How a side gig completed her physician career

The LOUNGE - A Newsletter for Savvy Physicians

Here’s the stories that have caught our eye this week:

• Top networking groups for women entrepreneurs

• Art financing - a viable passive income strategy?

• An online direct to consumer healthcare company that is making waves

• Re-examining priorities as a result of COVID

• A tax incentive you may not be aware of

• A healthcare AI company just raised $50 million to combat burnout

ENTREPRENEUR SPOTLIGHT

How a Physician Side Business May be the Key for Career Fulfillment.

Sujin Lee MD had a circuitous route to medicine. Trained as a classic pianist, she now works as a neuro rehab physician and physician coach who practices medicine part-time while pursuing her interests in research, teaching, consulting, and coaching. She helps other physicians reach their full potential to create a satisfying life and is presenting a webinar for physicians who are interested in entrepreneurship.

LOUNGE TALK

When it comes to your career, your network is your net worth. Discover the top five networking groups dedicated to women entrepreneurs. The power of networking cannot be overstated, especially in a time when the professional world may feel unsteady. An astounding 85 percent of jobs are filled through networking and since 70 percent of jobs aren't even publicly listed, it's clear that being in-the-know is a huge advantage. This is why female-focused networking groups are on the rise, offering supportive spaces both online and in-person. Each of these groups provides unique resources and benefits, making them fantastic assets for any woman entrepreneur looking to expand her network.

Beyond notetaking: the advent of AI-powered clinicians, dieticians, and more in the rapidly evolving healthcare landscape. Meet Hippocratic AI, the Palo Alto-based startup that has just emerged from stealth, marking a significant shift in the healthcare industry. This company is the first to develop a safety-focused large language model specifically designed for healthcare applications, attracting $50 million in seed funding, co-led by General Catalyst and Andreessen Horowitz. Hippocratic AI aims to leverage generative AI to address the pervasive workforce shortage and burnout crisis in healthcare. Shunning diagnostics, the startup instead focuses on patient-facing applications, developing large language models that could fill various roles, such as dieticians, lactation consultants, and automated call center assistants. To ensure quality and safety, Hippocratic AI is enlisting the help of medical professionals in the model design process and running its AI models through various medical role-based examinations. Early results are promising, with the startup's AI outperforming GPT-4 in 105 of 114 certifications. As healthcare struggles to meet its growing demand for clinicians, this company could stand ready to revolutionize the industry.

A healthcare David among Goliaths, This stock is turning heads with their 235% stock surge in a year. Hims & Hers Health, a relatively small competitor in the US healthcare industry, has been making waves with its consistent and impressive growth. The company, providing direct-to-consumer healthcare products and services, has witnessed its stock soar by 235% in the past year, becoming a Wall Street favorite. Despite the sharp appreciation, the stock still offers significant potential. The company operates on high gross profit margins of 80%, while also maintaining a strong financial position with zero debt and substantial cash reserves. It has been gaining subscribers at a rapid rate, indicating a strong brand and effective execution. Despite currently being unprofitable, Hims & Hers is strategically investing in marketing to capture market share, while planning to ease off these expenses when the time is right to boost profitability.

How a personal journey through a pandemic turned into an opportunity for a financial reinvention. In the midst of a global pandemic, one man found that a close dance with mortality and uncertainty provided a unique opportunity to reassess his priorities and hedge against future regret. With his past experiences shaping his perspective on life, he embraced the uncertainty brought by the COVID-19 crisis to make a series of decisions that ultimately turned out to be beneficial. From becoming stay-at-home parents, purchasing a new home, homeschooling his son, to developing healthier habits, the pandemic presented a valuable chance to reevaluate life choices and make strategic moves. Navigating through complex decisions with imperfect information became the norm, yet, it opened up new avenues for personal and financial growth. The journey underscored the importance of adapting and learning from mistakes in the face of adversity, a lesson that extends beyond pandemics and into the realm of financial investment and life decisions.

Imagine if you could slash your tax bill just by moving to a Caribbean paradise? The White Coat Investor blog introduces a significant tax incentive you may not have heard of - Puerto Rico's Act 60. This act, previously known as Acts 20 and 22, provides tax benefits for individuals and businesses willing to relocate to Puerto Rico, a US territory known for its lower tax brackets. Specifically, Act 60 exempts passive income from both federal and state taxes. To qualify, you must spend at least 183 days a year in Puerto Rico. But there are catches, including a mandatory $10,000 annual charitable contribution and an expiration date of 2035. Still, this Caribbean tax loophole has attracted a growing community of entrepreneurs, especially from tech, financial services, and real estate sectors, turning Puerto Rico into a veritable tax haven.

Art is no longer just for the galleries, it's carving a niche in the financial world with the rise of art-debt investing The lines between the worlds of art and finance have been increasingly blurring, with art-backed debt emerging as an intriguing alternative asset for investors seeking to diversify their financial portfolio. Providing attractive yields, robust principal protection, and uncorrelated returns, art debt investing presents an avenue to generate passive income without the costs and concerns associated with owning physical art. Over the past two decades, the financing of high-value fine art has grown in popularity with banks, auction houses, and specialty art lenders offering a variety of options. However, it's not without its challenges. Due to the unique risks involved, such as issues of title, authenticity, and attribution, potential investors need to thoroughly understand the underwriting practices and track record of the art lender. There is also a growing importance of due diligence, robust valuation methods, and diversification in mitigating risks associated with art-backed loans.

QUICK BITES

• Cracking the code of public speaking - 10 secrets from a TEDx speaker revealed.

• Unleash the power of nostalgia: How investing in these 5 collectables can add sparkle to your portfolio.

• Congratulations to KevinMD Podcast reaching 2 million downloads.

We hope you find our newsletter informative and engaging. If you have any feedback or suggestions for future issues, please don’t hesitate to reach out!