Skip to content
  • About
  • Contact
  • Contribute
  • What Physicians Say
  • My Book
  • Careers
  • Podcast
  • Speaking
KevinMD.com — Social media's leading physician voice
  • All
  • Physician
  • Burnout
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • All
  • Physician
  • Burnout
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
    • All
    • Physician
    • Burnout
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • About
    • Contact
    • Contribute
    • What Physicians Say
    • My Book
    • Careers
    • Podcast
    • Speaking
KevinMD.com — Social media's leading physician voice
  • All
  • Physician
  • Burnout
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
    • All
    • Physician
    • Burnout
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • About
    • Contact
    • Contribute
    • What Physicians Say
    • My Book
    • Careers
    • Podcast
    • Speaking
  • About Kevin Pho, MD, Founder of KevinMD
  • Aging and dementia: what physicians say, in their own words
  • Artificial intelligence: what physicians say, in their own words
  • Be heard on social media’s leading physician voice
  • Cancer: what physicians say, in their own words
  • Children’s health: what pediatricians say, in their own words
  • Contact Kevin
  • COVID-19: what physicians wrote as it happened
  • Custom enhanced author page pricing
  • Diabetes and obesity: what physicians say, in their own words
  • Direct primary care: what physicians say, in their own words
  • DMCA Policy
  • End of life: what physicians say, in their own words
  • Establishing, Managing, and Protecting Your Online Reputation: A Social Media Guide for Physicians and Medical Practices
  • GLP-1 drugs: what physicians say about Ozempic and its successors, in their own words
  • Heart disease: what physicians say, in their own words
  • Immigration and medicine: what physicians say about immigrant doctors and immigrant patients, in their own words
  • KevinMD influencer opportunities
  • Medical errors: what physicians say, in their own words
  • Medical ethics: what physicians say, in their own words
  • Medical malpractice: what physicians say, in their own words
  • Medical school: what students and physicians say, in their own words
  • Mental health: what psychiatrists and physicians say, in their own words
  • Nursing: what nurses and physicians say, in their own words
  • Opinion and commentary by KevinMD
  • Opioids: what physicians and pain patients say, in their own words
  • Physician burnout speakers to keynote your conference
  • Physician burnout: what physicians say, in their own words
  • Physician Coaching by KevinMD
  • Physician keynote speaker: Kevin Pho, MD
  • Physician personal finance: what physicians say about their own money, in their own words
  • Physician Speaking by KevinMD: a boutique speakers bureau
  • Physician suicide: what physicians say, in their own words
  • Physicians and administrators: what physicians say about who runs medicine, in their own words
  • Primary care physician in Nashua, NH | Kevin Pho, MD
  • Primary care: what physicians say, in their own words
  • Prior authorization: what physicians say, in their own words
  • Privacy Policy
  • Private equity and corporate medicine: what physicians say, in their own words
  • Race and medicine: what physicians say, in their own words
  • Recommended services by KevinMD
  • Residency: what residents and attendings say, in their own words
  • Scope of practice: what physicians, nurse practitioners, and PAs say, in their own words
  • Subscribe to the KevinMD enhanced author page
  • Subscribe to the newsletter
  • Surgeons and surgery: what surgeons say, in their own words
  • Take-home messages: what physicians say when asked to leave one
  • Terms of Use Agreement
  • Thank you for subscribing to KevinMD
  • Thank you for upgrading to the KevinMD enhanced author page
  • The electronic health record: what physicians say, in their own words
  • Vaccines: what physicians say, in their own words
  • Violence against health care workers: what physicians and nurses say, in their own words
  • What physicians say: the KevinMD records
  • Women in medicine: what women physicians say, in their own words
  • Women’s health: what physicians say, in their own words

The medical-industrial complex: Why physicians shouldn’t expect wealth

Curtis G. Graham, MD
Physician Finance
May 6, 2023
Share
Tweet
Share

The gradual influence of what’s called the “medical-industrial complex” has its tentacles wrapped around every physician’s medical career to the point that any practicing physician should expect no guarantee about becoming wealthy. Even the optimistic nature we carry along with our passion for improving our life circumstances and making a welcome difference in the health care we provide over the years will become tempered to reflect the demands of our failing and desperate government.

