Future of medicine - doctor hierarchy

[Str8Baller]

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I had a chat with a successful academic physician at a respected school, and I found his take on the future of medicine interesting. He believed, as a result of the relative equalization of physicians under obamacare, i.e. FM getting paid more, specialties getting paid slightly less, probably everyone getting paid slightly less overall (I KNOW NO ONE CAN KNOW FOR SURE, I don’t want this to become a thread directly discussing the effects of obamacare), that the brightest or most ambitious doctors would begin to stand out in other ways.

Some examples that he suggested were ambitious docs becoming involved in administrative matters, becoming consultants for companies, participating in biotech/pharma, or partaking in various entrepreneurial endeavors.

I know there are many, many factors influencing the future of medicine, and this question in particular, but what are your guys’ general thoughts on this? Will the (POSSIBLE!!) financial downturn and equalization of the future cause the best and brightest to partake more in non-clinical ventures? Additionally, do you guys know of doctors that have been successful in partaking in said non-clinical ventures?

 

[Arkangeloid]

It looks like at this point, clinical practice has become a game where the only way to win is to leave the game.

 

[Wordead]

I had a chat with a successful academic physician at a respected school, and I found his take on the future of medicine interesting. He believed, as a result of the relative equalization of physicians under obamacare, i.e. FM getting paid more, specialties getting paid slightly less, probably everyone getting paid slightly less overall (I KNOW NO ONE CAN KNOW FOR SURE, I don’t want this to become a thread directly discussing the effects of obamacare), that the brightest or most ambitious doctors would begin to stand out in other ways.

Some examples that he suggested were ambitious docs becoming involved in administrative matters, becoming consultants for companies, participating in biotech/pharma, or partaking in various entrepreneurial endeavors.

I know there are many, many factors influencing the future of medicine, and this question in particular, but what are your guys’ general thoughts on this? Will the (POSSIBLE!!) financial downturn and equalization of the future cause the best and brightest to partake more in non-clinical ventures? Additionally, do you guys know of doctors that have been successful in partaking in said non-clinical ventures?

This has been going on for a long time - Consulting companies will hire MDs, Pharma will hire MDs. If you like it, good for you, go for it. But I have no desire to answer to some MBA or engineer. And speaking as a former consultant, the day-to-day can be as big a headache as anything in medicine and often more frustrating.

 

[Str8Baller]

I was under the impression that these things would be done to supplement a clinical practice. Obviously some things are much easier to do while practicing (part-time consulting for a company) than others (high up in pharma/biotech).

 

[Kal EI]

I had a chat with a successful academic physician at a respected school, and I found his take on the future of medicine interesting. He believed, as a result of the relative equalization of physicians under obamacare, i.e. FM getting paid more, specialties getting paid slightly less, probably everyone getting paid slightly less overall (I KNOW NO ONE CAN KNOW FOR SURE, I don’t want this to become a thread directly discussing the effects of obamacare), that the brightest or most ambitious doctors would begin to stand out in other ways.

Some examples that he suggested were ambitious docs becoming involved in administrative matters, becoming consultants for companies, participating in biotech/pharma, or partaking in various entrepreneurial endeavors.

I know there are many, many factors influencing the future of medicine, and this question in particular, but what are your guys’ general thoughts on this? Will the (POSSIBLE!!) financial downturn and equalization of the future cause the best and brightest to partake more in non-clinical ventures? Additionally, do you guys know of doctors that have been successful in partaking in said non-clinical ventures?

There is a long way before FM and Ortho are making the same $.

There are plenty of ways to make money in the business of healthcare. You can double or triple your income in a business, but it's very difficult to double or triple your income if you are in FM or IM (whatever specialty).

Medicine will always be a great opportunity (other than the debt!). To have guaranteed employment in the top 5% of all incomes in the united states will always attract smart people. Medicine isn't a get rich profession, but it the standard of living is excellent.

It looks like at this point, clinical practice has become a game where the only way to win is to leave the game.

Not so much. There are plenty of people in clinical medicine earning 200-400k. That's a solid living. I'm not quite sure what people are expecting.

The frustration in medicine from docs is the red tape and insurance/gov't that gets in the way of practicing medicine.

 

[Rendar5]

As has been pointed out, the best and brightest of docs have already been doing those things to stand out for the last couple decades at least.

 

[link2swim06]

There is a long way before FM and Ortho are making the same $.

There are plenty of ways to make money in the business of healthcare. You can double or triple your income in a business, but it's very difficult to double or triple your income if you are in FM or IM (whatever specialty).

Medicine will always be a great opportunity (other than the debt!). To have guaranteed employment in the top 5% of all incomes in the united states will always attract smart people. Medicine isn't a get rich profession, but it the standard of living is excellent.



Not so much. There are plenty of people in clinical medicine earning 200-400k. That's a solid living. I'm not quite sure what people are expecting.

The frustration in medicine from docs is the red tape and insurance/gov't that gets in the way of practicing medicine.

How far apart are their hourly wages though?

Their net incomes are obviously vastly different and ortho most likely still make more per hour. But if the FM saw a 50-100K rise in salary I wouldn't be surprised if their hourly wages wouldn't be vastly different.

 

[Kahreek]

look into europe. you will get your answers.

I feel a bit sad, you know i am one of those people that often argues "who cares this is a just a job", but then the people who say "ohh dot be like that we will be doctors, where is the sense of duty and helping others" are the same that are always discussing and worrying of ways to gain future $$$$$.

 

[Arbor Vitae]

This has been going on for a long time - Consulting companies will hire MDs, Pharma will hire MDs. If you like it, good for you, go for it. But I have no desire to answer to some MBA or engineer. And speaking as a former consultant, the day-to-day can be as big a headache as anything in medicine and often more frustrating.

before med school I worked at company that made IVDs for pathology labs, and we had a pathologist consultant come in for a few hours one day a week to provide final reads on the products. I'm sure he got a nice deal for literally a few hours consulting a week.

 

[Pasmal]

There is a long way before FM and Ortho are making the same $.

There are plenty of ways to make money in the business of healthcare. You can double or triple your income in a business, but it's very difficult to double or triple your income if you are in FM or IM (whatever specialty).

But... FM is a business?

Not sure where you're getting this info, but for private practice FM this is not the case. Focusing on lucrative procedures, avoiding insurance plans with poor fee schedules, creating patient collection systems, hiring good billers/coders and using PAs/NPs can make a FM practice with 300k-400k/year per provider. That's the low end of the spectrum for ortho, so it's not really "a long way to go."