Doctors are known to be very well paid in their field, but it is also known that opportunity for growth is plentiful and right there for the taking.
The first steps you make to boost your income can seem daunting at first, but can end up paying off big time. Let’s explore ways this can be possible.
Reevaluate your specialty
Taking a step back and viewing what you know within your specialty can be beneficial, as it can reveal gaps in where you may possibly be lacking. Perhaps there are procedures you aren’t familiar with. Learning those allows you to delve into specialisations that are profitable and can boost your income as well as your skill level. You can also move toward a subspecialty where you already have a foundation of experience or skill, or focusing on an area based on supply and demand where you can fill the needs and capitalise on the benefits.
As time passes, income for medical professionals has increased and you need to make sure your salary reflects fair compensation for your work. Ask for a review and use this time to push your hard earned successes and dedication to the organisation to create a competitive income.
If you’re a person who likes change, perhaps consider relocating to a rural area. The high demand for medical professionals can lead to a higher salary being put in place to entice doctors to move out to the regions, and to stay there. If your location is currently prime, then a change of practice can also be effective. Moving to a bigger practice with a higher patient level can boost income as you fit more clients through the door.
More education can seem laughable to an experienced doctor. However, there’s greater opportunity than every before to learn a new skill or speciality that can fit within your current lifestyle and goals. Upping your skill and knowledge can take an investment of time and money, but the by-product of making that move can be reflected in maximised earnings and more income reflected for advanced skill level.
Pick your place of work carefully
When finding a job, it can be easy to accept what first comes across the table. Instead, do some research and find out if this organisation offers growth within the workplace, allowing you to work towards promotions and upping your yearly salary. At a place you spend more time than your own home, you must make sure the culture, staff and environment work in your favour.
The harsh reality is that most doctors are paying much more tax than they have to. Even a simple tax strategy, implemented with the help of a specialist medical accountant, can put thousands back in your pocket.
A smile for a dial
As basic as it sounds, being friendly can help patients return and in turn create word of mouth referrals between friends and family, enabling you to create a wider patient base. Fitting more patients in seems like a simple fix but a highly beneficial one. Patients return to a doctor when they feel safe, comfortable and are welcomed with a warm smile and open ears. Passion for the job and what it brings can also lead to recognition by peers and potential promotion with bosses in the future.
It can be tough to find an income boosting technique that fits your lifestyle, but opportunities to do so are not as few and as far between as first thought. It is easy to get stuck in your ways and not look outside of the box for creative ways to maximise earnings.
Want to know more? Read passive income ideas for doctors.
If you’re interested in developing a holistic wealth strategy, tailored specifically to your needs as a medical professional, contact us today for a no obligations discussion about where you’re at.
DocWealth are specialists in accounting, financial planning, investment and finance, investment and business for medical professionals.
We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.
– Kym Nitschke
The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on DocWealth’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
DocWealth specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.