How tech companies are banking on AI to replace docs

The LOUNGE - A BootstrapMD Newsletter for Savvy Physicians

We scour the ends of the earth finding you the most interesting articles for physician entrepreneurs and investors! Here is what’s on tap:

• Can Generative AI replace 124,000 physicians?

• The moral injury of corporate medicine

• The SBA is simplifying business loan requirements

• One doctor’s story of going on a 5 month work hiatus

• Have you considered mobile home park investing?

• Start a plan for gradual retirement

LOUNGE TALK

The United States is facing a projected shortage of up to 124,000 physicians by 2034 as burnout and increased administrative tasks drive doctors out of the workforce. This has led major tech corporations to explore Generative AI as a potential solution. However, healthcare CIOs have been slow to embrace this technology for clinical decision-making, with most applications focusing on automating administrative tasks. The American Medical Association (AMA) is taking steps to address the benefits and pitfalls of Generative AI in healthcare by formulating principles and recommendations. Privacy and security concerns also arise with the use of Generative AI, particularly regarding intellectual property protection and access to healthcare data. Despite the challenges, healthcare decision-makers are monitoring the progress of big tech companies' AI innovations in the hopes of finding solutions to alleviate burnout and streamline processes.

Physicians are feeling morally injured due to a for-profit healthcare system that hampers their ability to provide quality care to their patients. Physicians Wendy Dean and Simon G. Talbot argue that the issue faced by doctors is not burnout, but rather a "moral injury" caused by a for-profit healthcare system that inhibits their ability to practice medicine and prioritize patient care. Consolidation and corporate-run healthcare have led to the loss of autonomy for physicians, who are now treated as employees rather than independent practitioners. The book "If I Betray These Words" documents the experiences of medical professionals who have fought against the system and highlights the challenges they face. The rise of electronic medical records and the focus on business ownership and shareholder value further exacerbate these issues. Despite the challenges, there are movements within the medical field towards better models of care, but the road back from corporate medicine is long.

The Small Business Administration (SBA) has announced new initiatives to assist entrepreneurs in obtaining loans for their businesses. These efforts aim to close the capital-access gaps for small-business owners, particularly those in minority and rural communities. Under the Biden Administration, the SBA is simplifying loan requirements and expanding the number of nonbank lenders authorized to issue SBA loans. These changes went into effect on August 1. The SBA's goal is to support small businesses that have faced difficulties in securing funding, as larger commercial borrowers have been prioritized by many banks. The changes are expected to provide more inclusive opportunities and pave the way for diverse and dynamic small businesses to grow.

Have you ever wondered what it would be like to take a hiatus from the demanding life of a physician, even temporarily? A urologist from Southern California shares his experience of taking a 5-month hiatus from practicing medicine. He resigned from his long-standing position in search of new goals and creative outlets. During his time off, he discovered three eye-opening revelations. Firstly, burnout can be cured in about two months with a break from the demanding work environment. Secondly, despite the hiatus, he still found a deep passion for practicing medicine, missing the interactions with patients and the rewards of surgery. Lastly, he realized his crave for continual growth, particularly in his real estate business. The hiatus gave him the mental space to reflect and make these important revelations, leading him to return as a locum tenens urologist while pursuing growth in his real estate endeavors.

Mobile home park investing has become increasingly popular as investors see the potential for stable, long-term returns. It is considered a less risky investment compared to other real estate asset classes due to the spread of losses across multiple individual units. Mobile home parks also provide affordable housing, appealing to both investors and residents. To succeed in this market, investors must stay informed about market trends, do thorough due diligence, and select the right properties. The key players in mobile home park investing include private equity firms, industry leaders, and mobile home park owners. Some benefits of investing in mobile home parks include cash flow, opportunities in the affordable housing crisis, and demographic trends. However, there are challenges and risks to consider, such as regulations, maintenance costs, and the learning curve. To invest in mobile home parks, one must understand the market, build a network, conduct due diligence, close the deal, and manage the properties effectively. Overall, mobile home park investing offers a unique opportunity for investors seeking stable returns and diversification.

Retirement planning is crucial for physicians, and choosing whether to undershoot or overshoot your retirement goals is a decision that requires careful consideration. Before making this choice, it is important to define your retirement goals and what financial freedom means to you. Finding a balance between work and personal life is also crucial, as overshooting your goals may result in missing out on important moments with loved ones. It is important to recognize that time is precious and cannot be regained, and to consider the regrets people often have about not spending enough time with family. Gradual retirement, where you gradually reduce your workload while still enjoying the benefits of financial freedom, can be a happy alternative for physicians. By slowly cutting back on your workload and gradually replacing practice income with passive income, you can achieve a work-life balance and meet your retirement goals. Remember, retirement plans can be adjusted along the way, and change is always possible.

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