Life After Training | Why I decided to Go Into Private Practice..

[@scottdaniels2500]

Very insightful and informative video! Thanks for sharing. " Being your own boss" seems like everyone's ultimate goal.

[@antoniowebbmd]

🙏🏾

[@wembenyamavictor]

i'm a doctor and you were so honest!! i want to be like you in future. hats off 🎩

[@listsync3619]

Private practice * Join Group or go independent * Learn how to do the business * Multiple income sources * Understand pros & cons * Plan for yourself - Thank you for the detailed teaching!

[@NojuMaddinMDW-in9jf]

Private practice

[@NojuMaddinMDW-in9jf]

Give me your number.

[@vernjnr6543]

11:31 "no one can tell me nothing" I sense built up rage from all the years of people telling you what to do😂 Great video though. It was really informative

[@Lumberjack.guy5973]

😅

[@donovanjohnson4086]

Dr Webb did a great job summarizing everything. I’m finishing up my orthopaedic sports fellowship now and was looking at academic jobs, private practice and employed jobs. I am leaning toward an employed position given the reasons Dr Webb explained in this video. I do not want to worry about making my overhead during the first years in practice. Employed positions tend to offer more up front (salary, retirement, health insurance, no overhead) but you lose out on keeping your ancillary income such as PT, MRI, surgery center fees and etc. Your overhead includes Office space, personal health insurance, malpractice insurance, disability insurance, retirement, nurses salaries, and etc and this cost can be anywhere from $25,000 - $75,000. As Dr Webb explained quite well, this cost will be there regardless. So it can be concerns for make enough income to support a practice and ones family, given these COVID times. Private practice does tend to do better given the practice can make adjustments but at the end of the day, academic, private practice and employed positions tend to closely break even at the end of the year. Like Dr Webb stated, private practice does give you more flexibility to run your practices.

[@owenistheboss]

Finally someone talks about real life in med. You just got one subscriber today. -aspiring ortho doctor

[@antoniowebbmd]

Thank you! Ortho is the best!

[@muhsalihu]

@@antoniowebbmd no sir, Urology, plumbing is wonderful. 🤣🤣👍

[@amanandemichael4232]

Starting medical school next year and love your content! Keep up the great work Dr. Webb!

[@ArcticProxy]

How's it going so far? Best of luck to you!

[@edledskal9147]

0:27 That is my apartment to the right. It's called Agave apartments, really great shot from the Chavez bridge.

[@marilynp.708]

Seeing patients and doing consults equal "good bedside manner." This is something patients tell their friends and family.

[@kiverson794]

Very informative! I wouldn’t have thought that private practice typically earns more than employed. I also just finished reading your book “Overcoming the Odds”. Your book is the most inspiring piece of literature that I’ve ever read. I was going to hang up my dream of being an MD because my post bac plans haven’t panned out how I wanted. You are proof that if you want something and you bust your butt to get it, you will get it!

[@UriValdez]

Ive been in private practice for a while and Doctors are way happier and so is the staff

[@amandaw7230]

Dr. Webb, thank you for this information. I'm very excited about the future videos you have planned. It's so awesome to see a black man doing this!

[@DrClarenceLeeJr]

This is an excellent break down! I think medical school and residency should do more education about these aspects of medicine! Every doctor needs this!

[@royturiiz5807]

my mentor be shining🤩👍 watching med student from australia

[@marquiesriley6479]

Man, being a 1099...nothing like it...worked for two companies as an entry level engineer straight out of college...started doing contract work with various companies and havent looked back since....having that freedom and being able to make unlimited income is so clutch...

[@dudleyred267]

How many years did it take you?

[@gwillis01]

Yep you have to keep the lights on and pay the office rent and buy supplies. [ both medical and office supplies ] Yes medicine has business aspects.

[@itsbrandonbrandon4310]

Why I’m I even watching this, I’m nowhere near being a Doctor. Lol. Always great videos Dr.

[@ThankGodEze1]

Same man I'm literally 23 and not even in uni lmao

[@seeme111]

Well there is pros and cons on either way you just have to pick which one matches with your life. Great video thanks do much!!!

