Best specialties for the business inclined

[peroxidase]

I wanted to discuss the best specialties for those of us that have a mind for business (or have run businesses in the past). It's easy to google and see which specialties get paid the most in a hospital setting, but in the private practice world, I wanted to talk about which specialties easily lend themselves to a nice business model.

I can start this discussion by saying Dermatology, for one. The overall lack of dermatologists in this country makes it easy to open a shop and be in very high demand.

I am going into Ophthalmologywhich I believe, although on the decline, is also ripe with business opportunities. 80 percent or so of Ophthalmologists work in private practice, and the specialty works very closely with Optometrists, Opticians, all of which you can hire in your practice to maximize your potential earnings.

Cardiology and GI are okay. The issue with GI is that the money is bound to dry up soon. Most of the private GI doctors make their money from colonoscopies but there is no way the high reimbursements for that will be sustained. I understand this to be the bulk of their income and an area that will get cut in the near future.

Cardiology is a more versatile field, with more variety of procedures and tests. Although cardiology has been taking huge hits in the past year, the versatility allows it to withstand more pressure in terms of cuts, and for cardiologists to shift focus towards procedures and tests for which reimbursements haven't been cut.

I'm not sure about other fields, these four are the ones I have the most experience with. Any thoughts on any of this? Or on Ophthalmology and its outlook?

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[Jay K]

The best specialties for the business-inclined are those in which your income is not directly-related to you spending your own time. If you make more because you work more, that's not the best way to do things; You want to be making money when you're not working.

 

[recycledpaper]

I'm really interested in seeing responses as well.

I am starting medical school next year, and currently run a food truck business that I started back in 2011. Obviously, the two are very different, but I too would like to start a business in the medical field.

 

[sudo]

Looking forward to responses as well. Starting med school next Fall and am very interested in the business side of things and what specialty is accommodating to different specialties...

 

[circulus vitios]

Psychiatry? Low overhead and cash-only is realistic, especially if you live in a large city with large amounts of depressed trust fund kids.

Family medicine, if you're into that kind of thing. There's an attending on the family medicine subforum who has his own practice with on-site lab capabilities. If I remember correctly, he's personally clearing >$500k/year.

 

[deuist]

Some ideas:

Open an urgent care center. Requires lots of time and money to do, but once it's up and running, the money comes pouring in.
Open a radiology suite. Buy a magnet, hire a radiologist, and watch the money pour in.
Consulting. Tell emergency departments how to decrease their wait times and increase patient satisfaction. Watch the money pour in.
Start a for-profit medical school. Watch the tuition dollars pour in.


None of these ideas actually require going to medical school.

 

[nychila]

Are surgery and business almost mutually exclusive if one desired to dedicate significant time to healthcare business, due to the continuous practice that a surgeon needs in order to keep his surgical skills sharp? I have met many business people who are/were doctors, but they all seem to be family doctors or psychiatrists, at most cardiologists - I have yet to see any specialized surgeons who dedicates quality time to business.

 

[deuist]

Are surgery and business almost mutually exclusive if one desired to dedicate significant time to healthcare business, due to the continuous practice that a surgeon needs in order to keep his surgical skills sharp? I have met many business people who are/were doctors, but they all seem to be family doctors or psychiatrists, at most cardiologists - I have yet to see any specialized surgeons who dedicates quality time to business.

There are outpatient surgical clinics for minor procedures, but for tougher cases, the surgeon will need to use the hospital, meaning that he'll make less. And yes, most neurosurgeons work 60-80 hours a week---so having a side business would be difficult.

 

[bdwg]

Plastic surgery.

 

[FamilymedMD]

Stay flexible. As the current health care business model continues to collapse, opportunities will come up. Some are apparent now but more will arise later that few of us can predict. Keeping your loans low (maybe give up years for $ via HPSP) so you aren't stuck needing a high income to pay off huge loan payments each month.

Pick a specialty that is not dependent upon hospitals or so high priced that patients can only pay you via insurance or government programs. Good access to quality primary care will always be in demand and its low status now has a lot to do with third party payers that many of us are trying to shake off. In residency, learn as many office procedures as you can. Get out of the hospital and see some ambulatory surgery or imaging centers.

Work with businesses or groups of patients that are getting screwed by the current system. You can save them a lot of money and still do well yourself.

By having business training and being willing to take risks, you will be among a small minority of docs who can take advantage of the opportunities that will present themselves in the turmoil ahead.