The 10 Commandments of Physician Self-Employment: Your Path to Success

The world of medicine is shifting, and more physicians are embracing the independence and rewards that come with self-employment. Read more here: The Pendulum Is Swinging Back Towards Independence. Being a physician and an entrepreneur offers incredible opportunities, but also presents unique challenges. This guide—the “10 Commandments of Physician Self-Employment”—will help you navigate the journey with clarity, wisdom, and confidence.

For over the past decade, I've personally lived these principles, transitioning from traditional employment into a "employment lite" structure. The result? My income nearly doubled, my taxes were cut in half, and most importantly, my overall well-being flourished. That transition saved me from near burnout and led to the creation of SimpliMD, which is built to empower physicians everywhere to take control of their professional lives and thrive, just as I did by incorporating myself and entering the marketplace as a self-employed doctor.

The Rise of Physician Entrepreneurship and Self-Employment

In recent years, there has been a noticeable shift in the medical profession, with a growing number of doctors opting for autonomy by venturing into entrepreneurship and self-employment. This trend reflects a desire among physicians to have greater control over their professional lives, allowing them to tailor their practices according to personal and patient needs rather than adhering to the rigid structures often found in traditional employment settings.

Embracing self-employment presents both significant opportunities and formidable challenges for you. On one hand, it provides an unparalleled sense of freedom, enabling you to make independent decisions about your professional life, including patient care approaches, office management, and work-life balance. This independence can lead to increased job satisfaction and the potential for innovative healthcare delivery methods tailored specifically to your patient demographics. On the other hand, self-employment also comes with considerable responsibilities. You may have to navigate complex administrative tasks such as billing, regulatory compliance, marketing your services, and managing your micro-corporation. Balancing these responsibilities requires not only medical expertise but also strong business acumen and strategic planning skills. Overall, while the path of physician entrepreneurship is fraught with challenges—ranging from financial risks to operational hurdles—it simultaneously offers unique rewards that can lead to more personalized patient care and professional fulfillment for those of us willing to undertake this journey.

So let’s take a look at what I consider the 10 Commandments of Self-Employment for doctors.

Commandment 1: Build Your Identity

Your professional life should reflect your values, passions, and professional goals. Define what makes you stand out and how you want to impact your patients' lives.

• Crafting Your Professional Identity: Build your professional life and thereby your micro-corporation should be based on your unique skills and patient approach. I always say that when you create your micro-corporation it should be like no other, and that’s because it’s built around your unique skills, talents,and identity.

• Setting Clear Goals: Create actionable milestones that guide your entrepreneurial journey that preserves your professional autonomy helps you thrive in life.

Commandment 2: Master Your Finances

Financial acumen is critical to your success as a self-employed physician.

• Budgeting for Success: Create a sustainable budget that ensures both personal and business financial health. I talk more about this in my post 10 Personal Finance Habits That Create Wealth

• Managing Cash Flow: Keep a close eye on cash flow, ensuring your micro-corporation runs smoothly during the uneven flow of cash as a self-employed doctor.

Commandment 3: Embrace Entrepreneurship

Being a physician-entrepreneur requires courage, creativity, and flexibility.

• Cultivating an Entrepreneurial Mindset: Stay open to innovation and change, as it can lead to new opportunities for growth.I am a firm believer that your education, intelligence, and high income create entrepreneurial opportunities for every doctor.

• Taking Calculated Risks: Evaluate risks carefully, and seize opportunities that align with your vision.

Commandment 4: Build a Strong Network

Your network is your greatest asset. It offers support, insight, and business growth.

• Networking Strategies: Actively cultivate relationships with other healthcare providers, mentors, and entrepreneurs, especially those that share your passion for self-employment—like our SimpliMD community!

• Leveraging Professional Relationships: Collaborate with other professionals to grow your practice and improve patient care. If you haven’t joined our free private Facebook group “Every Doctor Is A Business”, join now and engage with your peers in a safe space.

Commandment 5: Invest in Continuous Learning

Medicine evolves rapidly—so should you.

• Lifelong Learning: Stay informed about industry changes, advancements, and regulatory updates. At SimpliMD I have created a wide range of free and paid educational resources for self-employed doctors and the key to unlocking those resources is our annual membership for only $99.

• Staying Updated with Industry Trends: Regularly invest time in learning to keep your practice innovative and competitive.

