Solution to stagnating physician incomes?

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…

• Has your income risen at least 21% over the past five years, or are you feeling the pinch of inflation?

• Are you feeling stuck in your career? Transitioning to a new role can be challenging.

• A report from Elsevier Health reveals that healthcare professionals are calling for the use of generative AI in their clinical practices.

• Tired of the limitations of traditional IRAs? A self-directed IRA might be the answer for your retirement investments.

• Bill C-18, the Online News Act, has thrown the future of news consumption into uncertainty.

• Discover how to make social media work for your small business with these key strategies.

ENTREPRENEUR SPOTLIGHT

Have you ever wondered how podcasting can benefit healthcare professionals?

Dr. Bradley Block, an ENT doctor, recognized the need for better doctor-patient communication and created his own podcast, the Physician's Guide to Doctoring. This platform has become a valuable resource for healthcare professionals, offering insights and strategies for improving patient interactions. Podcasting has allowed Dr. Block to create a niche platform, build credibility, and connect with a wider audience. Through over 200 episodes, he has shared his journey, lessons, and expertise. The podcast covers various topics, including optimizing social interactions, persuasion, improving habits, and the business of medicine.

LOUNGE TALK

Physicians are facing a significant income problem when it comes to inflation. While rental income and home values have increased, physician income has lagged behind. Inflation is the slow erosion of purchasing power, and it can negatively impact a physician's financial health over time. Despite the government's efforts to control inflation, physician incomes have dropped in real dollars over the years. To address this issue, physicians have several options, including doing nothing, spending less and saving more, or finding ways to make more money through side hustles. Side hustles can leverage a physician's valuable knowledge and skills to create additional income streams.

London Business School professor Herminia Ibarra shares insights on successful career transitions and personal growth in a constantly evolving work environment. In a conversation with HBR editor in chief Adi Ignatius, Ibarra highlights the importance of exploring multiple possible selves and leveraging diverse networks during career transitions. She emphasizes that instead of waiting for the perfect answer, individuals should take a proactive approach by experimenting and exploring various career pathways simultaneously. Ibarra also addresses the common challenges faced during career transitions, such as psychological loss and the lack of clear steps, and provides strategies to overcome them. Finally, she discusses the evolving nature of work and the increasing need for job satisfaction and fulfillment.

A recent report from Elsevier Health highlights the growing eagerness among doctors and nurses to incorporate generative AI products and platforms into their clinical decision-making. The Clinician of the Future 2023 study, involving 2,607 healthcare professionals, emphasizes the urgent need for innovative solutions to address clinician shortages and improve healthcare efficiency. The report reveals that physicians consider themselves needing to be experts in digital health technologies, with a significant majority recognizing the desirability of using generative AI tools in clinical decision-making within the next few years. While China is more optimistic about generative AI adoption, clinicians worldwide expect fewer in-person interactions by 2028, with telehealth being the preferred mechanism for routine check-ups. Additionally, over half of the clinicians welcome medical students' use of generative AI-powered tools for their education, with varying levels of enthusiasm in different regions. The findings underline the potential of generative AI to enhance patient care and drive a technological shift in the future of healthcare.

A self-directed individual retirement account (SDIRA) offers more flexibility than a standard IRA, allowing you to invest in alternative assets like real estate or precious metals. While it gives you control over your investment strategy, there are added risks and complexities. This type of retirement account has nuanced rules, and mistakes can lead to tax issues. SDIRAs can be set up as traditional or Roth IRAs, with different tax advantages. However, investing in alternative assets like precious metals or private company shares requires navigating complex guidelines. It's crucial to work with financial and tax professionals to understand the consequences of your investment choices. The contribution limits for SDIRAs are the same as other IRAs, and eligibility depends on your filing status and income. While SDIRAs offer greater investment options, they also come with complications and risks that may not be worth it for the average investor.

The recent passing of Bill C-18, also known as the Online News Act, has raised concerns about the future of news accessibility in Canada. With this legislation, uncertainty arises regarding how Canadians will continue to access trusted and independent news sources. As online platforms become essential for news consumption, this bill has the potential to impact the nation's access to quality journalism. In such times of change, it is crucial to prioritize trusted journalism as a cornerstone of a strong democracy. Fortunately, The Globe and Mail offers various avenues to stay informed, such as their news app for iOS and Android and their Real Estate newsletter, which covers the latest trends in the housing market. By leveraging these resources, Canadians can continue to make informed decisions and stay up to date on crucial news developments in the country.

Social media can be both a powerful tool for engagement and brand awareness, as well as a breeding ground for trolls and misinformation. However, by approaching it with the right mindset, small business owners can make it work for them. It is important to balance positivity with addressing the needs of your clients and customers. Clearly define your mission and how your business can help solve problems for your target audience. Adopt strategies from the "Pumpkin Plan" and eliminate unnecessary noise in your social media strategy. Offer a clear call to action in each post and engage with your audience by listening to their needs and responding to comments. Create a social media calendar and be nimble in making adjustments as needed. By harnessing the power of social media, small business owners can greatly improve their marketing efforts.

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QUICK BITES

• YouTube launches new products for healthcare content creators.

• These 7 side hustle franchise types can earn you full time cash.

• The 6 Best AI Apps and Websites for Personal Growth.

• 5 Steps For Anyone To Become A 401(k) Millionaire.

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