Recent surveys of dissatisfaction among private practicing physicians over the last decade reveal an increasing number of financial, social, and stress-related problems. Those problems interfere with and exaggerate physicians’ attitudes about their value to the medical care system, especially when we are mixed in with other non-professional providers. Solomon had the same problems.

Solomon’s journey to find meaning — in money, wisdom, work, and accomplishments — is a reflection describing what every medical doctor must resolve in their own minds. Of course, male physicians seldom have 700 wives and 300 concubines to distract them from understanding the value of money when applied to the sum of their accomplishments in medical practice.

To believe that money is the primary means of everything you accomplish in your medical care of patients can’t be hidden behind colored glasses. Although there are numerous and variable extents as to how far each physician is willing to go to maximize their accomplishments in their profession, the fact that having available money/income to expand those limits is key to their success or failure.

We repeatedly hear from some physicians, “For every physician practicing medicine, their top reason for becoming a physician is to resolve medical problems that patients seek treatment for — not to make a pile of money.”

This belief faded out the day the industrial revolution hit our society. The suggestion that the struggle to reach our ultimate potential as a physician and our greatest benefit to our medical patients is far more dependent on how much income we make, not on our original intentions to make health care better for our patients and our nation. If you disagree, try practicing medicine for free on a street corner where most of those kinds of medical patients hang out.

What we observe daily in our medical environment today are the consequences of saluting the wrong flag.

When physicians can earn enough income to afford to do everything in their medical practice that they want to do, wouldn’t it become a medical school recruiter’s dream come true? It’s especially true today when medical schools are downgrading the requirements for med school admission. Now we need to search out the evidence of why this issue will never happen. The abuse of physicians is an old story, yet important to this topic.

I still remember the day, after 20 years of building my practice in my OB/GYN specialty, when I realized that losing my practice for financial reasons had been happening over the prior couple of years and I never noticed. I was sure that I had done nothing wrong, yet I knew something was very wrong.

What hurt the most was that I had unknowingly caused the problems, betrayed my family, ruined my reputation, and had to somehow start all over again and might repeat the problems the next time — never knowing what needed to be fixed.

This nationwide failure of medical practices involves far more consequences than anyone cares to confront — primarily beginning at medical schools and regarding medical education scholars. I discovered the answer to these problems that we hear about far more often today. My discovery came about 15 years after I had retired from medicine, only to notice that I had innumerable physician compatriots.

What my research uncovered was a well-camouflaged area of medical education and medical practice that has been purposely kept from the eyes and ears of medical students for the last century — and completely disregarded. Have you ever heard, “Physicians don’t need a business education to practice medicine?” I believe that the myth was never updated or completed. The second half of the myth should say, “…if physicians can tolerate a lifestyle living on the edge of poverty for the rest of their medical careers.”

One can dignify the previous paragraph of information by asking if you, as a medical student, were ever informed of the value and benefits of business education in medical practice. I haven’t found one physician that says: yes.

ADVERTISEMENT

Why has the medical-school education system cut that out of every medical school curriculum? And why hasn’t any person or medical organization corrected the issue?

The greatest consequence of such deliberate sanctions on the medical school curriculums is one that about 52 percent of medical school students will face following graduation, internship, and residency training today. All private practice candidates are expected to design, create, and grow their own medical practice, when none have ever been taught how to do that.

But still, most physicians are so arrogant that they know enough about business management that they can convince themselves that they are just as smart as any business experts. Thus, they tolerate far less income for their careers and tell everybody their practice income is good. They don’t know what they don’t know and wonder why they still have persistent intentions to upgrade their practice that they can’t afford to do.

So, all these young physicians build their practice by following the hand-me-down information offered to them by local medical doctors and offices. Sounds OK, right? What really happens is a disaster. Not only is all the borrowed information derived from people who had no business education, to begin with, but also, the medical practice business never seems to earn enough income to meet their needs later.

