Early career decisions can help ensure financial stability
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Key takeaways:
- New physicians should start small and look for multiple revenue streams.
- Career growth allows ophthalmologists to invest in themselves and their future.
Being self-employed and having multiple revenue streams can help an ophthalmologist set themselves up for financial stability, according to a presentation at Real World Ophthalmology.
Diane Hilal-Campo, MD, said she always knew that she wanted to be in private practice when she finished residency. She did not want to work for anyone else and believed private practice would provide the flexibility she wanted as a parent of young children.
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“I wanted to have the ability to control my financial destiny,” she said. “America rewards entrepreneurs, and I wanted to have an asset that would be mine and that would grow.”
Hilal-Campo said she set herself up for success by starting small and never biting off more than she could chew. She sublet an outfitted office space from another physician instead of renting or buying, and she got on staff at a local hospital and bankrolled her own practice by covering hospital calls and moonlighting at other offices.
“Also, you can do cash businesses while you’re waiting to be credentialed by insurance companies,” Hilal-Campo said.
Once physicians get their name out there, Hilal-Campo said their practice will grow. This will allow them to improve on their practice offerings as well as increase their business and income.
Hilal-Campo urged physicians to invest in themselves and their practice once they take off.
“As you grow and your practice grows, you need to plan for your retirement,” she said. “You should plan on investing in yourself and buying a house, paying for your children’s education, and start investing early in equities. You need to get a good financial advisor and a good accountant.”
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Hilal-Campo D. The Bruce Wayne effect: Financial strategies for success. Presented at: Real World Ophthalmology; Sept. 28, 2024 (virtual meeting).
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