Looking at total compensation as more than just a paycheck, building up the infrastructure around you and finding the right practice setting are three pieces of advice that physicians wish they had received earlier in their careers.
These three surgeons reflected on that missing guidance at Becker’s 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference in Chicago.
Note: Responses were lightly edited for clarity and length.
Question: What was the single biggest financial or business mistake that you made earlier in your career that you wish someone would have warned you about?
Paul Slozar, MD. Orthopedic Spine Surgeon and Co-Founder of Physicians Capital Fund (Tulsa, Okla.): All of us who are on the physician side, have this issue of delayed gratification, and that first paycheck as an attending is a big deal. I think getting caught up in the idea that your compensation is the finish line is a mistake. You’re essentially an employee if you look at just your paycheck. So thinking beyond that and thinking beyond that as early as possible, and that may predate your first job.
The second is being shy about negotiating your first contract. You’re just glad that you got this residency or this med school slot. From a personality perspective, most people do negotiate contracts. You’re not really in an entry level position. You’re a massive upside to whatever practice is hiring you after 12 or 18 months. So don’t be afraid to negotiate because you can, especially if you’re an employed physician.
The last thing is strategically being overly aggressive with paying off low-interest loans. You know, the failure to put cash as quickly into the market as possible, as much as you can afford. Keep that going as long as humanly possible until you get up and running.
Zeeshan Tayeb, MD. Owner and Medical Director of RegenLife Centers (Cincinnati): We could be talking about money, but where does the money come from? It’s you, right? You’re the commodity, you’re the one that’s producing. So it’s all about generating. We kind of get taught to do, do and then do more. If you start to struggle, you go back to what you did in life before. You say, ‘I’m just going to do more. I’m going to work harder.’ And at times it works.
When did Michael Jordan first start winning the championships? Was it when he was just scoring 63 points and he was just kind of going at things? No, not necessarily. It’s after he got his team and his infrastructure built and that’s when they started winning the championships. And there’s several other examples like that, too. Now, you can also be in a really tight situation and then all of a sudden, if you keep going, you might just pass out. But if you get yourself composed, you have a better opportunity to be able to get out of that tight spot.
Nathaniel Tindel, MD. Chief, Spine Surgery of Jacobi Medical and Orthopedic Surgeon of New York Center for Spinal Disorders (New York City): When I came out of my fellowship, I was very academically oriented, and I went into that track. I don’t regret it at all. I was the chief of spine surgery at Montefiore Medical Center. I think the one thing that I realized is that I didn’t belong in the academic world. Some people do, some people don’t. While I’m still very friendly with my colleagues, I think I stayed there too long. I left there and went into private practice 20 years ago, and I probably should have done it sooner. Back then, things were a little different with billing and reimbursement. I don’t regret it. It was a great experience. But I do look back and think that I should have left sooner.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