[@LK-zc9ho]

love the video quality!🙌🏿

[@scottdaniels2500]

Ikr??! I'm like " this video is crispy" lol 😂

[@TheRealSkinImInMD]

Such an Important topic! We had a recent talk about this in my residency and it was really an eye opener. You really touched on key topics including the part about business in medicine. Anyone training in medicine needs to know this info. Thank you!

[@GospodinNelson]

I'm 18 and I'm about to be the first year student at dental school and honestly I like much more working in a prestigous clinic than having a private practise because it gives me much more mobility and I like much more working with a team of experts beside me, but it all depends on personality and preference.

[@Fattony6666]

You didn't get accepted in med school?

[@GospodinNelson]

@@Fattony6666 I didn't even apply for medical school, only dental school.

[@100subsnovideos9]

How are you 18 in dental school

[@cesarchavez125]

Love your way of thinking, I want to be a surgeon and I've always been very interested in the business aspect of medicine. I'm excited for more content like this!

[@johngunn9281]

Wrong choicr

[@johngunn9281]

Wrong choice

[@cesarchavez125]

@@johngunn9281 hahaha if I'm interested in the business aspect of medicine, it doesn't mean I don't love medicine itself. Business comes with it if you enjoy it.

[@JCole2598]

Great video! Always been intrigued by the operations behind private practice physicians and academic based physicians!

[@maxbell9723]

Yes people need to know this.

[@prudhvirajm3884]

Great video Webb! Hope that I will meet u atleast once when I visit Texas for residency interviews in future!

[@chideraosuji6353]

Really informative Dr. Webb! I was pretty surprised by the overhead costs. Like Wow being your own boss is no joke.

[@antoniowebbmd]

Thanks Chidera!

[@alucuron]

This man is pure

[@hannahbanana2311]

Thank you so much, Dr. Webber for diving into the business/ financial side of medicine. It is a very important topic that isn't discussed as much with premeds and med students!

[@cafeconlacienciatv5038]

When You are doing research in a particular subject or topic you are gaining knowledge and prestige

[@lilrabbitcuz]

I’ve worked in orthopedic practices that saw 60-80 patients a day.

[@johngunn9281]

And?

[@lilrabbitcuz]

@@johngunn9281 and that’s how you pay over head and stay rich while paying your employees crap 😂😂😂😂😂😂😂😂

[@quelquun2018]

@@lilrabbitcuz go to med school and do what he does

[@bally2203]

@@lilrabbitcuz I think that is a practice model for offices that do mostly Medicare type insurance (as opposed to private insurances). Medicare, in general, does not pay that much for services, so to make that up, those practices try to see as many patients as possible, so when they are reimbursed, the income coming in doesn't seem too paltry. Most times, if you are not the manager or one of the doctors, you can expect a tiny pay.

[@lilrabbitcuz]

@@bally2203 I hear you but not at all. The two different clinics were in the suburbs and the patients had private insurance. We didn’t see too many Medicare patients. One of the doctors does own like 8 luxury cars and has a mansion. I’ve been to his home.

[@zanebobbsemple8342]

As a business administrator in a private practice, I constantly remind both patients and physicians that its a business.

[@mdamerla3347]

Ur not selling cookies. These are ppl’s lives... yes it is a business but ppl are not just dollar signs when it comes to health

[@mario125ww]

@@mdamerla3347 sorry everything is a business including medicine. The reason drugs cost money is because of microeconomics of selling products. The world loves to make profit on things it can't have

[@pecan11]

U r so right Family members in medicine and one is hospital admin and shit ITS NOTHING BUT A HIGH TRAFFIC BUSINESS

[@jacintosaenz4504]

Very Enlightening Dr. Webb. Thank you for this video!

[@antoniowebbmd]

Thanks!!

[@dr.paulaskitchen2306]

I'm a November baby too!. Great info for those of us contemplating private practice.

[@whiteangel8939]

the most informative, selflessness and realestic video thank u for being onset and useful esp. for other doctors .best of look to u

[@mreemzo9099]

mehn i love Dr.Webb, he is just giving us the truth! I love seeing a black man doing his thing!

