What Medical Schools Don't Want You to Know

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For physicians who are looking to gain more balance in their life, this guide details one physician's struggle after graduating residency, with an exploration of non-clinical medical opportunities and entrepreneurship. Visit: http://incomemd.com

Text of What Medical Schools Don't Want You to Know

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    What Medical Schools Dont Want You to Know

    A Guide for Doctors to Get More Balance

    in Their Life

    by Mike Woo-Ming MD MPH

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    In this short guide, you are going to read things that medical schools would prefer you not know. And not just medical schools. Insurance companies. Medical recruiters. Medical conferences. And even some of your colleagues. In fact, I was even told by prestigious medical conference organizers that I not talk about this subject. I was once invited and de-invited (If theres such a word) when they got notice I would speak to physicians about this particular topic.

    Medical Conferences Dont Like Doctors to Talk About This Topic.

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    In fact, if you are happy at working for a big medical conglomerate company, getting a regular paycheck, and the perks that come with that job such as medical insurance and 401Ks, then I would actually suggest you to stop reading this right now. So if you are still hereIm assuming you are probably not happy where you are in your medical career. Im guessing you are either: * Considering leaving medicine or are already out * Starting your journey into medicine and are worried about the horror stories current doctors are having * Just curious at the title and wondering what the heck this guy is talking about! So do you have an idea of what this subject is? Its ENTREPRENEURSHIP. Specifically its physicians who are ready to leave traditional medicine and are ready to venture out of their comfort zone. The inventors. The trailblazers. The consultants. Those who start their own practice despite the worst time in medicine to do so. Now please dont get me wrong. I have nothing against doctors and health care professionals having a JOB. But with physician job dissatisfaction at an ALL TIME HIGH, can we recognize there is a problem?

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    Having great numbers of physicians unhappy, disgruntled, who cant wait to retire, is not a great promotion for the profession David Korn, Former VP, American Association of Medical Colleges So what are the reasons for doctors being so unhappy? Recent surveys say the top reasons are declining reimbursements, working more hours for less pay, uncertainty of government interference, and regret of career choice. 6 out of 10 doctors would retire right now if they could. If you wake up in the morning, dreading coming to work every single day, and cant wait until the day ends, then warning bells should be ringing in your head right now.

    I have come to the conclusion that the only logical path to the insanity which is known as practicing modern medicine is to forge your own path. The answer is becoming an entrepreneur.

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    When I left my group practice in 2004 I thought I had very little options. Ill sum up my story quickly, but if you have visited my website IncomeMD.com you have probably heard this umpteenth times, so Ill give you the short and not-so-boring version: I was a Mayo Clinic family trained physician and worked in a multispecialty primary care practice in North San Diego County. I was working 50-60 plus hours a week and running different heads of department urgent care director, nursing home director, quality management committee, EMR implementation director (that was my favorite position(NOT!). You name it, I did it. None of which resulted in an increase in pay. Running between a full panel of patients and full hospital call with an average of 12 admissions a night and 100+ phone calls on the weekend I thought I could do it all. If you work harder, meant you were a better doctor, right? Until roughly five years in practice when my walls were shaken to the core. My son Ryan developed traits of autism at 4 years old. He became my main focus. I wanted to go to every rehab and speech class, talk to every doctor, and consult with all the neurologists I knew trying to better understand his condition. (Information is much more prevalent now, thank goodness). When I tried to ask for time off to the powers that be, I was told over and over again, that now wasnt the time. So I quit. Now, not the 2 week notice quit. I had to pay just less than 5 figures to get out of a shareholders agreement I had with my group, and then they begged me to stay 6 months to ease the transition to a new doctor. Of course being the good soldier I did what they say. Plus it was not easy to say goodbye to patients, but in the end family came first. I think many doctors who plan to leave the bedside, have guilt and would feel the same way. Now my actual leaving required time and thought. Im not one to make rash decisions. My departure was planned a year in advance. And it was probably one of the biggest and best decisions I ever made in my life.

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    I knew I wanted to start my own business. Ive always been entrepreneurial, even in medical school when I started a test preparatory company for aspiring doctors. Although this business was successful, I also had some bumps and bruises along the way. I had a series of business failures everything from starting a medical spa in Belize, to an online startup that went bust. But to quote Thomas Edison, with every failure I was one step closer to success. Eventually I started to realize that I had to find a business mentor to show me the ropes, and have an actual plan. I understood the importance of writing down goals and more importantly implementing them. None of these tactics were taught to me in medical school. I developed an internet company that I started from my laptop. I learned the importance of online marketing and lead generation. I ramped this up so when I announced my resignation, by the time I left I had already generated a 6 figure income outside my doctors salary. This led to a 7 figure software company that allowed me to travel around the world and in which I was able to sell just a few years ago. And more importantly, Ryan who is now a teenager, got the help he needed with early intervention, and is doing a lot better (and be honest, more computer savvy than me these days!). Of course being a serial entrepreneur means you can never rest on your laurels. Today I run a publishing company, as well as a medical marketing consultancy that helps clinics with search engine optimization and online branding. And recently I went back and invested into creating my own age management practice and now help run several lifestyle medical clinics up and down Southern California. But Im doing so on my terms. And Im having a ball doing so. Its what Michael Gerber, the author of the best seller The E-Myth, calls working on your business not in your business. I created my own position that allows me to work when I need. In the last year, I have traveled to Bermuda, Italy, and Spain with my family, with plans to travel to Croatia and Turkey in the upcoming months. Ive been invited to speak at places

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    such as Holland, China and Singapore. Ive been to Australia and New Zealand so many times Ive lost count. So why am I writing this? Because I made a goal a year ago to help 1,000 health care professionals break out of the rut. Because I am seeing too many of my colleagues struggle, trying to figure out what to do next, Ive made it a personal mission to help as many doctors as I can. Ive counseled many physicians whove made the transition and their lives are better for it. Im hoping by reading this it will help aspire those who feel they are working for a paycheck and nothing more. Now before you decide to go out on your own, here are some things to think about first. Ask yourself these questions before you make the leap: 1. What is the real reason you want to leave? Many are just content with their current job but maybe you are just having friction with higher-ups or certain co-workers. Can you change positions or take on a new challenge? If its really bad, change jobs. A change of scenery rather than a change in career is all you need. 2. Are there any deeper underlying issues besides unhappiness? I remember consulting with a radiologist who said she was depressed. When I asked her how long she was depressed, she said 25+ years. But she said she lived a certain lifestyle and couldnt afford not to leave. Doctors tend to be the worst patients, and I certainly believe that. Get professional help if you suspect there are psychological issues at play. 3. Are you comfortable going 6 months without a paycheck? Whether you decide to start your own business or start a non-clinical job you can expect a significant drop in your revenue. If you want to do this, start by slowly cutting back your hours. When I quit, although financially we were in a good place, my wife convinced me to find something part-time which I did so for a year. Now if you have decided to make the leap out of a regular job, where do you go and what do you do?

  • Copyright 2015 IncomeMD, MWM Holding (888) 633-1099

    If you really feel clinical medicine isnt right for you, but still want the comfort of working for a steady paycheck, there are still many options. You can check out my nonclinical resources at IncomeMD.com for organizations and coaches that can help you. If you want to work from home, telemedicine businesses such as Doctor on Demand are always lo