Unforeseen Challenges When Doctors Leave the Bedside

The LOUNGE - A Newsletter for Savvy Physicians

Here are the stories that are keeping us abuzz this week…

• More doctors are switching to part-time more than ever

• 9 ways to apply your entrepreneurship skills to medicine

• Despite drops in usage, a telemedicine revolution begins to simmer

• Healthcare AI is here. Along with the guidelines.

• Use the power of focus to impact your financial life

• Starting a business? Don’t forget about self-care.

ENTREPRENEUR SPOTLIGHT

Are doctors more than their white coats? It is the often-overlooked aspect of a physician's life – what happens when doctors transition to part-time work or leave medicine altogether.

Special guest, Dr. Maiysha Clairborne, an integrative medicine physician and master hypnotherapist, shares her insights on managing this shift, having navigated it personally and professionally with her clients. Dealing with issues of identity, fear, and self-doubt, this discussion serves as an important guide for doctors grappling with similar changes. It's a reminder that their identity extends beyond their profession, offering vital techniques for mastering mindset and communication.

LOUNGE TALK

Medicine is getting a makeover, and it’s going part-time. The traditional career path for physicians is experiencing a major shift as more doctors, both fresh and experienced, opt for part-time gigs over joining established medical practices or hospital systems. According to the Wall Street Journal, fueled by stress and burnout, doctors are stepping into the world of gig work that not only offers a better work-life balance but also significantly higher pay. This rising trend has led to an explosion in the number of temporary physicians, which has almost doubled since 2015. But while the appeal is evident, this new trajectory isn't without challenges, as physicians must navigate different state licensing requirements and quickly adapt to new workplaces. And while it offers continual care and basic services to community hospitals, especially in rural areas, the increased reliance on temporary doctors can potentially disrupt patient continuity of care.

Bridging the Gap: How entrepreneurs can revolutionize healthcare. Combining the worlds of entrepreneurship and healthcare can lead to remarkable improvements in patient care, healthcare systems transformation, and industry-wide innovation. Entrepreneurs have the unique ability to identify unmet needs, embrace and integrate technology, enhance operational efficiency, and engage patients while advocating for necessary policy changes. By creating and seizing opportunities in healthcare startups and forging strong collaborations, entrepreneurial healthcare professionals can make a significant impact. Furthermore, a commitment to continuous learning and an adaptable mindset in the face of failure are vital for success in this hybrid path.

Even as telemedicine usage dips post-pandemic, could we be on the brink of a dramatic transformation in virtual health care? The landscape of telemedicine is poised to dramatically change as technology starts bringing more of the doctor's office to the patient's home. Although telemedicine visits have fallen since peaking in the COVID-19 pandemic, according to this Harvard Business Review article, this doesn't signal the end of this medical revolution. Rather, it's just the beginning as an emerging industry seeks to fill the gap by bringing lab tests, diagnostic services, and regular check-ups into the home. This future extends beyond replicating a traditional doctor's visit, as new devices enable a better understanding of a patient's health and more proactive care. However, significant hurdles including cost, technological literacy, and equitable access remain. The solution lies in a balance between human touch and technology, coupled with cost-effective solutions and innovative hybrid models.

The Health AI Partnership, a collaboration among 14 significant health care entities, including Mayo Clinic, Duke Health, and the AMA, marks a new era in the U.S. health care industry. This initiative pioneers in offering continuously updated best practices for the implementation of Augmented Intelligence (AI). The initiative includes a website with topic guides for clinicians and health care leaders, which cover all four phases of AI product implementation: procurement, development, integration, and lifecycle management. Striving to be a communal resource, the partnership encourages inputs from the community to continually update its resources. Their primary focus is on safety, improving patient care, enhancing the clinical work environment, and facilitating participation.

Can intense focus lead you to rapid financial success? The White Coat Investor makes a case for it. Dr. James M. Dahle, the founder of White Coat Investor, draws parallels between the focus required in climbing and the focus needed to achieve financial success. His central argument is that by intensely concentrating on one or two financial goals, as opposed to spreading efforts thinly across numerous objectives, you significantly enhance your chances of success. Dahle stresses the power of measurement, stating that monitoring progress increases the likelihood of reaching a goal. He also acknowledges the potential costs of such intense financial focus, including interest, employer match, taxes, asset protection, and compound interest. To help people harness the power of focus, Dahle offers a comprehensive 15-step plan.

Uncover the secret to thriving in business: it starts with nurturing yourself. The art of entrepreneurship is akin to parenting: when you take care of yourself, you can take care of your business more effectively. CEOs are the constant in companies, and their personal development is a vital part of business growth. However, the obsession with constant success often leads to personal neglect, creating a business that's entirely dependent on the CEO's resilience. As a CEO, it's crucial to evolve along with the company, investing in personal growth, communication, and prioritizing skills. Remember, you are the bottleneck of your business, and the first step to growth starts with you. Adopt a higher mindset, build your tribe, honor your freedom, and aim to build a legacy. The secret to scaling a business and turning it into an industry game-changer is finding your "why".

QUICK BITES

• The 6 Biggest Mistakes in Creating Multiple Income Streams

• The Best Low-Cost Vacation Hack Available.

• Here are 2023’s Passive Income Trends in Real Estate.

• Building Your LinkedIn Brand: How to Get 55k Followers in a Year.

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!