Latest / Voices of Otolaryngology / Choosing Your First Job, Finding Success and Building a Career
Transcript
- 0:01Welcome to the Voices of Otolaryngology podcast series, where we spotlight
- 0:05diverse perspectives and insights within the field of otolaryngology.
- 0:09I'm your host, Rahul Shah.
- 0:10Let's jump into it.
- 0:13Welcome to the Voices of Otolaryngology.
- 0:15I'm over the moon today.
- 0:17It is always a treat to speak with friends, make new friends.
- 0:20But today I have a special guest, Dr. Soham Roy.
- 0:23We've known each other probably since probably med school residency.
- 0:27And for all of you young physicians section for residents and fellows
- 0:31whose relationships
- 0:32you made interviewing at the fellowship level, they stay with you for life.
- 0:36Doctor Roy, welcome.
- 0:38Thank you so much. Rahul.
- 0:40It's such a privilege to be here.
- 0:41I'm really honored. Thank you.
- 0:43Yeah.
- 0:44I think in many of the meetings we've sat together,
- 0:46even some of those that are off the beaten path.
- 0:48American College of Surgeons having coffee with you in the exhibit hall
- 0:51when you were doing fire safety research.
- 0:53So tell us a little bit about your career trajectory.
- 0:56Do you mind so people can get to know you a little bit?
- 0:59No, absolutely.
- 1:00For those folks who don't know me, my name is Soham, and I'm currently
- 1:04the chair of pediatric otolaryngology at Children's Hospital Colorado.
- 1:07Very happy to tell you that we currently have the,
- 1:10I believe, second largest pediatric
- 1:12otolaryngology program in the country by faculty, we’re a really big program.
- 1:16My career started, at the, well, really,
- 1:19I would say it started at WashU, at Saint Louis, where I went to medical school.
- 1:23And that's what really first introduced me to otolaryngology.
- 1:25And many folks in the otolaryngology community have a WashU connection.
- 1:28I was fortunate enough to do my residency at the University of Miami,
- 1:32and then did my fellowship in pediatric otolaryngology under
- 1:35Charlie Bluestone at Children's Hospital of Pittsburgh.
- 1:38And then I was, taken back to the University of Miami
- 1:41as a junior faculty, worked there for a handful of years before
- 1:45I was recruited to the University of Texas at Houston, where I, was the division
- 1:49chief of pediatric otolaryngology at UT Houston for about 12 years.
- 1:53And then I was recruited to be the chair here at Children's Colorado.
- 1:57And I've been here for three years now.
- 2:00Can you
- 2:00remind me, if you listen to these, I think I'm a funny guy.
- 2:03A lot of people don't. So you don't have to laugh at my jokes.
- 2:06When did you finish your residency or when did you start residency?
- 2:10Give me one of those years.
- 2:11So I started residency in 1995, finished in 2000. Back
- 2:15then, pediatric otolaryngology fellowships with generally a two year program.
- 2:18So I finished my training in 2002.
- 2:20All at all.
- 2:21And that's when I started working as faculty.
- 2:24Great.
- 2:25So let's just be fully transparent.
- 2:27I'm five years, behind you.
- 2:29I finished at, 2005 fellowship 2006, I think.
- 2:34So it's.
- 2:34I cannot believe how much you've accomplished in your career.
- 2:38It's pretty cool.
- 2:39It is really cool.
- 2:40And you've trained trained at wonderful places across the country.
- 2:44WashU, Pittsburgh with Doctor Bluestone.
- 2:47That. That's probably a that's a cool thing.
- 2:49Miami, then Houston, where you are part of the biggest,
- 2:54largest program of Peds Oto.
- 2:56And I visited Colorado with yourself, Doctor Agarwal.
- 2:59And I was blown away, Dr.
- 3:00Roy, by what you built there.
- 3:02The residents and fellows and young physicians asked for you,
- 3:06believe it or not, they said, we want to hear from Doctor Roy.
- 3:08He mentors us,
- 3:10he guides us, and they say, you have a lot of great information
- 3:14to share with the masses.
- 3:15The platform is yours sir.
- 3:18Why are
- 3:19you so passionate about mentoring the residents and fellows?
- 3:22And then we're going
- 3:22to get into some of the advice you give them along various steps. Why?
- 3:27Why do you spend your time with them?
- 3:28I think there's a lot of things you you can be spending your time on.
- 3:32First of all, I just have to say how touched
- 3:34and how humbled I and to hear this, I mean, I,
- 3:36I think there's no greater honor that I've received than maybe
- 3:40what you just said, that somebody actually wanted to hear from me about this.
- 3:44And, I have goosebumps right now, so I've just.
- 3:47So it doesn't happen at home.
- 3:48Doctor Roy, let let your daughter know that somebody actually cares
- 3:51what the father says!
- 3:54Yeah, believe me,
- 3:54she she, she hasn't figured that part out yet, but but, you know, it is
- 3:58it is incredibly humbling to to think that somebody would feel that way about me.
