The Benefits of Job Stacking with a Practice Without Walls

In the rapidly changing and dynamic healthcare landscape, physicians stand to gain significantly by embracing the concept of job stacking within a "practice without walls" model. This innovative approach is not just a trend; it represents a transformative shift that can dramatically improve both personal and professional aspects of a your professional life.

By stepping outside the traditional confines of practice, you can tap into multiple revenue streams, allowing for financial diversification that serves as a robust safety net against economic uncertainties. Moreover, this model offers unparalleled professional flexibility, enabling physicians to craft a career path that aligns with their individual goals and values. Imagine having the ability to tailor your work schedule around personal commitments or interests while still advancing professionally. The potential for enhanced work-life balance becomes more attainable when you're in control of how you allocate your time and energy.

By contracting your professional services virtually to corporations or individuals—or by opting for roles as long-term or short-term independent contractors—you unlock new levels of autonomy and access to diverse opportunities previously unimaginable in traditional practice settings. This could include telemedicine consultations, advisory roles in health tech companies, or even educational webinars tailored to specific audiences.

Let's delve into some compelling job options available when you operate as a self-employed doctor within this flexible framework. Whether you're maintaining elements of a traditional "practice with walls" or fully embracing the freedom of a "practice without walls," each option opens doors to unique experiences and advantages—all on your own terms.

Job Options For Self-Employed Doctors

Practices With Walls

If you decide to practice within the conventional boundaries of a traditional clinic or office setting, it doesn't in any way limit your potential to supplement your career with additional side jobs. On the contrary, engaging in side hustles can be a remarkably fulfilling and financially rewarding endeavor that complements your primary role. In fact, current statistics reveal that nearly 50% of doctors are already involved in side hustles. This trend underscores a growing recognition within the medical community of the vast opportunities and benefits that come with diversifying one's professional activities. By exploring various avenues beyond the walls of their regular practice, many doctors find not only enhanced financial stability but also personal satisfaction through pursuing varied interests and skills.

Traditional Private Practice

1. Solo Practice: Physicians can operate independently, offering personalized care to their patients. This model allows for full control over clinical decisions and practice management.

2. Group Practice: Joining forces with other physicians, either as partners or associates, can provide shared resources, reduced administrative burden, and enhanced collaborative opportunities.

3. Part-Time Practice: For those looking to balance clinical work with other professional or personal interests, a part-time practice offers the flexibility to work fewer hours while maintaining patient care standards.

Direct Care Models

1. Concierge Medicine: Offering high-touch, personalized care to a limited number of patients who pay a retainer fee. This model focuses on quality of care and patient relationships rather than volume.

2. Direct Primary Care (DPC): Similar to concierge medicine, but typically with lower fees and more emphasis on providing affordable care without the complexities of insurance billing.

Read More:The Rise of Direct Primary Care

3. Cash-Based Practice: Providing services directly to patients who pay out-of-pocket. This model simplifies billing and reduces administrative overhead. I am seeing more and more specialist going this route.

Practices Without Walls

When I speak of a practice without walls, I'm advocating for the dynamic potential of monetizing your professional services and expertise within flexible environments that empower you to operate as a micro-business. Imagine breaking free from the traditional confines and embracing a model where your skills and knowledge are the core assets driving value.

By using the term micro-business concerning non-employed or self-employed doctors, I want to highlight several fundamental characteristics that define this agile business approach:Firstly, you function as a single-member business, uniquely positioned as both the sole employee and owner. This structure grants you unparalleled autonomy and decision-making power over your professional journey. Secondly, your lean business model revolves around one intangible yet invaluable product: your professional services. This focus allows you to hone in on delivering exceptional care or consultation without the overhead complexities typical of larger establishments. Lastly, your business thrives on flexibility within the marketplace, marked by its adaptable visibility, mobility, and location. This means you're not tethered to a fixed spot; instead, you can pivot effortlessly to meet clients' needs wherever they may arise—whether it's in-person sessions at various sites or leveraging digital platforms for remote consultations.

Consider this practice as an embodiment of modern entrepreneurship that aligns with today’s fast-paced world while offering opportunities for innovation and growth beyond traditional boundaries.

Independent Contracting

1. Employment Lite: Physicians can take on roles with organizations that offer the benefits of employment, such as steady income and benefits, but with more flexibility and less commitment than traditional full-time employment.

Read More: Every Physician Needs To Know About Employment Lite

2. Locum Tenens: Temporary positions that fill short-term needs in various healthcare settings. This option allows physicians to travel, experience different practice environments, and avoid the long-term commitment of permanent roles.

Read More: Navigating Locum Tenens Contracts: A Physician’s Guide

3. Per Diem Work: Working on an as-needed basis for hospitals, clinics, or other healthcare facilities. This approach provides maximum flexibility and allows physicians to manage their own schedules.

Telemedicine

Virtual care has become increasingly popular, allowing physicians to consult with patients remotely. This model can be integrated into various practice types and offers convenience for both doctors and patients, expanding access to care.

Medical Consulting

1. Medical-Legal Work: Providing expert opinions and testimony in legal cases involving medical issues. This can be a lucrative side business for physicians with expertise in specific medical fields.

2. Insurance Work: Acting as medical reviewers or consultants for insurance companies, helping to assess claims and develop policies.

3. Healthcare Technology Consulting: Advising technology companies on the development and implementation of medical devices, software, and other innovations.

Other Opportunities

1. Medical Writing: Creating content for medical publications, journals, or online platforms. Physicians can leverage their expertise to educate and inform both professionals and the public.

2. Medical Education: Teaching and training the next generation of healthcare providers. This can include academic positions, continuing education courses, or mentorship programs.

3. Medical Directorships: Leading clinical programs or departments within healthcare facilities, guiding clinical practices, and improving patient care standards.

4. Research: Participating in or leading clinical research projects, contributing to medical advancements and evidence-based practice.

5. Coaching: Offering guidance and support to other physicians or healthcare professionals in career development, wellness, or specific medical skills.

6. Pharma: Engaging with pharmaceutical companies in roles such as clinical trials, advisory boards, or educational outreach.

7. Start-Ups: Collaborating with or founding healthcare start-ups, bringing innovative ideas to market and improving patient care through new technologies or business models.

Embrace the Freedom and Flexibility of Self-Employment As A Micro-Business.

In each of these instances you can engage in the job as a self-employed micro-business. When I talk about a micro-business I am referring to the following elements:

• You are single member business since you are the only employee and owner

• Your lean business model has only one intangible product: your professional services

• Your business is flexible in the marketplace including its visibility, mobility, and location

By utilizing your professional micro-business structure, you can explore each of these diverse job options and craft a career that aligns with your personal and professional goals. This model not only provides financial benefits but also enhances your professional satisfaction and work-life balance.

Ready to transform your career and embrace the opportunities of a "practice without walls"? Join SimpliMD's "Creating A Practice Without Walls" course for 50% off at just $99. Learn how to establish your professional micro-corporation and navigate the marketplace with confidence and success. Purchase now and take control of your professional future!