Physicians are a heterogeneous group with widely varying interests and aspirations. Many also have ancillary careers, which
sometimes become full-time pursuits. Bradford Frank, MD, is one such doctor turned entrepreneur. He created http://thedoctorzone.com/ as a resource devoted to the needs and interests of other physician entrepreneurs.
To learn more about the entrepreneurial drive among physicians, I recently sat down with Frank to discuss his website.
Neil Berliner: What exactly is TheDoctorZone?
Bradford Frank: It's a membership website developed for physicians, designed to help doctors who are thinking of switching to nonclinical
careers, or starting new businesses. It offers interviews with experts in a variety of areas, as well as coaching opportunities.
These products and services allow physicians to start new careers, inside or outside of medicine. The site helps doctors save
time and money by shortening the learning curve, and offer support through peer interaction and/or coaching. NB: Why do you think so many physicians feel a need to look outside of their practice for professional satisfaction?
BF: Medical school, residency and the first few years in practice are intellectually challenging and very stimulating. Everything
is new. However, after a few years in practice, things can become much more routine and, frankly, even boring. No matter what
specialty a doctor is in, eventually they "get it." There are relatively few cases that prove challenging, and the learning
curve flattens. Life on the job is not what it used to be, and this leads doctors to look elsewhere for intellectual stimulation
and relief from the day-to-day routine.
Many physicians have become dissatisfied with the actual practice of medicine. A recent survey by Merritt Hawkins, a physician
recruitment firm, found that 38.7% of surveyed physicians were either dissatisfied or very dissatisfied with their careers.
This was an increase of 6.6% from their prior survey. Even some medical and psychiatric residents are unhappy with medicine.
For example, a recent survey of psychiatric residents found that 16% wanted to change residency programs and 18% wanted to
change careers.
A variety of things have led to this dissatisfaction, including increasing time pressures, the work environment, medical malpractice
issues, increased scrutiny and managed care. All of these factors have led many physicians to think about ways to increase
their options, whether or not they remain in medicine.
NB: What led you to develop the website?
BF: I have always been an entrepreneur. As a boy, I started a lawn-mowing service and I supported myself through college. In 1993,
I founded a psychiatric group practice that provides all psychiatry services to two hospitals through exclusive contracts.
In 2003, I graduated from the Executive MBA program at Northwestern's Kellogg School of Management.
Currently, I am forming a corporation that will provide mental health and chemical dependency services to inmates nationwide.
I developed TheDoctorZone in order to share the business knowledge I have gained, and to create a place where like-minded
physicians can interact.
NB: Describe a few examples of physicians doing other things to make a living or add to their incomes.
BF: Physicians are engaging in many different types of businesses, most often in addition to their clinical practices. Apart
from traditional physician-owned businesses, such as free standing MRI and CAT scanners, and ambulatory surgery centers, one
common extension is the use of cosmetic-enhancing agents, such as Botox and Resulin.
Over the last 10 years, clinical research has shifted away from the university setting to a significant degree. This, coupled
with the ever-increasing number of pharmaceutical candidates, has allowed physician entrepreneurs to start small clinical
research operations.
An up-and-coming area is sleep labs. Physicians also can work part-time as consultants, reviewing charts and serving as medical
experts, for example. One healthcare practitioner I know even started a successful catering business and small bakery shop,
in addition to his clinical practice.
NB: Does the pharmaceutical industry tie into the goals of your website and of the physicians who visit it? If so, then how?
BF: Moving into the pharmaceutical or biotechnology industries allows physicians to leverage their skill sets and, therefore,
makes a lot of sense. TheDoctorZone has information about the top-25 pharmaceutical companies and top-50 biotech companies,
including contact information and industry ranking, and thus provides easy access to these companies for website members.