How Physicians Can Still Profit in a Down Economy
While many individuals are feeling the effects of this down economy, physicians are no exception. Today, let’s talk about two ways physicians can still make money despite these tough economic times.
1. Cater to changing demographics. By this, we mean Baby Boomers. There are many moonlighting opportunities and add-ons to your practice that exist thanks to this large segment of the population.
Moonlighting Opportunities. Depending on your location, most physicians can easily find moonlighting opportunities working in skilled nursing homes offering services, like rehab, for example. Other opportunities exist for physicians in hospice organizations. No matter what moonlighting position you choose, make sure that you get yourself the appropriate professional liability coverage. DO NOT assume that your current policy will also cover any other jobs or positions.
Add-ons to your current practice. Could you offer additional services within your practice? For example, if you have an Internal Medicine practice that sees a lot of older patients, you may want to consider offering anti-aging treatments like Botox, fillers, etc. Of course, always make sure that you have proper training and that this is new service is covered under your professional liability policy. NEVER ASSUME that new procedures are. Always contact your agent when you offer new treatments/services (especially if they are out-of-specialty).
2. Go where the jobs are. As you know, turnover is generally high in medicine, and lower population centers have greater need. For physicians who are single or married to other health care professionals, this is often a realistic and very profitable option. Low population areas often offer higher salaries to draw physicians and/or have dramatically lower costs of living and/or can often access special grants from towns for bonuses, equipment, etc. And, often professional liability coverage is cheaper in more rural areas (but not always). If you are considering relocating, you will want to check the local rates before committing –or give us a call and we can give you a more detailed idea of what could expect to pay in a county you are considering.
The poor economic landscape doesn’t have to negatively impact your income. Thinking creatively can go a long way. If you’d like to discuss any of these ideas further, contact us to discuss.