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What if you are not able to reach your full potential as a doctor?
Doctors today are in a unique situation: they suffer from worryingly high rates of burnout, they are stripped of the autonomy they deserve in a rapidly changing medical environment, they are poorly paid and have heavy workloads, and workforce shortages are leading to overloaded schedules and eroding patient trust.
For many, it is not the dream career we envisioned when we applied to medical school and hoped to be rewarded for our positive impact on the world.
High student loans, the commercialization of medicine, the influence of private hospitals, and changes in reimbursement and insurance have impacted the medical profession. Because doctors can no longer practice and succeed as they could a generation ago, there is a wholesale loss of identity. What does it mean to be a doctor?
For this reason, more and more physicians are trying to reclaim their identity by complementing their medical careers in other ways. This may be through entrepreneurship, passive income, hobbies, or consciously seeking a work-life balance that rounds out their identity with more family and friends.
The hamster wheel of medicine is real, but I've found that if you practice medicine to your full potential, you can actually succeed and practice the way you want. This week we'll look at those opportunities and why they're needed more than ever.
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Why do doctors want more?
From the outside, it seems like doctors have it all. It's a well-paid profession that's highly valued in pop culture. Movies and television romanticize the drama and influence that doctors have. This idea is becoming more and more of a Hollywood story. So what's the real story?
Consider that the average student loan debt of a new physician is $250,000. Add to that reimbursement that is declining by 10-20% annually, and all in all, the medical field no longer offers the promising career opportunities it once did.
Physicians are increasingly living paycheck to paycheck and, in some cases, are faced with contracts that include ultimatums and lower wages. Administrative micromanagement leads to burnout and a lack of real job security.
But what if you could reclaim your identity as a doctor by looking beyond the profession? What if, instead of worrying about whether you can get that extra shift to make ends meet, you instead chose to pursue other aspects of your identity – perhaps as an entrepreneur or as a friend?
The key to combating the current situation may be to reignite your passions and reach your full potential. Burnout can be reduced when we build our identity beyond our status as doctors.
Doctors are more than their profession
At the beginning of my career, I thought I was just a doctor. Now I realize that if I gave that up, I would have lost myself because it was the only thing that mattered to me. When I realized that, I decided to become much more than just my profession by pursuing many dreams.
As you take on more roles, you grow as an individual. You, like me, are more than just your job.
Now, I am so much more than just a doctor. I am a father, husband, investor, business partner, entrepreneur, landlord, podcaster, and so much more. For example, if I decided to stop being a landlord, I would still have so many other goal-oriented aspects of my identity that continue to propel me forward.
There is value in engaging in aspects of your life that have nothing to do with medicine. You get closer to your family and friends and have time for hobbies, travel, leisure and anything that gives you the opportunity to fully discover your identity or take care of yourself. You are a whole person and being a doctor is just a part of that.
Ask yourself this question: What if your medical situation changed? Who would you be?
If you entrust your entire identity to medicine, you unnecessarily increase your financial and personal risk.
Diversify your identity to curb the negative effects of burnout and job insecurity. You won't be tied only to your professional achievements; you'll be a well-rounded person with passions, dreams, and a life outside of the clinic.
Redefine your identity
Life is short – in fact, time is our most precious commodity – and I encourage you to live a life of directly following your passions.
What passions or hobbies have you always wanted to try? Pursue them! If you've always wanted to learn to play guitar, challenge yourself and learn to play five songs within a year. Then come to our PIMDCON event so we can see your success.
While I'm talking about passions, I also want to talk a little about entrepreneurship. In my experience, passions often lead to side hustles. And side hustles help you generate additional income that makes you less dependent on your medical income. By rounding out your identity and making money while doing it, you have the opportunity to hedge against rapid changes in the healthcare industry. It's the same principle as diversifying your investment portfolio. Essentially, you're diversifying yourself instead of putting all your eggs in one basket.
Even better, side hustles born out of passion tend to be a double whammy of positivity. They bring you scalable income while leaving a net positive impact on the world. This income potential can be a catalyst for reclaiming your time and finding an ideal work-life balance.
There's also the concept of the “solopreneur,” someone who runs a solo business. Research shows that these people are at the lowest risk of burnout. In other words, they're happier because they're in control. So if you want to reach your full potential through entrepreneurship, it's OK—and even more beneficial—to start small.
Pursue your interests and passions outside of your medical career to forge connections with others that are deeply personal and help you get back to your fundamental “why” – or your core values. With the sum of these experiences, you develop a strong sense of purpose and true identity.
By being mindful of how you spend your time, you can make more meaningful contributions and strive for better outcomes. These rewards will reduce or even offset any burnout you may feel in your medical career.
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Start living your ideal life
Let's face it: we became doctors because we wanted to help people. When we reach our full potential, our passion and sense of autonomy are revived. If you develop in this way, you will bring the same passion and energy to medicine. And your colleagues and patients will feel it.
And when you earn money from side jobs, you have more flexibility in choosing your practice—you don't have to look for extra shifts or accept bad contracts. For any physician suffering from burnout or financial stress, it's important to reach their full potential.
Here at Passive Income MD, we support physician colleagues navigating this uncertain time. Find that support by connecting with likeminded individuals at the Passive Real Estate Academy, in person at PIMDCOM in September 2024, or with the Leverage and Growth Accelerator Community.
By reaching our full potential, we give ourselves the chance to live our ideal life. We hope you take the necessary steps to embark on this journey. In addition, we hope to be able to help you along the way. Thanks for reading and until next time, keep striving to succeed!
Peter Kim, MD, is the founder of Passive Income MD, the creator of the Passive Real Estate Academy, and provides 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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