EP327: Predictions for 2026: A Playbook for Physician Entrepreneurs

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2025-01-14 | https://www.youtube.com/watch?v=TeQJENsvN1A

Transcript YouTube English auto-captions. Hey guys this is Dr Mike Wang welcome to another edition of bootstrap MD this is the podcast for phys and Healthcare entrepreneurs you may be asking where have you been I've been on Hiatus for the last month or two just maybe put out a little episode here and there but apologize it's just been crazy going into this year and I'll probably devote another podcast episode about all of my things that I've been doing getting involved in startups established company lots of Consulting trying to grow my uh practice hiring and and let hiring and having changes in our staff so that's really has has taken precedent but I thank you for checking back in just to see what we're doing and just to start this off at the time of the new year I thought it'd be great to discuss what are your goals and what's GNA what do I see as like the trends that are coming up in 2025 I did I did a Similar podcast of this a few years ago so I thought it would be great to look at that again and uh just come up with some some new topics because as medicine things are always changing and it's changed even from the last couple years without further Ado let's talk about ways that you can start taking control of your career building successful business and live life on your own terms and What I see is as an entrepreneur you should always be aware of these Trends not necessarily just to follow what what is the common goal as as most people do but what are some ways that we can be evolving ourselves changing our careers looking if you're feeling the squeeze from traditional healthc Care Systems I think by evaluating and looking at Trends this will help you explore your entrepreneur Journeys so grab your coffee get your favorite notepad let's get into it so Let's face it healthc care is evolving and it's evolving fast as Physicians were not the so-called providers anymore we're innovators we're problem solvers and yes we're entrepreneurs and so the trends that we're going to be diving into today aren't just about staying afloat they're about thriving and leading into a rapidly changing industry so there are shifts that are going on all this time and it's really important as entrepreneurial Physicians we need to be on top of it so Let's jump in Trend number one Ai and healthare we know all about artificial intelligence we've talked about in the past it's no longer just a buzzword it's reshaping health care whether it's streamlining operations or enhancing patient care and AI isn't just for the techies out there it's accessible to you and I as an individual entrepreneur I use chat gbt every single day I use Claud AI that helps me with my writing I use others apps like gamma. app to help me With presentations and these tools are not only we can use them for patient care is it going to replace Physicians I don't know but I know that as a physician it's better to be a physician who understands artificial intelligence than one is being replaced by one so we use tools to automate our scheduling you can automate it for billing patient communication you can leverage AI in clinical settings like Diagnostics or creating personalized care plans so Imagine launching a startup just focusing on Aid driven through optimization that's where I really think the future is being is heading towards so what really excites me I think is AI tools for patient engagement imagine having virtual assistance that help your patients stick to their treatment PL and using ai ai enhanced virtual assistance to sending reminders tracking progress giving them the nudge what they need the most I think that's not only just Innovation that is impact are you using AI in Your in your daily lives love to hear about in the comments and and how you're using it Trend number two value-based care I'm sure you've heard this term band it about it's the way that things are being changed in medicine days of Fifer service is pretty much fading almost gone the focus is now is shifting on patient outcomes so this is a huge opportunity for you to create Innovative patient centered practices so look at your own so How do you do that so look at your own metrics for your own specialty maybe you're working in in Diabetic Care right you're focusing on programs that can help uh hemoglobin A1c levels you're not just helping patients you're positioning yourself as a leader in delivering measurable results and even as a cash based practice we're looking at different metrics how we can start improving our things I'm involved in weight loss we're looking like how many pounds are our average patients losing what Can we do to improve on these these are things that you need to start thinking about and Forward Thinking Physicians will always be at the Forefront for this what are some other way way that you could be using value based care we're looking at collaboration my my thing is not just competition but collaboration so we're try to work with gyms personal trainers nutritionists local businesses that don't necessarily compete with us but Can complement what we we do you can offer Wellness programs to local businesses you're not just improving outcomes you're building a network that impact segment three navig ating Medicare reimbursement declines so let's address the elephant in the room especially line what's going on we got new we just had a rection we got an an a new Administration Medicare reimbursements and Medicaid reimbursements have have been on the chopping block and and We continue to see declines in in what we able to to get back they just weren't they what they aren't used to be if you're reely so insur insurance-based medicine and insurance-based income I think it's time to rethink your approach diversification is the key me I've been spous cash Based Services for forever and I know some of you aren't ready to tackle that just yet why not consider like a hybrid Program start a cash