- 4:02You know, it's interesting.
- 4:03I had a conversation
- 4:04not too long ago with, Troy Woodard, our Academy president, and.
- 4:08But when Troy called me that, we were talking.
- 4:10I said, Troy, I'm a nobody. Why?
- 4:13Why are you calling me? I don't know, buddy. Like, this is.
- 4:15It's just it's so humbling and awe inspiring every time.
- 4:19And it's one of the things that I think I am just so incredibly humbled by
- 4:24is the Academy
- 4:26and what it's meant to all of us
- 4:27over the years and the home that it's provided for us professionally.
- 4:30So to get to your question, why am I so passionate about mentorship?
- 4:34It really stems from my own experience.
- 4:36I would not be where I am today if it weren't for the mentors
- 4:40who invested in me.
- 4:41And and I know that this isn't something we normally do, but I'm going to name
- 4:45check a few folks starting back at WashU with my former chief resident,
- 4:49Doctor Jyung, Bob Jyung, who's now an otologist in the northeast, and Dr.
- 4:53Jyung was a chief resident, I was a junior med student,
- 4:55or perhaps I was a fourth year med student, and I didn't know what
- 4:59I was doing.
- 4:59And, Doctor Jyung really took me in and mentored me,
- 5:03through the match process and mentored all of us in my class.
- 5:07We had a big group
- 5:07that went into otolaryngology, I think it was like nine of us from WashU.
- 5:11I also encountered Ellis Arjmand, who's been a mentor of mine
- 5:14since that day when I was a junior med student.
- 5:17Audie Woolley I was inspired by some of these folks
- 5:20and then built these relationships with folks like Doctor Lusk,
- 5:23who was my faculty mentor when I was at med school.
- 5:26They are the reason I'm here today.
- 5:28And then that extended well into my time as a resident, certainly
- 5:31well into my time as a fellow of that, even into my faculty career.
- 5:34The only reason that I get to enjoy, the career that I have now
- 5:38is because
- 5:38people have invested their time in me and you can say thank you a million times,
- 5:44but I don't think that's as impactful as doing it for somebody else in their name
- 5:48Like when I talk to my med students and they say,
- 5:50why do you spend all this time with us in the evenings and on the weekends?
- 5:54I tell them, because Doctor Jyung, Doctor Arjmand,
- 5:57they did this for me, and I want you to know their names.
- 6:00And one day I hope you'll tell your trainees and your mentees
- 6:04about my name, because it is the legacy that I will leave behind.
- 6:07You know, I hate to say it, but a lot of patients,
- 6:10especially in the pediatric otolaryngology field,
- 6:12they don't remember who took their kid’s tonsils out,
- 6:14because a lot of times it's not a real long term relationship.
- 6:17Some of them are.
- 6:18But my legacy will remain with the folks
- 6:22that I had an opportunity to engage with in our field.
- 6:26So let's, I'm going to tell a story, but I want you to start thinking,
- 6:29because as everybody knows, I never prep for these.
- 6:32I didn't prep Doctor Roy.
- 6:33I just said, come join me. And he looked dapper.
- 6:35And I have a fleece because it's freezing in Washington DC.
- 6:39It's one of the coldest days of the year.
- 6:40February 2026.
- 6:43Doctor Roy, think about this.
- 6:45I want today I want you to give it some top ten, top three, top five, top
- 6:50seven things that residents and fellows
- 6:53should be thinking about when they look for the next job.
- 6:56And you're fortunate that you've moved around
- 6:59because you've had those thoughts.
- 7:00So I want to anchor that. Let me tell you a quick story.
- 7:03Since you were name checking, I'm gonna name check Doctor Greg
- 7:05Grillone, he's the chair at Boston University.
- 7:09Wonderful. Wonderful program.
- 7:10I did my med school an undergrad at Boston University.
- 7:14I was a, med student
- 7:18or even an undergrad in the cafeteria line at University Hospital.
- 7:22And right behind me was a Doctor Grillone, didn't,
- 7:25you know his name, just set it on his thing.
- 7:27Head and Neck surgery, something like that.
- 7:29Actually paid for my lunch.
- 7:31Back then, lunches might have been $3, Soham, you remember that?
- 7:35But then he just talked to me and he said, who are you?
- 7:38He didn't know me from anything.
- 7:40I said, sir I'm a med student. I'm doing anatomy.
- 7:42And that that's where a love of otolaryngology began.
- 7:45Somebody important. Just taking time with you.
- 7:47So is that amazing? You're forever grateful.
- 7:50Soham, let's get into it.
- 7:51But you you want to make a comment on that?
- 7:53Then let's get into it.
- 7:53Go ahead.
- 7:54No, I just you know, it's interesting what I was saying about name checking.
- 7:56One of the things I hate about when I mention
- 7:59names is I worry about all the names I didn't mention. Right.
