Doctor – Are You on Your Way to $5.5 Million?

Posted on June 8, 2009 by Dr. David Edward Marcinko MBA

Update 2015

[By Staff Reporters]

[Initially Published on September 16, 2008]

As a physician, how much do you need in your retirement kitty to finance your golden years?

It was a vexing question when this article was first written by Physician’s Money Digest’s Editor-in-Chief, Gregory J. Kelly, and is an even more vexing dilemma in 2009. It is also one that most physicians tend to ignore; hence the reprint.

Assessment

And so, for those doctors curious about whether they’ll be living on Easy Street, or Skid Row, when they hang up their stethoscope, it helps to do some basic math and to review this link:

Read: http://www.hcplive.com/print.php?url=http://www.hcplive.com/publications/pmd/2005/95/4030

Channel Surfing the ME-P

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More:

  1. More on the Doctor Salary Conundrum
  2. Doctor Salary v. Others [Present Value of Career Wealth]
  3. Are Doctors Members of the Middle Class?
  4. Taxing the [not so] Rich [doctors]
  5. Doctor – Are You on Your Way to $5.5 Million?

Conclusion

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Financial Planning MDs 2015

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

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Dictionary of Health Economics and Finance

Posted on June 8, 2009 by Dr. David Edward Marcinko MBA

ADVERTISEMENT

Whither the Dictionary of Health Economics and Finance?

DHEF

A simple query that demands a cogent answer!

Medical professionals are struggling to maintain adequate income levels. While some specialties are flourishing, others like primary care barely moved forward, not even incrementally keeping up with inflation. In the words of Atul Gawande, MD, a former surgical resident at Brigham and Women’s Hospital in Boston, and one of the best young medical writers in America,

“Doctors quickly learn that how much they make has little to do with how good they are. It largely depends on how they handle the business side of their practice”.

Therefore, the ability to decipher the alphabet soup of medical economics (i.e., OPHCOO, ALOS, DRG, RBRVS, behavioral health, acuity, etc), and understand those financial terms coming from clinical medicine (i.e., call premium, cost benefit ratios, IGARCH, AACPD, IBNR ABCM, internal rate of return, accounts receivable days outstanding, etc.) is vital for survival. Until we have a common language however, medical professionals cannot possess a shared vision, nor can we communicate successfully to create healthcare entities that provide quality care to patients and reasonable profits to medical practitioners.

We appreciate the support of our sponsors. So, click-on on the links below to review all dictionary products.

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