What's The Real Story Behind Doctors' Earnings?

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…

• Medicare payment cuts and inflation have impacted physicians' purchasing power, leading to career reassessment within the medical field.

• Ever wondered how ancient Stoic philosophy could benefit modern entrepreneurs?

• Work-from-home doctor jobs enable physicians to provide virtual care to patients, leveraging advances in technology.

• Are you looking for a way to maximize returns in commercial real estate investing?

• What if I told you that collaborating with larger companies could significantly boost the productivity of small and medium enterprises (MSMEs)?

• Senior leaders face unprecedented challenges in managing technology, particularly with the deployment of generative artificial intelligence.

ENTREPRENEUR SPOTLIGHT

Are You Leveraging Social Media for Patient Attraction?

Dr. Anne Truong shares tips for using social media to attract patients. She highlights creating content addressing audience needs, leveraging Google and YouTube searches, and using engaging videos. Building relationships through valuable content can convert followers into patients.

LOUNGE TALK

Physician incomes saw a slight increase in 2023 after experiencing a drop the year prior, according to the 2024 Medscape Physician Compensation Report. The average total compensation for US physicians rose by approximately 3%, with primary care physicians seeing a 4% increase. However, this growth still lags behind the average increase received by non-unionized US employees. Challenges such as Medicare payment cuts and inflation have impacted physicians' purchasing power and contributed to a reassessment of career paths within the medical field. While 61% of surveyed doctors believe most physicians are underpaid, only 49% feel personally underpaid. Gender pay disparity remains a significant issue, although there's been a slight narrowing of the gap in recent years. Despite these challenges, physicians continue to navigate economic uncertainties and strive for fair compensation.

The philosophy of Stoicism, originating from ancient Greece, offers valuable insights for modern entrepreneurs seeking resilience and success in the dynamic business world. By adopting Stoic principles such as embracing fate, focusing on what can be controlled, and practicing mindful reflection, entrepreneurs can navigate challenges with clarity and purpose. Cultivating resilience through adversity, embracing minimalism for maximum focus, and developing empathy and ethical leadership are also integral aspects of Stoic entrepreneurship. Moreover, anticipating challenges, maintaining emotional equilibrium, and practicing gratitude contribute to a well-rounded approach to business and personal development. Seeking wisdom in every encounter and understanding the importance of responses to challenges further enrich the Stoic entrepreneurial journey, leading to enduring success and virtuous growth.

The advancement of technology and recent global events have led to a significant rise in work-from-home doctor jobs, allowing physicians to provide virtual care to patients from the comfort of their own homes. Telemedicine platforms and job portals offer numerous opportunities for physicians seeking remote work, ranging from telemedicine companies to healthcare systems and private practices. While the shift to remote medical practice presents numerous benefits, including increased accessibility and flexibility, it also comes with requirements such as valid medical licenses, board certification, and technical skills. Telemedicine has revolutionized the healthcare industry by enabling remote consultations, follow-up care, and specialized medical services, catering to diverse patient needs and preferences.

Preferred equity presents an enticing opportunity in the realm of real estate investment, offering a unique position in the capital stack and potential for higher returns. Unlike common equity, preferred equity grants shareholders priority over common equity holders in receiving dividends and proceeds from asset sales. This investment avenue provides a balance between steady income and capital preservation, offering fixed or adjustable-rate dividends and predictable income streams. With projected returns and shorter timeframes for deal completion, preferred equity investments allow for quicker investment turnaround and maximized capital gains. Investors can choose between "current" preferred equity for steady cash flow or "accrued" preferred equity for deferred returns, depending on their risk tolerance and investment preferences. Getting started in preferred equity investment involves educating oneself, researching opportunities, evaluating risk and return, networking with industry professionals, conducting due diligence, and actively monitoring investments over time. Diversifying preferred equity real estate investments across different properties, locations, and sponsors can mitigate risk and optimize portfolio performance.

McKinsey's recent study sheds light on the productivity challenges faced by micro, small, and medium enterprises (MSMEs) despite their substantial contribution to global economic activity. The research suggests that collaborating with larger companies can significantly enhance the productivity of MSMEs. In sectors where MSMEs engage in business-to-business interactions, they demonstrate a smaller productivity gap with larger enterprises compared to those primarily focused on business-to-customer sales. Moreover, the productivity of smaller companies often correlates positively with that of large companies, indicating mutual benefits from cooperation. Case studies from various industries further illustrate the positive impact of collaboration on MSME productivity. Policymakers are urged to foster an economic environment conducive to "collective productivity" by strengthening networks between large and small companies and addressing broader issues such as infrastructure investment and regulatory frameworks.

As organizations wrestle with the integration of generative artificial intelligence tools like ChatGPT, senior leaders find themselves in a perplexing position. In the upcoming four-part special series "Tech at Work" by HBR IdeaCast, senior tech editors Juan Martinez and Tom Stackpole delve into the nuances of technology management. The series aims to provide research-backed insights, compelling stories, and actionable advice to empower leaders in leveraging technology effectively within their teams and organizations. In the first episode, Professor Ethan Mollick from The Wharton School shares insights from his direct experimentation with AI tools, shedding light on their potential and the challenges hindering their value creation within organizations.

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QUICK BITES

• 10 things millionaires do not spend money on.

• Top AI video apps for doctor entrepreneurs.

• Voices for physician mental health.

• Coping with the stress of retirement.

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