[@antoniowebbmd]

🙏🏾

[@NaptuRo90]

YEEEESSS 🙌🏿👌🥰

[@user-lu6yg3vk9z]

@@antoniowebbmd 40/month that is for Texas come on down S.F. Bay Area you will see higher overhead than 40k/month.

[@pecan11]

He’s a douche

[@felipecard7761]

Racist

[@Yahya-Khan]

❤️ Wish you the best of luck!❤️

[@iLikeChotas]

Another thing I see Med schools talk about is wanting people that will practice in rural or underserved areas. Can you talk a bit more about the the pros and cons of that?

[@Ahn-mu3db]

I think they might make more bc they're understaffed and in the middle of nowhere compared to big cities where most ppl wanna be. Less staff might be able to give more in pay, more staff might give less in pay bc so many.ppl working there. Idk about NYC tho bc they pay pretty good here

[@theshinythings123]

Pro more pay. Con living in the middle of nowhere. Pro being "the doctor" for your community.

[@daboss6614]

Pros: You get paid more money Cons: Everything else…

[@cm9736]

Get paid more but also work more and lack of stuff to do,when you live where no one really with money wants to live.

[@SimplifyingMedschool]

You’re so kind! Thank you for sharing! I appreciate you a lot!

[@EM-mk8jk]

love the finance focus! i want PrivP too for the autonomy in time and money

[@franchialbarnes5240]

You are so right about the business part of being a doctor. I wish that they would teach that to the students. I do all of the medical administration side of the business. It really cost money to run a business. Without the business part of the doctor the employees will not get paid. The insurance companies are very difficult to deal with. The biller and coder's try to get the doctor's as much money as they can from the insurance companies for the services that they perform. Happy belated birthday Dr. Webb,

[@cafeconlacienciatv5038]

Apart from being a doctor i like teaching But I like your Pracademics Focus Md Webb You are an inspiration and example for others

[@drsmit2024]

He is telling the truth so i follow from the very beginning .

[@edceljdavid]

The video quality is improving🙌🙌

[@kalijasin]

Private practice is a good example of health care being a business and not a right.

[@lisatranx]

Would love to see more videos about the business side of ur private practice!

[@derroncoleman485]

Happy belated birthday Dr.Webb💯

[@lisamorrison4636]

In my country, doctors do all three simultaneously if they want so I've always just known I'd do all 3 eventually when I finish training. I guess in the States you'd have to choose. Also, doctors in my country don't tend to retire. They actually usually work until they die but towards the end of their career (life), they mostly do academic work.

[@333angeleyes]

Happy Belated Birthday! 🙂

[@antoniowebbmd]

Thanks Gabriel!

[@phantomsociety1966]

Thanks for the inspiration

[@iBuyBitcoin]

thx for the awesome info Dr. Webb !

[@robpeters2296]

Really really great and informative video!!

[@maurteharrison8921]

Thanks for the video. I’m a DPT & this video was helpful!

[@antoniowebbmd]

Glad it was helpful!

[@davidkas1488]

Thank you! This is very informative

[@Baldwinthefourth-1176]

Extremely informative! Thank you!!!!!!

[@raphaeldonkorjr5692]

wonderful, thanks for the inspiration.

[@santanah.6897]

Good stuff doc. Us med students appreciate

[@user-ls1wr4lq4o]

Good luck in private practice!

[@anikkumar-of7fq]

Thanks for your good videos

[@monishalewis1276]

These videos keep coming. Great vlog

[@NoLaTvShow3]

Keep up the great work

[@personalinjuryshow]

Very informative video!

[@jerrycampbell5937]

Just bought your book

[@simonnesmith5525]

No way! My birthday was this past week, too, on Tuesday! Don’t know when this was recorded but happy belated birthday! 🎉🎈also congratulations on your own practice. Hopefully I can join my dad’s after dental school so thanks for the tips!

