Joining a practice and getting partnership

[lobelsteve]

Tiktok and monetize it.

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[Chelsea FC]

Tiktok and monetize it.

If only I was handsome or fit enough to command the TikTok following

 

[lobelsteve]

If only I was handsome or fit enough to command the TikTok following

You obviously have not seen the docs on tiktok.

 

[Chelsea FC]

You obviously have not seen the docs on tiktok.

Ha good point. I also have too much self respect to do the cringe worthy stuff they do online.

 

[buddababa]

Ha good point. I also have too much self respect to do the cringe worthy stuff they do online.

not only cringe, but sell fake medical cures and then get sued for it

TikTok Doc Sparks Controversy by Promoting Unproven "Liver Condom" Supplement

The unregulated supplement industry's latest cash grab

vajenda.substack.com

 

[cowboydoc]

Ha good point. I also have too much self respect to do the cringe worthy stuff they do online.

If you lose that, there’s onlyfans. It may be “time for money,” but it’s completely scalable.

In reality, the true entrepreneur will have difficulty scaling in medicine today. Using the income to diversify seems like the way to go.

 

[Ferrismonk]

From a business perspective, medicine isn't great. From an employee perspective, it is great. Most private-practice docs don't own a true business, they own their job.

Let me summarize the issues with thinking medicine is a business:

1. In modern medicine, most of your payments come from insurance. Insurance does everything it can do minimize your payments. Cash pay sounds appealing, but rarely works well because the number of people willing to pay cash what we would charge for what we do is low. The only way to maximize this revenue is to do more things (visits/procedures) that pay well for your unit time minus overhead. A 10min in-office ESI is much more profitable per unit time than 1.5 hour SCS implant in the hospital. Owning an ASC can increase revenue for the same procedures if done well. However, this is not truly scalable since it's your personal time that is used.

2. The only way to make more profit on #1 than you can reach with efficiency, is to hire people you can pay less than they bring in. Another doc is an option, especially if you own an ASC they won't collect from, but an APP often makes more financial (but arguably not the best medical or ethical) sense. To obtain CPT code payments, the law states it must be a doc or APP, so you can't go cheaper that this.

3. The only other way to scale profits is to create something that will pay you without your direct effort. This means selling something that people will buy that is not directly related to your time (DME, UDS, compounded creams, in-house pharmacy, etc) or by educating with one-time recordings on a scalable platform such as Tiktok/Youtube/etc.

4. You can also try to bring in ancillary services such as PT, psych, chiropractic, whatever, but these don't pay that well in general. How often do you see giant chiropractic offices or psychologists driving Ferraris? You don't. You CAN rent space to them, but that's not medicine, that's real estate.

That's it. Insurance tends to pay us well for our job, but medicine is inherently not a great business model.

 

[Chelsea FC]

From a business perspective, medicine isn't great. From an employee perspective, it is great. Most private-practice docs don't own a true business, they own their job.

Let me summarize the issues with thinking medicine is a business:

1. In modern medicine, most of your payments come from insurance. Insurance does everything it can do minimize your payments. Cash pay sounds appealing, but rarely works well because the number of people willing to pay cash what we would charge for what we do is low. The only way to maximize this revenue is to do more things (visits/procedures) that pay well for your unit time minus overhead. A 10min in-office ESI is much more profitable per unit time than 1.5 hour SCS implant in the hospital. Owning an ASC can increase revenue for the same procedures if done well. However, this is not truly scalable since it's your personal time that is used.

2. The only way to make more profit on #1 than you can reach with efficiency, is to hire people you can pay less than they bring in. Another doc is an option, especially if you own an ASC they won't collect from, but an APP often makes more financial (but arguably not the best medical or ethical) sense. To obtain CPT code payments, the law states it must be a doc or APP, so you can't go cheaper that this.

3. The only other way to scale profits is to create something that will pay you without your direct effort. This means selling something that people will buy that is not directly related to your time (DME, UDS, compounded creams, in-house pharmacy, etc) or by educating with one-time recordings on a scalable platform such as Tiktok/Youtube/etc.

4. You can also try to bring in ancillary services such as PT, psych, chiropractic, whatever, but these don't pay that well in general. How often do you see giant chiropractic offices or psychologists driving Ferraris? You don't. You CAN rent space to them, but that's not medicine, that's real estate.

That's it. Insurance tends to pay us well for our job, but medicine is inherently not a great business model.

So basically run a lean practice,be efficient and collect as much profits to pump into other businesses that you can scale because medicine isn’t like normal small business that you can scale.

 

[Ferrismonk]

So basically run a lean practice,be efficient and collect as much profits to pump into other businesses that you can scale because medicine isn’t like normal small business that you can scale.

Bingo. If money is your goal anyway.

 

[Dr. Ice]

If you are tied to medicine and nothing else, your two choices will ultimately be Hopd or PE. Pick your poison. Those that tout salvation with a lean small shop will get eaten at some point. I imagine people that half a foot or at least a toenail out the door, in private practice will choose PE to get the multiplier as a cushion and then figure out what to do.