WARNING!!  All Doctors Need To Be Preparing!


Healthcare has changed a lot over the past 35 years that I've been involved with it.

In particular, doctors have been marginalized in the system.

Third-party payers now make the rules.

And malpractice lawsuits occur much more often and with larger judgments.

And you thought it was bad enough already, didn't you?

Well, get ready for the next trend that will make you want to quit.

I don't think I can possibly overstate what the effects of Zohran Mamdani's election victory in the New York City Mayoral race could have on this country and on healthcare in particular.

Yes, I know it is only one city.

And yes, I know, in that position he cannot enact laws affecting the whole country.

And yes, I know, we still have a Republican President, a Republican Senate, and a Republican House.

But a Democratic Socialist (maybe a Communist) just won the Mayoral race in New York City!

That should scare every doctor in the country!

Why?

Because what happens when socialists are in authority?

Well, they take from those who have a give to those who have not.

They give, give, and give.  Paid for by whom?  The wealthy and the business owners.  With higher taxes.

Free buses, rent freezes, universal free child care, government run grocery stores, etc.

That's just what he has publicly promised to do.

What has he not said anything publicly about yet?

There could be lots of behind-the-scenes plans not yet made public, but the one that is most clearly going to be next is . . .

Universal healthcare!

Also known as Socialized Medicine.  

Not surprising.  He's a self-avowed Socialist.

And again, I know, he can't institute that for the entire country.

He is only the Mayor-elect of New York City.

But he won!

And he won primarily because of the votes of men and women under 30 years old.

Over 80% of them voted for him.

If his message is that appealing to that demographic in New York City, it is concerning that a similar message could appeal to the same demographic across the country.

That does not bode well for physicians in the near future.

And there are socialists running for elections in other cities and states.

And undoubtedly, other socialists we don't yet know will see this NYC result and be encouraged to join election races elsewhere.

The problem for doctors is that, if you think your autonomy has been decreased over time, you ain't seen nothin' yet!

And if you think your reimbursements have gone down too much over time, you ain't seen nothin' yet!

Wait till there is universal, government-run healthcare for all.

Think of the DMV, the USPS, and the VA all rolled into one!

Ouch!!

Do you want to work in that system?

So, what can you do now to prepare?

Well, you need to make achieving financial independence your top priority.

If you are financially independent, you can respond as you choose to whatever changes occur.

You could retire.  You could start a direct patient care model practice, if it isn't outlawed. You could choose to remain in the socialized system knowing you could still care for patients without "needing" the decreased income.

The point is that being financially independent gives you many options.

So, here are some steps you need to take now.

 1.  Stop excessive spending.  You don't need the second home mortgage.  You don't need the "doctor car" or "doctor house."  You don't have to have a new car.  You don't need the convertible sports car when you have four kids still at home.  You don't need the lavish vacations. You need to be investing large amounts of money while you have it.

 2.  Invest large amounts.  Most doctors make more money than they need to live on each month.  Once you have curbed your expenses, begin investing large amounts of money.  Strive to live on 50% of your after tax income and invest the rest.  That may be more than you can do currently, but start at 15% or 20% and work your way up. Whether you choose stocks, real estate, crypto, gold, etc. is up to you.  You should certainly be diversified in your investments.  Fund your retirement accounts to the maximum.  Consult with a tax planner to be sure you are taking advantage of all options for reducing your tax burden.

 3.  Be serious about your investing.  If you encounter unexpected expenses one month such that you couldn't meet your investing goals that month, make it up the next month or in the subsequent months.  Don't just accept it. The clock is ticking. You don't know how much time you have before it all changes.  And it will be a gradual adoption, not an overnight change.  My personal view is that we have been progressing in that direction ever since Obamacare passed. So, the full-blown socialized system is nearer than you might think. 

 4.  Prepare for your next career.  Most doctors don't just retire from healthcare and play golf or travel all the time.  They usually do some other kind of work or participate in a larger capacity with charitable organizations. But, why wait?  You can be working in that next field part-time while being a physician.  It may be a side gig.  It may be certain nights and occasional weekends. Or maybe you can adjust your "doctor" hours to allow more time to establish yourself in the next career before completely leaving the first.  It all depends on where you stand financially.

And maybe you should consider politics for your next career.

The healthcare system needs more doctors in the government.

Are you worried about the future of healthcare?

You should be!

Are you financially prepared?

If not, get busy and get serious!

Heed this WARNING!! 


Ben Holt, M.D.
​CEO, RTR Practice Advisors