Financial Opportunities Outside of the Clinic

One of the few certainties as we move forward is that life, business and our local and broader economies are constantly going to be changing. The change could be good or bad, but the better able we are to adapt for a change ourselves, the better we can be poised to take the changes in stride.

With a changing environment in health care, I have seen some physicians becoming more creative with how they are using their expertise as a MD. I also recently ran across a book titled Careers Beyond Clinical Medicine by Heidi George Moawad, MD, which does a great job addressing non-traditional career paths for the physician.

Under full disclosure, as I always look to retain the complete independence and credibility in my column, I have no financial incentive to endorse this book. I received a free copy to review, however that was the extent of my gain.

This 165-page book by Dr. Moawad highlights some of the feelings and stages a physician may experience prior to exiting the traditional career path. I also appreciated the thoughts and ideas behind what the next chapter may be for someone with an MD. Opportunities ranging from research and lab oriented positions to non-traditional patient care settings and business and entrepreneurial ventures.

The book then takes it as far as to provide some actionable advice and guidance with leaving clinical work and moving forward if indeed that is what you have decided is in your best interest.

Overall, as a comprehensive advisor, just as I would advocate insurances to protect finances, I would advocate at least brainstorming on what other options may be interesting and/or available to you if the landscape for health care changes in a direction that makes the reasons you got into your career much less attractive.

Options and choices are never a negative thing.

Jon C. Ylinen is a Financial Advisor with North Star Resource Group and offers securities and investment advisory services through CRI Securities, LLC. and Securian Financial Services, Inc., Members FINRA/SIPC. CRI Securities, LLC. is affiliated with Securian Financial Services, Inc. and North Star Resource Group. Please consult a financial professional for specific advice in relation to your individual circumstances. This should not be considered as tax, specific loan repayment for an individual or legal advice. 699306/ DOFU 7-2013