@sanguinee. You had asked me to address a certain topic (Post #2935). Sorry that I did not respond to your question right away.
“@Dual On a side note, are you happy with your career? I’ve shadowed a couple of doctors and while volunteering at hospitals, almost all the doctors kept telling me that the career is no longer as rewarding b/c of medicare, etc and that you have to work a lot more for less pay. They suggest pretty much all students that shadow/talk to them to go into another field b/c of how bad their circumstances have become. I’m not sure how true this is, but I’ve heard it from a LOT of physicians.”
My response is:
Why did God create butterflies? …… “to make the world a prettier place.”
Why did God create plastic surgeons? …… to help create beautiful butterflies.
Why did God make me a plastic surgeon? …… I have no idea. Ask Him or Her.
Am I happy with my career? Yes, I am. But, I’ve been fortunate.
When I first opened my office (year 1995), I pretty much did everything. I covered 5 hospitals, took ER calls, saw inpatients, and performed reconstructive surgeries that were covered by insurance/Medicare/Medicaid. I survived on my wife’s income and family loans for the first year or so. The insurance payments took “forever” to be paid. The revenue that I brought in, at the time, was barely enough to pay for the office overhead.
It was not until the 2nd year of practice (year 1996) that the cosmetic surgery cases finally started to come in. The patient paid out-of-pocket and before the surgery…. not a lot of billing paperwork and no delay in payment. The revenues that I was bringing in from the elective cosmetic surgery were so good that I didn’t mind the delayed payments or no payments from the insured reconstructive surgeries. Some times, I would even write off or waive the fee for the Medicare or Medicaid cases because I thought that it was my contribution to society…. Yes, I performed plastic surgery for free.
It was in my 5th year of practice (year 2000) that I learned about the Pareto Principle.
“The Pareto principle (also known as the 80–20 rule, the law of the vital few, and the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.”
What it meant was that 80% of my office revenue was coming from 20% of the surgeries that I was performing at the time. I just needed to figure out what particular surgeries or procedures they were.
I found out that the 20% …… were all cosmetic surgery procedures. Therefore, since 2000, I’ve been performing cosmetic surgeries, “creating beautiful butterflies,” and have had no issue with insurance, Medicare, or Medicaid.
Other doctors have been less fortunate. They have had to deal with insurance/Medicare/Medicaid, tons of paperwork, delay payments, no payments, etc. I can certainly understand why they would feel that the field of medicine is less rewarding.
The majority of doctors, like me, would be willing to do their job for free. That’s why we have and will continue to volunteer on medical mission trips. Unfortunately, we all have to take care of our families, support our employees, pay the bills, and deal with the threat of being sued for malpractice.
The “business” of medicine is something that I wish more medical school would teach to their students.