The Truth About Doctors and Business

Business



Doctors usually enter their profession because they really care about helping people. Most people think that they "have it made" because they earn so much money and can do what they want. Here's the truth.

1. It takes many, many years of concentrated study and training before a doctor is able to practice his trade.

2. Those who leave university often are facing huge student loans that will take years to pay off.

3. The costs for opening a new medical practice can be overwhelming and require great faith on the part of the new physician or the opportunity to partner with someone who can share the costs.

4. The work day for a doctor is often extremely long and usually includes hospital rounds, seeing patients in a clinic setting as well as doing on call.

5. Those who are working in hospital settings are required to follow the rules in that environment which are not always compatible with caring for patients in the way that the physician believes is best.

6. Getting away from the work usually requires a great deal of planning so that the duties required are being done by a competent professional. When doctors trade favours in this regard, it means that when the other person is away, the long day becomes even longer.

7. Doctors do not have time to be sick. They therefore push themselves often with lack of sleep and little self-care.

8. Families of doctors sacrifice for the emergencies of other people.

9. Doctors often want to grow their investments quickly and may be vulnerable if they do not make wise decisions in this area.

10. The risks that doctors face places stress on the profession and the doctor's practice.

Often, because the physician is working so hard in their business they do not have the objectivity or skills to know what to do in order to work on the business. They want to make changes but are either just too busy or even too overwhelmed to know where to start.

As a result, the doctor often works harder, hoping that earning more will solve the problems. But it is profit and not income that is key to making the difference that they long for. Rather than looking for a quick return on their financial investments, many might be better to examine their own businesses and then just focus on how to increase income and/or cut expenses. The result will be a windfall that is right under the fingertips!


Dr. Linda Hancock, the author of “Life is An Adventure…every step of the way” and “Open for Business Success” is a Registered Psychologist who has a private practice in Medicine Hat. She can be reached at 403-529-6877 or through email office@drlindahancock.com


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