- 8:02Because there are so many people who have been in,
- 8:05you know, as they often say, it takes a village to raise a child.
- 8:08Well, it takes a village of otolaryngologists otolaryngologist.
- 8:10to raise an otolaryngologist.
- 8:11Every resident has that village with the faculty and their co residents.
- 8:15What do you tell residents fellows when they come to you and say,
- 8:18you know, I'm looking at my first job, let's focus on job.
- 8:21Not not fellowships or further.
- 8:23I'm looking for my first job.
- 8:26So, you know, it's a great question, Rahul, and there's
- 8:29certainly for our audience everybody's going to go through this right?
- 8:32Whether you become academic faculty,
- 8:34whether you're looking for fellowships, whether you're looking for a job position,
- 8:37you are trying to figure out what,
- 8:40what's the right move for you.
- 8:43And one of the the valuable lessons that I've learned over the years
- 8:47is that there is literally only one person who could define success for you,
- 8:52and that is you.
- 8:53Success for one person means something
- 8:56very different than it does for another.
- 8:59And one of the mistakes that I see people make is I see them often feeling
- 9:04like, well, if I don't do X, Y, or Z, I'm going to disappoint my mentors.
- 9:08The truth of the matter is, you are the only person who will define
- 9:12your success.
- 9:13And for those of us who are in the, these opportune roles
- 9:17to be able to mentor people, our job is to empower you to that success.
- 9:22Whatever success means to you, it is not to tell you.
- 9:26Here's what you should do to be successful.
- 9:28Your job is to define success.
- 9:30Our job is to help you get to whatever that point is.
- 9:33I mean, I'll give you a concrete example.
- 9:35I have some, faculty junior faculty members who come to me
- 9:38and they say, I want to be a chair one day.
- 9:39Okay, how can I best coach you into that?
- 9:41What are the skills I can teach you?
- 9:43And the things I think you need to know to be able to apply for positions
- 9:46like that?
- 9:46I have other faculty members who say, you know, I've got young kids at home.
- 9:49I want to take great care of patients.
- 9:50I want to go home and spend time with my kids.
- 9:52Okay. That's your definition of success.
- 9:54How can I get you there?
- 9:56And the same things for the residents.
- 9:58You may have somebody in your ear saying you have to go do a fellowship
- 10:01and joint academic faculty.
- 10:02But the truth of the matter is we need community otolaryngologists who are doing
- 10:06general otolaryngology to provide care to the people that we serve.
- 10:11And if that is your success, we have to get you there.
- 10:14But as a resident or a fellow, you have to define your success.
- 10:17Awesome point. I actually love that.
- 10:21And I love what you also said your mentors never pass judgment.
- 10:25You and I didn't know it, but you chose pediatric otolaryngology.
- 10:28You might have some terrific head and neck rhinologists.
- 10:31Nobody pass judgment.
- 10:32You go into private practice, nobody passes judgment.
- 10:35So really, really well said.
- 10:36So one thing is you said you define success for yourself.
- 10:40Okay.
- 10:41So the resident fellow saying I want to do private practice here
- 10:44in Charleston, South Carolina, with Gene Brown, president of the Academy.
- 10:47They define that success.
- 10:49So first thing, they define their success.
- 10:51What else should they be thinking?
- 10:53Well, I mean, certainly the first thing you have to consider are
- 10:56what are the things that are going to make you happy?
- 10:59What's going to bring you fulfillment?
- 11:01And that is in both the professional arena and in the personal arena.
- 11:05Many people, especially when they're looking at their first positions,
- 11:08what they're really thinking about is, is this where I want to be,
- 11:12and is this going to be the right kind of practice environment for me?
- 11:15And I think that you have to keep all those in mind.
- 11:17The other thing that I really have to counsel people, and if I could leave
- 11:21everybody listening to this with one singular piece of advice,
- 11:26your first job is not your last job necessarily.
- 11:31It might be, but it doesn't have to be.
- 11:33You and I have both held multiple roles in leadership and academia.
- 11:37You've had many hospital based roles.
- 11:39I had a number of leadership roles in my organization.
- 11:42Your first position does not have to be your last position.
- 11:45And people have to also remember that there is no perfect job.
- 11:49There is no perfect life.
- 11:50There is no perfect place.
- 11:52Don't go into finding your first position
- 11:54saying, I've got to find the perfect job that's going to fit forever.
- 11:58Well, guess what?
- 11:58The job's going to change and you're going to change over time.
- 12:02What you need to find is the right position for you for right now.
- 12:06And then over time, as you change and the position changes
- 12:10and the opportunities change, you will reconsider.
- 12:13But don't put this pressure.
- 12:15I see so many trainees
- 12:17who put this incredible pressure on their self saying,
- 12:19well, what if it turns out to not be the right fit for me?
- 12:21Okay, this is all the way.
- 12:23I agree you will have other opportunities.
