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Why some docs are pursuing entrepreneurial aspirations beyond their primary profession.
When it comes to pursuing entrepreneurial aspirations, a common path many physicians take is practice ownership. Today’s environment, however, presents even more opportunities for physicians interested in starting their own venture—and they’re not alone.
The slowdown that resulted from the pandemic has both forced and enabled physicians to consider new ways of doing business, inside and outside of healthcare. Even as they’re back to seeing more patients, many physicians continue to pursue alternative ways to strengthen their financial position by creating a new revenue stream through a side business. As we embrace remote and virtual ways of doing business, it becomes easier for some physicians to fit new opportunities into their schedules without disrupting day-to-day patient responsibilities.
There are numerous ways a side business can benefit physicians, including:
Once you’ve decided what to pursue, you may need working capital to get your idea off the ground. Finding the right partner is critical to helping you achieve your goals. Every lender and loan are different, so physicians should analyze their options in order to get the maximum benefits. Some loan features to consider include:
In a challenging economy, it’s important to ensure control of your finances and career; exploring additional revenue streams is one way to do that. By pursuing a side business, and working with the right partner, you can feel more confident about your financial security.
Chris Panebianco is Chief Marketing Officer for Bankers Healthcare Group, a provider of financial solutions for physicians. He is responsible for marketing initiatives to support BHG’s commercial working capital loans, personal financing, commercial and personal credit cards, Small Business Administration (SBA) loans, and collection management. Panebianco has more than 11 years’ experience in financing the needs of healthcare and other highly-skilled professionals. For more information, visit bankershealthcaregroup.com/specialties/physicians