The role of medical practitioner is evolving from clinician/academician to business owner/entrepreneur. Doctors are known for rapid decision making, analytical skills, and independent thinking, all important characteristics of an entrepreneur. However, the transition does require a significant shift in the mindset. Some universities now even offer joint M.D./M.B.A. programs. For doctors already in practice, seeking guidance from external sources provides essential insights and strategies for venturing into business.
As if diagnosing and treating infectious diseases, hereditary disorders, and emergency medical issues isn’t hard enough, the ongoing changes in healthcare make practice increasingly complex for doctors. Private practice isn’t as appealing for those looking to mitigate regulations changes, rising operating costs, and lawsuits endemic of the industry.
So why then, facing a convoluted regulatory environment and the potential for extended periods of negative salary that come with the territory of starting a business, are doctors moving towards entrepreneurism? It seems counterintuitive, but so is the fact that the weakened economy actually reduces the opportunity cost of starting a business. For many doctors, independence from hospital scheduling equates to freedom of lifestyle and, with reasonable success, increase in earnings; plenty of incentive to take the plunge.
Liabilities ring true for all businesses, but successful entrepreneurs across various industries have always proven that the willingness to invest the time and effort and make the right decisions can have major payoffs.