Physicians spend the rest of their careers running their medical office business while constantly trying to make the business profitable when they don’t have the business tools to do it properly, efficiently, and persistently. This is exactly what I was confronted with in my practice and what I also did — and lost the game, as thousands of other physicians are still suffering from today.

If the AAMC controllers of medical school education are being totally controlled by the government medical and health care oversight committees, as I suspect, then my 20-year mission to coerce medical schools to independently provide business education curriculums for all medical students may be chasing the wind after all.

The last laugh may well be mine, because the first medical schools to provide business education, whether required or voluntary, whether provided in a manner like college classes or by a digital business education platform, will become the medical schools that will never have to worry about recruiting top student candidates ever again. I feel sorry for those ignorant medical school educators who continue to disregard the need for the business education of medical students.

Curtis G. Graham is a physician with forty years in medical practice, most of it in obstetrics and gynecology. For more than twenty-five years, he has researched and investigated the causes of, and the solutions to, the disintegration of health care and the medical profession, a subject he found no other physician had taken up in the medical literature. He lost his own private obstetrics and gynecology practice after reaching his maximum potential, without understanding at the time why it had happened.

His work is aimed at saving private medical practice, stopping physician attrition, and compelling every medical school to provide business education for medical students. He has built two business education websites for physicians, and he teaches the paths to success in practice that 98 percent of physicians never learn or know about, and without which they never reach their highest potential. He argues that once physicians understand the value and the benefits of business education (office management and marketing), there will be no more burnout, disappointment, attrition, or overwhelming practice circumstances.

He is the author of The Wounded Physician Project, first published in 2014 and updated in 2021, and The Medical Deep State, published in 2025. A third book, published in 2026, takes up the consequences physicians face at the hands of government, the health care system, and the deep state predators he says feed on physicians daily. He has written more than 350 medical articles on the power of a business education for physicians, and he warns that physicians have reached their tolerance levels, and that unless the medical system is renovated immediately, the country will be left with third-world health care.

He can be found at his website and on LinkedIn.

Prev

Finding balance: How my practice became more Amazon than Etsy

May 6, 2023 Kevin 0
…
Next

Physician burnout: the impact of social media on mental health and the urgent need for change

May 6, 2023 Kevin 0
…

Tagged as: Practice Management

< Previous Post
Finding balance: How my practice became more Amazon than Etsy
Next Post >
Physician burnout: the impact of social media on mental health and the urgent need for change

 

ADVERTISEMENT

More by Curtis G. Graham, MD

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

    Curtis G. Graham, MD
  • Why would any physician believe that the practice of medicine will become less abusive for them in the future?

    Curtis G. Graham, MD
  • The lie destroying medical careers: How lack of business education is ruining physicians

    Curtis G. Graham, MD

Related Posts

  • Digital advances in the medical aid in dying movement

    Jennifer Lynn
  • Medical students and physicians are forever looking to milestones

    Bruce Campbell, MD
  • How the COVID-19 pandemic highlights the need for social media training in medical education 

    Oscar Chen, Sera Choi, and Clara Seong
  • The complex expectations of patients toward their physicians

    Michael L. Millenson
  • The risk physicians take when going on social media

    Anonymous
  • Beware of pseudoscience: The desperate need for physicians on social media

    Valerie A. Jones, MD

More in Physician Finance

  • Paid for twice

    Physicians paid for G2211 twice. Most never bill it.

    Michael Duben, MD
  • Why physician financial freedom matters more than salary

    Arthur Lazarus, MD, MBA
  • Charitable giving for physicians: 7 strategies for 2026

    Logan Foltz, MD
  • The sweet spot before physician financial independence

    Stanley Liu, MD
  • Negotiating physician compensation works better in groups

    Contract Diagnostics
  • How doctors lose money investing: 6 failure modes

    Harsha Moole, MD
  • Most Popular

  • Past Week

    • Retirement isn’t the end of medicine, it’s a second act [PODCAST]

      The Podcast by KevinMD | Podcast
    • The conflict of interest that discloses as nothing

      Martha Rosenberg | Medications
    • Surgical judgment: the skill no one sees from the gallery

      Mustafa Kemal Çalık, MD | Physician
    • Why haven’t ambient AI scribes boosted productivity?