Commandment 6: Prioritize Work-Life Balance

Balancing your career with personal time is essential to avoid burnout.

• Setting Boundaries: Create clear distinctions between work and personal life to ensure you’re not overburdened.

• Preventing Burnout: Take proactive measures to protect your mental and emotional well-being. Read my post Dare To Dream-Goal Setting For Physicians where you can download my free guidebook for dreaming once a year.

Commandment 7: Deliver Exceptional Care

Being your own boss doesn’t mean compromising on care.

• Patient-Centered Approach: Focus on delivering the best possible care by building trust with your patients and those whom you engage with in business to business interactions.

• Maintaining Professionalism: Uphold high ethical standards, which will strengthen your professional reputation.

Commandment 8: Cultivate Resilience

The entrepreneurial journey can be unpredictable—resilience is key.

• Overcoming Challenges: Face setbacks head-on, learn from them, and adapt to new circumstances.

• Learning from Setbacks: Use obstacles as opportunities for growth and reflection.

Commandment 9: Protect Your Well-Being

As a self-employed physician, your well-being is essential for long-term success.

• Physical and Mental Health: Commit to self-care routines that support your physical and emotional health. Read more at my post 4 Reasons Your Professional Well-Being Will Need Prioritized in 2024

• Seeking Support: Lean on peers, mentors, or even professional help when needed. Maybe you need a professional coach rather than a counselor, let me help you with that through SimpliMD coaching.

Commandment 10: Give Back to the Community

Contributing to your community can be deeply fulfilling.

• Volunteer Opportunities: Find ways to give back to the community, whether through volunteer work or charitable giving opportunities. I personally love using a donor advised fund for this, and you can read about that here How to Maximize Your Charitable Impact with Donor-Advised Funds

• Mentorship Programs: Offer your guidance to up-and-coming physicians, sharing the wisdom you've gained through all levels of medical education. I have thoroughly enjoyed teaching students, and residents over the years. And will continue to teach through my courses at SimpliMD, and with international CME—which you can join with me in Iceland or Ireland next year!

My Story: From Burnout to Thriving

A little over a decade ago, I made the bold decision to step out of traditional employment and create my own micro-corporation. At the time, I was facing the all-too-common feeling of burnout that many employed doctors experience. My income had plateaued, my well-being was in decline, and I knew something had to change.

With a leap of faith, I transitioned to self-employment in what I now call an “employment-lite” structure. The results were life-changing. My income nearly doubled within the first few years, and thanks to strategic tax planning through my micro-corporation, my taxes were cut in half. But what mattered most was my mental and physical well-being—freed from the corporate grind, I found a renewed passion for medicine and life. You can read the long version of this story in my best selling book here.

Frequently Asked Questions (FAQs)

How can I maintain a healthy work-life balance as a self-employed physician?

Setting boundaries between work and personal life is essential. Time management, delegation, and setting clear expectations with your clients will help you create the balance you need.

What are some effective networking strategies for self-employed physicians?

Attend medical conferences, join physician entrepreneur and self-employment groups like SimpliMD, and build a strong online presence through platforms like LinkedIn.

How can I prevent burnout while juggling multiple roles as a self-employed physician?

Prioritize self-care, set firm boundaries, and delegate tasks when possible. Focus on what brings you joy in your practice and create the lifestyle and life you love.

Why is continuous learning important for self-employed physicians?

Staying updated with new treatments, regulations, and innovations will keep your professional life competitive and improve the quality of care you provide.

How can I protect my finances as a self-employed physician?

Create a detailed budget, stay on top of your cash flow, and seek professional help from accountants and financial advisors when needed. Building a reliable professional team to support yourself as a self-employed doctor is critical. You can read more here: Managing A Doctor’s Professional Corporation: Build Your Team

What are the benefits of giving back to the community as a self-employed physician?

Giving back fosters goodwill, builds your reputation, and connects you to your community, providing personal and professional fulfillment.

Call to Action

Ready to take control of your career and well-being? Join SimpliMD today as a member for just $99—an investment worth $2,500 in business products that will transform how you approach medicine and entrepreneurship. Also consider enrolling in my course, Creating a Practice Without Walls, where you’ll learn how to establish your own micro-corporation, giving you agency in the healthcare marketplace.