Is That Deductible? Navigating Business and Personal Milestones

As a physician-entrepreneur, my days are a whirlwind of activities that blend the lines between professional development, personal growth, and the ongoing quest for work-life balance. This past week has been no exception. Through the lens of my business, I’ve encountered a series of significant experiences that have reaffirmed my commitment to the mission of SimpliMD and reminded me of the personal journey that accompanies professional aspirations.

Innovating with the Engineering Team in India

My start-up SaaS product has been a labor of love, an endeavor that has pushed the boundaries of innovation and collaboration. This week, I dedicated countless hours working closely with my engineering team based in India. The task at hand was creating the prototype, a crucial step that requires precision, creativity, and a shared vision.

Remote collaboration presents its challenges, but it also highlights the beauty of diverse perspectives coming together. The team's dedication, despite the time zone differences and the occasional technical hiccup, has been nothing short of inspiring. Our virtual meetings are filled with brainstorming sessions, debugging marathons, and a relentless pursuit of excellence. As I review the progress each night, I’m reminded that the path to a successful product is paved with hard work and the unwavering commitment of a talented team. And yes, the expenses for these collaborative efforts are deductible, a small consolation for the intense energy invested.

Pre-Launch Website and Patient Focus Groups

A significant milestone this week was the creation of a pre-launch website for my new SaaS start-up. This website serves as a preliminary touchpoint for potential users, offering them a glimpse into the product's capabilities and benefits. As part of our pre-launch strategy, I began inviting my patients to sign up for focus groups. Many are excited as they hear about this direct to consumer e-visit product.

With only eight working days left before I retire from nearly 30 years of practice in Plymouth, these focus groups are a crucial step. They provide valuable insights from the very individuals who will benefit from our product, ensuring it meets their needs and expectations. Engaging with my patients in this way is not only rewarding but also instrumental in refining our offering before the official launch. The expenses related to setting up the website and organizing these focus groups are deductible, aligning perfectly with our business goals.

Enhancing Online Presence with Global Talent

SimpliMD and Dr.Inc are more than just businesses; they are platforms designed to empower and support physicians in their micro-business journey towards professional autonomy. This week, I collaborated extensively with my contractor from Portugal to enhance the websites of both entities.

Our discussions revolved around improving user experience, optimizing content, and ensuring that the message of empowerment is clearly conveyed. It's fascinating how technology bridges geographical gaps, enabling seamless collaboration with experts from around the world. As we finalize the tweaks and updates, I can see the vision coming to life, and I’m confident that these improvements will resonate with our audience. These enhancements are not just an investment in our online presence but also a deductible business expense.

The Journey Towards an Oregon Medical License

Balancing entrepreneurship with clinical practice requires meticulous planning and, often, a mountain of paperwork. This week, I focused on gathering all the necessary documents and files needed to complete my application for an Oregon medical license. My goal is to engage in FM-OB locums this fall, a venture that will not only broaden my clinical experience, but also diversify my professional portfolio as fulfill my personal mission of providing high quality maternity and newborn care to the highly vulnerable and needy rural spaces of America.

The process is detailed and time-consuming, requiring attention to every minor detail to ensure compliance. Yet, as I sift through transcripts, certifications, and background checks, I am reminded of the broader purpose. Each document is a step towards expanding my practice and, in turn, extending the reach of my personal mission. The expenses incurred in this licensing process are also deductible, a practical benefit amidst the administrative labyrinth.

A Meaningful Meeting with a Hospital Administrator

One of the highlights of my week was a meeting with a semi-retired hospital administrator who had read my book, "Doctor Incorporated: Stop The Insanity of Traditional Employment and Preserve Your Professional Autonomy." His enthusiasm for the book was palpable, and our conversation quickly turned to the potential impact of its message.

We discussed the feasibility of launching a pilot project with a group of 10-12 physicians in a hospital setting, transitioning them from traditional employment to a model we termed “employment lite.” By the way, if you want to download a free e-book outlining employment lite, you can go here. You can also read about in my KevinMD article Physician employment 2.0: Unveiling the secret world of employment lite.

If you want to talk about whether the employment lite model could be an option for your professional life, let’s talk 1:1, you can go here to schedule a business consultation with me.

The proposition is compelling: saving the hospital approximately $50,000 per doctor, preventing burnout, and enhancing productivity through increased physician happiness. Our discussion was a testament to the potential for systemic change within the healthcare industry, driven by innovative approaches to employment. If you know of any medical group administrators that might be interested in doing a pilot project like this, please send them my way with a simple e-mail [email protected].

The expenses related to these meetings and the strategic planning sessions are indeed deductible, but the true value lies in the potential transformation of physician employment models and the positive ripple effects on healthcare delivery.

Nearing the Finish Line in Plymouth

As I approach the final days of my clinical career in Plymouth, the realization is bittersweet. After nearly 30 years, I have only eight clinic days left before I retire. This transition marks the end of an era and the beginning of a new chapter. It’s a time of reflection and anticipation, filled with gratitude for the patients I’ve served and excitement for the entrepreneurial ventures ahead. The good byes have been humbling as patients pour out special gifts and momentos to me during our visits.

Preparing for My First Triathlon of the Season

One of my personal goals this year has been to return to triathlons, a passion that I had set aside for some time due to all the time demands of family connections and delivering babies. I have trained diligently throughout the spring, preparing for the upcoming triathlon season. However, a recent training accident led to a radial head injury in my elbow, which has posed a significant challenge.

Despite this setback, I am excited about my first seasonal triathlon, scheduled for next week. The injury has prevented me from training in the swimming phase, but I remain hopeful that my elbow will be ready for the race. This personal goal has been a source of motivation and a reminder of the importance of resilience and determination. While the expenses related to my triathlon training and participation are not deductible, the experience contributes significantly to my overall well-being and personal fulfillment.

Remembering My Father on Father’s Day

This week also marked a poignant personal milestone – the first Father’s Day without my dad, who passed away last November. The absence is profound, a void filled with memories of shared conversations about the Chicago Cubs, Bears, Notre Dame, fishing, and life’s myriad questions. My dad was my confidant and mentor, someone whose advice I often sought in both personal and professional matters.

As I navigate these new ventures and challenges, I find myself yearning for those chats. His wisdom and support were invaluable, and his legacy continues to inspire my journey. While these reflections are not deductible, they are priceless reminders of the importance of family and the personal motivations that drive our professional endeavors.

Conclusion

This week has been a tapestry of professional milestones and personal reflections. Each experience, whether it’s the development of a SaaS prototype, enhancing online platforms, navigating licensing processes, strategizing innovative employment models, inviting patients to pre-launch focus groups, preparing for a triathlon, or remembering a loved one, contributes to the intricate narrative of my journey.

Through SimpliMD, I am dedicated to empowering you to embrace your autonomy and thrive as micro-businesses. The blend of deductible business activities and invaluable personal insights underscores the holistic nature of this journey, where every step is a stride towards fulfilling our mission.

Until next time, keep questioning, keep innovating, and remember that behind every deductible expense lies a story of passion, perseverance, and purpose.