A physician messaged me. He wrote he had left his job and started his own business as an entrepreneur and administrator of medical clinics. The doctor’s pulse rate had decreased to 75 beats per minute since leaving practice a year ago. He wrote that his normal pulse was “objective proof” that his new career had improved his well-being. He said it was further evidence that burned out physicians should consider a career change because it just might save their lives.
Doctors, like many professionals in the healthcare industry, often face high levels of stress, extended working hours, and emotional fatigue. This challenging environment can lead not only to burnout but a range of physical and mental health issues including heart disease, diabetes, and depression. By moving into a less stressful career, physicians can mitigate these risks and improve their physical health. In this context, a career change can turn out to be a life-saving decision for many doctors.
A shift in career can provide physicians with a much-needed escape from the intense pressure of clinical practice. Not all doctors find complete satisfaction in clinical practice. Some might find more fulfillment in other areas of healthcare or related fields. Roles in public health policy or medical research, for example, could align more closely with a physician’s professional interests and provide a sense of accomplishment. Transitioning into roles such as healthcare consulting, medical writing, or teaching could offer a more balanced lifestyle, significantly reducing the risk of burnout.
Moreover, a new career can also offer doctors a more regular work schedule. This change can afford them more time to spend with their families and pursue personal interests, leading to improved mental health and overall well-being. A career change can offer opportunities for personal growth and the development of new skills. This can lead to increased self-confidence and a renewed passion for their work.
Tod Stillson, MD, is a practicing family medicine physician and author of the book Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy. He wrote the book with conviction that physicians are undervalued, micromanaged, and overworked. His goal was to help them discover exciting, lucrative career options and in doing so refute the binary myth that doctors can only vacillate between employment (e.g., within a hospital or health care institution) and private practice.
Doctors have more than two choices, and Stillson’s employment model enables them to increase their income while enjoying more freedom and employment alternatives, both clinical and nonclinical. Stillson claims that financial independence and retiring early (FIRE) are within reach, in addition to greater professional fulfillment.
The secret to FIRE is to adopt a model whereby you can form your own small business while continuing to serve your interests, whether practicing medicine in a traditional sense, or not. Key characteristics of Stillson’s professional micro-corporation model include minimal overhead, technology-enabled platforms (e.g., telehealth), location independence, and competitive earning potential through multiple income channels – a combination of employed (W-2) and self-employed (1099) jobs – known as “job stacking.”
My own career pathway attests to the power of the professional micro-corporation. The first half of my career was spent in clinical care. The second half was divided between working in the pharmaceutical and health insurance industries. Throughout it all, I acted as a “company of one,” a term coined by business professor Ronald N. Yeaple in his book The Success Principle. A “company of one” is similar in concept to Stillson’s micro-corporation.
Acting as a “company of one” is a natural outgrowth of forming a micro-corporation. It means you are in complete control of your decisions, guided by your “board of mentors.” Your direct reports are your core competencies gleaned through years of experience and education. These typically include leading, communicating, managing relationships, negotiating, and planning and organizing events. Your core competencies make you much more valuable to individuals and organizations who would potentially benefit from your services.
To cope with today’s turbulent job market, you must learn to think of yourself as the CEO of a “company of one” – yourself. By becoming the CEO of your own company, you can turbocharge your career and take it in limitless directions. While a career change can pose its own challenges, it can also offer you a fresh perspective and a chance to explore new professional interests – not to mention a healthier lifestyle.
The decision to embark on a company of one or form a micro-corporation requires a strong mindset and careful consideration, taking into account your circumstances, interests, and long-term career goals. It also requires preparation, commitment, and hard work. But you can do it, and, believe me, it is worth it.
