Why a Doctor Having Only One Income Stream Should Scare You

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 solely relying on your income as a doctor? What if there’s a way to make your financial future even brighter?

• Working is not just a way to stay busy, but also to prove our worthiness.

• The use of ChatGPT and other large language models (LLMs) in medicine has the potential to transform healthcare.

• Looking for innovative ways to secure funding for your entrepreneurial venture?

• Did you know you can find temporary medical work without using a locums agency?

• How can leaders keep learning with packed schedules?

ENTREPRENEUR SPOTLIGHT

Student loans: the ongoing burden for doctors and entrepreneurs alike.

In this podcast episode, Dr. Mike Woo-Ming interviews Dan Rooker from Student Loan Planner to discuss the recent changes in student loan policies brought about by the Biden administration. They explore the differences between the new Save Plan and the previous Revised Pay As You Earn (REPAYE) plan, focusing on its potential impact on high-earning professionals with significant loan balances. They also delve into the availability of income-driven plans for physicians, the 25-year repayment timeline, and the tax implications of loan forgiveness. The episode aims to shed light on these topics and their relevance for doctors and entrepreneur borrowers.

LOUNGE TALK

In today's medical landscape, it's no longer enough for doctors to rely solely on their income from medical practice for financial security. The healthcare industry has become more volatile, with financial downturns, changes in insurance reimbursements, and unexpected events like the pandemic. With insurance companies altering their models, physicians often find themselves seeing more patients for the same income, which doesn't align with inflation. This unpredictability highlights the need for diversifying income sources. Diversification offers benefits such as financial stability, independence, and personal growth. Doctors can explore opportunities such as real estate investments, cash-flowing assets like dividend-paying stocks or partial business ownership, and sharing their expertise through online courses, blogs, or podcasts to create additional income streams.

Nearly half of all U.S. workers don't use all their vacation days because they prefer to feel overwhelmed rather than underwhelmed. Immersion in work helps us avoid negative emotions and feelings of inadequacy, but it can lead to diminishing productivity, burnout, and even health issues. Workaholism is a socially acceptable addiction that is rewarded in our society. However, it's important to acknowledge and understand what drives our overwork. Strategies to address overworking include acknowledging the compulsion, prioritizing sleep and exercise, finding enjoyable activities outside of work, and listening to the body's signals for renewal and refueling.

The use of ChatGPT and other large language models (LLMs) in medicine has the potential to greatly improve patient care. These AI-powered tools can assist physicians in creating checklists for common presentations, accessing management guidelines, and streamlining documentation. However, ChatGPT currently has limitations in synthesizing complex patient information and integrating psychosocial components of care. Future doctors should learn prompt engineering to maximize the value of LLMs and focus on cultivating expertise in challenging patient encounters. Training programs and hospitals should incorporate modules for the ethical use of AI in clinical work. Ultimately, the goal is to leverage technology to augment human capabilities and create a future where technology and the human touch work together to provide better healthcare.

Thirteen seasoned entrepreneurs, including founders, CEOs, and a Public Relations and content marketing specialist, share their unique methods for securing funding for their ventures. From targeting resource-rich venture capitalists to making funding fun and engaging with gamification, these insights provide a wealth of knowledge. Some of the innovative ways include hosting a carnival pitch event, showcasing tangible financial performance, taking a compelling story-led approach, and using micro-loans for quick, guaranteed funding. Other strategies involve creating interactive online pitch events, adding a personal touch to crowdfunding campaigns, leveraging diverse expertise for strategic partnerships, focusing on pre-selling, and forming a community-based collective investment model.

Finding temporary medical work doesn't always require the help of a locums agency. Thanks to the internet, healthcare professionals can now create per diem locum tenens positions on their own terms. While locums agencies offer convenience, they charge employers significantly more than they pay physicians, resulting in lower salaries. By bypassing agencies and contracting directly with hospitals or clinics, physicians can negotiate higher pay and have more control over their work arrangements. Additionally, creating a temporary position can provide more location choices and allow for better value and consistency for employers. This article provides a step-by-step guide on how to find, negotiate, and apply for temporary medical positions.

In the fast-paced business world, prioritizing learning can seem like an added task. However, sidelining it can be a gamble on future success. Balancing professional development with the demands of the average workday is a genuine challenge for leaders. To overcome this challenge, leaders can commit dedicated time for learning, establish a learning routine, and make use of idle moments for microlearning. Collaborative learning within teams and leveraging AI-powered tools can enhance the learning experience. Remaining agile with just-in-time learning and tracking progress are also key strategies. Ultimately, self-awareness and recognizing the value of lifelong learning contribute to personal growth and discovery.

WANT TO REACH THOUSANDS OF FORWARD-THINKING PHYSICIANS? CONSIDER SPONSORSHIP. CONTACT US FOR DETAILS.

QUICK BITES

• 3 financial habits of physicians who retire early.

• Ten tips for networking excellence in 2023.

• 7 best investment property loans to help you make money when buying real estate.

• 10 things to stop wasting money on so you can be rich in 10 years.

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!

Growth in Physician Salaries: Select Specialties Surge Over Past Year