The Top Ten truths every doctor needs to know when it’s time to take off the stethoscope.

1.  You’re still a physician. So many clients say to us, “I don’t know what I’ll do when I’m no longer a doctor.” Well, you’re always a doctor, a physician, even though you’re not practicing. So don’t give up your license, maintain your association and professional memberships and keep right on doing what you’ve been doing, minus the patients.

2.  You can do anything. Physicians are often criticized, at least by administrators, for thinking they’re experts in absolutely everything. However, a funny thing happens when they quit practicing, they suddenly become experts in nothing. That’s not true. The expertise, knowledge and skills you had before, are still there. You only need to channel them into different directions.

3.  MD/DO is important. When I receive a call from “doctor so in so,” I always take the call. It’s that simple, and it’s pretty much the same for most people. As we often say there are two calls you almost always take, one from an attorney and one from a physician. Learn to use your MD to open doors. Don’t be so self depreciating that you stop saying, this is doctor… Use it or loose it they say, and the same is true with your title. If people become accustomed to calling you simply by your first name, or worse yet, by Mr. or Ms., then you’ve lost the aura.

4.  MD/DO is a great education. How many degrees do you need? We believe only one. MD/DO prepares you to be a highly critical thinker able to synthesize complex data into its core components and take action on limited information. If you don’t know something, like how to read a balance sheet, you can buy a book, audit a class, ask your financial advisor for some mentoring, but you don’t need to spend another two years, even online, getting another degree – get experience. It sells better.

5.  You may be loosing money every day you wait. You will likely be surprised by the salaries: base, bonus, stock options, perks and benefits, available in business and industry. But, physicians earning less than $500k should be looking for commensurate incomes outside practice. $500k and above, let’s talk.

6.  Nobody’s going to die. If you are driven to replace or increase your income, you’ll likely work just as hard or harder than you did practicing medicine. The difference, as a friend told us, if you make a mistake in business nobody is going to die – that may be the change you’re looking for.

7.  You have impressive accomplishments. When extending, improving or even saving human lives are your critical career accomplishments, balancing your books or getting a good deal on a new copier may seem small. In business all those “ancillary” activities you had to do are important.

8.  You have contacts. Every physician says to us, “but I don’t know anyone other than my colleagues and my patients. Yes you do. Yes you do. Yes you do!

9.  Change takes time. You didn’t become a physician overnight. You won’t become something, anything else overnight either. It’s a time involved process. Chart your new course and…

10. Create a new roadmap for your success. You’ve followed a roadmap your entire career… heavy on sciences in high school, pre-med, medical school, residency, fellowship, practice. You’ve always had a logical, even required, next step. Now you don’t. You need to create a new roadmap for your success. And, I will help you.