Will future physicians avoid clinical roles?

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…

• Are medical students reconsidering their career paths due to the pressures of medical school?

• Every job has its good days and bad, its high points and low, its crowning achievements and mundane expense reports.

• Why being approachable is the secret sauce for success as an entrepreneur.

• Ever thought about starting your own RV park? Here's what you need to know about the costs.

• Are you on the brink of burnout and considering leaving your private practice?

• In the high-pressure health care environment, finding purpose and fulfillment is a significant challenge.

ENTREPRENEUR SPOTLIGHT

Are you a physician struggling to find time for new business ventures?

Today, we're fortunate to have Dr. Ann Tsung, a productivity expert and NASA flight surgeon, who will provide valuable insights on how physicians can find time for new business ventures while achieving a better work-life balance. Dr. Tsung excels in multiple professional domains and has overcome the mindset that physicians are "stuck" due to demanding schedules. Her expertise and experience will guide healthcare professionals in expanding their horizons and building multiple streams of income. With topics such as strategically blocking off time for family and priorities, overcoming distractions, and utilizing technology for focus, Dr. Tsung offers practical advice for success.

LOUNGE TALK

A recent report by Elsevier surveyed medical and nursing students globally, revealing surprising insights about their mental health, career aspirations, and concerns. In the United States, a quarter of aspiring physicians expressed thoughts of quitting their studies, with mental health and balancing school and personal life being their main concerns. The report also highlighted that a significant percentage of medical students view their studies as a stepping stone to careers in health care administration, research, or public health. MD/MBA and MD/MPH programs have also grown in popularity as gateways to alternative medical careers. Despite these findings, the majority of students still have a genuine passion for patient care and are committed to improving lives. The survey raises important considerations for educators and professionals in the medical field as they strive to support and guide the next generation of physicians.

Building a culture where team members feel connected to a larger mission is crucial for leaders to inspire their workforce. This sense of purpose can make the difference between drudgery and inspiration. Three leaders who have successfully done this are Greg Page, former CEO of Cargill, Paul Polman, former CEO of Unilever, and Bill and Melinda Gates of the Gates Foundation. Page's decision to donate rice during a famine reminded his colleagues of their true mission, while Polman emphasized Unilever's higher purpose beyond just selling products. The Gates Foundation fostered a culture of continuous learning, where every day was filled with new insights. Ultimately, instilling meaning and purpose in a team leads to exceptional performance and the ability to tackle big problems.

Successful entrepreneurs are often seen as visionaries and trailblazers, but one often overlooked trait is approachability. Approachability plays a vital role in building networks and attracting successful people to one's business. Being approachable not only opens doors to learn from role models but also helps CEOs build bridges with other leaders who share similar challenges. Networking should not be solely focused on career growth, but also on making genuine friendships. Surrounding oneself with successful and approachable individuals increases the likelihood of handling success in a positive way.

Thinking about starting your own RV park? It’s a great way to make money, especially with the rising popularity of RV travel. But before jumping in, there are important factors to consider, such as costs, location, amenities, and regulations. The price of building an RV park can vary significantly, depending on the desired size, location, and infrastructure. Expenses include purchasing the land, setting up utilities, site development, and constructing amenities. Success in the RV park business relies on proper budgeting, effective marketing strategies, and ensuring customer satisfaction.

A psychologist discusses avoiding burnout and making the decision to leave or stay in a private practice. Dr. Jen Blanchette advises against falling into the trap of the self-cost fallacy, where individuals continue to invest in a failing venture out of fear of losing their past efforts. She emphasizes the importance of realizing that skills acquired in one career can be transferred to another. When dealing with burnout, Dr. Blanchette suggests reducing caseload, diversifying therapies, and considering alternative sources of income before closing a practice. She shares her own experience of navigating the end of her private practice, highlighting the importance of seeking support and managing emotions. Dr. Blanchette also gives guidance on determining whether to stay in private practice or explore other options, encouraging self-care and outsourcing tasks to achieve a better work-life balance.

The high-pressure environment of the healthcare industry often poses challenges for professionals to find purpose and fulfillment. However, the Japanese concept of ikigai provides a unique perspective to help healthcare professionals discover deeper meaning in their work and personal lives. Ikigai is the intersection of what one loves, what they are good at, what the world needs, and what they can be paid for. By aligning these four elements, healthcare professionals can experience enhanced job satisfaction, improved patient care, continuous professional development, and a balanced life. While finding ikigai in healthcare may be demanding and time-consuming, it can significantly shape career choices, mitigate burnout, and ultimately lead to a more fulfilled and meaningful life.

WANT TO REACH THOUSANDS OF FORWARD-THINKING PHYSICIANS? CONSIDER SPONSORSHIP. CONTACT US FOR DETAILS.

QUICK BITES

• Why a Roth IRA is a bad idea (Yes, you can lose money).

• Seven financial planning strategies for physicians.

• 5 key tips for buying a fixer-upper.

• The broken medicare system is forcing physicians out.

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!