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Understanding Modern Reality
By Dr. David Edward Marcinko; MBA, CMP™
[Publisher-in-Chief]
Doctors often carry notoriously heavy debt loads. Beyond the costs of a medical education are substantial costs for equipping, launching and staffing a practice. Technology changes fast these days and capital is required frequently. And, the era of eMRs, ARRA, HI-TECH and Obama-Care is upon us!
“I‘m a Banker – I’m Here to Help”
Unfortunately, retail bankers are now very conservative by nature; and the liquidity squeeze and financial meltdown of 2008-2009 makes credit even more difficult to obtain. It may be increasingly difficult to borrow money, especially since modern bankers know that a medical degree is no longer the guarantee of a steady and high income that it once was in the past. As more than one banker has often opined to me,
“We don’t usually loan money to doctors who really need it.”
Nevertheless, the more business a physician does with a bank, the better the terms that can be obtained; even thought hey may also not have a clue about what the practitioner can do to better compete in the managed care arena.
Why Big-Banks Hate Customers
http://articles.moneycentral.msn.com/Investing/JubaksJournal/why-big-banks-hate-banking.aspx
Local Community
Some bankers do have a good concept of local community politics however, for those not familiar with a practice venue. They frequently can provide references to more focused advisors, and bankers generally do not charge a fee for their advice. But, banks selling products are doing so according to their governing regulations as “prudent experts” under ERISA, and are not necessarily held to a fiduciary standard in any broader sense.
Conclusion
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Filed under: "Doctors Only", Career Development, Practice Management | Tagged: ARRA, bankers, EMRs, ERISA, fiduciary, healthcare reform, HI-TECH, medical finance, obama, Obama care, prudent expert, retail banks | 6 Comments »
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