Are physicians actually thriving with real estate?

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…

• Real estate emerges as a financial prescription for an uncertain economy, offering a safeguard against inflation and economic fluctuations.

• Are there areas of healthcare that are being overlooked when it comes to investments?

• Looking to unlock your full potential and take your business to the next level? Forget online courses and personal coaches - peer accountability groups might be the answer you're looking for.

• Want to boost your chances of securing an investment property? Consider using a back-up offer.

• Large language models (LLMs) could help healthcare providers better manage patient messaging to alleviate the burden on the healthcare workforce.

• Are you ready to break free from limiting beliefs and adopt a mindset that empowers you to achieve success?

ENTREPRENEUR SPOTLIGHT

From pediatrician to COO: Dr. Sarah Breen shares her inspiring journey into the world of entrepreneurship

Dr. Sarah Breen, a pediatrician, discusses her journey from practicing medicine to becoming the COO of the global company BREpic Network. Inspired by her husband's entrepreneurial world, she fell in love with the concept and utilized her communication skills as a physician to excel in the business field. Despite managing her clinical work, family life, and new business endeavors, she advises doctors feeling stuck to follow their instincts, try new things, and embrace entrepreneurship. The key takeaway is to explore new doors outside of medicine without fear.

LOUNGE TALK

As we approach 2024, the synergy between medical training and real estate investing becomes evident. Just as we apply precision and diligence in patient care, these skills translate perfectly into navigating the real estate market. Real estate serves as a strong safeguard against economic fluctuations, protecting and growing our wealth. Debt, which is typically seen as a burden in medicine, becomes a strategic tool for growth in real estate investment. By leveraging good debt, we can maximize our investment potential. Real Estate Professional Status (REPS) offers significant tax advantages for physicians, transforming potential liabilities into opportunities for wealth creation. In an era of economic uncertainty, diversified income from various property types helps recession-proof our portfolios. Lastly, advancements in technology, such as crowdfunding platforms and AI for market analysis, allow us to make informed investment decisions and manage properties more efficiently. Now is the time for physicians to apply their medical acumen to their financial health and thrive in all aspects of life.

Tragically, there are areas of healthcare that are being overlooked when it comes to investments. In a compilation of answers from industry experts, several key areas emerged as needing more financial support. The first area highlighted is the senior and post-acute care business, which has been underfunded and underserved despite the surge in the senior population. Technology can make a significant difference in this segment. Another area that requires investment is community research, which often fails to reach underserved communities. A substantial amount of healthcare spending is allocated to transactional processes, such as payments and claims, signaling the need for greater focus to reduce friction within the system. Public health is an area that lacks innovation and funding, and startups and investors struggle to navigate its complex funding environment. Rural health in regions like West Virginia, Montana, and Wyoming also needs attention and technological solutions. The cybersecurity aspect of healthcare still presents a major barrier to innovation, despite increasing budgets. Additionally, there is a need for financial backing and investment in nursing education and interest-building initiatives. Integration and interoperability remain significant challenges, hindering the free flow of data in healthcare. These areas represent opportunities for investors and innovators to make a positive impact but require increased support and resources.

In the pursuit of personal and professional growth, there are countless options available, such as online courses and personal coaches. However, one often underestimated and more affordable method stands out: accountability groups, also known as peer groups. These small groups of three to eight people are committed to working towards their goals and holding each other accountable. But accountability groups offer more than just goal setting - they provide support to build skills, develop leadership abilities, and create a symbiotic relationship that leads to greater success. Through accountability groups, individuals can ensure follow-through on their goals, tap into the collective intelligence of the group, and experience whole-person growth that extends beyond their own success.

Real estate markets are known for their cycles of booms and busts, and during competitive times, investors need to employ savvy strategies. One such strategy that is often overlooked is the back-up offer. A back-up offer is submitted by a potential buyer after the seller has already accepted an initial offer, serving as a standby agreement in case the first deal falls through. This approach can enhance an investor's chances in a hot market where primary deals may falter due to financing challenges, property issues, or buyer remorse. The back-up offer is underutilized despite its potential benefits, as investors may not consider it an option or become disheartened when they are not the winning bidder. However, by stepping in swiftly when the initial deal collapses, a well-timed back-up offer can secure acceptance from sellers eager to close the sale.

The rise of patient portals and digital communication has led to an increase in the volume of messages that physicians receive today. Healthcare workers spend a significant amount of their time responding to these messages, even outside of regular working hours. This high volume of messaging can strain the already stretched healthcare workforce and contribute to burnout. Charging patients for messages has been explored as a solution, but it generates minimal revenue and only slightly reduces the volume of messages. To address this issue, healthcare providers can consider incorporating large language models (LLMs) into patient messaging. LLMs can help patients compose more detailed and appropriate messages, filter non-essential messages for healthcare workers, summarize messages for review, and even draft responses. Integrating LLMs into patient messaging workflows would require fine-tuning existing models for clinical use and validating their performance. However, challenges remain, including patient and clinician acceptance, regulatory considerations, and the need for ongoing improvement and monitoring of messaging solutions.

Changing your mindset can have a profound impact on your well-being and overall outlook on life. By understanding and embracing different types of mindsets, such as the fixed mindset, growth mindset, abundance mindset, and scarcity mindset, you can shift your perspective and open yourself up to personal growth and success. Recognizing negative thoughts is essential in changing your mindset, and tracking emotional reactions and identifying patterns can help in the process. Taking small steps, practicing self-awareness, setting achievable goals, and developing a morning routine can also contribute to positive mindset changes. Embracing change, focusing on strengths, and maintaining an open mind are key in transforming your mindset for the better.

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QUICK BITES

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• The Mint budgeting app is shutting down – Which personal finance and budgeting app should you use now?

• Location, location, location – The best places to invest in real estate.

• 2023 year end financial tasks.

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