Starting a Side Hustle as a Medical Consultant: One Case Study

The LOUNGE - A Newsletter for Savvy Physicians

We scour the internet to search the best and relevant articles for physician entrepreneurs and investors so you don’t have to! This week…

• How this doctor became a medical consultant by taking to the sky

• The mass exodus of primary care and how it could have been avoided

• The benefits of a Direct Primary Care Practice

• 4 vital strategies for female entrepreneurs

• Diversify your real estate portfolio with a Delaware Statutory Trust

• Managing Type 1 Diabetes: Can AI Help?

LOUNGE TALK

Are you a physician looking to start a side hustle as a medical consultant? Discover how one doctor found his niche and built a thriving business. Starting a medical consulting business involves careful planning and consideration. Dr. Keith Roxo, a Top Gun graduate fighter pilot and board-certified physician in Aerospace Medicine, shares his experience and insights on how he found his niche in the field. One crucial aspect is determining the scope of the business: whether it will be a full-time job, a side hustle with potential to grow, or involve employees. Identifying a niche is also vital, and Dr. Roxo found his by combining his love for aviation with his medical expertise to help pilots navigate the complex FAA medical certification process. He emphasizes the importance of providing superior service and offering free initial consultations to demonstrate expertise. Managing the business efficiently is crucial for growth, and Dr. Roxo recommends tools like Google Workspace, Content Snare, Monday.com and CRM software. Despite the challenges and sacrifices, building a successful medical consulting business can be rewarding and fulfilling.

Primary care in the US is facing a crisis, with physicians experiencing unprecedented stress and burnout levels, leading to mass departures from the profession. This, coupled with an inequitable health system, poses a threat to the ability to care for vulnerable populations. The lack of effective advocacy for primary care and a reimbursement system that prioritizes quantity over quality further exacerbate the situation. Despite primary care being the bedrock of the healthcare system, it is often overlooked and underrepresented in leadership positions. To address these challenges, healthcare organizations must support primary care physicians in embracing leadership roles by providing opportunities for growth, strategic role design, and access to tools, training, and mentorship. By empowering primary care physicians to lead, the healthcare system can benefit from better quality of care, increased patient satisfaction, and reduced provider burnout.

Doctors are turning to a revolutionary model of healthcare that not only saves their career, but also their lives. Direct primary care (DPC) is a retainer-based membership model that allows physicians to have a predictable income and patients to have direct access to their doctor. Driven by a desire to provide personalized care and escape the stress of the insurance-based fee-for-service model, a pediatrician decided to explore DPC. Despite skepticism from colleagues and loved ones, the pediatrician successfully started and maintained a thriving DPC practice for the past five years. The benefits of DPC include reduced stress, improved work-life balance, and increased job satisfaction for physicians, as well as more personalized care, shorter wait times, and greater access to the doctor for patients. While the DPC model may not save the entire healthcare system, it can save individual doctors from burnout and provide them with a fulfilling career in medicine.

Building authority as a female entrepreneur can help address biases and barriers in the business world. Many women are turning to entrepreneurship as a way to create their own career paths and combat the earning gap they face. However, female entrepreneurs often struggle to secure funding and resources, and many have experienced gender bias. Building authority as a first-time entrepreneur can help address these barriers and biases. To build authority, it is important to have a strong sense of purpose and communicate it effectively. Showcasing a track record and controlling your own story are also essential. Persistent resilience in the face of rejection is crucial for success. While building authority may be challenging, it is achievable and can lead to long-term success.

Seeking to defer taxes and increase your real estate portfolio's returns? Look no further than the Delaware Statutory Trust (DST) as an alternative to 1031 exchanges. A Delaware Statutory Trust (DST) is a type of trust designed for managing investment properties, offering flexibility and attractive tax benefits. Unlike traditional real estate exchanges, DSTs allow multiple investors to pool funds and invest in a single property. This makes it easier to diversify real estate portfolios and potentially increase returns. DSTs also provide a tax advantage by deferring taxes on both the sale of relinquished properties and the purchase of replacement properties through a 1031 exchange. In addition, investors can enjoy the expertise of professional trustees who manage the day-to-day responsibilities of the property, making DSTs ideal for passive investment opportunities. With low investment sizes as low as $100k, DSTs allow for greater diversification and potentially reduce investment risk. Moreover, DSTs offer the opportunity to generate passive income through regular distributions from income-producing properties. These trusts are also advantageous for cash investors, allowing them to participate in real estate without taking on the same level of risk or responsibility. DSTs can offer tax advantages such as pass-through entity status, enabling individual investors to be taxed at their individual income tax rates, along with potential additional tax deductions.

Can artificial intelligence revolutionize the way we manage diabetes? People with type 1 diabetes have to constantly monitor their blood sugar levels and administer insulin accordingly. While current devices like continuous glucose monitors (CGMs) and insulin pumps help automate some of this process, they still rely on inflexible, hard-coded rules. Now, a PhD student at the University of Bristol is exploring the potential of machine learning algorithms to improve diabetes management. In a study, a machine learning algorithm was trained on data from virtual diabetes patients and showed promising results in managing insulin dosing. However, there are still regulatory hurdles and safety concerns that need to be addressed before AI-powered diabetes tech can become a reality.

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QUICK BITES

• The Best Real Estate Books for Beginners According to This Doc.

• 7 Steps on How This Millennial Became a Millionaire By Age 30.

• 23 Financial Grants for Black Women-Owned Businesses.

• These Medical Boards are Making Changes to Support Physician Well-being.

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