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Avoiding the “Managed Care Ripple Effect”
[By Dr. David Edward Marcinko; MBA, CMP™]
The healthcare industrial complex represents a large and diverse industry, and the livelihood of other synergistic professionals who advise doctors depend on it as well. These include insurance agents who themselves wish to avoid the collateral ripple effects of the current healthcare debacle.
The Name Game
As a registered health underwriter, insurance counselor, long term care or life insurance agent, it seems that almost every insurance agent is also acquiring a general securities license, or CFP®, in addition to the CLU or ChFC after their name.
The Transition
Currently, about 240,000 life insurance agents, down from more than one million in 1965, are being pressured to move toward financial planning, as distribution of insurance products over the Internet spreads like wildfire.
Meanwhile, the same insurance and investment companies that are knocking on your door are also courting the medical professionals with their practice enhancement programs. Even if you are not interested in going into the financial planning business, you have seen the status of the American College erode of late, even as your own business has declined because of the World Wide Web and various discounted insurance companies.
More Competition
And, in the eyes of your former golden-goose doctor-clients, you may have become a charlatan with the recent mortgage, insurance and banking industry collapse of 2008. Now, it seems as though everyone is clamoring for a piece of your insurance business and cloaking it in the guise of the contemporary topic of the day; medical practice risk-management and financial planning.
If you think this is an exaggerated statement; think again? More than a decade ago, an October 1997 survey conducted by Deloitte & Touche Consulting Group of New York, found insurance agents ranked last in having the trust of a wide selection of the public! The insurance debacle today only exacerbates this opinion.
Regaining Trust
But, how do you regain this lost trust, and what about this new entity known as managed care. How do you learn about it at this stage in your career?
What ever happened to whole-life insurance; or traditional indemnity health insurance, with its deductibles, co-payments and 80/20 patient responsibility? It was so easy to sell, provided good coverage and the agent made a nice profit.
As an insurance agent, all you want to know is, can I still sell insurance and make a living? Like all struggling collateral advisors, you find yourself asking, how do I “talk the talk, and walk the walk”, in this new era of insurance, transparency and liability turmoil?
Assessment
Slowly, as you read about the Certified Medical Planner™ online educational program, you become empowered with knowledge and ideas for new insurance product derivatives that actually provide value to your physician clients www.CertifiedMedicalPlanner.com
After the proscribed course of study, you are no longer just an insurance salesman, but a trusted risk-management advisor and Certified Medical Planner™ for the healthcare industry. You have avoided the “managed care ripple effect.”
Disclaimer: Dr. Marcinko, a former insurance agent and Certified Financial Planner™, is Founder of the Certified Medial Planner™ program for all fiduciary consultants in health economics, finance and medical practice management.
Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
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Filed under: "Advisors Only", Insurance Matters, Quality Initiatives, Research & Development, Risk Management | Tagged: insurance agents |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
NAIFA and Insurance Lobbyists Dislike Fiduciary Accountability
Dr. Marcinko, so true!
Did you know that according to Dow Jones, if the insurance industry wants to keep the regulators off the backs of broker-dealers, it has an odd way of going about it: by riling the Securities and Exchange Commission [SEC].
The rebirth of a proposal to make all financial advisors put their clients’ interests first has the National Association of Insurance and Financial Advisors, or NAIFA, up in arms again.
In a renewed effort to sink the “fiduciary” idea for a second time, the interest group tried leveraging a few words from a prominent SEC official and now is accused of mischaracterizing his remarks.
http://www.fa-mag.com/fa-news/5559-insurance-lobby-still-fiduciary-standards-nemesis.html
Doctors; remember this comment the next time you consider buying any “product” from an insurance “agent.”
Adam
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Insurance Agent Commissions and ObamaCare [ACA]
Insurance agents and brokers sell health insurance policies and both make a commission – a percentage of the premium – on them. As premiums have skyrocketed with ObamaCare, it’s been a good deal for brokers and agents since they get a percentage of their sales.
Maybe not so much for small companies, patients and employees.
Dr. David Edward Marcinko MBA CMP™
http://www.CertifiedMedicalPlanner.com
[Publisher-in-Chief]
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Insurance Broker Vs. Insurance Agent
There are a number of ways to research and buy new insurance: you can use an agent, go directly to the insurance company or use a broker. If you know exactly what type of coverage you need, it is often best to deal directly with the insurance company. If, however, you are unsure of what coverage you need or have questions, an agent or broker is probably your best option. While agents and brokers do essentially the same thing, there are subtle differences.
Insurance Agents
Insurance agents have contracted with an insurance company or, in some cases, multiple insurance companies to sell insurance for them. Agents are independent contractors who are not direct employees of the company they’re representing. Agents are separate business entities. They legally represent the company, and the company, in turn, is required to provide insurance and honor contracts the agent enters into.
Agents and Agencies
Insurance agents can represent a single insurance company or numerous companies. Agents that sell for more than one insurance company are often referred to as independent agents. Insurance agents can be a single agent selling out of the home or part of a large agency that has many employees and represents a large number of insurance companies. An agency that contracts with more than one insurance company is referred to as a non-exclusive agency while one that contracts with a single company is an exclusive agent.
Insurance Brokers
A broker works in the insurance industry but is not affiliated with any insurance company. They are independent and represent their customers, both consumers and businesses. They solicit quotes from numerous insurance companies in order to find the best insurance at the best price for their clients. Once they have solicited numerous quotes, they consult with their client to make a final decision. Brokers cannot write or bind insurance policies; the insurance company will provide the policy when a coverage decision has been made.
Who Pays a Broker?
A broker is paid by the insurance company that writes the policy. Fees or commissions are added to the insurance premium. These fees must be disclosed to the client by law. The client must give his permission for the broker to collect these fees or commissions.
State Certification
Agents and brokers must both pass a Property Casualty licensing exam. They must pass this test in the state where they sell insurance. These exams vary by state, but most of the concepts and knowledge being tested is common among states. These test are comprehensive and require a thorough understanding of the insurance industry and the various insurance products offered.
J. Honi
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