- 12:25Don't put that pressure on yourself to say
- 12:27this has to be a perfect job for the rest of eternity.
- 12:30That would be the one thing I would encourage people to take away.
- 12:33From from this.
- 12:35Very astute pearl.
- 12:37There was a saying you and I remember from the early 2000.
- 12:41I haven't heard it since, so I don't know the veracity of it.
- 12:4450% of folks
- 12:47leave their first job in three years, and that was generally for surgeons.
- 12:5150% of surgeons leave their first job within two years.
- 12:54But think about it.
- 12:55I can probably rattle off a bunch of friends
- 12:57that left their first job within the first two years, so I like what you said.
- 13:01So you define success for yourself.
- 13:03I'm taking note here because we're going to turn this into Doctor Roy's list later.
- 13:07What makes you happy?
- 13:09And you know why you didn't mention salary.
- 13:12You didn't mention practice setting.
- 13:13You said yes, you consider those, but you said define what makes you happy.
- 13:18Okay, so I think I have success.
- 13:21I'm kind of thinking what makes me happy.
- 13:23So now do I think about partnership track?
- 13:25Do I think about salary?
- 13:27Do I think about work RVUs? Do I what now?
- 13:29Now guide me and I'm being facetious because maybe I'm jumping the gun. So.
- 13:34All right.
- 13:34So now how do we continue the discussion for our folks
- 13:38that are going out there getting their first job?
- 13:41You and I have been friends for so long, and we know
- 13:44just how much admiration of respect I have for you.
- 13:48I have to be careful how I phrase this.
- 13:51And if I say anything that's offbeat or you disagree with,
- 13:55you know, I would encourage us to have a dialog to speak up
- 13:58the practice landscape is changing.
- 14:00As we all know.
- 14:02We see large groups being, bought up by private equity.
- 14:06And private equity tends to benefit
- 14:09some groups very significantly and some members of some groups.
- 14:12But there are other people who get hurt in that process,
- 14:15in the acquisition process.
- 14:16And when a practice gets turned over to private equity.
- 14:19Hospital based employment: that model is great for some people
- 14:23for some time,
- 14:24but then it's not so great for other people at different time periods.
- 14:27So as you evaluate all these things, I think it is very important
- 14:32for a couple things.
- 14:33One is to understand the practice model that you're coming into.
- 14:38I mean, speaking honestly, as an academic person
- 14:41employed by a medical school, I probably have it the easiest, right?
- 14:45When you get handed a contract, it's a page or two.
- 14:47The basically says you, agree to abide by all the university
- 14:51rules and stipulations.
- 14:52Here's your salary.
- 14:53Here are a few hyperlinks of case you want to review the processes and manuals.
- 14:58And that's it.
- 14:59When you get into private groups that are either privately held practices,
- 15:02PEL practices, hospital employment, you really do have to look at the details
- 15:07because all of the things you mention: salary, RVU,
- 15:12work expectations, call coverage, all of these things are unique
- 15:17to each of those practice environments, and you cannot gloss over it
- 15:21with a one size fits all approach.
- 15:22Now, I will tell you also that anybody who is taking on an employed
- 15:27model like that,
- 15:30look, physicians are exceptionally smart people
- 15:32and people who go into otolaryngology, I think, we could all agree
- 15:35are probably the best of the best in many many ways.
- 15:38There's a reason we draw top tier talent to this field.
- 15:42We could have easily applied those same
- 15:44abilities and skills in law school or business school, but we didn’t.
- 15:48This is the route we chose to go to help patients.
- 15:51Don't pretend for a second that you are nearly as versed
- 15:54in these legal nuances as an attorney who specializes
- 15:58in physician practice and physician contracts, you are not as good
- 16:02as a financial person in understanding financial nuances of these things.
- 16:06Have faith in people who have expertise in these areas.
- 16:10Don't sign a contract till you've had a lawyer go over it with a fine tooth comb.
- 16:14Talk you through every detail because they will identify things
- 16:18you would not have known or wouldn't have thought to recognize.
- 16:21So you have to rely on the expertise of people who have devoted their lives
- 16:26and are probably as good at their role as you are at yours
- 16:30to ensure your own safety.
- 16:33In the long run.
- 16:35So really, really like that.
- 16:36Let me just comment on a few things.
- 16:38Part of my job is traveling the country,
- 16:40and I've been blown away by some practices.
- 16:44You know, you mentioned the private equity a Neil Hopkins, Parallel ENT
- 16:48and Jonathan Cooper, Richard Bavaro, leaders of elevate unbelievable.
- 16:51Net promoter score of 90.
- 16:53You walk in there. It's gorgeous.
- 16:54There's full price transparency in academic centers such as yours.
- 16:59But what you're saying is you see one practice, you see one practice practice.
- 17:04I'm on team otolaryngology.
- 17:06I want every otolaryngologist to win. You.
- 17:10Then I think what you're getting at is a third point here
- 17:13is contracting and seeking out expertise.
