fbpx

Red Flags for Physician Running Their Own Business

Daniel Paull, M.D. shares that meeting for lunch where you don't get any lunch, or get coffee, of a red flag.

October 22, 2021

Along my business travels I’ve come across some red flags that I think are worth sharing.

Mind you, most of these are from a physician’s standpoint:

 

1. “I like to let the doctor be a doctor, while I take care of all the business stuff”

HUGE red flag.

These types generally speaking want to middle man their way into your practice and generally want a hefty cut to do so.

I’m not talking value propositions, I’m talking about the “let me do everything and just trust that I’m doing everything right.”

Trust but verify.

I won’t work with anyone who says this to me if I can avoid it.

 

Trust but verify.

 

2. Financial products specifically aimed at physicians.

Money is money.

It doesn’t matter so much how you earned it.

A good financial advisor should be able to help you regardless of whether you earned your income from seeing patients or selling cattle.

Advisors who market like this are basically targeting physicians as cash cows.

We tend to earn a lot of money (notice I didn’t say accumulate wealth), but generally are very bad at keeping it.

Ask your accountant which advisor you should use, they see everyone’s’ money.

If you don’t have an accountant, you should get one.

 

A good financial advisor should be able to help you regardless of whether you earned your income from seeing patients or selling cattle. Advisors who market like this are basically targeting physicians as cash cows. Share on X

 

3. Meeting for a lunch meeting where we don’t eat lunch or get coffee.

This is a more personal one, and I can’t quite put my finger on it, but it’s a real turn off!

It says to me that I’m not worth sitting down with and you likely have a “what’s in it for me” mentality.

Relationships generally don’t work out for me with these types.

 

Meeting for a lunch meeting where we don't eat lunch or get coffee says to me that I'm not worth sitting down with and you likely have a 'what's in it for me' mentatlity. Share on X

 

 

Please add some red flags if you have them, I always find them fascinating.

Maybe we can learn from each other’s mistakes instead of repeating them all ourselves.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. For more information, or to submit your own opinion, please see our submission guidelines or email opmed@doximity.com. Do you have a compelling personal story you’d like to see published on SoMeDocs? Find out what we’re looking for here and submit your writing, or send us a pitch.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. Do you have a compelling personal story you’d like to see published on SoMeDocs? Submit your own article now here.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

This learning experience is powered by CMEfy - a platform that brings relevant CMEs to busy clinicians, at the right place and right time. Using short learning nudges, clinicians can reflect and unlock AMA PRA Category 1 Credit.

Of Interest

Subscribe To Our Newsletter

Get updates and learn from the best

Dana Corriel, MD

Speaker: Dana Corriel, MD

Dr. Dana Corriel is a physician entrepreneur who has built her own digital startup from the ground up and has grown physician communities. She can lecture on most topics, where it comes to the healthcare digital space.

Side Ventures [SERIES]

Side Ventures [SERIES]

Coming Soon: Guests will discuss the side ventures they’ve taken on, from the books they’re writing, to the podcasts they host, to other extracurriculars they’ve taken on.

Kimberly Parks, DO

Kimberly Parks, DO

I am a physician health care entrepreneur disrupting conventional medical care through integrative well care.

Want More?

Be a part of our healthcare revolution. Don't miss a thing SoMeDocs publishes!

Disclaimer: SoMeDocs assumes no responsibility for the accuracy, claims, or content of the individual experts' profiles, contributions and courses. Details within posts cannot be verified. This site does not represent medical advice and you should always consult with your private physician before taking on anything you read online. See SoMeDocs' Terms of Use for more information.

follow us

© 2024 SoMeDocs. All Rights Reserved.

Soak up content & grow

Educational reflections..

Drop your email address below and we’ll email you the link for continuing opportunity pathways from CMEfy. Check your spam folder if you do not receive our email. We’ll also add you to our Sunday newsletter, so you can receive even more of our unique content!

Support A Platform that Celebrates Real Doctors

For just $10 a month, you can help keep this openly accessible site available to all & help us sponsor in more doctors.

Interested in subscribing
to our unique content?

Interested in subscribing to our unique content?

Play Video
Our Founder Answers Your BURNING Question

SoMeDocs

“Why should I become a member of SoMeDocs if I already have my own space online?”

Site SoMeDocs Logo, square

WANT TO STAY IN THE LOOP?

DON'T MISS A SINGLE CONTENT PIECE.