How Doctors Can Become Visionaries to Their Own Company

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…

• A recent study found that an AI tool outperformed physicians in responding to patient questions, highlighting the potential of AI in healthcare.

• A profession that often prides perfection and self-sacrifice, the medical field has high rates of mental health distress among its doctors.

• Physicians are facing challenges in practicing medicine across state lines due to the expiration of temporary waivers during the public health emergency.

• The traditional doctor-patient relationship is about to undergo a monumental shift with the advancement of generative AI tools in healthcare.

• Medical school applicants are now being evaluated on their "situational judgment" through a new standardized test created by the Association of American Medical Colleges.

• Becoming the best version of yourself requires time and effort, but it's a journey worth taking.

ENTREPRENEUR SPOTLIGHT

Ever wondered what it takes to become a successful global company?

Justin Breen, author and CEO of global PR firm BREpic Communications, shares his entrepreneurial journey and offers insights into building successful global companies. His book, "Epic Life," focuses on building collaborative global companies while prioritizing loved ones. Breen emphasizes the importance of connecting with other visionaries and the power of real human relationships. He also discusses how his unique personality traits and mindset have contributed to his success.

LOUNGE TALK

The current state of the economy creates difficulties for dermatologists and their patients, but AI and teledermatology offer potential solutions. A survey revealed that patients prefer independently owned practices for the personal relationship and trust they provide, but the number of these practices is declining due to various challenges. Dr. Reid Maclellan, founder of Cortina Health, aims to change healthcare by offering an innovative teledermatology platform that partners with independent dermatology practices, providing personalized care and medication delivery. AI can play a significant role in the future of dermatology by enhancing patient care. However, there are roadblocks to AI implementation, such as a lack of awareness and resistance. Cortina Health strives to make comprehensive dermatology care accessible by combining in-person and virtual healthcare and maintaining the autonomy of acquired practices. Family office-backed approaches, as opposed to private equity acquisitions, allow for a longer-term and patient-focused investment outlook. Independent dermatologists prefer to maintain practice autonomy and brand loyalty while benefiting from the support of Cortina Health. The integration of AI and the family office-backed model has the potential to transform dermatology care for both doctors and patients.

The medical profession in the US is experiencing a mental health crisis, with rates of burnout and depression among doctors on the rise. The pandemic has worsened this issue, with increased work-related distress and reduced control over their practice environments. However, doctors are less likely to seek treatment for mental health concerns due to the stigma associated with it. In addition, institutional practices in the medical field often punish doctors for seeking care or disclosing mental health treatment. This situation is not only detrimental to the well-being of doctors but also has serious implications for patient care given the current physician shortages. Efforts to improve doctors' access to mental health treatment and address the root causes of their distress are crucial for the well-being of doctors and the sustainability of the healthcare system.

The COVID-19 pandemic has revealed the significant role of telehealth in healthcare and the need for flexible state medical licenses. However, the temporary waivers that enabled physicians to practice in states where they are not licensed have mostly been lifted. To address this issue, the American Medical Association (AMA) is exploring emerging models of state licensing. These models include the Interstate Medical Licensure Compact (IMLC), licensure by endorsement or reciprocity, special purpose telehealth registries or licenses, and exceptions to in-state licensure requirements. These approaches streamline the licensing process and make it easier for physicians to practice in multiple states. The AMA highlights the importance of supporting telehealth and advocates for expanding telehealth policies, research, and resources to ensure physician practice sustainability and fair payment.

Generative AI tools like OpenAI’s ChatGPT, Google’s Bard, and Microsoft’s Bing are set to revolutionize the doctor-patient dynamic. With exponential advancements in these tools, patients will gain access to unparalleled medical expertise in easily understandable terms. AI tools are already matching the skill and accuracy of average doctors in diagnosing complex medical diseases. Integrating with health monitors and electronic medical records, AI tools will provide patients with detailed information about their specific medical issues. This newfound patient expertise will transform the foundation of clinical practice and strengthen the doctor-patient alliance.

The Association of American Medical Colleges (AAMC) has developed an optional standardized test called PREview (professional readiness exam) that evaluates the "situational judgment" of people applying to medical school. This test presents applicants with hypothetical scenarios and asks them to rate the effectiveness of different responses. Medical schools aim to identify qualities such as adaptability, teamwork, ethics, and cross-cultural interaction through this test. While admissions officers already consider these qualities during interviews and essays, some medical schools, like Cooper Medical School of Rowan University, have started incorporating the AAMC standardized test into their evaluation process. Another similar test called Casper, developed by Acuity Insights, is also being used in medical school admissions.

Embarking on a journey of self-development and growth is essential for success and fulfillment. While there is no one-size-fits-all formula, there are habits, techniques, and attitudes that can help you become the person you aspire to be. This process requires continuous effort and dedication, but the rewards are worth it. In this article, we explore ten valuable tips for personal growth that can help you discover who you truly are and become your best self. These tips range from embracing failure as a learning opportunity to surrounding yourself with positivity, taking risks, learning something new every day, and surrounding yourself with positive and inspiring people. Also, don't forget to fall in love with yourself and dress for confidence. Don't wait for tomorrow; start working on your personal growth today.

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