- 17:17So I think that's where you're going a little bit.
- 17:19So let me ask the question. I'm a trainee.
- 17:21I'm coming out.
- 17:23I can't afford a lawyer for $1500, $2000-$3000.
- 17:27But I think what you're saying is you can't afford not to get.
- 17:31So you do give that advice.
- 17:33You say engage an expert, is that right?
- 17:36Literally word for word.
- 17:37What I would say is if a trainee and they have said to me, I'm not sure I
- 17:40can afford a lawyer, I will tell them this is an investment in your future.
- 17:44For those of you
- 17:45who paid tuition for medical school, that was a big investment in your future.
- 17:48This is a potentially, usually a pretty small investment,
- 17:52but could save you immense amounts of grief.
- 17:55And again, the landscape is changing.
- 17:57You know, as we know, elections have consequences.
- 17:59One of the things that's changed is, restrictive covenants
- 18:03and their enforceability.
- 18:04Traditionally, when you signed a restrictive covenant,
- 18:06you pretty much guaranteed that you couldn't leave
- 18:08that practice of practice within a certain radius.
- 18:11Now, restrictive covenants are kind of going by the wayside.
- 18:14Even if they're written in, they may not be enforceable.
- 18:16Lots of these things are constantly changing.
- 18:18And as surgeons, we are so,
- 18:21invested
- 18:24in surgical care, in patient care that we don't have the time to keep up
- 18:28with the nuances of an ever changing landscape
- 18:31in the non-clinical care aspect of health care delivery.
- 18:36So we have to rely on people who have that expertise,
- 18:39who understand legislative advances, who understand financial management,
- 18:42who understand legal contracting and things of that nature.
- 18:45Don't hesitate to have a team of people working for you,
- 18:48because, again, they're small investments that have very big payoffs in the future.
- 18:53I really like that.
- 18:54I had a 51 mile non-compete, 51 mile, right?
- 18:59So and I seen some non-compete of 2.55 miles.
- 19:02Some of them are just bizarro, you know, they'll block you out of certain areas.
- 19:06It's almost like gerrymandering.
- 19:08So I think that's a that's a great point, Doctor Roy.
- 19:10So you define success for yourself.
- 19:13You are the only one that knows what makes you happy.
- 19:16So find that practice setting
- 19:19and then retain experts let you call that experts, right.
- 19:22Get an expert team.
- 19:23So we talked about a contract.
- 19:26Who else should be on your expert team?
- 19:29You want to have a lawyer help you?
- 19:31You don't want to put them on retainer, repay them that much. But.
- 19:34But we need a lawyer. Dr. Roy.
- 19:35What else? Who else do you consider?
- 19:38So a couple of things.
- 19:39So, first of all, the lawyers
- 19:40who do this sort of physician contracting typically don't expect a big retainer.
- 19:44They're paying.
- 19:44You're typically just paying a flat fee for their review and commentary
- 19:48or an hourly fee, but it's not a ton of work for them.
- 19:51They do this all the time.
- 19:52Same concept as, Well, I have a I have a guy who I've grown real close
- 19:57to his, the handyman at my house, and he does a few minor
- 20:00things around the house, and he makes it look so easy.
- 20:02I'm like, I should probably learn to do that.
- 20:04And he sat down with me.
- 20:05His name's Mark. He's is the.
- 20:07He's a wonderful guy. He's a Russian guy.
- 20:09And he sat down with me and he said, you know, you've devoted your entire life
- 20:12to helping children and to curing them and fixing them when you can't.
- 20:15It's like, why would you want to devote all this energy
- 20:18to learn how to fix this minor thing?
- 20:19I already know how to do that.
- 20:21I can do it three times as fast and save you the grief for very little money.
- 20:25And he's absolutely right, and I think that is a very applicable metaphor.
- 20:29Don't try to turn yourself into an expert on these issues.
- 20:32Yes, you want to be financially versed.
- 20:34You want to understand the contracting nuances,
- 20:37but don't feel that you have to develop that expertise.
- 20:39You need the expertise of somebody who already knows how to do it.
- 20:41Could probably do it faster than you would do it better
- 20:43that you, as far as the specifics around the team
- 20:47goes, that really depends on your circumstances.
- 20:50Now, my life was so simple for all, and I don't.
- 20:53I don't recall if you were married by the time you finished training,
- 20:56but when I finished training, I had no partner, no spouse, no child.
- 21:02I didn't have a dog.
- 21:03I had me and I had a zero balance with the world.
- 21:07And I remember at my graduation, turning to one of my friends and saying,
- 21:11if ever I'm going to get hit by a bus, today is the day to do it.
- 21:14Because I had no debt and I had no assets.
- 21:17I’m even. I'm square with the world.
- 21:18I was 31 years old. We're square.
- 21:21Now I have multiple attorneys that I reach out to on occasion One of
- 21:27whom handles, you know, employment stuff,
- 21:29one of whom handles, you know, stuff related to my trust in estate.
