Bringing Passive Income to Your Practice
Robert Posner , M . D . Founder , Serotonin-Plus Weight Loss Program www . spweightlossmd . com
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Do you ever dream about being on a golf course , a tennis court , or relaxing on a beach while earning money even though you ' re not wearing your lab coat ? Or maybe you think about your stock market investments steadily accruing even when the market is unstable ? I believe that we all have these dreams .
“ Passive income ” refers to making money in a manner in which you are not directly involved in working for it at that moment . Running from room to room at the office , seeing sick and chronic medical patients , and filling out super bills for these activities is not passive income . Sitting in your office , reading a newspaper and having several physicians ’ assistants seeing 5 patients an hour will produce revenue above the providers ’ expense to you , and therefore this becomes passive income .
There are many ways of bringing passive income into your practice . For instance , dermatologists may recommend a certain skin cream to their patients and then sell the cream directly out of the office . The resulting profit is passive income . Also , hiring a nurse or another support staff member to administer Botox injections will result in more passive income than having one of the physicians perform the injections .
In the case of the Serotonin-Plus Weight
Loss Program I administer , our PAs and NPs can bring new patients into the program and monitor them throughout the entire 12-week protocol . This is a huge passive income stream , as the revenue from the program far exceeds the cost . Additionally , in Virginia ( similar to many states ) medical practices can legally dispense medications . This helps us to save our patients ' time in not having to go to a pharmacy , and it has also helped us to develop another passive income stream .
Physicians sometimes feel uneasy about the business aspect of medicine , but medicine is a business and all hardworking physicians should strive to be compensated for their efforts . Since most physicians work endless hours , some might see passive income as a lazy venture , but it is not . Passive income is something you , as a business person , should strive for .
If we physicians were collectively as smart in business as we are in science , we would not be in the mess we are in . Insurance companies have figured out the way to divide and conquer , resulting in an “ every man and woman for themselves ” type of mentality . Take a step back , assess your practice , and figure out ways that you can start bringing some passive income initiatives on board . Your independence in practice may depend on it .
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