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06/25/2019 Joseph Borreggine, DPM
Practice Burnout
“Practice burnout” is not the issue, but rather it is the fact the we are just “too late to the game”. We figured that our practices would exist for many years and when it was time to “retire”, then we would sell it off for a hefty sum and enjoy the fruits of our labor in our sunset years.
Unfortunately, this is not the case because all the young DPMs over the last ten years have chosen to make their careers into a “vocation” rather than an “avocation” (as I have stated in past postings). These younger doctors of podiatry are now “working for the man” and very few are working for themselves.
They are not interested in even trying to get into the arena of a private practice because of all the frustrations that you have mentioned. These daily worries create sleepless nights wondering if the banana peel you are standing on one foot will out do the opposite foot that is standing on the edge of cliff. You lose either way. Remember, the definition of insanity is doing the same thing over and over again expecting the same result.
I am in the same boat since I have a solo practitioner for the last 31 years and facing the same music that you are at present. I am tired of the same issues that you mentioned. My practice is for sale has been posted in PM News and the APMAnews for the last six months.
During that time, I have had only one “interested” party that came down to look at the practice. After they spent a generous amount time with me and getting reasonable financial and historical picture of my practice decided they could not “pull the trigger” and “take a leap of faith” and make a go of it like I did 27 years ago when I bought the practice.
They were told by their accountant that they could not finance the cost of the building and the equipment along with the small amount of “goodwill” that was included in the $250K asking price.
Because the actual limiting factor in this individual buying my practice was that due to their high student loan debt which prevented them from doing so. This is the typical situation for a high percentage of DPM graduates and young residency trained practitioners who are looking to enter the profession.
Hence, they decided to go another way and take what they can get to make ends meet. Most either find employment with large corporate medical organization, hospitals, or orthopedic surgeons. This is the reality for the podiatric profession and medicine in general. This is what I am talking about when I say “vocation versus avocation”.
Most likely, in the next five years “true” independent medical practice will be gone and replaced by the aforementioned employment arrangement(s) or concierge medicine.
So, with that said, you are needing to make a change? I agree that you do!
Then just do what I have done to secure your peace of mind. Think about just closing your practice and move on to more certainty with your future in the profession and financial prosperity for the next 5-10 years.
I joined a large and reputable podiatric organization that services long term care facilities. This company has been around since 1972. I joined then three years ago. It was the smartest thing that I ever did. I should have done it years ago. Because, providing this type podiatric medicine is what we do best. So why not?
Currently, I see patients in these long term care facilities providing palliative foot care services two to three days a week. I have hopes and aspirations to eventually going full-time once my medical building sells (since that is the only thing left that I can do at this point and time).
This situation is better for me, my blood pressure, and will keep me less anxious thinking about what is going to happen day to day.
Providing care at these types long term care facilities, I am guaranteed and decent and prosperous wage without the hassles that go along with private practice.
Think about it. And if you are interested, I can help you (and others like us in the same situation) learn about making this transition just I have.
Why not just make your living by doing what you do best as a podiatrist?
Joseph Borreggine, DPM, Charleston, IL
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