- 21:33I have a financial advisor.
- 21:35I've got an accountant.
- 21:37I have a team of people who have expertise that work together to help it.
- 21:40Now, again, I'm not some big shot billionaire who has to pay
- 21:43all these people tons of money. Not at all.
- 21:46My accountant I engage with roughly once a year, starting in February
- 21:49through the end of March, when he does my taxes.
- 21:52My financial advisor, I talk to once a month just to catch up.
- 21:55Then once every six months, we do a quick financial reiew.
- 21:58You know, you're not paying these people a fortune to do this.
- 22:01You're just kind of keeping those relationships open,
- 22:03to be able to help you understand as you move forward.
- 22:06Because your circumstances change.
- 22:08For many of our trainees, they may come out of training
- 22:10with, children or a family of some of our, trainees
- 22:13when they become, when they go out to practice,
- 22:16will have families or, partners or things like that.
- 22:19So your needs will change over time and your kind of team of advisors
- 22:24will change, during that time as well.
- 22:27Sort of miss sometimes the days where I was just me at a zero balance
- 22:31with the world, but, you know, your circumstances change
- 22:33and you adapt to change with those circumstances.
- 22:37Yeah.
- 22:38Very, very well said.
- 22:39And you and I have trainees and fellows coming out with three, 4
- 22:42or 5, $600,000 of debt because compounding,
- 22:47as Einstein said, is one of the most powerful equations.
- 22:50But compounding the other way, loan and debt compounding can crush you.
- 22:54What advice do you give to those folks saying: “You know what?
- 22:58I'm drowning.
- 22:59I've got a family, I have dependents, I take care of elder care,
- 23:03and now I've got 500,000, which is not a crazy number.” Doctor Roy,
- 23:07we see that with our trainees.
- 23:09No, I think the average debt now is like something like $400,000, right?
- 23:12Coming out is one of my, former, residents
- 23:15who's now in practice in the Baltimore area and Maryland.
- 23:19I remember him telling me we're carrying around.
- 23:21He and his wife were carrying around an entire mortgage up in their heads
- 23:24because of the amount of student debt.
- 23:28So, you know, to answer your question, what do we tell them?
- 23:32Well, the first thing is, don't panic, okay?
- 23:35I know we talk a lot about reimbursements
- 23:37and about incomes, but the truth of the matter is
- 23:39we are still very much in the upper middle class bracket of income,
- 23:44for otolaryngologists.
- 23:45And some otolaryngologists are in the very highest, bracket, but
- 23:48at least most of us are going to be in the upper middle class brackets.
- 23:51The important thing is to understand the math around this.
- 23:54Now I give a course on financial literacy
- 23:57that I like to talk my, residents through on some basics.
- 24:01What's a 401K?
- 24:02What's a 401A? What's a 403B? What is a 457?
- 24:06If you have the opportunity, what are rules around Roth IRAs?
- 24:08What's the cream in the coffee rule.
- 24:10You know, things like this
- 24:11a basic understand these things so that you understand it.
- 24:14You know compounding as we mentioned, the eighth wonder of the world.
- 24:17It's very important to recognize that if you pay yourself first,
- 24:21that compounding will often exceed any negative compounding of debt interest.
- 24:27So there's good debt and bad debt, right.
- 24:30And, you know, I don't know how much you want to get into the specifics.
- 24:32I'm not a financial advisor.
- 24:34I am certainly I would be a fiduciary in the sense that I want other people to do.
- 24:37Well, but I'm not a financial advisor.
- 24:39But, you know, these concepts of low interest debt is actually in your favor.
- 24:44If you have a low mortgage rate, that's good debt.
- 24:47Credit card debt tends to be very high.
- 24:49That is bad debt.
- 24:51Student loan debt tends to be very good because it's an investment in your future,
- 24:54but it's also very low interest.
- 24:56So if you're paying 2% on your student loans or 2.5% on your student loans,
- 25:00but a market return is giving you 13%,
- 25:03or like some accounts did last year, 18%,
- 25:06you are far better off paying yourself first.
- 25:10And that's certainly a good piece of advice.
- 25:12Pay yourself first before you start paying off anything else.
- 25:15Unless it's bad that so again, I don't know how much of that
- 25:19specifics you want to get into because I'm not a financial advisor.
- 25:22But, you know, you should have a financial advisor
- 25:25who explains these things to you at a level that you're comfortable with.
- 25:29Some people have very strong financial literacy. Others don't.
- 25:31I was clueless, I mean, I grew up at poverty level.
- 25:34Yeah, my my mother, my father passed away when I was two.
- 25:37He had the life insurance.
- 25:39My mom was a widow who raised two kids in a forgein country.
- 25:41I grew up in absolute poverty, and this is all stuff
- 25:45I learned along the way through listening, reading and speaking to people.
