Physicians: Are You Prepared?
The headlines say it all.
Now more than ever, physicians are facing pressures on multiple battlefronts: dangerous diseases, burnout, PTSD, and more.
“I Can’t Turn My Brain Off”: PTSD and Burnout Threaten Medical Workers. – NY Times
Physician Burnout is a Public Health Crisis that Urgently Demands Action. -Forbes
Coronavirus Doctor: We are Struggling with Trauma. – USA Today
Peripheral Arterial Disease (PAD) – The Majority of Doctors are at Greater Risk for this Dangerous Disease. – MDLinx
Covid-19 has put a glaring spotlight on the tremendous strain facing physicians and other healthcare workers on the frontlines of the coronavirus fight and other battles.
Not only do doctors have deadly pandemics to contend with but also with these common challenges as well:
- Adequate patient care
- Ethical dilemmas
- Regulatory requirements
- Funding challenges
It’s no wonder that more than half of physicians report one or more symptoms of burnout including exhaustion, cynicism, and decreased productivity.
It’s a vicious cycle with burnout leading to insufficient patient care which leads back to feelings of inadequacy.
It should come as no surprise then that physicians are retiring or walking away from their practices early.
A Deloitte 2013 survey of over 20,000 physicians found that 62% of physicians will retire earlier than planned. This perception is fairly uniform among all physicians, irrespective of age, gender, or medical specialty.
Physicians are a proud and competitive bunch, so if one retires earlier than planned, the strain must have been so unbearable for it to cause someone with near-superhuman strength who endured years of medical school, residency, personal and professional stresses to finally decide to just up and leave their career, titles, prestige, and high salary.
Most physicians love what they do and would love to continue doing it as long as they can and leave on their terms.
But from one physician to another, are you prepared once it’s time to call it a career?
- Will You Be Leaving On Your Terms?
- Will You Be Prepared Financially?
- Will You Have Another Income Stream to Compensate For A Reduction in Salary?
I discovered early on from veteran colleagues and from my own experiences, the potential long-term challenges I would face in my medical career and the potential for burnout.
I decided early on to take control and take the necessary precautions to ensure my family’s continued financial stability should I ever decide to walk away early because of factors outside my control.
I asked myself, “What would allow me to walk away on my terms – to work only because I wanted to and not because I had to?”
And the answer always came back to creating multiple income streams. That’s when I decided to pursue cash flowing investment opportunities that would allow me to compound returns and increase my net worth.
I have now reached a point where my additional streams of income have essentially allowed me to partially retire. I now work only one day a week in the clinic (Wednesday) and take off as I please – to renew, rejuvenate, and give back to the community. I work because I want to not because I have to.
- Physicians: Are You Prepared?
- When Will You Transition From being Someone Who Is Owned By Their Career To Someone Who Owns Their Career?
- How Will You Prepare To Avoid Being Part Of The Headlines?
- Take Action.
By the end of 2020, establish more income streams to give you some freedom to avoid the burnout and PTSD and eventually to work when you want to work and most of all,
PRACTICE MEDICINE ON YOUR TERMS!