      Karan Kanwar | Health Technology
    • Why exhaustion can make you see things that aren’t there [PODCAST]

      The Podcast by KevinMD | Podcast
    • Physician well-being is not an individual problem

      Heather Buckley | Conditions and Diseases
  • Past 6 Months

    • Why CDC opioid guidelines get the overdose data wrong

      Richard A. Lawhern, PhD | Conditions and Diseases
    • Retirement isn’t the end of medicine, it’s a second act [PODCAST]

      The Podcast by KevinMD | Podcast
    • Sensory processing in autism and the brain’s volume control

      Josette Pelatan, PhD | Conditions and Diseases
    • What maternity care deserts cost a town

      Manisha Kaliaperumal | Health Policy
    • Why medicine needs a national physician license now

      Vaishali Popat, MD, MPH | Physician
    • A cold cost $945. The cost of primary care is broken.

      Susan Newman, MD | Physician
  • Recent Posts

    • Why exhaustion can make you see things that aren’t there [PODCAST]

      The Podcast by KevinMD | Podcast
    • 3 reforms to counter wellness influencers in practice

      Farid Sabet-Sharghi, MD | Physician
    • Shift work and circadian rhythms shape the 24/7 workplace

      Deepak Gupta, MD | Conditions and Diseases
    • Paid for twice

      Physicians paid for G2211 twice. Most never bill it.

      Michael Duben, MD | Physician Finance
    • The next child

      Medicaid managed care and the case for mutual stewardship

      Steven Merahn, MD | Health Policy
    • Choosing a limb lengthening surgeon requires accountability

      Hrayr Basmajian, 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

View 2 Comments >

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

    • Retirement isn’t the end of medicine, it’s a second act [PODCAST]

      The Podcast by KevinMD | Podcast
    • The conflict of interest that discloses as nothing

      Martha Rosenberg | Medications
    • Surgical judgment: the skill no one sees from the gallery

      Mustafa Kemal Çalık, MD | Physician
    • Why haven’t ambient AI scribes boosted productivity?

      Karan Kanwar | Health Technology
    • Why exhaustion can make you see things that aren’t there [PODCAST]

      The Podcast by KevinMD | Podcast
    • Physician well-being is not an individual problem

      Heather Buckley | Conditions and Diseases
  • Past 6 Months

    • Why CDC opioid guidelines get the overdose data wrong

      Richard A. Lawhern, PhD | Conditions and Diseases
    • Retirement isn’t the end of medicine, it’s a second act [PODCAST]

      The Podcast by KevinMD | Podcast
    • Sensory processing in autism and the brain’s volume control

      Josette Pelatan, PhD | Conditions and Diseases
    • What maternity care deserts cost a town

      Manisha Kaliaperumal | Health Policy
    • Why medicine needs a national physician license now

      Vaishali Popat, MD, MPH | Physician
    • A cold cost $945. The cost of primary care is broken.

      Susan Newman, MD | Physician
  • Recent Posts

    • Why exhaustion can make you see things that aren’t there [PODCAST]

      The Podcast by KevinMD | Podcast
    • 3 reforms to counter wellness influencers in practice

      Farid Sabet-Sharghi, MD | Physician
    • Shift work and circadian rhythms shape the 24/7 workplace

      Deepak Gupta, MD | Conditions and Diseases
    • Paid for twice

      Physicians paid for G2211 twice. Most never bill it.

      Michael Duben, MD | Physician Finance
    • The next child

      Medicaid managed care and the case for mutual stewardship

      Steven Merahn, MD | Health Policy
    • Choosing a limb lengthening surgeon requires accountability

      Hrayr Basmajian, MD | Physician

Copyright © 2026 KevinMD.com | Powered by Astra WordPress Theme

  • Terms of Use Agreement
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

The medical-industrial complex: Why physicians shouldn’t expect wealth
2 comments

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

Loading Comments...