What Money Secrets Are Physicians Overlooking for Success?

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…

• Physicians are not taught essential business skills, making it harder to manage their practice and avoid financial issues.

• Effective leadership taps into the "soul, heart, and mind" by prioritizing doing good, caring for people, and thinking creatively.

• A quick, one-minute meditation can help calm chaos and reset your energy for the day.

• Mineral rights can generate immediate passive income or provide long-term wealth growth through royalties and increasing land value.

• While renting offers flexibility, owning a home might become important during retirement for stability and to avoid rent increases.

• heffield and Dartford NHS trusts have also started using the da Vinci system for procedures, including hysterectomies.

ENTREPRENEUR SPOTLIGHT

How did Dr. Ola Kolawole transform her career from medicine to marketing?

Dr. Ola Kolawole, a family medicine physician, has shifted her focus to helping coaches enhance their visibility and sales through innovative live studio events. Dr. Ola discusses the marketing challenges coaches often face and how her two-day event addresses these issues with a comprehensive package that boosts credibility and reach. Her program includes speaker coaching, sales training, and a full media package, providing a powerful tool for coaches to stand out in a competitive market. This episode offers valuable insights for physician entrepreneurs eager to elevate their coaching businesses and leave a lasting impression on potential clients.

LOUNGE TALK

The collapse of private medical practices is accelerating due to inadequate business education among physicians. Most doctors face overwhelming stress from fee restrictions and government mandates, but the root cause is a lack of financial literacy in managing their practice. Business education, often overlooked, is critical for medical professionals to avoid financial pitfalls and run their practices successfully. Without it, physicians unknowingly lose significant income, experience burnout, and struggle to manage the daily chaos of their office. While many solutions offered to doctors suggest picking up extra jobs, this only adds to the burden. Learning the essentials of business can help alleviate these pressures and restore financial stability.

In their book Leading Through: Activating the Soul, Heart, and Mind of Leadership, Kim B. Clark, Jonathan R. Clark, and Erin E. Clark propose a shift away from the traditional "power over" leadership model to a "leading through" paradigm. This new approach focuses on enhancing the well-being and growth of employees by prioritizing empathy, collaboration, and innovation. The authors highlight the impact of empathy-driven leadership, using examples like the Cleveland Clinic, where patient satisfaction soared after leaders embraced this model. They argue that the old model of command and control is no longer sustainable, as it leads to employee dissatisfaction and burnout. Instead, leaders must activate the "soul, heart, and mind" of their organizations to create thriving environments where people and productivity flourish. The message is clear: true leadership lies in mobilizing people to solve problems together, not in exerting control.

In just one minute, you can transform your day and your leadership with a mini-meditation. According to Moshe Engelberg, PhD, author of The Amare Wave, this quick mental reset is a powerful tool that even the busiest executives can benefit from. It doesn't require hours of practice or a quiet retreat; it's about finding small moments of stillness amid a hectic schedule. Engelberg dispels the myth that meditation is about emptying your mind, emphasizing instead the importance of observing your thoughts without engaging with them. The benefits are significant, ranging from immediate stress relief to long-term improvements in memory, resilience, and leadership. Notable leaders like Oprah and Marc Benioff swear by it. With simple steps like starting every meeting with a brief meditation, you can seamlessly incorporate mindfulness into your day.

Mineral rights investing is gaining popularity among physician investors as a way to diversify portfolios and grow passive income. By owning the rights to the minerals beneath a piece of land, investors can earn monthly royalty payments when companies lease the land to extract resources like oil or gas. Unlike other investments, mineral rights offer nearly instant returns without the hassle of managing physical property or operations. Investors can benefit from high-yield, low-risk returns, tax advantages, and minimal competition in the market. Mineral rights can provide both short-term payouts and long-term, growing returns. Working with experts like Eckard Enterprises can simplify the process and maximize your financial outcomes.

As housing prices and mortgage rates soar, even high-income earners like doctors are questioning whether buying a home is still worth it. While renting is often seen as temporary, some experts argue that it might make financial sense to rent long-term, particularly in high-cost areas. This "Forever Renter" trend, popular among Millennials and Gen Z, is driven by high housing costs, rising mortgage rates, and a lack of affordable starter homes. Some argue that renting allows more flexibility and less financial risk, while investing the difference could build long-term wealth. For doctors with significant student loan debt or living in expensive cities, renting may actually help preserve their financial health. However, retirement planning could shift the equation, making homeownership a more secure option later in life.

A study at Portsmouth Hospitals University NHS Trust is exploring how robotic-assisted surgery using da Vinci systems can enhance day case surgeries. Since the study began in September 2023, over 400 robotic procedures have been completed, focusing on improving patient outcomes and hospital productivity. The findings from this programme will serve as a model for expanding robotic-assisted surgeries across the NHS. Professor Jim Khan, the chief investigator, believes this technology can revolutionize surgical practices by treating more patients while offering valuable training opportunities. The project aims to move certain inpatient procedures to day cases, with shorter hospital stays and remote monitoring. Other NHS trusts, like Sheffield and Dartford, have also begun incorporating robotic-assisted surgeries, further proving their potential to enhance care and reduce costs.

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QUICK BITES

• How to manage — and avoid — mental fatigue.

• In just 5 words, OpenAI CEO Sam Altman explained the secret to exceptional motivation.

• The surprising power of laughter and creativity in medical training.

• 7 ways to find more work-life balance as a physician.

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