Equity or practice ownership after residency, as a factor in choosing medicine?

[FogHorn]

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I see a lot of “which career pays more?” In vocation discussions. At least in the US, with the way the tax system currently works, I feel like the better question to ask is “which career will give me more opportunities for ownership of my own shop, that is in line with what I like and what my talents are?”

Asking which career gets you rich quickest, is also kind of a rookie question—because from what I’ve seen, you’re most likely going to spend at LEAST 10 years perfecting a skillset before someone is willing to pay you for it. Then, maybe, you can start a business AROUND this skillset. You don’t need to go to business school to learn the theoretical aspects of creating a firm that produces economic value. There are SOOO many books, lectures, and podcasters out there covering this indepth from payroll to referral networking. Even then, you eventually have to hire people to deal with these things.

The way I see it, the most tangible skillsets are coding, trades—and procedural sub-specialties in medicine. No sexy and expensive R&D, no flashing your Ivy League diploma, no upselling, you’re just providing a service that people immediately need, that’s either faster, better, or cheaper than the competition.

So, what do you think, about people citing equity after residency, as a reason to become a doctor?

 

[Mr.Smile12]

Are you reading posts in our financial investment or MBA forums? We also love White Coat Investor. I also cover this a bit in Becoming a Student Doctor.

Of course there is the obvious: we don't teach that in medical school.

 

[FogHorn]

Are you reading posts in our financial investment or MBA forums? We also love White Coat Investor. I also cover this a bit in Becoming a Student Doctor.

Of course there is the obvious: we don't teach that in medical school.

I will now! I’m brand new here.

I’m familiar with some of the medical literature on this subject, but I’ve found its…too basic. It’s what you would learn reading any introduction starting a business. Stuff focusing on regulatory constraints in different states, supply chain, recruiting employees from clinics, marketing yourself to prospective patients, choosing the right location, cash versus insurance model—THATS useful information.

 

[Mr.Smile12]

I will now! I’m brand new here.

I’m familiar with some of the medical literature on this subject, but I’ve found its…too basic. It’s what you would learn reading any introduction starting a business. Stuff focusing on regulatory constraints in different states, supply chain, recruiting employees from clinics, marketing yourself to prospective patients, choosing the right location, cash versus insurance model—THATS useful information.

Yeah, that's very granular, and state medical associations likely have the details. We're used to those questions in the dental side.

 

[FogHorn]

Yeah, that's very granular, and state medical associations likely have the details. We're used to those questions in the dental side.

So, per the main topic, nothing suggested here is beyond the norm then? Post-residency—creativity, autonomy, lean management, passive income? All doable?

 

[Mr.Smile12]

So, per the main topic, nothing suggested here is beyond the norm then? Post-residency—creativity, autonomy, lean management, passive income? All doable?

I will let others living that life comment, but nothing seems out of the ordinary to me. Although entrepreneurship is being emphasized at some schools so you might get an earlier taste of some of the concepts. It is certainly doable for careers like optometry, dentistry, vet med because there are more independent practitioners compared to more hospital-based practice that medicine tends to be. But there are many discussions about how to go into physician private practice among AMA members.