#273 Is Your Physician Salary Really Safe? ft. Peter Kim, MD

The Danger of Feeling “Set”

Peter starts by asking: Is your physician salary really safe? He explains that even if things feel secure now, that doesn’t mean they actually are. He thought he was “set” when he landed his dream job, but two years later, everything changed. Promises weren’t kept, and compensation dropped.

That wake-up call led him to build other income streams so he wouldn’t be dependent on medicine alone. Ironically, once he stopped relying on medicine, the job perks he wanted started showing up. But by then, his mindset had changed.

Later, a bigger shift happened when his group was forced into employment. Many colleagues were unprepared, but Peter had options and took a break from medicine.

He compares it to “doomsday preppers”—people may laugh, but when the unexpected happens, they’re the ones ready.

“Once I made that decision and started creating other income streams, I actually ended up getting what I wanted.”

Medicine Isn’t What It Used to Be

The system has changed. Years ago, most doctors ran their own practices. Today, most are employed. That may sound safer—but Peter says it comes with less control.

As employees, doctors can face salary cuts, staff changes, or job losses with little warning. When Peter asks doctors if they think medicine will be better in five years, almost no one raises their hand.

The real danger? Knowing these risks and doing nothing about it.

“The biggest risk is knowing that that’s going to come, but doing nothing about it.”

Real Threats to Physician Pay

Peter explains the hidden risks that can affect physician income, starting with sudden reimbursement changes. His wife has had surgeries denied by insurers without warning. He’s also seen this in anesthesiology.

On top of that, consolidation in healthcare has reduced physician autonomy. Doctors are no longer in control of key decisions like they used to be.

These aren’t rare situations—they’re happening all around us. Are you ready if it happens to you?

“Employees are never empowered. There’s usually very little leverage on their side.”

The Rise of AI in Medicine

AI is making major strides—sometimes outperforming doctors in diagnosis speed and accuracy. Radiology and digital tasks are especially vulnerable.

Peter doesn’t think AI will replace doctors completely, but he warns that it could reduce the number needed. The key? Make yourself indispensable.

Just like in tech, lower-level roles are being replaced, while top talent thrives. The same shift could hit medicine.

Build Your Backup Plan Now

Peter wraps up with this message: don’t wait for things to go wrong. Start building your backup plan now.

He’s seen doctors in the PIMD community start side hustles as “Plan B,” and those turned into their main source of income. The freedom and control they gained was life-changing.

Whether it’s investing, learning new skills, or building a network, the time to start is now.

“Consider this your wake-up call. Build your backup plan right now.”