Have you ever heard the saying “Work smart, not hard”? Well I am here to tell you that nothing could be further from the truth. Plenty of people work smart and barely get by. Many work hard day in and day out, but they are trading time for money, and in today’s day and age, that creates burn out. I am sure you have probably gone through this at some time or another. The same problems effect any clinic:
- Can’t take vacation because you can’t afford to lose the income.
- Trying to role a vacation into a weekend seminar just leads to more stress.
- You tell yourself that you only have to work for ___ more years (fill in the blank) before you can afford to retire.
- The daily grind wears on you and you lose site of why you are in practice in the first place.
- Your patient retention fluctuates up and down with your stress load.
- Your worry about insurance re-imbursements going down.
- You worry about audits being conducted on your practice and how that might lead to insurance companies asking for a refund.
Work Hard & Smart
You have to work hard and you have to work smart. That’s where building multiple passive sources of revenue into your office comes in.
Why passive vs. active income?
Running a functional medicine practice is not about treating 30 plus patients per day to make ends meet. It is about spending quality time with your patients. Ascertaining the origin of disease instead of artificially manipulating symptoms with medications. In order to be successful in this model, you need to have sources of passive income. That means making money while you are not working. That means leveraging your knowledge and providing not just a resource to your patients, but providing a resource to the world. Your knowledge is priceless, and you have an ethical and moral obligation to share it with the world. If you don’t, you are allowing propaganda, and marketing to educate your patients and potential patients.
Case in point – While sleeping, I let my online information continue to help people in my absence. A simple 15 minute video that I created helped me educate complete strangers all over the internet. In less than a week, this video has not only helped thousands, it has made me more than $1000 in passive income. Everyone wins. You can watch the simple video below, and if you want to learn how to create your own videos, go here <<<
By leveraging your time and knowledge, you increase your earning potential and can afford two very important things:
- Greater income to stress ratio.
- Time off – vacation
Income to Stress Ratio
If you are like most doctors, your stress level is high. Taking on the challenging cases with extremely chronically ill patients is stressful. It requires a greater degree of attention, research, patience, and one of the greatest stresses of all – accountability. The passive income you establish is what pays you to have the ability to spend more time with your patients, research more, and be a better doctor.
We all need time off to recharge. Without it you get into the Burn Out cycle which subsequently leads to poor practice success and in some cases failure. If you fail to take appropriate time off, you will end up not only failing yourself, but failing your patients as well.
Bottom line – work hard and work smart. Leverage your time and knowledge and create a passive income for your practice.
To your success,
I am having a one day mastermind in my clinic on Sept. 22. If you would like to emulate my 7 figure functional medicine practice success, join me and a handful of other doctors >>>download the application here<<<