[@vasilisgiannatos1319]

Please make a video about the business aspect of private practice, maybe some books we can educate ourselves around this topic

[@antoniowebbmd]

I have a whole new KZbin channel to talk about that coming out early 2021 😎

[@julianmontoya8660]

@@antoniowebbmd being a doctor AND having your own business is such an interesting aspect and career because u become an entrepreneur in which the product that you sell is ur knowledge and skill of medicine . And if ur good at economics then you can do some very successful things and generate millions of dollars .

[@vasilisgiannatos1319]

@@antoniowebbmd Can't wait to see that. Unique content.

[@LVLV-im3ne]

Happy Birthday 🎂Excellent information 👍🏾

[@matthewmoore8154]

THANK YOU, THANK YOU, THANK YOU

[@imanroziman2162]

Happy Birthday Doc!

[@entwritescode6281]

Thank you for this video! Otolaryngologist contemplating on private practice vs academics. Medicine being a business - I think at the end of the day, without the stigma, that is true. Money is an exchange of value. Nothing wrong with that. Of course above all else, we should still do our best to be patient - centered.

[@sahilbrahmbhatt3096]

Can you make a video of the write off business expenses. Tips for tax season? That would be really helpful.

[@joshmcgoo]

in a word, $

[@SK-mr6ov]

😂, let the brother eat, he’s been starving and working hard all these damn years.

[@joshmcgoo]

@@SK-mr6ov aint nothing wrong with it

[@mesh475]

He has earned it!

[@trevonmessina266]

I remember you! I used to work with you at TBI I was Dr. Arakal’s MA. Didn’t know you left the Dallas Area!

[@antoniowebbmd]

Yup! In San Antonio now. Hope you are doing well! Are you still working with Arakal?

[@twainxyasuke9107]

Your Inspiring your one of my rolemodels

[@mrs.yolondaa.e.792]

Dr. Excellence 🤜🔥🤛🙏

[@Godshand2]

Very interesting hearing the options in the US vs what’s common here in Holland. By the way, here in Holland there are not spine surgeons, but spine surgery is covered by orthopaedic surgeons or neurosurgeons, just when they are interested in the area. Pity being black is such a point in the US, it shouldn’t matter if you are black, purple, green or white when running a practice as a doctor….

[@bread9173]

My mom is a therapist. She decided to go into private after being employed by police departments and a jewish community center for a while (probably 20 years total or more). She doesn't make as much cause she still does insurance billing for her clients. Its a lot of expenses like you said yes. Insurance companies are extremely difficult to work with lol.

[@TseeDu23]

I felt my back pop last night with a sharp pain and could hardly move because of pain until it popped again. I was thinking I’d have to call Dr. Webb. 😂

[@samuelbonne4047]

The funniest thing a surgeon can say : eat what you kill

[@moeelmasry2331]

Thank you for breaking this down Dr. Webb! I honestly thought I could buy a Ferrari or a rolls Royce after my first year as an attending 😂😂

[@ChrisCapoccia]

Do doctors interested in private practice always join an existing business group of doctors? Or is it common to start out making your own business plan, finding a location, obtaining financing, and all the other business details for responsibly beginning your own practice as a single doctor? Also, have you seen doctors begin private practice who didn't seem to have a lot of interest in the business aspects? Have you heard of doctors private practice failing like is common for lots of other kinds of small businesses? Or are doctors without business sense smart enough, self-aware enough to pursue some other avenue?

[@RaviSingh-zd8yt]

Hey Dr. Webb! Could you make a video about how you chose which private practice group to join, including the different factors you considered in order to make that decision

[@NigeriaLovesChioma]

great topic, im interested in this too

[@barbarictearemedy]

This is amazing. Thank you so much for this video, and I really look forward to more education on the business aspects of private practice you’re going to cover

[@joslinnick]

You should do a video on Medicare for all.

[@Geeloveesu]

The real question is: why not? 🙌🏽

[@jonathanhalabi829]

LOVE the video. Always been curious about private practice. Please make more videos about private practice, like in depth.

