From real estate and retirement plans to AI and ASCs, 14 physician leaders joined Becker’s to discuss the one investment they believe their peers can’t afford to miss right now.
Editor’s note: These responses were edited lightly for clarity or brevity.
Question: What’s one smart investment more physicians should be making right now?
Frank DiMaio, MD. Chairman of Musculoskeletal Service Line at Catholic Health (Buffalo, N.Y.): As the current trend for employed physicians continues, I would strongly suggest that my young colleagues take early advantage of their employer’s 401K/403B accounts with “before tax” contributions into an S&P ETF. Many employers also offer a deferred compensation option (457B) as well.
Daniel Decker, MD. Urologist in Mountain House, Ark. One smart investment that more physicians should consider right now is ownership in ASCs. This investment is particularly compelling due to several key factors. ASCs have been shown to deliver improved patient outcomes at a lower cost compared to traditional hospital settings. By streamlining surgical procedures and focusing on efficiency, ASCs can provide high-quality care while reducing the overall financial burden on patients and the healthcare system. This is especially important as healthcare costs continue to rise, and patients increasingly seek more affordable options for surgical care.
Additionally, recent changes in the CMS billing strategies are shifting towards an outcomes-driven approach. This means that reimbursement rates are increasingly tied to the quality of care provided rather than the volume of services rendered. Physician-owned ASCs are well-positioned to excel in this new landscape because they can implement best practices, prioritize patient satisfaction and closely monitor outcomes. This alignment with CMS’ focus on value-based care can lead to enhanced financial performance for physician owners as they benefit from higher reimbursement rates for superior outcomes.
Physician ownership fosters a greater sense of accountability and commitment to patient care. When physicians have a stake in the facility, they are more likely to invest in quality improvement initiatives, patient safety protocols and innovative technologies that enhance surgical outcomes. This not only benefits patients but also strengthens the financial viability of the ASC. Beyond traditional focus on just physician professional fee reimbursement, ASC physician owners have multiple diversified investment opportunities including “brick and mortar” commercial real estate, management/MSO entities and revenue production from facility fees.
As the healthcare landscape continues to shift towards value-based care, physician ownership in ASCs represents a strategic investment that can yield significant benefits both for payers along with physicians and their patients.
Andrew Hertler, MD. Chief Medical Officer Emeritus and Senior Advisor of Evolent (Brea, Calif.): As a medical oncologist, I can speak best to that specialty. Medical oncologists have traditionally relied on the margin and rebates from drugs administered in their clinics (Part B in Medicare) for a significant portion of their revenue. With the emergence of targeted agents, orally administered drugs (Part D in Medicare) are now making up as much as 50% of therapy. This increasing shift to oral agents threatens the financial viability of community oncology practices, our most cost-effective site of care. Medical oncologists can invest in on-site outpatient pharmacies to provide convenient, on-site dispensing of these oral drugs to their patients under their direct supervision. This can serve both to improve the quality of care as well as lead to financial savings.
David Jacofsky, MD. Chairman and CEO of Healthcare Outcomes Performance Company (Phoenix): As the complexity of data in healthcare increases, and as data sources become more disparate, investment in IT infrastructure and data management is critical. Full and true integration of financial data, operational data, digital tools and clinical data — from cloud-based phone systems to patient engagement tools —- can create a wealth of differentiated, real-time, actionable and benchmarked performance information that can allow leaders to truly transform both their financial performance and the care that they provide. Investment in data systems, data integration and cybersecurity has a meaningful financial ROI, and allows providers, facilities and payers to excel. It is likely that the real cost will ultimately be found in underinvestment in this area.
Joseph Lamplot, MD. Sports Medicine and Shoulder Surgeon and of Sports Medicine Research at Endeavor Health (Memphis, Tenn.): AI-powered dictation software. Time is a physician’s most important resource. Without question, the most impactful change I have made to improve clinic efficiency has been the transition from traditional dictation to AI. License costs are relatively low and much more cost effective than either a human scribe or conventional line-by-line dictation services. During busy clinics, I no longer find myself going back to the computer between each patient (racking up patient wait times) or spending hours dictating notes after the clinic ends. This has improved both patient and physician satisfaction. Please note that some systems are better than others, this technology is in its relative infancy and continues to evolve, and there is a slight learning curve that requires some customization and front end work on the physician’s part. You won’t regret making the change!
Steve Mason. President of Avanza Strategies (Columbus, Ohio): One smart investment more physicians should be making right now is in their departmental leadership. As competition intensifies across healthcare, strong leaders are essential not only for managing teams but for driving quality outcomes, stability, accountability and long-term success. Investing in capable, well-supported leaders helps foster a high-performing, committed workforce; reduce costly turnover; and build a workplace culture that attracts and retains top talent.
Beyond team management, departmental leaders play a critical role in the research, selection and oversight of external partners and services, ranging from strategic advisory and planning to revenue cycle management, IT/cybersecurity, human resources and marketing. These decisions can have significant operational and financial impact, and strong leadership is key to ensuring these partnerships remain aligned with performance goals.
