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

Physicians: What you don’t know about money and practice success will shock you

Curtis G. Graham, MD
Physician
October 7, 2024
Share
Tweet
Share

All physicians understand that the gradual disintegration of private medical practice in our nation is already happening and that our government continues to take complete control of health care and the medical profession by any means possible. Physicians in medical practice (both employed and independent) are reaching a level of intolerable strain imposed by fee restrictions and medical practice mandates, among other challenges.

All of these issues result from one core cause: the lack of business education, which was never taught or discussed with medical students. This education would have inspired the need to understand the value and benefits of managing a medical practice throughout their careers.

We can do almost nothing without money or income. The income must be more than adequate for physicians—elite professionals who spend their lives paying for that medical education. The cost to physicians continues as they remain on the cutting edge of medical knowledge and new skills. If physicians become unaffordable, they become less valuable to their patients and careers. Business education can prevent that issue and more.

Remember why money is critical to your survival and success in medical practice; business education is essential to your success. As the Hippocratic Oath (some medical schools have a different version) becomes less meaningful in the future, and the consequences of the lack of business education increase dramatically, most physicians have no backup or way to mitigate these consequences.

There are no cures (yet) for burnout, dissatisfaction, disappearing expectations, government restrictions, and mandates, disappearing retirements, loss of medical practices, and financial problems in medical practice (inadequate income), except to quit.

If you read many articles offering solutions for inadequate incomes for physicians, over 95 percent of them advise physicians to get outside jobs in some external medical fields. This means you now have two businesses to manage and learn more about. (We love an enormous workload, right?)

Many articles advising medical doctors are written by physicians and non-physicians with an MBA. Unfortunately, their knowledge is often too superficial to be of much help. The education can cost you $40,000 or more, and you must stop your medical practice to obtain it. Don’t think that the cheaper MBAs are better—they are not.

Suppose you believe the myth that physicians do not need a business education to practice medicine. In that case, you are misunderstanding why business is the primary foundation for every physician’s success—whether in independent practice or contracted medical jobs earning money for someone else. Be reminded that business has only one purpose: to make money (for you only).

Judging by the surge of physician attrition in our nation, the widespread pain from inadequate income, overwork, government mandates, and fee restrictions, no one has yet come up with a reasonable solution to these increasing financial problems that physicians are forced to tolerate. They are growing in number rapidly.

Over 75 percent of practicing physicians admit to some degree of burnout, adding to the increasing numbers of physicians who have lost their medical practices due to inadequate income. With the factors causing this and the lack of backup knowledge to ease the persistent pain, what is left for them?

Think more deeply about the essential backup no one talks about, which has become the international standard for every successful small business owner. If you are in private medical practice, you are a small business owner.

What does a business education do for every physician?

Do you know how to manage a medical practice efficiently? Aren’t you sick and tired of office chaos, staff duties, and not knowing how to fire a staff member without getting sued? If you know early enough that your practice is starting to fail, would you know how to properly understand what your monthly profit and loss reports have been telling you? Less than one in a thousand physicians know this. Beware: your corporate attorney and CPA will not tell you.

ADVERTISEMENT

When you see your practice failing, it is usually too late to get help—most business experts stay away from physicians. With business knowledge, you can see the signs early and have the tools to reverse the process yourself.

Are you aware of a business system? It is the answer to an efficient office that requires less management. It will relieve over 30 percent of your office workload as an administrator.

Are you aware that the average physician in practice today unknowingly loses over a million dollars during their career? Business education alerts you to how you can make extra money in your medical practice. You might try offering patients consults on special medical topics; family medicine physicians can biopsy and remove dermal lesions or perform more office surgeries themselves.

Are you aware that over 60 percent of your new patients are referred by another medical doctor? Might it be a good reason to learn how to treat referral doctors? Most doctors do nothing—bad.

How do you increase your patient load (earn more money)? Most smart physicians ask for referrals. Marketing your medical practice is the preferred way. Know how? Business education not only shows you what to do and not to do and how to pick the right strategy for what you want to accomplish but also explains how to implement it into your practice, plus all the advantages and disadvantages of each strategy.

Business tools provide all the financial strategies for earning as much income as you choose or want whenever you need it. No more loss of medical practices for intelligent physicians.

Curtis G. Graham is a physician.

Prev

A pediatrician’s reflections on resilience and rebuilding in Asheville after the hurricane

October 7, 2024 Kevin 0
…
Next

How technology is changing dental appointments for patients with intellectual disabilities [PODCAST]

October 7, 2024 Kevin 0
…

Tagged as: Practice Management

Post navigation

< Previous Post
A pediatrician’s reflections on resilience and rebuilding in Asheville after the hurricane
Next Post >
How technology is changing dental appointments for patients with intellectual disabilities [PODCAST]

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

  • Why building your social media following is critical to your practice’s success

    Sheila Nazarian, MD
  • Not all physicians are nice

    Dennis Hursh, Esq
  • Social media: Striking a balance for physicians and parents

    Dawn Baker, MD
  • Medical school is more than practice problems

    Kira Kopacz
  • Business education’s role in preventing physician practice decline

    Curtis G. Graham, MD
  • The slippery slope of utilization management

    Sneha Tella, MD

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...