[@pecan11]

It’s diff with each type of speciality and staff and group bec a lot of these r now run by private equity and if u don’t know that , it means PROFIT above all else

[@garrett_crouch]

You should do an office tour 😎

[@davidanderson7888]

I wish i could say I can do what ever I want, M3 here

[@silversam1387]

Awesome doctor Webb ur huge inspiration for me

[@Fabijee]

Happy Birthsday Dr. Webb:) Greetings from Switzerland

[@MrHassan997]

Happy birthday 🥳

[@jjoddo4530]

Without watching this video, I could tell you because it's more lucrative. You can choose what type of work you want to take on. Medicine is capitalistic.

[@erinnorwood6124]

Can you talk about being a nonprofit doctor and mission work? Thanks.

[@333angeleyes]

Hi Doctor Webb, I was wondering did you take out private loans or Plus loans? I ask because like you I was considering going to Georgetown medical school. Their tuition is $65,000 a year, but I just read that federal loans cap at $20,000 an academic year. I watched your student loan videos but you didn't mention what type of loans you took out.... • Also did you use the residual money leftover from your loans to pay your rent? • How did you work or attend classes during the summer? • If you took classes how did you pay your rent during the summer? • Did you have roommates or did you get your own apartment?... Thanks

[@antoniowebbmd]

Good questions. This video may help kzbin.info/www/bejne/h4SsnZKYqLadosU All private Yes there is usually enough left over to buy ramen noodles and PB&J sandwiches. Lol jk you will live comfortably but not lavishly during school. There is usually only 1 summer in which you are free (between 1-2 year). The others you are working or in school. Here is a video about summers: kzbin.info/www/bejne/eqewpp-upNCFmK8 Yes, I had a roommate to save money in med school. I suggest doing this if you can.

[@joslinnick]

When you say that it costs $30-40k per month to cover overhead in a practice, is that the cost per physician, or is that the cost to cover the practice as a whole? If you were one of, say, 4 doctors in a practice, would the practice still demand $40k/month in overhead or would it be roughly $160k?

[@whopooted230]

In his example he is talking about $30-$40 cover per month if this was one physician. He did mention if you have a group of doctors it would be split amongst the group. If I’m wrong someone let me know.

[@sadikadhaan4595]

good!

[@db4419]

Listening and appreciating as a Physical Therapist (not in the US). You mentioned - importantly I might add - that you are "business-savvy" and your personality goes well with private practice. Any advice for someone considering private practice but not seeing myself as "business-savvy", or not having that "business-personality"? Thanks for this great video.

[@db4419]

I've never heard that term "Pracademic" before by the way; is that an "official" term?😀 Sounds like a model I could be inclined toward...

[@Franklin_jr0]

Saxophone lover Dr.Webb

[@catherinestratton5836]

So, with private practice, how do you get hospital space if you’re working in your own private space? You would still need an OR and place for your patient to recover outside of your office. Do you pay the hospital a fee to get to use their OR when you don’t work for them? Thanks!

[@julianmontoya8660]

not a medical student nor a doctor, but i think thats why they 40-60k a month in overhead fees, he probably has his own operating room and all the equipment. if his patient needs physical therapy then he probably just refers them to a physical therapist which will be paid for by the patient’s insurance

[@Melissa-yr7fm]

You get hospital privileges. It can be at places you are also on call for or places you just apply to. There are also outpatient surgery centers for surgeries that don’t require overnight stays.

[@Fattony6666]

@@julianmontoya8660 that's not how it works at all

[@julianmontoya8660]

@@Fattony6666Yes, I realize I was wrong since hearing that they use a hospital's operating room. My bad.

[@ryannavarro2967]

Awesome video! How do you manage the large initial start up costs associated with surgery and operating rooms?

[@caitlynbunner]

I like your videos!! Have ever taken care for someone who has Cerebral Palsy and their orthopedic issues related to CP?

[@Bob_Diesel]

So do you perform surgeries at a hospital or a private practice surgery center?

[@antoniowebbmd]

Hospital and surgery centers

[@Bob_Diesel]

@@antoniowebbmd so is it the same with surgeries, where the compensation is higher when performing them at a surgery center as opposed to the hospital? And how do you get to choose? I’ve always wondered how surgeons navigated having a private practice for their clinic, but performing the surgeries at the hospital