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How do you become a superearner in your field
- Thread starter TOMFighter
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Be likable and trustworthy with more emphasis on the former.
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suck a parade of wangs?
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haha, I didnt't know prostitution was a medical specialty!
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Solid business model, tons of hours and as it stands now, lots of procedures. Owning your own diagnostic equipment doesn't hurt either. Many of the top earners may use questionable means to earn that money. Most of the mega-earners weren't really in the clinical medicine aspect anymore. They were essentially glorified business owners with lots of docs, PAs, nurses, etc. as their employees.
Wise investing doesn't hurt either.
Wise investing doesn't hurt either.
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Yep. The high earners generally have lots of elective procedures. Marathon surgeries, flip-flopping between to operating rooms, etc.
But the super-earners, they're the ones who own imaging centers, sleep clinics, etc, etc. You want to own/rent the equipment you use and employ your nurses, other MD's, etc. It doesn't hurt if you have a side-business of facial creams, corrective reading glasses, or the like.
But the super-earners, they're the ones who own imaging centers, sleep clinics, etc, etc. You want to own/rent the equipment you use and employ your nurses, other MD's, etc. It doesn't hurt if you have a side-business of facial creams, corrective reading glasses, or the like.
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Make sure your field includes some combination of the words "financial," "executive," "consultant," or "venture." Throwing in a "senior" or "chief" couldn't hurt.
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And make sure your field does not include the words "medicine" or "taco bell"
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Go back to the early 1980s and do any specialty. Get out in 1990. Invest all in microsoft. Sell in 2000. Sit on jars of cash, reinvest in January 2009.
D
deleted126335
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^ Best idea, yet, Mr. Pants!
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Could you please expand on that? How is that possible?
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Run an in-office obesity clinic and sleep study center. Test everyone for OSA and put them in your weight loss program. Chances are 2/3 of your patients will be overweight and/or have some degree of apnea. That's what my preceptor for years 1-2 did.
He also owned three airplanes.
He also owned three airplanes.
D
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Collect underpants.
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Well, that certainly seems exploitative. But it doesn't seem financially reasonable on the part of the hospital or the 'employee' physicians to be involved in an arrangement like that.
How do you score an exclusive contract like that? And doesn't that open you up for more liability if an 'employee' physician gets sued?
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^Absolutely hilarious...and unfortunately, all too true. But if I had to go back in time, I'd live in the Regan hay-days.
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Alright, so I was handled real estate investment with an uber high-end custom home builder and we only built one home for 1 doctor in the however many years I worked with that company. He was a "doctor" that practiced business, not medicine. He opened a bunch of medical offices in MI and sold them all before the recession even hit, netting a whopping $20M! He just started doing the same thing again when he moved to my home town.
That's what I'm doing when I grow up.
That's what I'm doing when I grow up.
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There is no substitute for knowing business. Inside and out.
Today my combined medical practice+INSANE commodities investment gains is going to be more than the average American makes in 3 full years. 3 years. That blows me away.
And Im grinning ear to ear.
Today my combined medical practice+INSANE commodities investment gains is going to be more than the average American makes in 3 full years. 3 years. That blows me away.
And Im grinning ear to ear.
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There is no substitute for knowing business. Inside and out.
Today my combined medical practice+INSANE commodities investment gains is going to be more than the average American makes in 3 full years. 3 years. That blows me away.
And Im grinning ear to ear.
The average American makes 40K a year X 3 = 120K
You made 120K today?
Is this yo car pulling up to the physicians parking lot?
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"work a lot" is the wrong answer I think. There are a lot of docs who work a lot and still make average or below in their specialties. There is some truth in the contention that if you work more you can bill more, but that only holds to some degree and it's really a function of how fast you move patients through and/or how many procedures you do, which doesn't necessarily correspond with working more hours.
I agree with Mosspoh.
I kind of disagree with the person above who said having good clinical skills was part of earning a lot...I think it's more bedside manner that attracts patients via word of mouth. Most patients aren't savvy enough to know who is a good clinician and who is not. Also, many good clinicians spend a good amount of time per patient, IMHO, and that's not the best way to bill the most. You've got to move the meat...especially if you're doing primary care or urgent care stuff.
As far as the people stating wouldn't the other docs rebel if you employ them and pay them less than they are billing for...this is commonly done and it's how senior partners in things like anesthesiology or primary care groups make more than their employees. It's also how hospitals make money by employing doctors such as ER docs or hospitalists I think.
I agree with Mosspoh.
I kind of disagree with the person above who said having good clinical skills was part of earning a lot...I think it's more bedside manner that attracts patients via word of mouth. Most patients aren't savvy enough to know who is a good clinician and who is not. Also, many good clinicians spend a good amount of time per patient, IMHO, and that's not the best way to bill the most. You've got to move the meat...especially if you're doing primary care or urgent care stuff.
As far as the people stating wouldn't the other docs rebel if you employ them and pay them less than they are billing for...this is commonly done and it's how senior partners in things like anesthesiology or primary care groups make more than their employees. It's also how hospitals make money by employing doctors such as ER docs or hospitalists I think.
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I have a lot of dr. clients with big tax problems, ie. large taxable income. Fields which can make a LOT of money: oncology (multiple simultaneous procedures), radiology-variable, but high side is very high, some family practice docs with physician extenders do really well, some pretty awful if not well run, dermatology in the right place, cardiologists, neurosurgeons but some are nasty human beings, ER docs good plus great lifestyle. Procedures do well, but long ones are bad, short ones good, from pay standpoint. OB can be great, but demanding. GI with great office staff. Surgical subspecialites better than medicine, hands down. Reimbursement changes. Demographics change. I'd look for stuff boomers need. Plastics is really competitive. Less desirable locations do much better. Some of my richest docs are in some pretty remote places.
I would really love more information on this. What specialty did this guy train in?
Does he also have a regular clinic or just an obesity clinic?
I would love to have an obesity clinic but I didn't think this would really be sustainable. Is this purely cash based, does insurance pay for this?
Any details on setting up an obesity clinic would be appreciated. I have lots of family/friends who have weight issues and I really would love working with this population.
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I'm building Web based businesses (8 to be exact). There is a difference between wealth, net-worth, and actual income. Wealth is how much you are worth. Everyone knows that the CEO of Facebook is worth a lot of money (aka his website). His actual income isn't even close to how much his website is worth. For all 8 of my businesses, I have developed strategies to make at least $100,000 for each business. I've talked to some very experienced business owners and they all say that two of my 8 businesses could net me over 1 million a year.
To make a lot of money, you need to own. You will never make that much (aka being one of the big dogs) in any field if you work for another person. You need to own. Open up a private practice, rent out the equipment (until you can afford to purchase it), exploit cheap labor (aka hire a person to to two jobs for the price of one employee) and always find a way to be the top dog in your location. THis could mean you may need to buy out some local compt. Once a couple of my businesses get going strong, my plan is to take over a couple of similar businesses. Thus, i will take their traffic and combine it with mine.
You will never make a lot of money being "'nice."
To make a lot of money, you need to own. You will never make that much (aka being one of the big dogs) in any field if you work for another person. You need to own. Open up a private practice, rent out the equipment (until you can afford to purchase it), exploit cheap labor (aka hire a person to to two jobs for the price of one employee) and always find a way to be the top dog in your location. THis could mean you may need to buy out some local compt. Once a couple of my businesses get going strong, my plan is to take over a couple of similar businesses. Thus, i will take their traffic and combine it with mine.
You will never make a lot of money being "'nice."
