Yesterday a shocking story came my way from a financial advisor whom I had coached.
He began, “Dr. Rackner, do you remember that first physician client you helped me get? He was in his 60’s and way behind in retirement planning? He’s now 65 and the head of a hospital department. A few weeks ago he was furloughed. This week he was terminated. The hospital explained that they will no longer allow physicians over the age of 65 to see patients because of liability issues.”
The advisor and I discussed possible next steps for this physician. While the advisor helped this client move closer to the possibility of maintaining his current lifestyle in retirement, they are still few years away.
Neither the advisor nor myself was present at the meeting in which the physician was terminated. Further, I am not privy to all of the considerations that might have contributed to this physician’s termination.
However, I have heard multiple stories of hospitals who are deciding to revoke the admitting privileges of physicians over 65.
Will hospitals place age and health restrictions on physicians? If so, is this a violation of physicians’ civil liberties? Is this restraint of trade? I will defer to legal experts to answer these questions.
However, cases like these take a while to wind their ways through the courts.
In the meanwhile, mature physicians like the one in this story are left with the question: “How do I maintain cash flow in the weeks, months and years to come?”
This is another opportunity for you to deliver value. Click here to watch the webinar replay about how you can bring 10 revenue-generating ideas to physicians. Two decades ago, I pivoted from my career as a surgeon to a serial entrepreneur. I have personally executed all of these efforts except serving as a physician executive. All have the potential to replace and exceed a physician’s clinical revenue.
Remember, every problem that you solve is a way of proving your value. The bigger the problem, the higher your value.
We have a saying in my home: For every problem, there is a solution.
What ever challenges arise, we will find a way through! And we’ll get through this together!
Stay safe and strong,