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 restRead more
Inflation numbers are in, and they were worse than we all thought. Inflation based on consumer price index was 7.5% for the past 12 months as of January 2022. If you follow the consumer price index, CPI, then you can see that inflation has been on a tear lately.
This has potential to be huge implications for practicing physicians. Spoiler alert, things do not look good.… Read the restRead more
Since January 2021, billing rules have changed for CMS (Medicare) and most insurance companies. Billing is now primarily based on time or medical decision making for outpatient clinic visits. Historically there have been 5 levels of care, with level 5 being the most complex visit. Up until 2021, almost all of the codes used for outpatient medicine were level 3 through level 5.… Read the restRead more
January is often a time of self-reflection for me. As I look back, I think about all the worries I had when starting my medical practice. I think of all the lessons I learned along the way. So much time was wasted on worrying over things that were all in my mind. Have you ever looked back and thought something similar?… Read the restRead 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 restRead more
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 restRead more
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 restRead more
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 restRead 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 restRead more