As practices continue to adopt new technologies, including AI-driven tools, the need for skilled leadership only grows. Departmental leaders are instrumental in evaluating solutions, guiding implementation and ensuring proper use and oversight. They are also well-positioned to identify when systems and the people using them are falling short, whether through misuse, integration issues or unreliable outputs like AI hallucinations. Investing in departmental leadership is a direct investment by physicians in resilience, efficiency and sustainable growth for their practices.
James Min, MD. UVA Community Health Physician Market Executive (Haymarket, Va.): I would strongly recommend physicians invest time and energy into learning more about healthcare business acumen. I believe this has always been a good investment for physicians, but with the current landscape of healthcare changing rapidly, with more physicians being employed by a health system or medical group and the change towards value-based care, improving healthcare business acumen is more important than ever now. Very little time is spent in medical school and residency regarding the business of medicine, and very few physicians have time after finishing residency and fellowship to invest in this, but it should be just as much of a priority as keeping up with medical advances.
Christina Menor, MD. President of California Society of Anesthesiologists (Pasadena): The smartest investment any physician can make right now is into their own professional societies. The future of medicine is dependent on physicians taking back ownership of medicine and what is in the best interest of patients, not corporate profits. Strength in numbers through professional citizenship at the local and national levels is critical for having a seat at the table as innovation and change occurs before our eyes. We as physicians must not just show up to work — we are professionals and being a professional includes autonomy and control over the field. Unfortunately this autonomy and control have bled to insurance and private equity corporative executives over the past 15-20 years and we must preserve this or we risk losing the profession of medicine and the ultímate privilege of taking care of our patients in the best way possible.
Robert Pearl, MD. Former CEO The Permanente Medical Group: The smartest investment physicians can make right now is in their personal generative AI education. The good part is that it doesn’t take much money, although it does require time. Most doctors practice the way they were trained and rely on expensive products, people and services to run their offices. Generative AI (ChatGPT, Gemini, Claude, etc.) can provide expertise in ways that were unimaginable in the past. The tools are multi-modal, meaning that you can enter text, voice or images. And they can do the work of programming or creating agents to do a huge number of repetitive tasks. Faced with covering phones, generative AI can fill in the times when there are gaps, rather than hiring another staff person. Want to know how a patient is doing post-operatively? A generative tool can access the wound or the clinical course. Needing to help patients to better manage their chronic diseases? Individuals can enter the information into a GenAI application and measure their progress. The potential list is endless. But until you invest time, you’ll never realize the ROI that is possible. If you find a way to use GenAI to add value, I’d love to learn from your success.
Bethwel Raore, MD. Neurosurgeon at Apex Spine and Neurosurgery (Duluth, Ga.): One of the smartest investments a physician can make is owning the real estate where they practice — and investing in their mental health. Physician services will always be in demand, but real estate ownership provides long-term security, a guaranteed tenant (you), and the opportunity for equity growth. It’s both a strategic and stabilizing move.
Mark Sczepanski, MD. Ophthalmologist in Grand Forks, N.D.: It’s difficult to pinpoint a single investment strategy that fits all physicians, but in today’s climate of declining reimbursement and rising overhead, I believe the smartest investment many physicians can make is eliminating personal debt. Reducing debt not only improves financial flexibility but also lowers stress and increases resilience in the face of economic uncertainty. In many ways, it’s a guaranteed return — especially when compared to the volatility of traditional investments. For physicians navigating unpredictable reimbursement models and increasing administrative burdens, financial independence through debt reduction can be a powerful form of security.
Maria Tam Teresa, MD. OB-GYN in Chicago: Whether we’re talking about financial or personal investments, my answer is the same. As a surgeon, I’m genuinely excited about the potential of AI technologies to revolutionize patient care and surgical outcomes. Although I’m still figuring out how AI can be truly integrated into my private practice, I see it as more than just adopting new tools. It’s about enhancing every aspect of my work. Perhaps AI can fully automate routine administrative tasks, such as scheduling, billing, and documentation, thereby freeing up time for physicians to focus on patient care.
Marla Tobin, MD. Former Family Medicine Physician and First Woman Resident Chair at National Conference of Family Medicine Residents and Medical Students: Absolutely, from day one have a plan started for retirement. Whether that’s your own IRA, your employer’s 401(k) or retirement plan, a pension program or other contribution based option that you might have, or running your own business with a 401(k) Retirement Plan built into it. The sooner you start the better. Not contributing the max or enough to get matches is a serious mistake whenever you are funding retirement. Money should grow over time!
Allyn Wilcock, CRNA. Owner of Advanced Anesthesia Services and Northwest Healing and Wellness (Snoqualmie, Wash.): In the upcoming age of AI, physicians and advanced practitioners need to show the expertise and unique qualities they bring to the table. Curating a personal brand will be even more critical to stand out both from peers and from the upcoming wave of AI. Plastic surgeons have relied on building personnel and many have become experts in the art of building a brand. In the near future, a personal brand will be the best way to ensure a thriving practice. A personal brand takes time to nurture. Those who start today will be ahead of the game in the coming years.
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