EntreMD Business School Β· Annual Survey Report
The State of
Physician
Entrepreneur
Entrepreneur
ship 2025
Insights from 46 physician entrepreneurs β from pre-revenue startups to practices approaching $10M β on revenue transformation, time freedom, and what it truly means to build a life by design.
46
Physicians Surveyed (57% of active members)
9.6
Avg. NPS Score / 10
9.2
Avg. Impact Score / 10
61%
Grew Into a Higher Revenue Category
Table of Contents
01A Letter from Dr. Una
β02Who We Are
β03Revenue Transformation & Aggregate Impact
β04Return on Investment
β05Cohort Analysis: Compounding Over Time
β06EBS Track Outcomes: Grow vs. Scale
β07Business Type Transformation
β08Accomplishments at a Glance
β09Time Freedom
β10Life Satisfaction & National Benchmark
β11Program Impact & NPS
β12Why Members Stay
β13Voices from the Community
β14Looking Ahead
β15Methodology & Limitations
β01
A Letter from Dr. Una
Every year, I am humbled and inspired by what our physician entrepreneurs accomplish. What you are reading is not just a report β it is a testament to what becomes possible when physicians stop waiting for permission and start building.
The 2025 State of Physician Entrepreneurship report captures the stories and data from 46 members of the EntreMD Business School (EBS) who responded to our annual survey β physicians at every stage, from those just launching their first business to practices approaching $10M in revenue. These are physicians who came in as intrapreneurs, burned-out employees, and pre-revenue dreamers β and are leaving each year as confident CEOs, 7-figure practice owners, and leaders of their own lives.
The numbers are remarkable. The stories are even more so. But what moves me most is the one theme that appears in nearly every single response: community. Not strategy. Not tactics. Community. The realization that you do not have to figure this out alone is, for many of our members, the most transformative thing we offer.
This is what physician entrepreneurship looks like in 2025. Read it. Share it. And if you are a physician who still hasn't taken the leap β let these numbers speak to you.
Dr. Una Okonkwo
Founder, EntreMD Business School
02
Who We Are
46 survey respondents from 83 active members (57% response rate), spanning enrollment years 2020 through 2025.
EBS Track
EBS Grow40 (87%)
EBS Scale6 (13%)
Enrollment Year
20206 members
20219 members
20226 members
20236 members
20247 members
202512 members
Business Type on Entry
Private practice (insurance)32%
Intrapreneur (employed)28%
DPC / Direct care19%
Coaching / Consulting9%
Speaking / Events9%
Product-based4%
03
Revenue Transformation
This community spans every stage of the physician entrepreneur journey β from practices just getting started to those approaching $10M. The combined revenue picture reflects that full range.
Aggregate Revenue Β· 46 Members
Combined revenue before and after EBS enrollment β from pre-revenue startups to established multi-million dollar practices
Before EBS
$12.8M
β
End of 2025
$37.6M
=
Total Growth
+$24.8M | +194%
This community is a true cross-section of physician entrepreneurship β 22 members started from $0 in pre-revenue, while others entered with established practices and continued to scale. The aggregate reflects that full range, from first-year startups to practices approaching $10M. Revenue figures use midpoint estimates from self-reported ranges. Average 2025 revenue per member: $818K.
Revenue Milestones Crossed in 2025
8
Members now at
7-figure revenue ($1M+)
7-figure revenue ($1M+)
61%
Grew into a higher
revenue category in 2025
revenue category in 2025
5
Members at
$2Mβ$10M revenue
$2Mβ$10M revenue
2025 Revenue Distribution Β· 46 Respondents
| Revenue Range | Members | Distribution | % |
|---|---|---|---|
| Pre-revenue | 7 | 15% | |
| Less than $100K | 5 | 11% | |
| $100K β $249K | 5 | 11% | |
| $250K β $499K | 14 | 30% | |
| $500K β $999K | 7 | 15% | |
| $1M β $2M | 3 | 7% | |
| $2M β $5M | 4 | 9% | |
| $5M β $10M | 1 | 2% |
Based on 46 survey respondents. Revenue figures use midpoint estimates from self-reported ranges.
Before EBS β Starting Distribution
22 of 46 members (48%) started from pre-revenue β a testament to how many physicians enter EBS at the very beginning of their entrepreneurial journey and build from scratch.
Pre-revenue: 48%
Less than $100K: 11%
$100Kβ$249K: 13%
$250Kβ$499K: 22%
$500Kβ$999K: 2%
$2Mβ$5M: 4%
04
Return on Investment
What does a $30,000 annual investment in EBS actually return?
