Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

Why physician-owned businesses need our attention and support

Michael Woo-Ming, MD
Physician
June 18, 2021
Share
Tweet
Share

Like most, our family decided that we had outgrown our current home a few years ago and wanted to move into a larger house that offered more square footage and land.  It had been nearly twenty years since living in the house we have owned since the end of the residency, and the house-hunting effort seemed more bewildering and confusing than two decades ago.  At the time, I was too busy running my own practice and starting another business venture and did not have the time or inclination to figure it out on my own.

I was delighted stumbling onto a company that provided a concierge service for physicians looking to buy a home. I had the opportunity to talk to the owner Dr. Peter Kim, an anesthesiologist, who started his company whose mission was to take the stress out of the home buying process for doctors.  He understood that many physicians were like me, not wanting to deal with an endless number of lenders and worried about paying too much money.  Not only did his company simplify the process, it also introduced me to different financial loan opportunities that were available to physicians that I never knew existed.

I had a great experience using his company which led to eventually finding the home of our dreams.  Of course, you want to due diligence when hiring any business, but odds are, my trust and experience improve significantly when a doctor runs it.

In another example, when it came time to find an EMR platform, my medical spa practice decided to go with a company that a cosmetic surgeon started.  Again, it seems to have been a wise choice.  The founder was a practice owner like myself who had buyer’s remorse after purchasing an inefficient EMR, slowed down his workflow, and caused headaches from both staff and patients alike.  He launched his now-growing technology business to solve these challenges, which incidentally came from a recommendation from several of my colleagues.

And speaking of problems, one of the biggest facing medical doctors today is, of course, physician burnout.  It has been well documented that professional coaching leads to substantial improvement in physician wellbeing.

But what’s even more impactful is on who is conducting the professional coaching.  Overwhelmingly, physicians would prefer to have it done by their peers.  A study found that 88 percent of physicians would prefer other physician colleagues providing that help and support rather than mental health professionals by nearly a 2 to 1 margin. On further analysis of why doctors were chosen over licensed therapists, the overwhelming feeling that they would be better at understanding their concerns has gone through it themselves.

There has been a growing wave of entrepreneurial physicians finding joy and value in starting consulting and coaching businesses. Many use their expertise to work with physicians exclusively.  Our company has been excited to play a part in better spotlighting these businesses.  Today it is now even easier to find doctors who can give you guidance on everything from running your own practice more efficiently, build a better relationship with your spouse,  to negotiating your next job contract.

We are all aware of the tired refrain that “physicians are bad at business.”  It is time to retire that phrase. Business has not been our primary focus, and perhaps the state of medicine may result from that.

So if given a choice, consider supporting more physician-owned businesses.  If you have a problem that needs solving, there may be a colleague out there who has already figured it out and can help.

Michael Woo-Ming is a physician entrepreneur.

Image credit: Shutterstock.com

Prev

It's not every day the head nurse on a medical floor accompanies a physician on a consultation

June 18, 2021 Kevin 1
…
Next

Physicians need growth days [PODCAST]

June 18, 2021 Kevin 0
…

Tagged as: Practice Management

Post navigation

< Previous Post
It's not every day the head nurse on a medical floor accompanies a physician on a consultation
Next Post >
Physicians need growth days [PODCAST]

ADVERTISEMENT

More by Michael Woo-Ming, MD

  • a desk with keyboard and ipad with the kevinmd logo

    4 tips for using social media to attract new patients

    Michael Woo-Ming, MD
  • a desk with keyboard and ipad with the kevinmd logo

    Physician reputation management starts in the office

    Michael Woo-Ming, MD
  • a desk with keyboard and ipad with the kevinmd logo

    What bored doctors can do after they retire

    Michael Woo-Ming, MD

Related Posts

  • A physician’s addiction to social media

    Amanda Xi, MD
  • How a physician keynote can highlight your conference

    Kevin Pho, MD
  • Chasing numbers contributes to physician burnout

    DrizzleMD
  • The black physician’s burden

    Naomi Tweyo Nkinsi
  • Why this physician supports Medicare for all

    Thad Salmon, MD
  • Embrace the teamwork involved in becoming a physician

    Nathaniel Fleming

More in Physician

  • The shocking risk every smart student faces when applying to medical school

    Curtis G. Graham, MD
  • The physician who turned burnout into a mission for change

    Jessie Mahoney, MD
  • Time theft: the unseen harm of abusive oversight

    Kayvan Haddadan, MD
  • Why more doctors are leaving clinical practice and how it helps health care

    Arlen Meyers, MD, MBA
  • Harassment and overreach are driving physicians to quit

    Olumuyiwa Bamgbade, MD
  • Why starting with why can transform your medical practice

    Neil Baum, MD
  • Most Popular

  • Past Week

    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • Why specialist pain clinics and addiction treatment services require strong primary care

      Olumuyiwa Bamgbade, MD | Conditions
    • Harassment and overreach are driving physicians to quit

      Olumuyiwa Bamgbade, MD | Physician
    • Why peer support can save lives in high-pressure medical careers

      Maire Daugharty, MD | Conditions
    • When a medical office sublease turns into a legal nightmare

      Ralph Messo, DO | Physician
    • Addressing menstrual health inequities in adolescents

      Callia Georgoulis | Conditions
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
  • Recent Posts

    • The shocking risk every smart student faces when applying to medical school

      Curtis G. Graham, MD | Physician
    • Clinical ghosts and why they haunt our exam rooms

      Kara Wada, MD | Conditions
    • High blood pressure’s hidden impact on kidney health in older adults

      Edmond Kubi Appiah, MPH | Conditions
    • Deep transcranial magnetic stimulation for depression [PODCAST]

      The Podcast by KevinMD | Podcast
    • How declining MMR vaccination rates put future generations at risk

      Ambika Sharma, Onyi Oligbo, and Katrina Green, MD | Conditions
    • The physician who turned burnout into a mission for change

      Jessie Mahoney, MD | Physician

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

Leave a Comment

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

ADVERTISEMENT

  • Most Popular

  • Past Week

    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • Why specialist pain clinics and addiction treatment services require strong primary care

      Olumuyiwa Bamgbade, MD | Conditions
    • Harassment and overreach are driving physicians to quit

      Olumuyiwa Bamgbade, MD | Physician
    • Why peer support can save lives in high-pressure medical careers

      Maire Daugharty, MD | Conditions
    • When a medical office sublease turns into a legal nightmare

      Ralph Messo, DO | Physician
    • Addressing menstrual health inequities in adolescents

      Callia Georgoulis | Conditions
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
  • Recent Posts

    • The shocking risk every smart student faces when applying to medical school

      Curtis G. Graham, MD | Physician
    • Clinical ghosts and why they haunt our exam rooms

      Kara Wada, MD | Conditions
    • High blood pressure’s hidden impact on kidney health in older adults

      Edmond Kubi Appiah, MPH | Conditions
    • Deep transcranial magnetic stimulation for depression [PODCAST]

      The Podcast by KevinMD | Podcast
    • How declining MMR vaccination rates put future generations at risk

      Ambika Sharma, Onyi Oligbo, and Katrina Green, MD | Conditions
    • The physician who turned burnout into a mission for change

      Jessie Mahoney, MD | Physician

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

Leave a Comment

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...