Current Milestones in Retirement Planning For Physicians

Posted on October 22, 2009 by Dr. David Edward Marcinko MBA MEd CMP™

What if You Are Behind Your Target Goals?

By: Alexander M. Kimura; MBA, CFP®

By: Robert J. Greenberg; CFP®

By: Richard P. Moran; CFP®fp-book

The stock market has been in a terrible place for your money and retirement planning, since October 2007. Perhaps even the last decade or so for some physicians. But, if none of your assumptions have changed and you feel that you can make up the difference in the next year, you probably can use the same retirement cash flow plan. As a rule of thumb, if you’re less than 10 percent off of your goal, you may not need to do anything. This is rare in the investing climate today!

So, if you have fallen so far behind that each year’s target seems unachievable, you will probably need to make some changes. However, before you change your planning and investing, you need to see why you’re behind.

Examine Expenses

If you haven’t saved as much as you expected, take a look at your expenses [personal and office] and see where you can cut down. Remember, you need to pay yourself first before you spend on luxuries. Contribute as much as possible to your qualified retirement plan at work, too.

Examine Returns

Next, you need to look at your investment returns. Since the stock market has been in one of its inevitable “corrections” for several years, this can significantly impact your balances. Remember, your return assumptions are based on averages that should include the bad and good years. If you’re close to retirement and have a large shortfall, then you may need to increase the risk in your investment portfolio in order to meet your goals. If the market falls more, or stays down for some time, increasing risk by buying more stocks forces you to “buy low” which should pay off over time.

Assessment

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As a doctor, you can always delay retirement and work a few more years. Fortunately, medicine is one profession where experience earns an economic premium.

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. How will you make up any retirement shortfall? 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 the ME-P. It is fast, free and secure.

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

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About the HelloHealth.com Primary Care Business Platform

Posted on October 22, 2009 by Dr. David Edward Marcinko MBA MEd CMP™

Connecting Doctors and Patients

By Staff Reportersbody

Hello Health is a platform for improving the way primary care practices do business. The platform includes a significant level of support such as online access to the Hello Health practitioner community, offline and online training and continuing education.

What it is – How it works

With Hello Health, doctors can set up their own Hello Health “storefront,” and use their online web-based platform to see local patients in the office and online, communicate, document, and receive payments from them [www.HelloHealth.com].

According to its’ website, Hello Health helps primary care doctors to:

  • Sell professional services. Simply apply for a practice.
  • Be Web-Based and Mobile. Like the rest of the world— anytime, anywhere.
  • Keep track of a medical practice. Manage visits and appointments.
  • Communicate in the 21st Century. Email, IM, and video chat with patients.
  • Document quickly and easily. Record in-person and online interactions.
  • Connect with medical colleagues. Communicate, share wisdom, and collaborate.
  • Get paid hassle-free. Patients pay doctors with their credit card on file.

Founder by noted physician blogger Jay Parkinson MD, MPH, the Hello Health platform was built from the ground up to help doctors do what they do best— form relationships and practice real medicine [http://blog.jayparkinsonmd.com]. Jay says,

“It’s practicing medicine using today’s technology and today’s communication – and getting paid for communicating with your patients whether it’s in your office or using email, IM, or video chats within hellohealth.com.”

A companion educational service is run by L. Gordon Moore, MD of Hello Health University.

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Here is a slideshow from the Feast Conference and EfficientMD.com

http://efficientmd.blogspot.com/2009/10/dr-jay-parkinsons-slides-from-feast.html

Assessment

There is also a platform for patients to help them connect with Hello Health physicians online or on-ground.

Conclusion

And so, thoughts and comments from Hello Health doctors and patients are appreciated. Give em’ a click and tell us what you think [www.HelloHealth.com]?

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com 

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Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Filed under: Career Development, Information Technology, Managed Care, Practice Management, Research & Development, Videos | Tagged: , , , , , | 2 Comments »