The EBS Investment Case
Annual program cost: $30,000
$818K
Average member revenue in 2025 (midpoint estimates)
~26Γ
Average 2025 revenue relative to program cost
6Γ
Investment returned in first 6 months β Dr. Stacey Ishman, enrolled 2025
Note: Revenue figures are associations, not proven outcomes of the program. Growth reflects personal effort, market conditions, business type, and the characteristics of physicians who invest in their education. Starting points vary enormously β a member beginning at pre-revenue has a very different trajectory than one starting at $2M+. Individual results will vary significantly.
05
Cohort Analysis
The compounding effect of tenure β earlier cohorts show dramatically higher revenue, satisfaction, and life scores.
| Enrollment Year | Members | Avg. Revenue 2025 | Avg. NPS | Avg. Impact | Avg. Life Score |
|---|---|---|---|---|---|
2020 5 years in program |
6 | $1,016,000 | 10.0 | 10.0 | 7.5 |
2021 4 years in program |
9 | $1,950,000 | 9.8 | 9.7 | 7.0 |
2022 3 years in program |
6 | $1,029,000 | 9.2 | 9.0 | 6.7 |
2023 2 years in program |
6 | $500,000 | 9.8 | 9.5 | 7.0 |
2024 1 year in program |
7 | $317,000 | 9.7 | 9.0 | 5.4 |
2025 Newest cohort |
12 | $214,000 | 9.3 | 8.6 | 6.2 |
Key insight: Members who joined in 2020β2021 now average $1Mβ$1.95M in revenue with near-perfect NPS and life satisfaction scores of 7.0β7.5. The 2025 cohort starts at $198K average β entirely consistent with where earlier cohorts began. The compounding effect is not aspirational language; it is visible in the data year over year. Notably, the 2021 cohort's $1.95M average reflects several members who entered at $2M+ and continued scaling, illustrating that EBS serves physicians at every stage.
06
EBS Track Outcomes
Two tracks, two stages β both delivering meaningful results relative to starting points.
EBS Grow
40 members Β· Building & growing a business
$603K
Average 2025 Revenue
Members range from pre-revenue to established practices across all enrollment years. The 2025 cohort brings the average down β by design, as EBS Grow serves physicians at every stage of the journey.
EBS Scale
6 members Β· Scaling an established business
$2.25M
Average 2025 Revenue
EBS Scale members have established businesses and are pursuing exponential growth. Their outcomes illustrate the ceiling available to EBS Grow members as they mature through the program.
07
Business Type Transformation
How members' business models shifted from entry to today β a clear story of movement toward independence.
On Entry to EBS
Private practice (insurance)15
Intrapreneur (employed)13
DPC / Direct care9
Coaching / Consulting4
Speaking / Events4
Product-based2
β
Current Business Type
Private practice (insurance)19
DPC / Direct care18
Intrapreneur (employed)7
Coaching / Consulting6
Speaking / Events4
Product-based2
Most common transformation: Intrapreneur β DPC / Direct Care. Employed physicians dropped from 13 to 7 (nearly halved), while DPC practices doubled from 9 to 18. Many members operate multiple business types simultaneously β the totals above reflect all current models, not mutually exclusive categories.
08
Accomplishments at a Glance
What members achieved during their time in EBS β both tangible and deeply personal.
88%
79%
71%
71%
54%
54%
52%
48%
44%
40%
35%
23%
21%
10%
09
Time Freedom
Physician culture redefined β EBS members are taking real, extended time off while growing their businesses.
4%
None taken
11%
1β2 weeks
28%
2β4 weeks
32%
4β6 weeks
13%
2 months
4%
3 months
9%
More than 3 months
85%
of members took 2 weeks or more off in 2025. Nearly half took 4 weeks or more. Members at higher revenue tiers consistently took more time off β building systems and teams creates freedom, not just growth.
10
Life Satisfaction
Where members stand on the Cantril Ladder β and how that compares to the U.S. average.
6.6
/ 10
EBS Member Average
(Cantril Ladder)
(Cantril Ladder)
Global & National Benchmark
EBS Members (2025)
6.6
United States (WHR 2024)
7.0
Finland (World #1)
7.7
Source: World Happiness Report 2024. U.S. ranked #23 globally.
