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- Nov 12, 2009
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Regardless of immediate surroundings, it is a frequently posed inquiry on SDN...in the physician's forums, in the medical student/pre-med forums, in the Med Business forum:
"What are some ways to make more money in practice?"
"I am looking to make a lateral move out of the hospital, what else can I do with my MD?"
"I have lost my interest in medicine. The rub is I am 300k in debt. Could you be kind enough to direct me to the nearest bridge?"
"I am interested in getting my MBA. Why? Well, I want to make more money. Is that viable?"
For seemingly countless reasons, we strive to look beyond the traditional role of "clinician", the solemn and sage caricature bestowed upon those bearing the initials MD/DO... And while the reasons for this self-dictated journey appear innumerable, this is primarily due to linguistic variation rather than actual motivational variation. In fact, we realize that the overwhelming majority of those reasons for "seeking alternatives" are derived from a mere handful of root catalysts.
From the vanilla "overhead is rising and revenue is stagnant/decreasing -- my PP is not bringing in a healthy profit anymore" to the neapolitan "my 8 to 6 gig is automaton drudgery, there's got to be some way to spice up my career", the majority of impetuses stem from A) Money, and/or B) Interest (or lack thereof).
In the Med Business forum, the traditional recommendation is as certain as death, taxes, and decreasing reimbursements: "You should look into healthcare consulting, Old Sport!"
While healthcare consulting is an option for people looking to expand their horizons, more often than not it isn't going to be the opportunity that allows the individual to ride off into the sunset on a horse named McKinsey. Consulting has very real time requirements; demands which many are not cognizant of. It is not a 9-5, 40 hr/week job. Those that are, are the exceptions not the rules and the consultants likely pay the price with their own take-home pay. Instead you will be often working 60+ hours per week, serving clients that you might feel are insufferable while being forced to remain objective and concerned solely with the client's best interests (even at the sake of your own)... Hmm, vis-à-vis, it sounds kind of like some other profession that you are familiar with, no? A common point of interest is the traveling. Oh, how exciting! However, while traveling on your company's dime might sound enticing, the novelty will wear off -- just as it did in the clinic -- and you will be left perhaps even more unhappy than you were originally. Your white coat-prisoner's garb merely switched out to a suit andnoose tie.
Nevertheless, consulting can be an excellent career for many and might be the right transition for Joe Smith, Jaded-MD... but it is a decision that requires more than reading job descriptions online. DD is vital and should be exhaustive.
Now, that's all well and good, I scared you away from consulting for the time being, but you haven't come any closer to solving your issues with A) Money, and/or B) Interest. Medscape recently published an article titled, "Seven Ways to Boost Your Income with Medical Activities". I found this to be not only a hearty list of realistic possibilities, but perhaps, more importantly, it is a balanced article; listing both the pro's and con's of each point.
The Seven opportunities are listed below:
1. Offer New Services Based on a Fresh Strategy
2. Join Forces With Pharmaceutical Companies
3. Round at Nursing Homes
4. Get Hired as a Medical Director
5. Team Up With Attorneys
6. Consult for Wall Street
7. Become a Media Darling
You will see that some options are more vague than others and some are more easily accomplished than others. However, the take home message is notable: there are options at your disposal if, as a MD/DO, you find your profits (or interest level) down. If you find yourself dreading the morning because it means another day in the clinic, perhaps the answer isn't "I must abandon the clinic and go into healthcare consulting" by default. No, perhaps the answer simply lies in a healthy supplementation of variety - administered on an as-needed basis.
The full article can be read via the link below. It requires an account for access; however, given that membership is free it's well worth the registration effort given the longitudinal payoff of their resources.
http://www.medscape.com/viewarticle/754968
"What are some ways to make more money in practice?"
"I am looking to make a lateral move out of the hospital, what else can I do with my MD?"
"I have lost my interest in medicine. The rub is I am 300k in debt. Could you be kind enough to direct me to the nearest bridge?"
"I am interested in getting my MBA. Why? Well, I want to make more money. Is that viable?"
For seemingly countless reasons, we strive to look beyond the traditional role of "clinician", the solemn and sage caricature bestowed upon those bearing the initials MD/DO... And while the reasons for this self-dictated journey appear innumerable, this is primarily due to linguistic variation rather than actual motivational variation. In fact, we realize that the overwhelming majority of those reasons for "seeking alternatives" are derived from a mere handful of root catalysts.
From the vanilla "overhead is rising and revenue is stagnant/decreasing -- my PP is not bringing in a healthy profit anymore" to the neapolitan "my 8 to 6 gig is automaton drudgery, there's got to be some way to spice up my career", the majority of impetuses stem from A) Money, and/or B) Interest (or lack thereof).
In the Med Business forum, the traditional recommendation is as certain as death, taxes, and decreasing reimbursements: "You should look into healthcare consulting, Old Sport!"
While healthcare consulting is an option for people looking to expand their horizons, more often than not it isn't going to be the opportunity that allows the individual to ride off into the sunset on a horse named McKinsey. Consulting has very real time requirements; demands which many are not cognizant of. It is not a 9-5, 40 hr/week job. Those that are, are the exceptions not the rules and the consultants likely pay the price with their own take-home pay. Instead you will be often working 60+ hours per week, serving clients that you might feel are insufferable while being forced to remain objective and concerned solely with the client's best interests (even at the sake of your own)... Hmm, vis-à-vis, it sounds kind of like some other profession that you are familiar with, no? A common point of interest is the traveling. Oh, how exciting! However, while traveling on your company's dime might sound enticing, the novelty will wear off -- just as it did in the clinic -- and you will be left perhaps even more unhappy than you were originally. Your white coat-prisoner's garb merely switched out to a suit and
Nevertheless, consulting can be an excellent career for many and might be the right transition for Joe Smith, Jaded-MD... but it is a decision that requires more than reading job descriptions online. DD is vital and should be exhaustive.
Now, that's all well and good, I scared you away from consulting for the time being, but you haven't come any closer to solving your issues with A) Money, and/or B) Interest. Medscape recently published an article titled, "Seven Ways to Boost Your Income with Medical Activities". I found this to be not only a hearty list of realistic possibilities, but perhaps, more importantly, it is a balanced article; listing both the pro's and con's of each point.
The Seven opportunities are listed below:
1. Offer New Services Based on a Fresh Strategy
2. Join Forces With Pharmaceutical Companies
3. Round at Nursing Homes
4. Get Hired as a Medical Director
5. Team Up With Attorneys
6. Consult for Wall Street
7. Become a Media Darling
You will see that some options are more vague than others and some are more easily accomplished than others. However, the take home message is notable: there are options at your disposal if, as a MD/DO, you find your profits (or interest level) down. If you find yourself dreading the morning because it means another day in the clinic, perhaps the answer isn't "I must abandon the clinic and go into healthcare consulting" by default. No, perhaps the answer simply lies in a healthy supplementation of variety - administered on an as-needed basis.
The full article can be read via the link below. It requires an account for access; however, given that membership is free it's well worth the registration effort given the longitudinal payoff of their resources.
http://www.medscape.com/viewarticle/754968
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