5. Cybersecurity: A by-product of the accelerating rate of technology changes along with the widespread adoption of electronic medical records is mounting concern regarding information protection. More data breaches are targeting medical companies and exploiting private healthcare records for financial gain. Our increased reliance on technology raises questions for both providers and patients alike, including: ‘How do we know our information is safeguarded?’, ‘What protections can a provider put in place to insulate their patient’s sensitive information?’, ‘What insurances might a provider need to carry to this type of risk management?’, and ‘What will that insurance cost?’
6. Telehealth: The consumer inclination toward fast, easy, and affordable is making telehealth, or remotely offered care via video, a popular choice for both the busy working professional as well as the rural farmer who might find it difficult to make it to a doctor in person. With so many options available, physicians will have to decide which makes the most personal and fiscal sense for their life, their medical practice and their financial situation.
7. Push to Outpatient Centers: Many medical procedures are being shifted to outpatient centers, not only to meet patient preferences, but to help save both the hospital and the patient money. Advances in anesthesia and the rise of minimally invasive procedures have made it possible for individuals to return home shortly after routine procedures, lowering overall reliance on inpatient care. Not only does this allow providers to see more patients per day, but reduces their overhead.
The healthcare space is constantly evolving and physicians looking to provide excellent patient care while remaining financially viable and personally fulfilled will need to adapt to these ever-changing conditions. Understanding the current climate and emerging trends will help you prepare for the future and put a financial plan in place that accounts for the industry’s uncertainties. The upside? With so many options available, you’re sure to find a niche that will cater to your ideal lifestyle and still provide a desirable income.
Julianne F. Andrews, MBA, CFP, AIF is a principal and co-founder of Atlanta Financial Associates. She specializes in working with physicians and executives in the healthcare industry. Her passion for working with physicians comes from being a pediatrician’s spouse for more than three decades. Julie has been featured on Forbes’ list of America’s Top Women Wealth Advisors since 2017 as well as Forbes’ Best-in-State Wealth Advisors since 2018. Julie can be reached at [email protected].