Transcript
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Hey everybody, welcome to another edition of Bootstrap MD, the podcast for physician and healthc care entrepreneurs. My name is Dr. Mike Muming. I am a 20 plus year physician entrepreneur and I just got back from an amazing conference.
It was the Podfest Expo and on the first day we had our inaugural Dr. Podfest and got to meet some amazing physician podcasts out there, both the Spar as well as seasoned physicians. And it was just a great experience. We're going to do this again.
We'll have more details as the year goes on. But one of the big topic that was on everybody's mind now was artificial intelligence, AI. Hey, I've been talking for this for the last couple years and there's a lot of noise out there. Some people are say it's going to take away our jobs that it's the end of the world as we know it.
But I want to offer you a different perspective. So for us as physicians, our foundation is in medicine. That's not going anywhere. That's solid.
But AI is the ultimate leverage. It's an insurance policy for your career. It's the tool that can help you build assets, create new income streams, and ultimately buy back your time. And the good news is you don't have to do everything.
You don't need to be an AI expert or a coder. You just need to find one lane and stay in it. That's it. One single lane is more than enough to create single significant life-changing income.
So, today I want to break down four specific practical and proven ways that doctors just like yourself are using AI to generate extra income. These aren't theories. These are just real world examples from doctors that I work with and physicians that I know that are in our community. So before we would dive in, I want to be crystal clear.
These aren't theories. These are things doctors like you are already doing, but they're just doing it quietly. This isn't about replacing your clinical practice, although you may have the opportunity to do so. But it's about creating optionality.
It's about building a financial buffer so you can practice medicine on your own terms, not because you have to, but because you want to. So let's start off with the first lane. And this is about turning your knowledge into content. that content into authority and that authority into income.
So there's a physician in our community. He's a busy specialist, but once a week on his commute home, he records about a 10, 12, 15 minute voice memo on his phone just talking about the common questions he gets from his patients, his thoughts on the new research, new medications that are out there, whatever is on his mind. Then what he does is he takes that audio file and he feeds it into an AI tool. And that one 15minute recording, it can become a podcast outline, a YouTube script, five social media posts, a maybe a weekly email to his list, all from just one single voice memo.
He's not spending extra hours recording content. He's just leveraging the time he's already using. And the result, he's using that content to bring in new patients to his practice, generating leads for his coaching program, building authority in his niche without adding a single extra hour to his work week. So, here's the key point.
AI could collapse the time between having the insight and visibility. You already have the knowledge. AI just helps you get it out there consistently and professionally. And the income pass, they're numerous.
You can launch a coaching program, create online courses, attract sponsorship for your content, build an extra vehicle in your practice, another membership program, or simply use it for patient acquisition. The possibilities are endless once you have that visibility. Maybe you don't want to be visible. Maybe you're more than an introvert.
But that's perfectly fine. And if that sounds like you, this brings us to our second lane. And that's about creating education. I know there's a lot of educators out there who listen to my program.
They maybe they love to teach, but maybe like myself, I don't necessarily want to be in the spotlight. So, I'll give you another example. My primary care physician, she was getting the same questions from her patients over and over again. the same FAQ, frequently asked questions about diet, exercise, managing chronic conditions.
She then took all of those questions and her standard answers and then she fended them to an AI tool like Chat GPT. So what did the AI do? It structured everything into a comprehensive patient education program, a digital product that her patients could purchase and go through at their own pace. She didn't have to create any new knowledge.
She just organized the knowledge that she already had. The advice she was already giving out for free every single day. Now that program runs 24/7. It's an asset that literally can generate income while she sleeps.
It's helping patients and it's creating a new revenue stream for her practice. The key point here is this. You already know the content. You already own the content.
AI is just putting a package around it. You spent years accumulating this knowledge. Now it's time to turn that into an asset. And again, the income paths are diverse.
You can create patient educational programs, start a membership community, run paid cohorts, or maybe just as an add-on to your existing practice. All right, I hope that resonates with a number of you, but maybe you just want AI to handle the grunt work, the administrative tasks that drain your time and energy. So that leads to lane number three, having AI as a digital assistant. It's all about efficiency here in this lane.
It's about using AI to do the work of a virtual assistant without the price tag. So, I'm seeing more and more doctors use AI as their first quote hire. Instead of paying 2,000, $4,000, maybe even $5,000 for a human assistant per month, they're using AI to handle things like intake summaries, patient follow-ups, and even drafting initial content. So, that's thousands of dollars a month that's not going out the door.
And what is the cost saving? It's income. It's profit go straight back to your bottom line. So, here's the key takeaway from this lane.