Distribution of Life Satisfaction Scores
6%
Score 3β4
40%
Score 5β6
40%
Score 7β8
13%
Score 9β10
What do members with the highest life satisfaction scores have in common? They consistently cite not just revenue milestones, but time with family, stronger boundaries, and improved mental health. The data tells a clear story: financial growth alone does not move the life satisfaction needle β but financial growth alongside time freedom and personal boundaries does. Members scoring 5β6 often reflect high personal standards and the real pressure of building something new, not dissatisfaction with EBS. Notably, the 2024 cohort averages 5.4 β the first year of intense business-building carries a real personal cost that the data shows resolves as tenure and systems mature.
11
Program Impact & NPS
How members rate EBS contribution and likelihood to recommend.
9.2
Avg. Impact Score / 10
65% gave a perfect 10/10 on impact
9.6
Avg. NPS Score / 10
91% would recommend at 9 or 10
An average NPS of 9.6 out of 10 places EBS in a category reserved for the world's most beloved brands and programs. For context, a traditional NPS score above 70 (on the 0β100 scale) is considered world-class β EBS's implied NPS far exceeds that threshold. These scores reflect current members who completed the survey; former members who left the program are not represented.
12
Why Members Stay
The compounding returns of long-term enrollment β in members' own words.
01
Community & Accountability
The most cited reason, by a wide margin. Members describe the community as irreplaceable β a group of high-achieving, generous physicians who push each other forward. For many, it is the first time they have found their people.
02
Dr. Una Keeps Evolving
Multiple members noted that the program itself continues to grow and improve, meaning there is always something new to learn or revisit. The curriculum meets members at every stage of the journey.
03
Network Compounds Over Time
The relationships built in EBS deepen year over year, creating business opportunities, referral networks, and lifelong friendships. Members at $2Mβ$5M+ revenue say they are never done learning.
04
There Is Always More Growth
Even the most financially successful members find new layers of challenge, possibility, and identity at every stage. The program doesn't just teach business β it expands what members believe is possible for themselves.
13
Voices from the Community
Before EBS... Now I am. In members' own words.
"
Before EBS, I was an intrapreneur with pre-revenue. Now I am leading a multiple 7-figure company with multiple physicians on staff. I didn't know who I could become or what I was capable of doing.
"
Before EBS, I had never made a million dollars β I would have never thought that was possible for ME. I now have confidence I can do anything.
"
Before EBS, I was building a 1:1 coaching firm with no clear exit. Now I am building a company that will change the lives of academic physicians β with a CME arm, physician coaches, and a business I can sell in 4β5 years.
"
Before EBS, I was scattered with limiting beliefs that kept coming back. After EBS, I learned a framework that helps me focus and achieve things β and believe in myself consistently.
"
Before EBS, I was running on a treadmill about to fall over. After EBS, I can still feel the speed β but now I can slow down or speed up.
"
Before EBS, I felt alone. I did not know many physician entrepreneurs. Now I have found my people. And I am intentional about the business of my practice.
14
Looking Ahead
What the data tells us about 2026 and beyond.
The compounding effect is accelerating
Members who joined in 2020β2021 now average $1Mβ$1.95M in revenue. As the 2022β2024 cohorts mature, the overall revenue distribution will shift significantly upward. 2026 is on track to see more members crossing the 7-figure threshold than any prior year.
Community is the product
No single finding was more consistent than the power of community. For prospective members, this is the feature that requires the most selling because it cannot be fully understood until experienced. For EBS, it is the deepest moat.
Early-stage physicians need a tailored on-ramp
With 12 of 46 respondents enrolling in 2025 β the largest single-year cohort β and many starting from pre-revenue, additional structured support in the first 90 days could meaningfully improve both outcomes and retention for this group.
Life satisfaction and revenue are not the same
The average life satisfaction score of 6.5 β and notably the 2024 cohort's 5.4 β signals an opportunity. Members scoring highest consistently cite boundaries, health, and family time alongside revenue. Integrating wellbeing more intentionally into the curriculum could raise the whole community.
15
Methodology
Data sourced from 46 unique survey responses (57% of 83 active members; one duplicate submission removed) collected JanuaryβMarch 2026. Revenue figures are self-reported using range-based answers; midpoint estimates are used for all calculations (e.g. "$250Kβ$499K" β $374,500) and may overstate or understate actuals. Results reflect current members who completed the survey β members who left the program are not represented, which likely skews outcomes in a positive direction. Revenue growth and satisfaction scores represent associations with program participation, not proven causal outcomes. Individual results will vary significantly based on starting point, business type, tenure, and personal effort.