based service in line with your insurance Base medicine I've been Consulting with doctors who doing all the time doctors who are big giant practices many Physicians on there but I'm working with a doctor right now who is slowly integrating cash Based Services in him and it's making a difference and it's giving him a voice we often feel we focus on entrepreneurs but even as an employee you can administer change into your practice because what that is done is it's taken this particular physician who is you know frally Out of residency and it's they're now approaching him about hey you're the Forward Thinking physician on here he's introducing cast Based Services into the practice he's going to get more value he's going to get raises he's going to get more attention he's going to get more influence in in his practice he says he deals with doctors who are like one to five years of retirement on M if not even less they they're looking to these things having someone like like this Having some significant influence can change the way that your practice is and I think will give you more with control tends to to lean more in terms of satisfaction in your career so what does that look like when we talk about diversification so you could be offering premium Wellness programs you can be offering Advanced Diagnostic procedures diagnostic services that patients would be happy to pay for out of pocket I think in terms of like cardiovascular risk assessments or genetic testing these Are services that can add value and differentiate your practice so it's all about shifting your mindset instead of being at the Mercy at the declining of reimbursement um nobody wants us to hear us wi and complain unless you're actually doing something about it I can go on a lot of the doctor forums and see a lot of whining and complaining but what are you actually doing to take control right I'm a big believer and You can only focus on what you can control everything that you can't control you don't need to worry about it because you can't make a big change anyway so take start focusing in your mindset to take control of offering services that give patients genuine value and they're willing to invest in Trend number four digital Health Innovations digital health is exploding and it's not slowing down so There's that means opportunity think of of yourselves is what are you doing to improve your own health are there any gadgets that you've done I know things such as wearable devices using fitbits using Apple watches or changing the way that we're evaluating ourselves I can check what my my my pulse rate I can check how is my sleeping habits on there technology is creating ways to provide care that's more convenient efficient and Impactful think about your own practice are there things that you can change in your own practice uh that could be solved with technology you've likely encountered challenges like this a digital health tool that can be created that you could solve maybe it's I've seen a lot of changes in in in the space in terms of chronic disease management or patient education why not turn that into an idea for you to create your own startup you don't have to do it alone That's the other thing too is a lot of people says I need to do this alone I need to figure out the tech on my own I need to get an MBA I need you don't need all of that you just need to start with an idea and then you can partner with developers and platforms to bring your ideas to life when I was involved in my software company I was on a technical person whatsoever what I did is I partnered With someone who was very technical focus and he had skills such as working with developers he himself did not know how to code or maybe rudimentary he knew some coding but he knew how he knew had to communicate with developers and getting his idea that was just an idea in his head into practical applications there so partner with them with these developers partner with them with these platforms to bring your idea to life so I mentioned wearable technology I think it's huge continue to be some things that others might find GL like AA rings and things like that they're very popular and they're going to it's because patients the general public are demanding for these kind of things so anything that contract your sleep your stress levels vital cells could be integral to your care model imagine how a practice saying I we we cater to people who use apple watches we can provide Apple Care for men Imagine the growth and possibilities that your practice can have when P patients actively engage with their Health Data in real time it really is a win situation Trend number five personalized medicine so this idea is a one-size fits-all I think is out personalized medicine is in it's because patients are demanding for this patients want treatment tailor to their unique genetic and lifestyle factors as a physician entrepreneur I think you're in a prime spot to deliver on this expectation so How do you start you can integrate genetic testings into your offerings patients gain insight into their health risk and you gain a loyal customer base you can consider the technology such as pharmacogenomics helping patients find medications that work best with their body with their biology you could take it further by combining these insights into lifestyle recommendations Imaging offering a tealer diet and exercise plan based on your genetic predispositions there was a book that came out what type of diet should I Be was based on their types that book came out years ago why can't it be used in some fashion today it's Cutting Edge and it's What patients are looking for I see patients all the time in in our practice they're talking about counting their macros in there start thinking about how you can engaging on the things that they're already being involved in and start implementing it into your medical practice Trend number six healthc care consumerism patients are no longer just passive Vessels for care they're consumers they expect convenience they expect transparency they expect value the shift