Reducing the overhead increases your freedom faster than chasing more revenue. Sometimes the best way to increase your income is just decreasing your expenses. So, examples here are endless. You can use AI for intake analysis, creating SOPs, those standard operating procedures for your practice or automating your email and operational workflows.
So, I hope that again that resonates with a lot of you. I've been using that since day one and haven't looked back. Now, if you like building things, I know there's some creative people out there. Maybe you got that tinkerer mindset.
I think you'll love this last lane. This is known as vibe coding. And if you haven't heard of it before, you definitely will understand it after the end of our podcast conversation. It's not about becoming a software developer.
It's about creating simple micro tools that solve a specific problem. So, I'll give you a perfect example. The doctor was tired of getting sales calls with potential coaching clients only to find out that they weren't a good fit. He was wasting hours on these is this right for me conversations.
So he described his ideal client and the qualifying questions he would ask to an AI. So what the AI do? It built a simple assessment tool. It's a little quiz on his website that potential clients could take.
Now that tool acts as a lead qualifier. It filters out the people who aren't a good fit. So he's only talking back to his ideal clients. So what vibe coding is is just using everyday conversation to help you create a software tool.
It's as simple as that. And it's not about spending thousands of dollars or even millions of dollars on a big venturebacked app. This app that I described this example is just a small tool that does one job really really well. And the key point to think of this in terms of micro tools, not just like a startup company.
You don't need to build the next unicorn. You just need to solve a small nagging problem for yourself, your audience. that vibe coding that could provide through software. And again, the income pass are fascinating.
We're doing this right now and I'm having a blast. You can use these tools as lead magnets to grow your email list for internal efficiency in your practice. You can sell them as paid niche tools or you can bundle them with your coaching or consulting services. All right, so I've covered four lanes.
Lane number one was content and authority. Number two, education and digital products. Three that AI digital assistant. And number four is vibe coding.
So, how do you choose? It's simple. If you like talking and sharing your ideas, go with lane number one, content and authority. If you love teaching and explaining concepts, go for lane number two, education and digital products.
Now, if you hate administrative work like I do, and you just want to be more efficient, you need to be in lane number three, the AI digital assistant. And if you like building systems and solving problems, lane number four, vibe coding. That's your sweet spot. And again, the most important advice I can give you is just pick a lane that matches your personality, not your ambition.
I know doctors, they want to do all four lanes. You may eventually get this, but what happens is you end up getting analysis paralysis on here. So, don't force yourself into a lane just because you think it's the most lucrative. The best for you is the one you'll actually enjoy and that you'll actually initiate and stick with it.
Now, before you brush off and get started, I want to highlight a few common mistakes I see doctors make when it comes to AI. First, as I mentioned, they do all four lanes at once. Don't do that. Just pick one, master it, then go on to the next one.
Second, they wait for confidence. They want to feel like an expert before they start. But confidence is a result of action, not a prerequisite. You have to start before you're ready.
Third, they overbuild. They try to create the perfect all-encompassing solution instead of just shipping a simple minimum viable product. Just get it out there, get feedback, iterate, and finally they consume instead of implementing. They listen to podcasts like myself or others.
They read articles, they watch videos, but they never actually do anything. If this resonates with you, it does because I see it happen to a lot of my clients on here. I don't want you to be a consumer. I want you to be a creator.
I want you to be an implementer. So, I want to leave you with a challenge, a 14-day experiment. Here's a framework for this. Pick one lane.
Build one asset. Can be a single blog post, a short patient guide, an automated email, a simple calculator, just one. And then I want you to measure three things. So, here are the three things I want you to measure.
How much time did it save you? How much income did it create? Or what's the potential? How much stress did it reduce?
And that's it. Here's the rule. If it doesn't reduce friction or increase ear income, it's not worth keeping. But just be ruthless.
It's not working. Ditch it and try something else. So, I want you to bring this all home. AI isn't here to replace doctors.
It's here to help doctors build assets. It's here to help us move from just a model of trading time for money into a model of ownership. I beat this drum so much. I want as doctors to have ownership because at the end of the day, ownership is greater than having to hustle.
It's not about working harder. It's about working smarter. It's about building a portfolio of assets that work for you so you don't have to. All right.
So again, content and authority lane number one, education digital products lane number two, the AI digital assistant number three, and vibe coding number four. I hope you found this useful. I hope as you think about your career, about your future, remember this. Medicine will always pay the bills, but AI can build that balance sheet for you.
You're going to have ups and downs as a doctor, as a physician, entrepreneur.