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By nature, doctors like to give something back.
I would say that most of us, if not all of us, went into medicine because we wanted to make a difference – to heal people. Over time, the reality of building a business or career while caring for our families can somewhat weaken the sense that medicine is an act of giving or kindness. That's partly why more and more physicians are feeling the effects of burnout.
Have you ever wondered how you as a physician can have a profound impact beyond the confines of your clinic or hospital? Imagine a world where your skills as a physician extend beyond healing the body and mind to reach into the hearts of communities in need locally and internationally.
In the busy and sometimes hectic world of healthcare, political changes, and complex patient care, the idea of philanthropy may seem like a distant dream. But don't give up. Giving back can be transformative. What if I told you that giving back is doable and can bring immense benefits to both those you help and you as a doctor?
Philanthropy is not about writing checks; It's about the transformative joy and fulfillment that comes from serving others. For one thing, acts of kindness and generosity can counteract the rising tide of physician burnout, which has risen alarmingly from 40% in 2017 to 54% today.
It can be difficult to uncover the powerful intersection between medicine and philanthropy—those actions that enable busy physicians like you to make a meaningful difference in the world. Today we're talking about a topic that's both challenging and rewarding: charitable strategies for medical philanthropists.
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Table of contents
Setting an ambitious budget
To make an impact with your charitable giving – when it comes to the dollar amount – it's important to be conscious of how much money you're setting aside. It's not just about how much you give, but about giving in a way that is sustainable for you. So consider your financial situation and set a realistic budget for charitable donations.
Then take your budget planning a step further. Set aside specific amounts for specific charitable purposes. How much of your charitable giving do you want to give to specific areas? These decisions should reflect your values.
Another reason to set a budget? We've all been in a situation where giving felt like an obligation. This can get uncomfortable, but it becomes untenable if you give more than you can handle. A budget helps you stick to a plan and not overspend.
Whether big or small, remember that every contribution can have a big impact – it's not the amount that counts, but the intention and consistency. No matter what happens, both you and those you serve will be grateful through the continued positivity.
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Find causes that resonate
Sometimes we give just for the sake of giving, which in itself is not bad. But if we don't truly connect with the cause – or with those who will actually benefit from our donation – neither they nor we truly feel the full impact of making a difference. One way to improve your giving intention is to find reasons that align with your values and interests.
When you care about a cause, your contributions – be it time, expertise or money – become more important. Your enthusiasm means you're more likely to share the value of the organizations or causes you donate to with other philanthropists. The result of that? Spread the word to others and increase the chances that the causes that resonate with you will receive more support.
What is important to you personally? Is it access to healthcare, medical research or education? Would you rather impact your local region, an international region, or both? Find what speaks to you and pursue it to increase your intentionality.
Understand your impact
It's one thing to give, but it's another thing to give knowing exactly how your contribution impacts the cause. Personally, I want to be sure that when I donate something, it isn't just used for administrative costs. Understanding the impact of your charity work can be incredibly rewarding and motivating.
There are ways to find out what information is important to you – like what percentage is actually going to the actual cause you're fighting for. Do the due diligence. Contact the organization and ask them how much of each dollar actually goes to making a difference. If they are open and transparent, they will be happy to provide you with the information you need.
Additionally, think about where your contributions can have the greatest impact. Is it related to your local community, a specific demographic, or perhaps an international concern? If the answer to this question matches what appeals to you most, even better!
Choose the right organizations
Research is key. Look for organizations that are transparent, efficient, and aligned with your values. This means reviewing their financial records and performance reviews to ensure the organization is achieving its mission.
Additionally, inquire about possible engagement opportunities. Maybe you can see the impact your donation has for yourself, or volunteer to work with the organization for the cause.
Also consider the organization's background and history. Does their track record provide a sense of confidence that they will achieve their goals? This due diligence ensures that your contributions are used effectively.
Regular reassessment
Course corrections should be a normal part of philanthropy. For example, the amount of your donation may change over time, the reasons that most appeal to you may change, or life circumstances may affect your donation.
These natural changes mean that philanthropy is an evolving journey. To have the greatest impact, regularly review your donations and how they align with your nonprofit vision.
Here are some questions to ask yourself.
- Are you giving the right amount to charity that is budgeted and within your means?
- Do your posts still resonate with you?
- Do your contributions have the desired effect?
The best philanthropists treat their donations like a business. You don't just set it and forget it; They check in regularly to make sure everything is running like a well-oiled machine and to understand how their donation is making the biggest difference possible. This ongoing or periodic assessment will help you adapt and grow as a philanthropist.
Take advantage
A major benefit of philanthropy is that it helps us strengthen our sense of purpose while combating burnout. But that's not the only advantage.
Although philanthropists don't give for tax purposes, like everything else we've discussed so far, it's still important to approach your philanthropy with careful forethought. That's why it's absolutely important to document (and obtain the appropriate documentation) everything you donate. The tax law is written in a certain way that could allow you to contribute more meaningfully. Be sure to talk to your accountant about the tax benefits of charitable donations.
Beyond the tax benefits, philanthropy offers profound personal rewards. It provides a sense of purpose, fulfillment and connection to a larger community. This sense of purpose helps combat burnout and reconnect with the core values that drew you to medicine in the first place.
While it may not sound like a benefit, giving is a big challenge. In other words, philanthropy can also be a powerful tool for personal development, allowing you to develop new skills, perspectives and understandings. These skills can be transferred to other areas of your life.
And perhaps best of all, when you give intentionally, you act as a role model for your family and loved ones. Your family can partner with you on many aspects of philanthropy, helping you leave a legacy of continued giving, while those you love adopt a similar attitude of giving back.
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Conclusion: Make a lasting impact
Early in my career, I struggled with being charitable. I always thought, “When I have more money, I'll donate.” But what I've learned is this: The habit of giving can be part of any lifestyle, as long as the giving is intentional. And I highly recommend you start doing that. The benefits of giving are far-reaching.
If your goal is to put your values into action through giving, stay motivated by clearly defining your giving and implementing the strategies we've covered. There are also many wonderful resources to keep you informed, such as Dr. Recha Bergstrom aka The Physician Philanthropist, who recently spoke at our Leverage & Growth Summit, which has many free resources and courses on the topic.
Remember that philanthropy in medicine is not just about giving back. It's about growing personally and professionally while making a lasting impression. Thank you for everything you do to make a difference in the world!
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
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