Balancing Medicine and Entrepreneurship

Listen in or watch episode 5.10 as host David Mandell interviews Dr. Jude Pierre, internist, doctorpreneur, fellow podcaster and coach to young physicians.

Jude begins by sharing his background, including a brief description of his family’s immigrant story as immigrants from Haiti who moved back to Haiti from New York City when Jude was eight years old, for a business opportunity for his father – beginning his entrepreneurship interests.  This entrepreneurship continued in his residency, as he began moonlighting and early real estate investing.

The conversation shifts to the challenges Jude had starting a practice in Miami and why he chose to move to a more rural area outside of Tampa.  He explains his success in “getting busy” but also gives some advice around getting too busy and work-life balance for physicians.

David and Jude then discuss Jude’s work as a content creator, through books and videos, as well as his work coaching young physicians. They discuss the type of help he provides other physicians through this content, as well as his “Independent Physicians Blueprint” podcast.

The podcast concludes with Jude giving some specific advice for young physicians.

TAKEAWAYS:

Takeaway 1: Early entrepreneurial experiences can shape future professional decisions.

Dr. Jude Pierre’s early exposure to entrepreneurship through his family’s business in Haiti had an influence on his later career decisions as a physician. His parents’ decision to move back to Haiti from the U.S. to run a factory demonstrated the potential of entrepreneurial ventures, which resonated with Pierre.

“I was born in New York, raised in Haiti. My parents were actually Haitian and came to the US in, I guess, late fifties, sixties… they had an opportunity to run a factory. So you talk about the entrepreneurial brain, me and my brother were both exposed to that really early on,” says Pierre.

Pierre’s experiences in Haiti exposed him to the realities of running a business, sparking his interest in entrepreneurship. This interest would later manifest in the form of ventures in real estate and coaching other physicians.

Takeaway 2: Identifying and managing financial opportunities in one’s career is important.

Pierre emphasizes the importance of identifying and managing financial opportunities in one’s career. One financial factor that played a big role in Pierre’s career decisions was the need to pay off his significant student debt. His first job in an emergency room was chosen strategically to allow him to rapidly pay down his debt.

“But I also knew that in order for me to further my career and to do what I really wanted to do in life, I needed to do things on my own. So when I took the ER job, it was great because I learned the inner circles or inner workings of the hospital,” Pierre shared.

Pierre also shares how he transitioned to real estate investment when he realized how much equity he had in his first property. He used the profits from selling his first property to fund his future investments, illustrating his entrepreneurial mindset and financial acuity.

Takeaway 3: Entrepreneurial ventures require careful consideration.

Pierre notes that venturing into entrepreneurship requires careful consideration and the willingness to make sacrifices. He shared his experience of moving to a rural area in order to grow his practice, noting that the decision had both its advantages and challenges.

“I think physicians need to understand that, hey, even though you’re the only one, it doesn’t mean that you have to accept the whole kit and caboodle. Because you can burn out like that,” warns Pierre.

He also emphasizes the importance of seeking wise counsel and not trying to do everything on your own in entrepreneurial ventures. This is a lesson he learned through his own experiences in both medicine and entrepreneurship.

INSIGHTS

• Dr. Jude Pierre’s Background: Trained in internal medicine, he has been providing primary care since 2000 in South Florida and Tampa Bay metro area.  Dr. Pierre actively mentors new physician graduates, helping them navigate the challenges of a rapidly changing healthcare environment.  Apart from practicing medicine, Dr. Pierre is a podcast host and coach for physicians, sharing strategies to succeed both in medicine and entrepreneurship.
   
• Diverse Upbringing: Raised in Haiti after being born in New York, Dr. Pierre attributes his entrepreneurial spirit to early exposure to his parents’ business ventures in Haiti.
   
• Residency and Financial Challenges: During his residency, Dr. Pierre faced significant financial pressures, prompting him to moonlight and prioritize early debt repayment.
   
• Real Estate Ventures: Dr. Pierre began investing in real estate during residency, starting with a condominium and later flipping properties, which sparked his interest in entrepreneurship.
   
• Physician Practice Challenges: Early in his career, Dr. Pierre faced challenges establishing a private practice in Miami due to oversaturation of primary care providers.
   
• Strategic Career Moves: Dr. Pierre moved to Spring Hill, near Tampa, for greater professional opportunities, noting that smaller markets can offer significant practice growth potential compared to larger urban areas.
   
• Burnout Awareness: Dr. Pierre emphasizes the importance of work-life balance, sharing his experiences with burnout and the personal impact on relationships.
   
• Coaching and Education: He launched a course, “Learn About Medicare Advantage (LAMA),” to educate physicians on managing patient populations and insurance dynamics effectively.
   
• Independent Practice Advocacy: Dr. Pierre promotes independent practice models like concierge medicine and direct primary care as alternatives to corporate healthcare.
   
• Risk Management in Rural Practice: He highlights the risks of being overwhelmed in underserved areas, urging physicians to set boundaries and prioritize manageable workloads.
   
• Efficient Practice Management: Dr. Pierre coaches physicians on balancing patient care with payer relationships to optimize practice sustainability.
   
• Podcast Rebranding: His podcast, initially “Practice Impossible,” was rebranded to “Independent Physicians Blueprint” to align with his mission of empowering independent practitioners.
   
• Advice to Physicians: Dr. Pierre advises doctors pursuing entrepreneurship to seek wise counsel and avoid taking on ventures alone, emphasizing the value of collaboration and specialized guidance.

LINKS:

• Guest, Dr Jude Pierre’s Bio
• Learn About Medicare Advantage (LAMA)
• The Independent Physician’s Blueprint Podcast
• Host, David B. Mandell’s Bio