and rehap reshaping how we approach Healthcare delivery we're working on our own practice it's like we started offering Tech space service text Bas because the patients are demanding on it to text to schedule appointments to deliver online scheduling transparent pricing subscription models picture this a membership plan where a patient gets unlimited tele Health visits and rout routine checkups for a flat feed I've seen it and It's PR simple and predictable and it's appealing to people I'm not is can I sure there costs involved and and you need to know your numbers you need to know your profit and loss but think about what you want that's what I tell doctors who's starting up there own practice what kind of practice would you want to be as a patient you would want these things I don't necessarily want to get on the phone every time I need a schedule appointment I'd love to be able to go on a website go on an app and just schedule it on my own time being having a a physician being involved in tele medicine applications both sync and async if you don't know what those are we've talked by in in technology that's real time seeing them in front of a video screen or texting or communicating with them through their own time and through their own convenience for both a physician and The patient think about meeting patients where they are literally they're at home they're at their workplace this could differentiate practice and create loyalty convenience is King I think tele medicine is not only just an option I think it's a necessity for us to compete uh in this day and age as practice owners and and having successful uh medical practices another Trend Trend number seven is clinical research this isn't just for academics Physicians like you can turn your practice into a hub For Innovation so whether it's leading clinical trials we're testing new interventions research open doors to additional revenue and influence so you can start small you can partner with pharmaceutical companies or cro to conduct studies in your area of practice even pting like supplements or Wellness interventions can build credibility and attract attention to your practice so this isn't just about income it's also positioning yourself as a leader an influencer and advancing health care so that's kind of impact that last so We went through a lot of different Trends we talked about the first Trend was artificial intelligence in health care number two value based Care number three navigating the Medicare reimbursement declines Trend number four digital Health Innovations Trend number five is personalized medicine number six Healthcare consumerism and seven is clinical research and using it as a revenue stream so a lot of information hopefully I thought of some I said something that may me spurred you on and Maybe capture an idea in your head but how do you start implementing this how do you take all this info and then make an actionable start by if you ever in practice where you're an employee to practice evaluate your own Medical Practice practice whether you're a standalone practice owner you work in a big company maybe you're doing complete 100% tele medicine start by evaluating your own practice which of these Trends along align with your passion with your expertise researcher Market that's The first step that I always go to is know your avatar know your customer Avatar know your Pati Avatar what do your patients need how can you meet them the needs them how can you meet them in a need that no one else is providing maybe just start out with a simple plan you could start small tests refine as you go and surround yourself with the right People mentors collaborators here at boostr MD we're trying to build a community you don't have to do it alone remember execution is everything even the best ideas that need consistent effort in adjustment take that first step you'll be way ahead of the game so I hope you it's good to get back into my the old podcast again we're trying to do this back in a regular basis I do want to let you know as we're talking about Trends and We're talking about 2025 that we'll be having a paid a master class it it is a paid master class that being said it's for people who want to get their 2025 goals in order for Physicians who want to get their goals in order and they want really want to achieve those goals so we're going be going through it it's a workshop uh a master class TW TR Master Class if you want more information just go to brute strap md.com you'll see It at the top you can go ahead and register I know as seats are going quick I'd love for you to join it I love where I could personally help you uh with your setting up your goals and making you achieve those goals that you've been dying to to get done this this year so that's so again find out more information at bootst md.com by the way if you notice we have a new revamped website super excited took me out of The Stone Age of website development I was doing website on my own finally uh worked with a professional team and I'm really excited about that so take a look at that also all our previous episodes that you missed 270 plus episodes are there you want to take it Advantage look at that so if you if you want more information we're just trying to build this Consortium information for physician entrepreneurs and please check it out so We covered some trends that are reshaping the future for physician entrepreneur from AI to clinical research these aren't just Trends these are opportunities to lead innovate and make a difference that's being said again thank you for joining me if you found value in today's episode please make sure you subscribe leave us a review share it with your colleagues and for more resources and support on your entrepreneurial Journey please visit B md.com until next time as an entrepreneur you're going to have Ups and downs in in your physician life and career remember do something a little each day to keep you closer to your

278: 7 Trends Shaping Healthcare Entrepreneurship in 2025

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