As a physician, I spent years training to care for patients, only to realize by the time I completed my education that I wasn’t truly in control of my career. Like so many of us, I had been funneled into a rigid system that pushes physicians toward employment with large health care systems rather than allowing for independent practice or entrepreneurial ventures. It felt like I had been herded—herded by …
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According to the 2024 Doximity survey, the average annual compensation for a family physician is around $300,813. For 90 percent of family doctors, this is their reality—stuck in the matrix of traditional employment. They feel unloved, undervalued, and used by the system to feed the corporate cash register. I know because that is what I did for the first 15 years of my career. However, I discovered a better …
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In our journey as physicians, the traditional narrative often presents a seemingly binary decision: you must choose between seeking employment within a hospital or health care institution or venturing into the challenges of establishing a private practice. However, this oversimplified dichotomy fails to capture the evolving landscape of health care entrepreneurship, particularly the emergence of a third, less conventional path – that of the single-member professional micro-corporation.
The myth of the …
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Many of you prioritize the clinical aspects of our profession, but understanding the business side of medicine is equally crucial. One key area to consider is your contract, as it can significantly impact your career path and financial stability.
I believe it’s essential for every doctor to be knowledgeable about the variety of contracts they may encounter in the marketplace. The most common type of contract is the business-to-individual contract, where …
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Chance meeting
In the fast-paced world of medicine, characterized by long hours, administrative burdens, and burnout, I’d like to share a story about an OB/GYN physician who discovered a path to professional freedom that revolutionized his career. Dr. B.A. had spent almost a decade working as a W-2 employee after finishing his residency. However, just before committing to a new contract with a substantial $500,000 annual salary, he came across an …
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Change is a constant in the medical field, and one significant shift that’s been shaking up the world of health care employment is the reform of non-compete contracts. Understanding the implications of these changes is crucial to every doctor. I believe it’s important for you to grasp what the new non-compete contract reforms mean and how they might affect your career.
During the first 15 years of my career as a …
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As a dedicated professional, your work is incredibly challenging as you strive to maintain your primary focus on providing excellent patient care. Your inherent business powers that generate revenue make you a highly valued asset in the health care marketplace. This is why many large corporations have offered financial incentives for you to join their employed workforce. As a result, you can expect a predictably substantial paycheck deposited regularly into …
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A recent post on KevinMD resonated with me, probably because I am a doctor who grew up in a rural area and returned to a small-town practice in my home county. Like the author, I experienced the suffocating grip of traditional hospital employment as it slowly drained the life out of me.
Before burnout consumed me, I took proactive steps to start a micro-corporation and transitioned …
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The medical profession has long been associated with intense personal commitment and time-consuming work. However, in recent years, a new concept called job stacking has emerged, and it is revolutionizing the way physicians work.
In this post, I will explore the concept of job stacking for doctors, discuss its benefits, and provide guidance on how to implement it effectively.
What is job stacking?
Job stacking is the practice of working multiple jobs in …
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The majority are wrong.
Is it possible that the growing majority of doctors are mistaken in their decision to choose traditional employment? How is it that the most intelligent group of individuals on earth can be influenced to believe that being confined to traditional employment is in their best interest, especially when the burnout rate is approaching almost 60 percent?
Don’t follow the herd.
In a world where the “herd mentality” often prevails, …
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The broken status quo
The hard, cold truth is that half of you will end up teetering on the same burnout cliff that I found myself looking at a decade ago. It’s a painful abyss, and many of you will experience it.
The status quo of resigning ourselves to accepting that half of the brightest and most altruistic humans on Earth will be injured and harmed by the current health care system …
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There was a time when one doctor worked one job in one geographic location where he/she was altruistically dedicated to serving a population in the practice of medicine.
For years this idea of working one job in one location was anchored within the private practice model which then gave way to the traditional employment model. The latter offered a parallel promise of a stable and long-term medical practice in one location—with …
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I have never known a doctor who wasn’t interested in bringing more money into their home. There are so many reasons for this that can range from paying off large loans to the costs of having children (nannies, sitters, private schools, college, weddings, etc.) to the growing sense that your employer undervalues you.
Regardless of your reason, most of you will attempt to fill this void by working harder or by …
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My son is a fourth-year medical student, and we have had some great discussions about credit cards recently, including their benefits. I believe this information would be helpful for all medical students to consider.
As a student my son once preferred to use a debit card or cash to keep his expenses controlled. This financially conservative approach is what he was taught during his young adult days in our home. Avoidance …
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President Joe Biden recently signaled that a multi-trillion-dollar spending plan for our country should be paid for by the rich corporations and wealthy individual Americans who make over $400,000. Doctors fit the latter category and should tune in.
Beyond the government, the unique qualities of doctors make us a target for many who want to access our high income and our business revenue. Our passivity to these poachers places us at …
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