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.

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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?

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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
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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?

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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 look for doctors and many times you can set your own hours or even
work when traveling.

Locum Tenens is also a good alternative as well.

But just as I mentioned despite the flexibility these jobs will give you, bear in mind
you are still working for someone else. Nevertheless most doctors do not realize
how many options they actually have.

So is life really that better as an entrepreneur?

It certainly isnt less hours. I still work as many hours as I do before. As Im
writing this it is early Sunday morning. An entrepreneurs life can be 24
hours a day / 7 days a week.

It certainly isnt less stress. When you have your own practice or business
and you are responsible for the financial lives of your employees (as well as
yourself) it can be daunting. As an entrepreneur you have to be willing to
take risks, which many doctors are taught to be risk averse.

It certainly isnt glamorous. Although there are some famous entrepreneurs
such as Steve Jobs and Elon Musk who blazed trails, there are shows like the
Shark Tank where you see would be entrepreneurs fail on their feet. It may
feel awkward to tell family and friends why you dont have a regular job.

Now that I convinced you why not to be an entrepreneur, I can think this
picture describes it best.

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The financial freedom of owning your business allows you the flexibility you
might not get elsewhere being a paid employee.

Now you may be saying how can I do this as a doctor?

To answer that question is what philosopher Jim Rohn states it best in that
we get paid to bring value to the marketplace.

To understand this further, the purpose of a business is to create something
of value that people will want to buy.

Although I own conventional businesses and medical practices, I have
created my position so that I focus it on offering services so I am not the main
producer of that value. Rather, I have service providers who do most of this
work for me.

In my marketing business, I have employees, freelancers and independent
contractors who perform the majority of the value.

In my medical practices, I oversee doctors, nurses and midlevel providers
who can provide the bulk of the services. I try to avoid to perform a
procedure where I am the only one who can do that procedure.

My role is the visionary, thinking of ideas or involved in the marketing, and
then having others perform the implementation.

Of course there are always exceptions to these rules, but I work when I want
to work without the dependency of a paycheck.

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In your occupation, are you responsible for generating your own income? Do
you receive an hourly wage? Then what you are doing is you are substituting
time for money.

If you truly want the financial freedom you desire you need to learn to free
yourself from the paycheck.



Ill give you the example of my father. A long time pediatrician, he worked
for years for the federal government. He was headstrong, and if he saw
something he didnt like, he would let his supervisors know, often butting
heads with the establishment.

Then later in his medical career, he learned the skills and had the gumption
to open his own practice. He did things differently and now has 3 doctors
that work under him. And now he works about day a week and rarely
comes in to his clinic. He realized he was making more money and was
having less stress then when he was the only one seeing patients.

He states he makes more money then he ever has when he was commuting 2
hours a day back and forth to a government job.
This is what I term a lifestyle business. You let your business work for you,
not the other way around.

Now what surprised me was how difficult was it for him to finally do this.

For many doctors its about losing control. We would not have gotten into
medical and graduate school if we werent control freaks.

Lets say you are currently making $150 an hour. (OK for you orthopedic
surgeons and high paid specialists out there, stop laughing)

Are you currently doing work that is less than $150/hour? Most of us are.

In the office, if you periodically answer your phone or are calling in
prescriptions, you are getting paid less than your worth.

If you are typing your notes into an EMR until 8 oclock at night, you are
getting paid less than your worth.

And this applies to your own life.

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If you mow your own lawn or pulling weeds in the yard, you are getting paid
less than you are worth.

Now if you enjoy doing those things, such as you like mowing your lawn,
because you get to go outdoors and you get fresh air, then by all means keep
doing it. But if you are doing this because you think you are saving money,
you are not.

The goal is to keep increasing the value on what you can provide.

The problem is people want to make more money.

Your focus should be on saving more time. We all have a finite number of
years we will be on the planet.

If you are substituting time for money then you are no different than
someone who is working minimum wage at McDonalds.

Most doctors who burn out do so not because of the workload , but they feel
they are not being properly reimbursed or they are losing control.


If you want to make a million dollars a year that is roughly $480 an hour if
you include weekends.

That means you should not do tasks that are worth less than that!

Now if you are an employee this will be difficult. Thats why I discovered
early on I was certified UNEMPLOYABLE.

I still love (and continue to love) medicine but I didnt like what medicine
was doing to me.

I have different sources of revenue that will allow me to generate a healthy
revenue while still maintaining my freedom.

As a doctor you have excellent skills in communication and decision making,
and many of you exhibit strong leadership qualities.

Thats why entrepreneurship makes good doctors.

So if you are looking to make the leap here is what I suggest.

First dont give up your day job. Discuss this with your significant other and
make sure he or she is on board. However if you plan to leave you should
start now with a Date of Departure in 6 months to a year.
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You have to want to do this. I woke up (and continue) to wake up about 5am
because that was the only time I could make my business work. Because I
was determined to make it work. Perseverance is vital.

For every hour I devote to my business, I was one hour closer to making my
dream a reality.

What can you do today to bring you one step closer to your goals?

And that is the way you need to think.

The second most important aspect is having a mentor. Are there people out
there that are willing to help you? You want to seek out other business
owners who have been there, done that. I spent so much time reinventing
the wheel, when I found out the wheel was already reinvented.

Do you know of someone you admire that is doing what you want to do. Seek
them out. Buy them lunch or get a cup of coffee. Sharing knowledge with
people who are more successful then me was crucial when I got started, and
allowed me to get where I am today.

Success leaves clues.

Now many of you have asked how they can learn from me. I purposely have
not been taken in any 1-on-1 clients, because frankly I just havent had the
time working on launching and growing my own businesses.

But as I said Ive made it a goal of mine to help other health care
professionals. So in order to reach my personal milestone,
Ive got some exciting news

I see many clinicians struggling because they are smart but often not
business smart. I aim to help change that.

I ll be doing a live hands on workshop that will be right here in San Diego.
Im calling it the IncomeMD Entrepreneur Bootcamp.

I will have my first workshop devoted to doctors and health care

professionals in nearly two years. This will be a very small, intimate teaching
environment to give you the tools you need to venture out on your own.
This will be a great opportunity for those who are ready to make the leap, or
want to connect with doctors who already are.

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At the workshop, will discover how to get the ideas of your head and
implement. We will identify lucrative niche areas where doctors can get into
quickly.

Whether you want to become a consultant or start your own business online,
we will focus on online marketing on how to get your message out to the
masses. You will learn tactics that sharpen your skills in balancing being a
health professional and working on your financial freedom.

If you are ready to learn and network with other like-minded entrepreneurs
this is the place you need to be.


It will be everything I learned in nearly 20 years of entrepreneurship in a
massive brain dump to help you get you where you want to be.

Email me at bootcamp@incomemd.com and Ill send you all the details.

I hope this guide was informative to you and look forward to hearing about
your successes.


Keep Moving Forward.


Mike Woo-Ming, MD MPH
IncomeMD.com

PS The IncomeMD Entrepreneur Bootcamp is planned to be kept small, no
more than 20 people, to allow for more intimate teaching. If you would like
to attend, please email me at bootcamp@incomemd.com.

Ill leave you with my favorite quote

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

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

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