Today, we are going to have a little fun. This is meant as a lighthearted post to look at who is financially doing very well as a physician.
We will take a look at the highest net worth doctors that I was able to find. Everyone has a story, and maybe by taking a look at these doctors, we can learn something from these individuals on how they became successful.… Read the rest
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Let us get back to financial aspect of being a physician. My blog is after all called InvestingDoc.
One of the worse investments you can make is wasting time. Arguably, the second worst investment you can make is putting all your eggs into one basket with no back up plan. It can be difficult as a physician not to put all of your eggs in one basket since many of us work 50+ hour weeks at our main job.… Read the rest
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I’ve been trying to hire a new physician to join my practice. I wanted to share some of the bad behavior that we have experienced while interviewing for a physician job posting. Some of this may be self-explanatory or obvious. Other examples below might not be so obvious. Others are just sad or funny.
Below is our list of things that have prevented us from offering a job to a physician, physician assistant, or nurse practitioner to join our practice.… Read the rest
Lately I have been a bit negative in my past several posts. Some people have even messaged me to express their concern, asking if I am even happy owning my own practice.
I have used these messages from readers as a bit of a self-reflection moment. My blog has been my attempt to show what it is like to really run a practice that does not make it into a “glamorous” Instagram post pretending that everything is great and there are no downsides.… Read the rest
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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
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My practice has grown to the size where I just don’t have enough hours in the day to do everything that needs to get done. I have put off hiring a practice manager as long as possible, but I have finally reached the point where I threw in the towel. I don’t want a practice manager, I need a practice manager.… Read the rest
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Let us have a post that looks closer at the “cost of doing business.” Also called financial losses for medical practices.
You may have heard this term before, but it is essentially the financial hit that one takes while running a business.
Every company has these costs. Think of the last time you were at a restaurant, and they messed up your order.… Read the rest
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Like many physicians, I started to feel burnout this past 6 months. Patients more than ever have been demanding various different things from me. Each demand seemed to chip away at my happiness in the profession. This ranges from getting yelled at demanding to change our mask policy to patients messaging me arguing why do they have to pay for a visit when they can see their lab results on Quest.… Read the rest
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Rather than starting your own practice, it is much more common to take a job where there is a potential buy into the practice. Today’s post is going to go through everything you need to know when you are thinking about buying into a medical practice.
Be warned. Today’s post is going to be a long one but a fun one!… Read the rest
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Business is tough and the business of medicine is no exception to that rule. As my practice grows, I have come to realize one truth…staying a small traditional medical practice is not sustainable. No, this post is not me announcing that I am selling out. Instead, it is a realization that growth needs to accelerate. The larger my practice gets I get to realize this one truth: You will either need to grow your traditional insurance based practice or shift to a different model if you want your business to stay alive.… Read the rest
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