Doctor thinking of exit opportunities
Dear all,
I am new to this community but not new to contemplating my exit from clinical medicine. I have been weighing pursing consulting or equity research in biotech/pharma/healthcare. I crave learning about innovative solutions in healthcare and medicine, creativity, being surrounded by more like-minded folk (patients and other doctors can be quite soul-sucking), and more critical and analytical thinking. I've seen physicians (even some former colleagues) cross over into equity research or managemetn consulting so I'm wondering what would sway one more to one side versus the other. I'm also contemplating my MBA and/or certifications so I can legitimize my interest.
FYI: my academic pedigree is pretty respectable, I work hard and love challenge, I have freedom to relocate, I am completing subspecialty fellowship so I am far along in medicine and I have good research (basic and clinical) experience.
no way. Pay is higher in medical PLUS you get a title. Finance is too tough. Stay put. Who'd want to leave that life anyhow. You can be Ferrari driving by your 40s.
Then what about those Doctors driving Ferraris and Porsches ? Are they images of the old world ? I always despised a doc who had 3+ Ferraris and 2 Lamborghinis. Is it not possible to be him anymore ?
Is it possible? Sure if you have several private practices established a long time ago. Getting into private practice now is walking off a cliff unless your in select fields with certain educational backgrounds or networks established through family ties.
Heres why: I walk into a major hospital urgent care clinic. I leave with a follow up with one of their hospital doctors on the outpatient side. If i had a private practice endocrinologist for my diabetes, well now they changed it to their affiliated endocrinologist. Major hospital systems are taking over smaller groups and are earning a % of their pie. Did you see CVS and Aetna? There are many healthcare mergers going on that are shrinking the mom and pop practice. It is happening every where and its in effort to maintain profitability.
Let me give you an example. You own Walmart. You have 30% of the customers coming in taking what they want and leaving without paying. Thats the emergency medicine system. Over 30% have no insurance and each patient runs a tab over $1,000 on average. The hospital bites that bullet. A doctor working there may start at 180K, he will never see 200K because his worth is not going up, its staying the same, yet the hospital has the tightest margins. So they will acquire group practices, urgent cares all as feeders to their system to maintain adequate patients with insurance to dilute those who don't have insurance. In doing so, the nurse practitioner and PA become very favorable to them.
I'm sure many of you walk into a doctors office, see the dr for 2 minutes. Btw, I gaurentee that doctor missed a number of things on your physical exam, labs, follow up preventative care, etc because they really can't handle all of your issues in the amt of time they have. They have become cheap labor just watching over other mid level clinicians stated above.
So in short, who are the doctors driving the ferrari's? I've seen them and you have too. I think a number of them would be driving ferrari's even if they weren't doctors. A lot of them are old money, or people who were able to command significant income long ago when real estate was cheap, invested the right way, and bought a used ferrari or
They are the plastic surgeon that everyone knows about in town commanding 10k for a 4 hr boob job. That guy went to a great med school with great performances on his boards. He was able to nab a great residency, sits tall, handsome, and can charm his patients. Or
He's the spine specialist , dermatologist (making $400 per botox) which now everyone including a dentist can do and will drive down prices, interventional radiologist or cardiologist commanding 500K-1M per year. Want those fields? You better be damn near perfect in a top medical school. 98% of doctors aren't touching a ferrari ever. I know tons of doctors living in neighbhorhoods that are occupied by middle class teachers living a similar lifestyle. As expenses in society increase, their salary does not. They really should pray it doesn't go down as reimbursements have across the board.