Physicians “Stay the Course”

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“Don’t give up Medical Practice, Yet!”

By Dr. David Edward Marcinko; MBA, CMP™dr-david-marcinko 

Practicing Medicine … is Hard to Do 

Is practicing medicine today, really that tough? Increasingly, the answer is “Yes”, according to our doctor clients and the docs we interviewed for this post.  

And, it’s no wonder that Dr. Regina E. Herzlinger – the Nancy R. McPherson professor of business administration and chair at Harvard Business School and author of the books Creating New Healthcare Ventures and Market Term in Healthcare – says that many medical professionals have become depressed and want to give up their careers, entirely. 

For example, Gigi Hirsch, MD, a former ER physician and instructor at Harvard Medical School grew so disenchanted with clinical medicine, that she ditched her career and started her own business, MD IntelliNet, in Brookline, Mass. The company places doctors in non-traditional jobs by pairing them with venture capitalists and other businesses seeking physicians [personal communication].  

In the same light, Michael Burry, MD, a promising young neurologist from Stanford and Vanderbilt, rejected his medical career to become a private portfolio manager for Scion Capital Management, as did Harvard trained radiologist, Faraz Naqvi, MD, the former fund manager for Dresdner RCM Biotechnology Fund [personal communication]. 

Other notables include Dr. Dimitri Sogoloff, MBA of Alexandra Investment Management, LLC, and Dr. Ken Shuben-Stein, CFA©, formerly of Promethean Investing, a hedge fund in New York City [personal communication].   

In a final example, Dr. Laura Eackloff, 45 was a podiatrist for 10 years and thoroughly enjoyed treating patients, but she hated spending more time on the phone negotiating with health insurance companies than examining her patients. “Honestly, health care is a business, and I didn’t like the business of medicine,” said Eackloff, who shut down her practice and opened Gotta Knit, a yarn store in New York City’s Greenwich Village. Her friends and family were extremely supportive of her decision to help people with their hands instead of their feet.

Source: Geoff Williams, Entrepreneur.com [11/27/07]

Assessment

But, Herzlinger implores in her book, Market Driven Healthcare, “don’t give up practice, yet.”  

So, will you stay the course – or abandon ship – and what are your alternatives?

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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