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A Frightening Progressive Policy Institute [PPI] Report – Redeux
By Dr. David Edward Marcinko; MBA, CMP™
[Publisher-in-Chief]
It is no surprise to ME-P readers, that I am a big fan of Dr. Regina E. Herzlinger, the Nancy R. McPherson professor of business administration and chair at Harvard Business School. I quote her often, in our books, despite her recent MA fiascos chronicled here. I am also a competitive medical analyst, IT devotee and health economist, who was a CFP® designee for more than a decade; before my fiduciary reformation. In her books, Creating New Healthcare Ventures and Market Term in Healthcare, Regi rightly states that many medical professionals are becoming depressed at the current state of affairs in healthcare, and want to give up their careers, entirely. We all know that many doctors, like me, no longer wish their kids to follow our professional footstep [Busia; please don’t roll-over in your grave – I know what I am doing – RIP].
But, is the same emerging trend true for FAs?
Medical Career Changers
For example, Gigi Hirsch, MD, a former ER physician and instructor at Harvard Medical School grew so disenchanted with clinical medicine, that she ditched her career and started her own business, MD IntelliNet, in Brookline, Mass. The company places doctors in non-traditional jobs by pairing them with venture capitalists and other businesses seeking physicians. Of course, this re-engineering and formal re-education has been the experience of my personal career journey, as well.
“Don’t Give up Practice, Yet”
And, Herzlinger implores in her book, Market Driven Healthcare, “don’t give up practice, yet.”
Patients Concerned Too
On the other hand, patients and healthcare consumers are also worrying about the looming so-called governmental free-for-all regarding healthcare delivery, mandated benefits and taxes, federally mandated electronic medical records, and data collection reportage and security; etc. Can you say “Big Brother” or “Command and Controll?”
Assessment
So, now may be the time to review Regi’s op-ed piece and policy report, penned for the PPI back, in 1999. It concerns patient and consumer healthcare protections. And, in this time of an Obama administration push for national healthcare – perhaps a prescient word to the wise might be sufficient.
Link: herzlinger
Conclusion
Your thoughts and comments on this Medical Executive-Post are appreciated? Should there be a healthcare SEC surrogate, much link the financial SEC? Or, would another governmental agency be as incompetent as Wall Street’s SEC and FINRA? Do we want FA wonks directing our healthcare needs? As an SEC controlled broker-dealer, and/or FA drone, should you even pursue same in your financial planning practice? What about the independent’s, CFPs and RIA’s? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to this ME-P. It is fast, free and secure.
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Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Alerts Sign-Up, Book Reviews, Breaking News, Career Development, Ethics, Financial Planning, Managed Care, Op-Editorials, Practice Management, Quality Initiatives, Research & Development | Tagged: CFP, CMP, Creating New Healthcare Ventures, david marcinko, fiduciary financial advisors, financial advisors, FINRA, Gigi Hirsch, health economists, MA, Market Term in Healthcare, MD Intellinet, Medicare Advantage, ntional healthcare, obama, progressive policy institute, regina herzlinger harvard business school, SEC, socialized medicine |
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If the SEC, or similar federal agency, becomes the watchdog for healthcare; look-out!
A Patient
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Dr. Marcinko,
Glass-Steagall was enacted after the Great Depression so that its’ abuses would never happen again. It was repealed by Bill Clinton, in 1999.
Look what happened to Wall Street today? Now, guess what will happen if a similar Federal Healthcare Czar watches over our medical care?
Frank Makowski
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Dr. Marcinko,
I just read on Financial Advisor magazine online, that Evan Simonoff said:
“The Madoff case left the SEC humiliated, even after it suffered the most humiliating year in its history. Presented with the biggest Ponzi scheme in modern times, gift-wrapped on a silver platter, SEC regulators dismissed it out of hand.”
So I say, lay off my print and e-health records, SEC.
George
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Now I’ve Seen Everything
“Just What the Securities Exchange Commission Needs”
According to Elizabeth Stroll, of msn, after suffering from a firestorm of criticism for missing the Bernie Madoff Ponzi scheme, the SEC is now being investigated for insider trading — within the organization itself.
Federal prosecutors are looking into whether two SEC attorneys violated insider trading laws, according to a report from Inspector General David Kotz. The report found multiple suspicious cases in which the lawyers traded the stocks of companies while those companies were under investigation. SEC employees are prohibited from buying shares of any company they know is under investigation, and employees have to hold any shares they do buy for at least six months.
Link: http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-051809.aspx?icid=dispatch_090518
Does anyone know more about this?
PS: SEC, stay away fron my eMERs, too
Thanks.
Jason
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I just learned that Citi will withhold payments from managers who are due them as the federal government becomes an accessory to this behavior and partner in walking away from contractual obligations. If the government will aid and abet dissolution of moral codes within the financial industry, hasn’t it opened the door to making legal obligations convenient instead of binding; as they should?
Think: SEC, FINRA, etc
And recently, Harvard Business School [HBS] students started signing ethics pledges committing them to act ethically as they enter the business world.
Gosh! My eight grade daughter signs an ethics pledge on each test and every examination she takes at a school which has been requiring so for decades.
Charles
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