Empowering Physicians: The Rise of Virtual Practices and Micro-Corporations

I love interacting with young doctors, especially residents who are preparing to embark on their careers as attending physicians. With my oldest son currently in the midst of his family medicine residency in Fort Worth, Texas, I enjoy our weekly discussions about his future. Additionally, as second-year family residents rotate with me during their rural medicine month, I gain insight into their lives as they prepare to start their careers. Due to the competitive recruitment processes for primary care doctors, most family doctors organize their post-training jobs during their second year. These young doctors are filled with optimism and excitement as they near the end of their training and begin to lay the foundation for their careers.

Sadly, I see the same theme arise week after week in my discussions with many young doctors. It’s the myth of the binary professional choice. Unfortunately this false mindset informs many of their professional decisions at the beginning of their career, and sets in motion a path that may not be their best option.

This week, let’s talk through why this mindset needs be eliminated and replaced a progressive mindset that empowers you in the marketplace.

The Binary Myth

As aspiring physicians, we often envision our future careers in binary terms: either working as an employee in a hospital or setting up our own private practice. However, this oversimplified view ignores the diverse landscape of opportunities available to the physician labor market. Gone are the days when the only options for new physicians seemed to be limited to either seeking employment or venturing into the daunting realm of opening a private practice. Today, it's time to debunk this myth and explore the plethora of alternative career paths available to you.

One such alternative gaining traction is the concept of micro-corporations—a dynamic and flexible approach to entrepreneurship in healthcare. Unlike the rigid structures of traditional private practices, micro-corporations offer you the freedom to tailor your business models to suit your unique preferences and needs. From virtual practices to niche specialty services, the possibilities are endless, allowing you to carve out your own paths in the medical field.

Furthermore, the gig economy has opened up a world of opportunities for you if you are seeking non-traditional career paths. With the rise of telemedicine platforms, employment lite contracts, locum tenens assignments, and consulting gigs, all of you now have unprecedented flexibility in how you choose to practice medicine. These alternative options not only offer greater autonomy and work-life balance but also enable you to explore diverse facets of their profession beyond the confines of a traditional practice setting.

The notion that you are confined to the binary choice between employment and private practice is an outdated myth. We need to put a fork in it and cast it aside.

Adaptation in Medicine

As the healthcare landscape continues to evolve, so too do the opportunities available to you. You have a wealth of alternative career paths to explore, each offering its own unique advantages and opportunities for success. Each has the opportunity to be stacked with others to create a preferred lifesyle in a preferred location—the options are numerous! It's time to embrace this diversity and redefine what it means to be a physician in the modern era.

We have all become familiar with adaptability in practice. From technological advancements to changing patient needs, the profession demands flexibility and innovation. For instance I am migrating from a nurse scribe model in my practice to an AI assisted model using DAX Copilot. I’ll admit that early on, it’s a little challenging, but also know it’s what the future will look like. Adapting like this is just part of what we do whether it be practice management or adopting elements of evolving clinical guidelines.

Yet, in the midst these shifts, there's one aspect that's revolutionizing the way we practice medicine: the rise of the micro-corporation.

Let me paint you a picture. Imagine a business model that transcends the traditional brick-and-mortar setup, one that empowers you to practice medicine on your terms, from anywhere in the world. Think about it as a practice without walls, that is totally controlled by you alone. That's precisely what my micro-corporation offers—a virtual business that's perfectly suited for the modern, location-independent gig economy.

Different Than Private Practice

Take a look at this graphic that breaks down how modern micro-corporations are different from the old private practice model.

Gone are the days of being tethered to a physical office or restricted by geographical boundaries. With my micro-corporation, I've unlocked the freedom to work remotely, collaborate with colleagues across the globe, and cater to patients beyond the confines of a traditional practice.

But what exactly sets a micro-corporation apart from a traditional private practice? Allow me to elucidate.

First and foremost, it's crucial to understand that a micro-corporation operates on a virtual platform. Unlike a private practice, which relies heavily on physical infrastructure and in-person interactions, my micro-corporation thrives in the digital realm. In my case, the primary contract for my micro-corporation is an employment lite agreement, where I work directly with patients every day. The main difference from private practice is that my employer covers all overhead costs, from the building to the staff. However, my professional services are provided through my micro-corporation, which I own and control. While patients and employers see me as an individual doing the work, behind the scenes is a micro-business structure that offers various benefits, such as autonomy, tax efficiency, and opportunities to retain income.

Moreover, a micro-corporation is inherently nimble and adaptable—a stark contrast to the rigidity often associated with traditional healthcare models. As the gig economy continues to gain momentum, with freelancers and independent contractors reshaping industries across the board, my micro-corporation offers physicians the flexibility to navigate this landscape with ease. It has provided me with tremendous flexibility to reorganize my professional service contracts as I wind up and "retire" from my 25-year career in one location. I am now using my micro-corporation to explore short-term contracts all over the country, and it will be integrated into the foundation of my new professional services startup that I will unveil to you in the near future.

Now, you might be wondering, "How can I get started myself in this new professional model that is changing the landscape of medicine?” My answer is that it all begins with a journey towards micro-business competency? Enter SimpliMD—the ultimate companion on your path to success.

SimpliMD isn't just a website, it's a comprehensive community with tools designed to empower physicians like us to flourish in the world of micro-corporations. From informative resources and insightful blogs to tailored courses and personalized coaching, SimpliMD equips you with the knowledge and skills needed to thrive as both healers and entrepreneurs.

Ready to take the leap into the future of healthcare? Here's how SimpliMD can help:

1. Educational Resources: Gain access to a wealth of knowledge through my weekly emails curated specifically for physicians aiming to establish and grow their micro-corporations. Whether you're a seasoned entrepreneur or just starting out in the world of virtual businesses, SimpliMD provides invaluable insights to propel your journey forward.

2. Interactive Courses: Dive deep into the intricacies of micro-business competency through SimpliMD's interactive courses. From legal considerations and financial management to marketing strategies tailored for the digital age, our courses provide practical guidance to help you build a thriving micro-corporation from the ground up. I invite you to join the waitlist for my first course, Doctor You Are A Business, that will be published in the next few weeks.

3. Personalized Coaching: Sometimes, the journey towards entrepreneurship can feel daunting. That's where SimpliMD's personalized coaching comes in. I am here to offer guidance, support, and mentorship every step of the way, ensuring that you have the tools and confidence to succeed in the competitive landscape of modern healthcare.

In conclusion, the era of the micro-corporation is upon us, and the opportunities it presents for you are boundless. Embrace the future, harness the power of virtual entrepreneurship, and let SimpliMD be your guiding light on this transformative journey.

I invite you to become a member of our community today and unlock the full potential of your micro-corporation. Members get access to over $2500 in products and coupons not available to our free subscribers. Our list of products for members will be growing even further as the year goes on!

Guess what, it’s your lucky day, because I am going to offer your our annual membership for half off! Just use the coupon code “MEMBERSHIP50” at check out.

I invite you to join me, and together, let's redefine the future of medicine—through the your empowerment as a professional micro-corporation!

Lastly, I ask for a favor—share this post with a young physician that you know—and make them aware our exclusive physician SimpliMD community and micro-corporation resources—inviting them to join us!