- 25:49And so anybody, any of our trainees who's out there was like, look,
- 25:52I've got a family. I'm struggling.
- 25:53I don't understand anything about money.
- 25:55Don't worry.
- 25:55A whole group of people out there who can help you,
- 25:58we can point you to resources to help you understand those things too.
- 26:02I love that.
- 26:03Let's end up with maybe a final pearl if you have one.
- 26:06So let me let me, try to summarize because it's important for our,
- 26:10our future, partners and colleagues.
- 26:13So you define success for yourself.
- 26:15You know what makes you happy?
- 26:17Surround yourself with the team of experts from attorneys finance.
- 26:22There are people out here who commit their life to that.
- 26:25Make sure they do that.
- 26:27What is what is the final piece or pearl that you give, to your trainees
- 26:31or those seeking advice for that first job?
- 26:34So it's interesting the way you phrased the question.
- 26:36So when it comes to the first job,
- 26:38what I would always remind trainees is bet on yourself, right?
- 26:42One of the one of the great subtleties in otolaryngology,
- 26:47they're, what, 109 training programs or I forget, with the addition of D.O.
- 26:52programs, it's probably a few more 120- something.
- 26:54But that roughly 100 plus, residency training programs in otolaryngology.
- 27:00There is not a bad one among those.
- 27:02And I tell my students this all the time, there is no bad training program.
- 27:07Wherever you mash, you are going to be exceptionally well trained.
- 27:09I agree.
- 27:10Yeah, I mean, we don't have a weak link
- 27:12in that entire ACGME list of otolaryngology programs.
- 27:16So exhale.
- 27:18Believe in yourself. Bet on your own skills.
- 27:22Do that when you're looking for a job.
- 27:23Believe in yourself.
- 27:25And if you do that, it will pay off.
- 27:29The non
- 27:31job related advice I give to people who are going out
- 27:35is that in the long run, you will not be remembered for the surgeries you did.
- 27:41I hate to say it, but yes, a few individual patients will remember you. It.
- 27:45But that's not where your legacy will lie.
- 27:48Your legacy will lie in the people you engaged with every day.
- 27:52And that's family members, that staff members, that is your family,
- 27:55your partners, your family, your children, whatever.
- 28:00The way that you will be remembered in the long
- 28:03run is the legacy that you left with all of those folks.
- 28:07And certainly as I've gotten older and I don't know
- 28:09if you take your midlife crisis yet,
- 28:10but I just kind of keep wondering when my clock is going to expire.
- 28:14I just I hope that people will come to my funeral and say he invested in me.
- 28:20He believed in me, and he helped me believe in myself.
- 28:22That to me will be the best legacy I can leave.
- 28:25I appreciate that, I appreciate that I'm going to summarize
- 28:29then I'm going to ask you for a couple of mistakes, maybe that
- 28:33you've made, to be introspective because people only see your success.
- 28:38And we'll keep them job related.
- 28:42You know, just or you've seen your peers make you don't
- 28:45you don't have to be that introspective, but some, powerful mistakes.
- 28:49So just to summarize this list,
- 28:51what do you all need to think about as you get out there?
- 28:55You define your success. You know what makes you happy?
- 28:57Surround yourself with experts, bet on yourself, and,
- 29:01remember that it's not the surgeries that define you, the relationships.
- 29:04And it reminds me of Doctor Netterville's “Call Me”
- 29:07lecture at the opening ceremony, which I'm sure you saw, right?
- 29:11Unbelievable.
- 29:12You got to go back and watch that folks.
- 29:14I have that on my phone.
- 29:15I listen to it every three to 4 or 5, six months.
- 29:18You know, you think about what is patient it great story.
- 29:21Then. Yeah.
- 29:22Yeah, it was great.
- 29:231 or 2 mistakes obviously.
- 29:25You probably learned.
- 29:27That's why you came up with this list of five.
- 29:29You've learned from your mistakes.
- 29:30But somewhere you're like, oh man, I wish I had that again.
- 29:34Yeah, great.
- 29:35Great question.
- 29:36And like I said, I, I'm writing a book called Mistakes I've Made.
- 29:38And I feel like I just keep adding more chapters.
- 29:42First thing is the world is not a blank canvas, right?
- 29:45Biggest mistake I think I've made in my career was walking into a situation
- 29:49where I just felt like, oh,
- 29:50this was a blank canvas on the which onto which I could paint my masterpiece.
- 29:54No, that was foolish.
- 29:56What you need to do is when you walk
- 29:59into a new situation, is listen more than you speak.
- 30:03Learn the players, learn the relationships,
- 30:07learn the structure, learn the culture, study all those things
- 30:11before you start trying to implement or effect change.
- 30:16If you just walk in guns blazing and say, I'm going to make this place what I think
- 30:19it should be, you're going to end up hurting yourself in the long run.
- 30:23No, that was a big mistake.
- 30:24I made it what I should have understood and listened more.
