#176 Is Entrepreneurship The Key To Beat Physician Burnout? ft. Peter Kim, MD.
In this episode, Dr. Peter Kim explores the transformative power of entrepreneurship for physicians. Dive into how diversifying interests, achieving financial freedom, and reigniting passion can be the antidote to burnout.
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- Physicians often forget to take care of themselves
- The four primary reasons for physician burnout
- Entrepreneurship can be the key to burnout
- Flip things around by finding meaning beyond work
- Having freedom and working on your own terms
- The Physician Real Estate & Entrepreneurship Conference (PIMDCON)
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
Physicians often forget to take care of themselves
Dr. Kim starts by discussing the longstanding issue of physician burnout. He emphasizes the importance of self-care for doctors, the demanding routines they endure, and how it affects their well-being. He also explores entrepreneurship as a potential solution to combat this burnout and reignite a physician’s passion.
“As doctors, we pledge our lives to the health and well-being of our patients. But a lot of times in the process, we forget about ourselves. We forget about our own journeys, our own mental health, and our own well-being. Which actually begins at home, it starts with us. And as providers, if we’re not in the right mindset, if we’re not at our best, how can we really take care of other people in a great and meaningful way.’” — Peter Kim, MD.
The four primary reasons for physician burnout
Dr. Kim talks about the four primary reasons why medical professionals face burnout. He shares points to look at like work hours, high-stress situations, the changing medical landscape, mounting financial pressures, and other external constraints that contribute to feelings of burnout.
“A lot of times we just feel like technicians, it’s kind of the pain of not being able to do right by our patients. For them not feeling like they’re actually getting cared for in the right way. It’s a constant fight between trying to do what’s right and also needing to do well.’” — Peter Kim, MD.
Entrepreneurship can be the key to burnout
Dr. Kim explores how entrepreneurship can be the key to burnout, offering doctors relief by venturing into other passions that work in their interest. He shares that these entrepreneurial doctors, despite their long hours, often exhibit more passion and satisfaction than their hospital-bound counterparts, suggesting that they face burnout less often than regular salaried employees.
“To be honest, it’s usually not a change that happens within their job in the hospital, they found some other thing to put their focus and energy on to reignite their passion to feel like they’re giving back and contributing.” — Peter Kim, MD.
Flipping things around by finding meaning beyond work
Peter Kim talks about making the change by finding meaning beyond work. With entrepreneurship, physicians get a renewed sense of purpose, autonomy, and satisfaction, often leading to greater happiness despite increased workloads —and ultimately protecting themselves against burnout.
“It’s this idea of freedom, this idea of diversifying their income, diversifying their interests. It’s following passions or hobbies, that they’re able to monetize this idea of getting rewards and future rewards. It gets them waking up early, thinking about it, spending their free time on it, listening to books, meeting new people, networking, and connecting. It’s this whole concept of exercising different parts of your brain at the end of the day, it’s challenging, and it’s fun to learn new things. And that progress, ultimately, I think, equals happiness for a lot of people. ” — Peter Kim, MD.
Having freedom and working on your own terms
In his last point, Dr. Kim highlights the importance of physicians having a renewed sense of hope, potentially protecting themselves from burnout. He shares that diversifying interests, achieving financial relief through other means, and exploring entrepreneurial paths offer a beneficial solution for many.
“Ultimately, if we don’t take care of ourselves, I believe we can’t take care of others well. So take time now to figure out what you need to do to help yourself, your family, and then others. And know that we’re here to support you.” — Peter Kim, MD.
Physician Real Estate and Entrepreneurship Conference (PIMDCON)
Dr. Peter Kim closes by inviting everyone to join the Physician Real Estate &Entrepreneurship Conference (PIMDCON) this September 21 – 23, 2023 in Los Angeles, CA. The event is for those who want to learn more about real estate, investing, finances, passive income, entrepreneurship, and more.
“You’re going to have lifetime access to all session recordings post-event, allowing you to rewatch some of your favorite sessions and continue to learn from our expert speakers. So don’t miss out on this incredible opportunity to gain valuable knowledge and insights. Network with other high-achieving professionals and take your real estate investing and entrepreneurship game to the next level” — Dr. Peter Kim
