Early in 2019, we heard the origin story of a 7-figure urologist. In that post, he focused on his upbringing, his education, and the way he has structured his practice.
He returns with a detailed description of how he has benefited from a number of lucrative “side hustles” that have resulted from both his position as a physician and his ingenuity and willingness to take risks.
While not all of these opportunities will be available to you, don’t write these ideas off as completely out of reach. It’s more about the mindset. Most income streams like these don’t fall into your lap; you have to create them.
The hospital owns 21 shares and there are 19 shares available to the physicians. Share prices started at $55,000 when I finished residency and are currently selling for around $65,000. I started by buying one share right out of residency.
I made this investment when I was in my second year of residency. My hospital has a 20,000 square foot medical office building (MOB) that is attached and physician-owned.
Yes, I built my urology office as a resident. A daunting task at the time but with a little research worked out very well as I am still practicing in my office and I wouldn’t change a thing.
I knew that Urologists usually owned their own lithotripter and I wanted to find the best deal out there. Lithotripsy is actually a fascinating legal case study.
I started out with the intention just to buy my own machine and just rent it to the hospital where I practiced. Seemed easy, but the initial investment is about $650,000 and a bit daunting in setup.