- 30:28Certainly.
- 30:29You know, for those of you
- 30:30who were entertaining new roles or entertaining new positions,
- 30:33lots of great material to read before you go out there.
- 30:37You know, I love reading business books.
- 30:40That's kind of my thing.
- 30:41I got my Masters of Management
- 30:42because I really love that sort of thing about organizational culture.
- 30:46Read a book called The First 90 days.
- 30:48It's very, very helpful in understanding what to do and more importantly,
- 30:52what not to do in your first three months.
- 30:54Because I made the mistake in walking, in thinking
- 30:56I could just make things the way I wanted to.
- 30:58This was going to be my Mona Lisa.
- 31:00No, that was foolish on my behalf. So,
- 31:06listen more,
- 31:08speak less, understand more before you attempt to make changes,
- 31:13before you attempt to make your mark on an organization.
- 31:16That was among the biggest mistakes that I’ve made.
- 31:20I love that, I love that I'll make a comment
- 31:23and then I'll give you the last word.
- 31:24And then we'll wrap it up.
- 31:26Do you have your trainees or fellows or those entering practices?
- 31:31Do you suggest they read the first 90 days?
- 31:33I love that book.
- 31:34Every time I take a new role, actually, a new role, I read it.
- 31:37Not a new job, even a new role.
- 31:39Do you pat that on to positions as well,
- 31:41or do you keep that on those that have an affinity towards business?
- 31:45Well, I think it's useful advice no matter what.
- 31:47If you're entering a group
- 31:48of four physicians in a private practice that's privately owned,
- 31:52reading that book will help you understand how to integrate into that new practice.
- 31:56As the junior recruit, as the junior physician, how to integrate
- 32:00into that practice, how to integrate with the staff
- 32:03and with your new hospitals, wherever you'll be working.
- 32:05I think that that particular book, holds quite a bit of value,
- 32:09for anybody entering a new position anywhere, in any circumstance.
- 32:13Just some some generalized life advice.
- 32:15I think I have a copy of my bookshelf over here.
- 32:17So I find.
- 32:18Can you give it to the author of that and maybe you could find it?
- 32:21Could you?
- 32:22Do you see the author?
- 32:22Let's do this on Amazon real quick because yeah, let's let's try to make sure
- 32:26there's a bunch of “First 90 Days.” Michael Watkins is the author.
- 32:31And now let me see.
- 32:33Do you want I can put the link I don't know.
- 32:35Yeah yeah that's it. Nope. That's it.
- 32:37That's the one I use: “The First 90 Days.” So
- 32:40yeah that's the one I use.
- 32:42Perfect.
- 32:43Thank you.
- 32:43Doctor Roy, any final, comments or remarks?
- 32:46Let's keep it focused to, job search, job seeking.
- 32:50I know you have
- 32:51a general kind of comments, but what would you end the podcast with?
- 32:55We'll give you the final word. And thank you very much for joining us.
- 32:57And you're going to come back again. I know it for sure.
- 33:00Oh, I appreciate that very much.
- 33:01Well, obviously, I wrap up by saying thank you for having me.
- 33:04I'm I'm humbled and flattered and I'm like, what am I doing here?
- 33:07I'm a nobody.
- 33:08You know?
- 33:08I'm I'm just so honored to to be here
- 33:12and flattered that people would ask for, you know what?
- 33:15When you're looking for a new job
- 33:17or when you're looking for your first position, don't go at it alone, okay?
- 33:22Enlist the help of every what you do get.
- 33:25That starts with your core.
- 33:27And that means your family, your friends, whatever
- 33:30your nucleus is, make sure that they are engaged
- 33:34every step of the way and then ask for advice.
- 33:38Ask advice from your trusted friends, your trusted colleagues,
- 33:41your trusted mentors,
- 33:42your chairs, your program directors, your people who have been there before.
- 33:46Get the advice.
- 33:47The more people you talk to.
- 33:49Yes, some of that advice would be conflicting, but the better off
- 33:52you're going to have a sense that, okay, I'm doing things the right way here.
- 33:55So really just ask, ask questions.
- 33:58What should I be thinking about? What am I missing?
- 34:01What do you think about this?
- 34:02What are the pitfalls I should look out for?
- 34:04The more people you asked, the better suited you're going to be, I believe.
- 34:08Wonderful Dr.
- 34:09Roy, thank you so much.
- 34:11Children's Colorado. It's been our honor.
- 34:13Thank you very much. It's really been my honor, Dr. Shah.
- 34:16Thank you so much.
- 34:18We hope today's episode sparked some fresh ideas.
- 34:21If it resonated with you, please subscribe and share it with friends.
- 34:24Have thoughts or suggestions?
- 34:26Use the feedback form in the show notes.
- 34:28We'd love to hear from you.
- 34:29And don't forget to follow us
- 34:30on social media for highlights, behind the scenes content and updates.
- 34:34Thanks for listening. See you next time.