Are physicians ready for AI? Most say no

The LOUNGE - A BootstrapMD Newsletter for Savvy Physicians

We go to the ends of the earth finding you the most intriguing articles for physician entrepreneurs and investors! Here is what we have this week:

• Doctors aren’t ready for AI

• Is your home really an asset for generational wealth?

• Master the art of digital marketing

• 5 ways entrepreneurs can raise capital

• Reviewing Locum Tenens agreements

• Overcoming fear to get what you want

LOUNGE TALK

Artificial intelligence systems, such as ChatGPT, are being integrated into clinical practice to assist physicians in making crucial decisions regarding medical conditions. These tools, known as clinical decision support (CDS) algorithms, have the potential to greatly impact patient care. However, the success of these technologies relies on physicians' ability to interpret and act upon the risk predictions provided by the algorithms, which many are currently lacking. A perspective article published in the New England Journal of Medicine highlights the need for physicians to develop skills in understanding how these algorithms work. Researchers suggest that medical education and clinical training should incorporate training on probabilistic reasoning specifically tailored to CDS algorithms. Additionally, physicians should learn to critically evaluate and incorporate CDS predictions into their decision-making process. The University of Maryland School of Medicine aims to address this gap by establishing the Institute for Health Computing, which will provide education and training on the latest technologies for health care providers.

Buying a home may not be the key to generational wealth. Jaspreet Singh, a personal finance influencer and licensed real estate agent, challenges the conventional wisdom that a home is a valuable asset and a key to generational wealth. He argues that a home is actually a liability, with costly expenses such as property taxes and renovations, and the equity-building process can be a barrier to wealth creation. Singh advises buyers to purchase properties strategically, opting for distressed properties below market value and considering the value of the location. He suggests investing in true assets, such as income-generating investment properties or dividend stocks, and even investing in startups or starting one's own business for the potential for greater growth and wealth creation.

Understanding your audience is the key to successful digital marketing. With global digital ad spending projected to reach $626 billion by the end of the year, digital marketing in 2023 is more important than ever. Creativity is at the heart of any successful digital marketing campaign, as seen in Spotify's viral "Wrapped" campaign. Understanding your audience through customer personas and personalization is key to engaging and converting customers. Data-driven marketing, powered by AI, ML, and Big Data, is the backbone of digital marketing in 2023. Tools like SEO, CRM software, and social media management platforms are vital in a marketer's arsenal. A mobile-first approach and influencer and social media marketing are essential strategies for success. The blend of art and science in digital marketing requires leveraging the right data to fuel creative efforts and understanding audiences to drive success.

Looking for creative ways to raise funds for your business? These cutting-edge methods might just be the answer. Entrepreneurs today are constantly adapting to a rapidly evolving market, which requires them to think outside the box when it comes to securing capital. This article explores some unconventional but effective strategies that entrepreneurs are using to raise funds for their ventures. Crowdfunding has become a powerful tool, allowing entrepreneurs to connect with a wide network of individuals and investors through platforms like GoFundMe and Kickstarter. Small Business Administration (SBA) loans provide a viable alternative when traditional bank loans pose challenges, offering low-interest rates and flexible repayment terms. Angel investors bring more than just financial backing, as their involvement also includes valuable expertise and influential connections. Business incubators and accelerators act as nurturing grounds for startups, providing funding, mentorship, and resources. Finally, venture capitalists offer larger sums of money in exchange for equity, but entrepreneurs must have a solid business plan and pitch to impress them. By embracing these innovative methods, entrepreneurs can secure the funding needed to drive their ventures towards success.

Locum tenens agreements offer several advantages to physicians, serving as a means to supplement income during vacations or in between jobs. While similar to physician employment agreements, there are unique aspects that physicians should be aware of when reviewing locum tenens agreements. One key difference is the physician's status, as it can be either an employee or an independent contractor. The tax implications of being an independent contractor can significantly impact a physician's bottom-line earnings. Independent contractors are responsible for 100% of their Social Security taxes and can benefit from various deductions for expenses related to the engagement. Unfortunately, locum tenens agreements often lack significant benefits, with malpractice insurance being a critical exception. Clear provisions on patient contact hour requirements and medical staff credentialing should be included. Physicians should be cautious of overreaching indemnification provisions and overly restrictive non-compete clauses. Reimbursement for travel, lodging, and other expenses should be considered, and benchmarking employee compensation can be helpful in negotiating reasonable compensation as a locum tenens physician.

Don't let fear hold you back from pursuing your dreams. In today's fast-paced world, many of us have dreams and aspirations that often go unrealized. There are three common reasons why individuals may not act on their dreams: fear of failure, feeling unqualified, and overwhelming procrastination. Overcoming these obstacles requires a shift in mindset and taking meaningful action. Embracing failure as a learning opportunity, leveraging online resources for self-education, breaking down dreams into manageable steps, and finding support through communities can help individuals pursue their dreams and create a fulfilling life.

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QUICK BITES

• 15 Ways to Grow Your Net Worth.

• The Difference Between Gross and Net Income.

• 5 Overlooked Strategies to Maximize Your LinkedIn Impact.

• Master the Art of the Request.

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