It should come as no surprise that healthcare professionals have the highest debt-to-income ratio upon graduation. They spend numerous years in school, accept low-paying internships, and enter the workforce drowning in a pool of debt. Unfortunately, many healthcare professionals remain in this state. Let’s examine the top reasons you may be stuck in the deep end of financial distress and what actionable steps you can take to create a profitable healthcare business and peace of mind.

The top reasons most health professionals stay in debt include:

  • fear of charging what you’re worth
  • buying into the idea that patients can’t afford you
  • believing you’re  a doctor not a business expert
  • being too overwhelmed to see the big picture following poor advice from the wrong people
  • lack of time to create a long-term plan and exit strategy

Recognizing Your Self-Worth as a Healthcare Professional

One of the hardest lessons you may learn as a healthcare professional is how to change your self-worth mindset. Underselling yourself hinders your growth potential and accounts for three of the top reasons most healthcare businesses remain in debt.

Your doubts can lead to a fear of charging what your expertise and services are worth. This mindset also leads you to buy into the idea that patients can’t afford you now, so why raise your rates? You may also find yourself adopting the belief that you’re “only a doctor, not a business expert” drastically minimizing your potential to be a thriving healthcare practice.

Recognizing your self-worth can have a direct effect on the success of your healthcare business. You are a businessperson AND a healthcare provider. Your rates should reflect your experience and knowledge. Working towards deserved financial growth and stability will allow you to expand your practice so you can begin working smarter rather than harder.

Trusting Reliable Sources to Alleviate Debt

Another dangerous avenue to follow is trusting in the wrong sources for business and finance advice. Unreliable sources can keep you running on the hamster wheel of debt. Do your research before trusting your healthcare business and the future of your success to just anyone.