I really love all my employees. However, sometimes employees will try to take a mile if you give them an inch. Running a business is hard, and with the rise of quiet quitting, I figured it might be important to talk about ways that employees may try to take advantage of you or your business.
Some of these issues might seem harmless.… Read the rest
Read more
Amazon recently announced in July 2022 that they intend to buy One Medical. This deal is most likely going to close by the end of 2022. I would like to break down the finances of One Medical based on their last financial release on their website. This is to give you an idea of what kind of numbers a primary care clinic might be making who scale exceptionally large.… Read the rest
Read more
Hindsight is always 20/20. I remember graduating from residency, starting this blog, and really trying to minimize investments that I got wrong. While I was not perfect, I would like to highlight mistakes that most doctors make. Some of these mistakes listed below are from personal experience.
Many of the reasons might not be as obvious as you think. Yes, we all know it is not a good idea to go out and buy a new speedboat right away.… Read the rest
Read more
Part of the downside of the medical profession is that many doctors share the same trait, a desire for perfection. However, this trait can have some serious negative consequences. Especially when a doctor is involved in a startup side gig or new practice. There is a book that I really enjoyed called the “The lean startup” by Eric Ries.… Read the rest
Read more
It is expensive to run a medical practice, but have you ever wondered how expensive? At the end of every year, I do a breakdown to see where we might be able to save money. Maybe you’ll find it of some interest.
In an effort to help those of you who are deciding on possibly starting your own practice, let us take a look at my breakdown of where money was spent in 2021 in my practice.… Read the rest
Read more
We all had to sign an employment contract before starting work. My first physician employee, I had a very brief two page agreement between us. Luckily, this first employee turned out to be amazing and it did not end up coming back to haunt me so far. I’ve unfortunately had the exact opposite experience with my second physician employee.
For my second physician employment contract I hired a lawyer.… Read the rest
Read more
The past 12 months have been filled with unexpected expenses or a significant drop in income for most practices. My practice has been no exception to this rule. This week, Texas had an unprecedented ice storm bringing my practice to essentially a halt for an entire week. This means no income for this week but continued expenses for overhead. There will be more events like this in the future.… Read the rest
Read more
There is no better time than now to give a financial snapshot of what life looks like one year post graduation. One year ago, I graduated from residency and was anxiously wondering how things were going to work out. I signed a contract with no guaranteed income which had me worried if I would make as much money as I hoped for. … Read the rest
Read more