With more and more physicians practices being acquired by groups and hospitals one of the key questions raised is will the physicians retain their rights to supplemental income? These rights include fees for: consulting, acting as an expert medical witness (plaintiff and defense), performing Independent Medical Evaluations (IME's), performing disability and file reviews, medical writing, physician inventions etc. [...]
Doctors can earn substantial amounts of money through writing. Successful physician novelists like Tess Gerritsen, MD can earn seven figures each year. Physician authors of trade and text books published through traditional publishers typically receive a royalty of 10-15%. The amount earned will depend upon the price of the book and the number of sales. Keep in mind [...]
Making money from self-publishing is doable. There are growing numbers of examples of physicians and others making money from self-publishing. There is no longer a stigma associated with self-publishing. Countless examples of successfully self-published authors have eliminated this stigma. You can actually make it happen. Not forced to wait for a green light from agents and publishers. Segue [...]
Have a hot topic. The more unique your expertise and the more important the topic in terms of seriousness or money at stake, the better. Inherent credibility. This can be based on your experience in the field, publication record, etc. Write on the topic you want to speak on. Not only will this bring you inherent credibility, your [...]
Physician inventors are often faced with the daunting task of raising capital to turn their invention into a profitable company. David Scharp, speaking at the SEAK Non-Clinical Careers for Physicians Conference gave some suggestions for potential sources of capital. These include: Source of Investors Yourself Family & Friends Partners Private Investors Sharks Angel Investors Venture Capital Investors Banks [...]
A new study of premarket approval applications (PMAs) indicate that physician inventors are playing a significant role in inventing of medical devices. The study in Med Care of May 2013 entitled “How much do physician-entrepreneurs contribute to new medical devices” concluded: On average, physician-founded companies account for 11% of the information in PMAs, compared with 4% from nonphysician-founded [...]
Physicians who encounter problems at work are now doing something about them with their medical device inventions. Physicians are in the best position to come up with medical devices to solve vexing problems they encounter in patient care. What kind of medical devices are physicians working on? Medical devices range from simple tongue depressors and bedpans to complex [...]
One of the challenges physician inventors face is protecting their ideas/inventions prior to disclosure for funding. Dr. David Scharp, speaking at the SEAK Non-Clinical Careers for Physicians Conference gave some bullet-point advice on the optimal ways to protect your invention. Optimal way is to submit a Provisional Patent to USPTO: Meets the First to File Requirement (see below) [...]
Physicians are struggling with decreasing revenues, the need to see more and more patients, and questions if they are really making a difference anymore. Many physicians are now turning toward inventing as a way to supplement their income and save and improve the lives of patients. One of the most striking examples of the success of physician inventors [...]
Physicians of all specialties are needed to do file and disability reviews. Due to the Affordable Care Act (ACA) these reviews are expected to increase dramatically in 2014 and 2015. These reviews are done in the physician’s home office and require no testifying as there is no physician-patient relationship. Many different types of companies are looking for physician [...]