Every single day we wake up to changes that impact heavily on the traditional way of doing things. These changes are brought about by innovation.
“Future proof” is a commonly used term in the medical and technological field that advocates for the production of products that will stand the test of time and continue to be valuable.
However, technological advancements are setting the bar high and leading to the inexistence of certain products.
In the 21st Century, with the integration of artificial intelligence (AI) into the everyday world, not even doctors have the luxury of thinking that their financial future is bulletproof. AI is already revolutionising the healthcare space.
So, how do you, as a doctor, ensure that your financial future is future proof? As an accountant for doctors, here are some ways we enable doctors to better prepare themselves for change.
1. Be open to change
As mentioned, AI is revolutionising the healthcare industry. The fourth industrial revolution is already here with us, and it’s happening. One consequence will be the downward pressure on consultation fees as AI platforms will provide this information.
Understanding what change is already present and how it will impact your profession gives you an understanding of what you can do to get ready. For example, learning how you can leverage the use of AI platforms can help you devise ways of making money and leveraging the opportunity.
2. What’s your value proposition?
Knowing what you offer your clients and the value it adds to their life can help you stay in business. You have to make sure that you stand out from the rest.
For example, do you provide home visits to clients? Are you available at any time of day to attend to them?
Defining your value proposition can go a long way in ensuring you maintain and grow your list of clients.
3. Continuous Learning
The dynamics of your profession are changing every day. What are you doing to ensure you stay abreast of market changes in your profession? Take time to attend seminars, particularly those on technological and consumer change.
Everyday learning will help you explore different ideas and find solutions that work.
There is a saying that states, ‘Networking is an essential part of building wealth.’ There are plenty of opportunities that come when you network.
Besides getting clients, you are also able to meet people who share the same interests and can share insights on what’s changing in the healthcare industry, what kind of opportunities those changes bring and how you can take advantage of them.
Sometimes you can become insular by diligently working in your practice. Expanding the range of people you interact with opens new opportunities and possibilities.
5. Go after what you want
As a doctor, taking the backseat and letting other people make decisions for you should not be a consideration.
You need to stay relevant. If there are things, you want to explore make it clear that you are interested. If there is new training on the latest technological advancement in your field, show interest and attend.
This way you are able to network, learn and be abreast of the happenings in your industry.
6. Rest and recreation
What’s the point of worrying about how to future-proof your financial future if you can’t make a little time for yourself to rest and recreate? As a doctor, your job is demanding and challenging at the same time.
However, it’s critical you take time out for yourself to engage in activities that make you happy and ensure your physical well-being. Exercise regularly, get enough sleep or do yoga. Yes, it sounds simple and you likely hear it all the time but these things will help you stay healthy and work on securing your financial future in the long run.
Anthony McPhee, Principal
B.Bus (Accy) QUT | FCPA, SSA (SMSF Specialist Advisor with the SMSF Association) & Registered Tax Agent
Anthony has over 25 years accountancy, taxation and superannuation (SMSF) experience. He eagerly welcomes a challenge and his passion is in small business accounting, superannuation, consulting and taxation advice. He provides real business benefits for each of his clients and is well regarded for his succinct and accurate accounting skills. Anthony is also a self-managed superannuation fund (SMSF) specialist with Australia’s leading SMSF body, The SMSF Association.