Doctors In Financial Trouble: Many Selling Their Practices & Switching Careers

Quote from indexer:

Have you ever heard of George Soros?

People who's minds are locked in a rigid ideology do not make good traders. They don't have the mental flexibility.

The exception are pit traders and market makers who trade with a built-in institutional edge and have a sense of entitlement, not unlike many doctors.

Real traders have empathy for others because they have been through so much themselves. Obviously you are not a real trader.

Yes, Soros the ultimate socialist ingrate who bought the election for Team Obama to impose his view on how things ought to be in a country that so kindly gave him the opportunity to make himself what he is? That Soros? I have more than enough empathy for those that deserve and demonstrate it by giving quite generously to varies charities - not for lazy, self-indulgent, sniveling whimps who begrudge others for what they have worked hard to achieve.
 
Quote from MKTrader:

Yeah, I got tired of my doc constantly checking stock quotes during my last open-heart surgery.

Argument by ridiculous stereotypes...what will come next? The level of debate at ET is about as low as the collective IQ at a quasi-religious "Yes we can! Change! Spread other people's wealth to my fat a@@"!" rally.

ET is barely a cut above Jerry Springer when the subject deviates from trading (and sometimes when it is on topic). With the chips falling off people's shoulders in this thread I could go to Vegas and start up a casino! I find it amusing that while most of you are unable to succeed at your own chosen profession, you nevertheless feel more than qualified to comment on another profession with a 7-8 year learning curve for what are generally very bright and industrious people.

For the guy in Med school, the attitudes prevalent on this thread are a good cross section of what your patient's attitudes will be.

This thread should have been moved to chit chat a long time ago.
 
Quote from Masterchanger:

I didn't spell check so kill me, fyi, I didn't spell check this post either or conform to generalized grammatical schema.

I didn't think it sounded like whining....I was just stating that I had options and that my participation in the healthcare system will be by choice not by necessity. I helped people everytime I left my family at 2AM for the hospital to see some bozo who got in a bar fight and put him back together and had him followup in my office without pay. I helped people everytime I opened my office and utlized my office, staff, supplies, very expensive equipment and knowledge to help another human being who didn't have the ability to pay. I did it because I put people first and never let their ability to pay be an issue. I'm very proud of that and I know some doctors didn't do that. ...

Like I said I grew a successful organization through hard work and sacrifice (I did say I reinvested in my practice) I learned to do excellent work. I just saw things I thought I could do and wanted to do/needed to do in the name of efficiency/declining reimbursement and challenging business environment. I would hope anyone who is not lazy and who takes pride in what they have accomplished would do what was needed to continue to be successful. I had many people relying on my work ethic and decision making ability for their income. When confronted with declining conditions a business owner must adapt if he can. Hospitals have tried to own and manage physician practices and generally they suck at it. With the exception of the Kaiser Permanentes of the world. Hospitals are not efficient places. When you work in a hospital, the staff agenda is who's going to go to lunch first, the staff really doesn't cater to the doctor who brings the surgical cases to the hospital until the doctor has other alternatives. When you own even a portion of a surgery center all of the staff is keen on being efficient with all resources, surgical supplies, case turn over time as well as the surgeons time.

I provided opportunities for advancement for my staff, hired consultants, provided training and educational materials for staff, air travel, hotels, conferences and jobs in the community. ...

After all you'll get your wish, fewer people with my abilities will be draw to the opportunities(as I mentioned for many things besides money-independence, control over the manner of providing your services, opportunities to realize your creative vision for yourself and your organization, as outlets for further professional growth. ....

I was a CEO and Medical Director of a several small closely held businesses and I couldn't have imagined those roles while in medical school but I needed to assume those roles as I supervised other professionals and as my businesses grew. I had a decision to continue to grow and assume a full time administrative role and greatly reduce patient care or reevaluate my desires as far as a career path. I knew that I had the business mindset and leadership ability and that I could continue to grow the business but I enjoy patient care in an environment of my design.


OK OK, maybe I came off a little harshly. You see I actually have great respect for doctors, but I guess as part of that respect I tend to hold them to a higher level, from an ethical point of view.

I'm not *at all* saying it's bad to get rich, and I don't have a problem with you personally making money. I run a small Inc and as 50% owner I hope to buy a nice sailboat in a while for example. I'm saying that since demand for doctors isn't going to fall, we need to increase the supply. That means vastly increasing enrollment in medical schools as well as pre-med and science undergrad. Maybe we could import doctors from India?

The thing is that everyone, including poor people, need to see doctors, and what's more doctors can only see so many people.

I don't see how you can work 80 hours a week and stay at peak productivity.

In France, I only bring up France b/c I've lived there and am a dual US/French citizen, and for the record I'm not a socialist, hehe, but anyway they have more doctors per inhabitant than we do and despite lower salaries somehow manage to attract good talent to the profession. Note that medicine is not socialized in France. Doctors are private. But medical school there is free, as I believe it should be here.

My godson there is in med school. He's very sharp and comes from a good family. His mom (my older cousin) works for IBM and his dad, well, creates complex financial derivatives...

My godson could have chosen a more lucrative route but chose medicine because, it seems to me, some people are basically just born to be doctors.

I'm a US Navy vet so I used to see the Navy doctors who were very good I thought even though they didn't make much money. The flight surgeons were very good (I flew but wasn't a pilot -- I was intel). I saw some Air Force flight surgeons in Korea and they were also very good I thought. But they didn't make much. They did what they did for some other reason. Something like a calling.

You yourself say that when you were a kid you became a doctor so you could help people. So even if doctor's wages go down, we'll still attract fresh talent.

And if medical school were expanded and free, I think we'd attract a lot of talent.
 
Quote from day4night:

"... I'm a US Navy vet so I used to see the Navy doctors who were very good I thought even though they didn't make much money. The flight surgeons were very good (I flew but wasn't a pilot -- I was intel). I saw some Air Force flight surgeons in Korea and they were also very good I thought. But they didn't make much. They did what they did for some other reason. Something like a calling.

Many docs got the help of the military to pay for med school. Often by the time they've paid back their service obligation they think, "might as well stay for 20" to collect the benefits.

One of my friends was a flight surgeon and a medical unit CO in Vietnam. Says he often went on field rescue missions sitting on a doubled-up flack jacket so he didn't take one in the ass.
 
Quote from day4night:

Dr Cha, may I ask, do you think you'd have preferred the physician's lifestyle had you only had to work 40 hour weeks without being rushed, but only earned half as much, though without the insurance issues and perhaps with some nice tax breaks? And if your entire medical training had been free, would this have made a difference to you?
Thanks.

Interesting things to think about. Surely that would have been a better life. But to make that happen, I think I would have had to work for someone else. Certainly such a position would have been available with the likes of Kaiser or Group Health. And I have friends who went that route. What comes with it, though, is someone else (a corporate, profit-driven someone) telling you how to practice, which is generally to the patient's detriment.

Still, I don't think that medicine was a good fit for me under any circumstances. I just don't get my jollies from serving other people. Although I did strive to do an excellent job, I just was not enjoying it. I'm not the type.

As for making half the money, that depends. If I could make half what I made my first year in practice, that would be all right. However, if I could only make half what I made my last year in practice (which was half of what I made my first year in practice, due to insurance company reimbursement cuts), then no. It would not be enough to live on.
 
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