy more passive real estate

• Balancing personal development with professional responsibilities

ENTREPRENEUR SPOTLIGHT

Dr. Shitel Patel went from living in a motel to becoming a successful plastic surgeon. Dr. Patel’s journey was shaped by his family’s determination to create additional revenue streams, including real estate investments and this entrepreneurial spirit led to start his own private practice. However, he soon realized the inadequacies in his own practice and began exploring how software could help. This led him to found AdVital, a company that provides AI practice software solutions for plastic surgeons and med spas. With dual expertise in medical and technological fields, this plastic surgeon propels medical practices into the future with his game-changing software.

LOUNGE TALK

Physicians are crossing over to venture capitalism, steering the financial wheel at top VC firms. Bringing together the worlds of healthcare and venture capitalism, 17 promising medical doctors have become principal players at leading VC firms like GV and Khosla Ventures. They are leveraging their combined medical expertise and financial acumen to identify and invest in the next generation of healthcare startups. Their unique perspective gives them the power to spot innovation in the saturated field of health tech. The convergence of medicine and investment is not only creating new opportunities but also fueling the evolution of healthcare. The collective aim is to unseat conventional health systems by funding and fostering startups that offer better, more efficient healthcare solutions.

Striking a balance between maximizing income and minimizing tax liability is a challenging task for sole proprietors. Navigating around sole proprietorship's financial landscape requires a tactful approach to maximize income and reduce tax liabilities. The key lies in understanding the costs involved, revenue generation, and the tax implications. Additionally, punctual tax payments and availing of the appropriate deductions are crucial actions. Having a strategic business model helps in yielding higher profits. Consulting with finance professionals could also be beneficial in money management.

The concept of work-life balance is a constant struggle for physicians, but perhaps what they really need is work-life stability. This stability comes from embracing a multidimensional approach to life, with three meaningful passions that support physical, mental, and spiritual well-being. Medical students and practicing physicians often face the challenge of reconciling family and financial security with the demands of their careers. Some physicians have managed to achieve a semblance of balance through significant milestones in their personal and professional lives, while others believe that balance is unattainable in medicine. Questions remain about how to effectively support relationships and family while pursuing a medical career, and many physicians experience burnout due to this dilemma. One solution is adopting a "physician third" mindset, where being a partner and parent are considered equal priorities to being a physician. By back-loading their careers and dedicating the early years to high-quality relationships, physicians can create a fulfilling life that includes family, personal passions, and medical practice.

Unravel the mystery of how our brains can sometimes hamper our leadership abilities. Leadership poses a unique set of challenges that can sometimes be undermined by our own brains. Unconscious cognitive biases can impact decision-making processes, potentially skewing our judgments and impairing our capacity to lead effectively. Understanding these neurological pitfalls can be a game-changer, equipping leaders with increased self-awareness and helping them mitigate potential risks. Our brains' hardwiring can make us resistant to change, a problem in the fast-paced world of leadership. Dive deep into the complex world of leadership and neuroscience, unraveling how to be a better leader by understanding your brain better.

Physicians, diversify your income: exploring three paths to passive real estate investment. Real estate remains an attractive avenue for passive investment, especially among physicians looking to diversify their income streams. This piece explores the three prime channels through which demographically-busy physicians can source capital for such investments. The aim is to obtain a solid mix of monetary growth and security, whilst also leveraging the power of passive income. The options discussed provide a clear roadmap for physicians to build a robust and lucrative real estate portfolio with minimal time and effort on their part. The information is presented in an easy-to-understand format, designed to empower physicians with potential avenues for prudent investment.

Growing personally, succeeding professionally: the art of striking a balance. It is crucial to maintain equilibrium between personal development and professional responsibilities in today's rapidly evolving, high-pressure world. This balance can be struck using various strategies, which helps promote not only personal growth and increased work satisfaction, but also better job performance. Successful individuals appear to seamlessly integrate personal ambitions and responsibilities at work, raising the bar for overall productivity. Balancing these ever-demanding roles is complex, but the payoff, achieved through careful planning and prioritization, is monumental.

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QUICK BITES

• The 6 Step Process to Writing Your Own Book.

• 15 Ways to Invest that Don’t Involve the Stock Market.

• 5 Popular ChatGPT Prompts Used by Entrepreneurs.

• Fewer Docs Are Practice Owners: Here’s Who to Blame.

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