Hey guys and welcome back to the Medical Entrepreneur podcast.
My name is Adam Sewell, and this is where we teach you how to break free from traditional medicine, carve the career of your dreams, and still do what you love.
As you probably already know, there are several possible career paths you can take as a medical professional. The two most common options are medical entrepreneurship and hospital employment. However, these two options differ greatly in terms of work environment, financial rewards, security, and autonomy.
If you’re fresh out of medical school or are looking to change career paths, it is important that you understand the differences between these two. Otherwise, it is very likely that you will make the wrong choice and end up hating your job.
To help you choose the best option, I will go over the key differences between medical entrepreneurship and hospital employment and highlight the pros and cons of each. So let’s get right into it!
The Work Environment in Hospitals vs. Private Practices
One of the biggest differences between medical entrepreneurship and hospital employment is the work environment.
Whether you’re a doctor, a nurse, or a patient, you probably know how hectic and unpleasant hospitals can be. As a hospital employee, you are likely to work in a fast-paced and high-pressure environment. And you have no say in how things are done, which can be very frustrating.
This chaotic, unpredictable, and limiting work environment can make it difficult to provide quality patient care, and your patients are probably going to let you know that they are (painfully) aware of this. This will add an additional layer of pressure to an already stressful environment.
Private practices, on the other hand, often offer more structure and a more welcoming work environment. The patient inflow is a lot more predictable, allowing everyone to be on top of everything at all times. As a medical entrepreneur, you will also be in charge of how things are run, allowing you to optimize all processes to provide high-quality care. In return, your patients will also be much more pleasant to work with.
Security
While you certainly can create a much nicer work environment for yourself as a medical entrepreneur, you need to keep in mind that medical entrepreneurship still comes with many risks. And that’s exactly why so many people choose employment over entrepreneurship. It simply provides an extra layer of financial security.
Your pay as a hospital employee will be stable and reliable and in most cases, it takes less work to keep a job than to build a business of your own. No matter how you put it, starting a business from scratch is a financial risk. It is very likely that it will take weeks or even months before you can start bringing in the money you desire.
But don’t let that discourage you. When it comes to financial rewards, stability more often than not isn’t an advantage.
Financial Rewards
On one hand, it’s of course nice to have a secure job with a steady salary. But the reality in hospitals often seems to be that you are expected to do more and more, without ever getting a raise or recognition in return. This is especially true for employees who work hard and are good at their job. Instead of being rewarded, they get punished for excelling at their job.
Pretty much the only way to actually reap the fruits of your labor as a healthcare professional is to become a medical entrepreneur. This way, the harder you work, the more money you get and the more you put in, the more you get out. So from a financial perspective, it is definitely more profitable to start a business of your own rather than to be a hospital employee.
In conclusion, if you value autonomy, higher financial rewards, and nicer work environments you should probably look into medical entrepreneurship rather than hospital employment.
Become the Captain of Your Own Ship
Of course, starting your own business can be very intimidating. However, if you feel underpaid and undervalued, it is definitely worth considering. Keep in mind: work doesn’t have to feel like punishment. If you’re the captain of your own ship, it can be very rewarding.
Christie Black, CRNA turned medical entrepreneur, knows this first-hand. Christie currently runs two medical spas in Arkansas and she is excited to share her entrepreneurial journey with you!
In this week’s episode of the Medical Entrepreneur podcast, she discusses the importance of believing in yourself, how to smoothly transition from hospital employment to medical entrepreneurship, and taking back control of your own destiny. Don’t miss out on her inspiring story!
If you think you’re ready to start your own journey as a medical entrepreneur, make sure to follow us on social media and subscribe so you never miss an episode!
Additional resources:
– Join my challenge here!
– Check out my website here!
– Sign up for our Aesthetics training here!
Medical Entrepreneur is a podcast dedicated to those who are trying to escape mainstream medicine and start building the healthcare business of their dreams.
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