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Rating Financial Advisors and Doctors Like Toasters

26 Responses

1. Hope Rachel Hetico RN MHA, on June 13, 2012 at 12:24 AM said:

   Being on the other end of finding a good doctor

   An essay on physicians – by a physician.

   http://www.kevinmd.com/blog/2012/06/finding-good-doctor.html

   Hope Rachel Hetico RN MHA
   [Managing Editor]

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2. Larry Light, on June 13, 2012 at 8:21 PM said:

   More on AdviceIQ

   Many Americans misunderstand the financial advisor industry – including those who currently work with an advisor. Educating consumers about this business starts with access to actionable and reliable advisor and personal finance information. AdviceIQ provides the best information to help consumers with investment decisions.

   As a former finance editor at the Wall Street Journal, I was always struck by how many brilliant minds are at work in this industry. Not only does AdviceIQ offer profiles of advisors with pristine regulatory histories, we also harness their intellectual horsepower by publishing insightful articles about investing and wealth management every day.

   AdviceIQ does not rate advisors. Rather, we rank them based on the various metrics that are often important to clients. It’s an important distinction.

   For example, an investor who happens to be a doctor with $2 million of investable assets will see advisors ranked by the number of doctor clients they have – in their town. Importantly, our due diligence prevents any advisor appearing without a pristine regulatory history across all four primary regulators.

   Larry Light
   AdviceIQ
   [Editor-In-Chief]
   Direct: 646.867.6462 | Cell: 917.454.8340
   AIQ, Inc. | 119 West 23rd St., Suite 700 | New York, N.Y. 10011
   http://www.adviceiq.com | llight@adviceiq.com

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3. Dr. David Edward Marcinko MBA CMP™, on June 15, 2012 at 11:45 AM said:

   Advisor Due Diligence

   Larry, agreed and at a minimum, check out these sources before you hire a financial advisor:

   • FINRA (Financial Industry Regulatory Authority)
   • SEC (Securities and Exchange Commission)
   • State Investment Advisor Representative Regulatory Office
   • State Insurance Commissioner
   • Under graduate / graduate degree

   And, always use a fee-only [FO] – not fee-based [FB] – registered investment advisor [RIA] – not registered representative [RR] – who will act as your fiduciary at all times, and get it in writing.

   Doctors should also consider the added expertise of a Certified Medical Planner™, as well.

   Fraternally

   Dr. David Edward Marcinko MBA CMP™
   Founder and CEO
   http://www.CertifiedMedicalPlanner.org

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4. David K. Luke MIM, on June 20, 2012 at 9:13 PM said:

   CRs

   Maybe Consumer Reports will be a step up from what currently exists in the world of Doctor Rating Websites. Anonymous ratings on websites by patients about their Doctors are unreliable at best. Most patients (me included) cannot accurately determine if their Doctor is a good clinician. Many reviews online often do not address the Doctor’s capabilities but rather other aspects about the practice, staff, and marginal issues. Many reviews are not statistically relevant (two reviews?) or lack information in cases surrounding a complaint. Even a rating on the likability of a physician is often warped. Docs are allowed to have bad days like the rest of us, aren’t they? Should a physician that has treated hundreds of patients a month for years be judged by two or three patient reviews?

   One bad or mediocre rating on HealthGrades, RateMDs, Yelp or Angies List can be expensive to a practice. Based on a recent New York Times article.

   (http://www.nytimes.com/2012/03/10/your-money/why-the-web-lacks-authoritative-reviews-of-doctors.html?pagewanted=all )

   Doctors have had success suing posters and websites. Also, having a new patient sign a statement that they will not make comments on a website about you or your practice (negatively referred to as a “gag order” by website raters) will get your name instantly on RateMD’s “Wall of Shame”. Conversely, I think that a website that purports to rate the life work of a dedicated physician with a handful of random unverified reviews is shameful. I am for transparent and open disclosure, but considering the bad science employed by most of these websites, I cannot fault a physician that is protective of his or her reputation.

   That is smart, not shameful.

   David K. Luke, MIM
   Physician Financial Advisor
   CMP™ candidate
   http://www.CertifiedMedicalPlanner.org

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5. Dr. David Edward Marcinko MBA CMP™, on June 22, 2012 at 5:26 PM said:

   Update

   http://www.InvestorWatchdog.com is a free educational and interactive service where advisors can communicate with potential clients as well as track and compare their personal performances to other advisors.

   The site features more than 40 online tools for tracking, comparing and communicating with advisors and clients.

   Dr. David Edward Marcinko MBA CMP™
   http://www.CertifiedMedicalPlanner.org

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6. Hope Rachel Hetico RN MHA, on November 19, 2012 at 11:25 AM said:

   Most Online Physician Reviews are Positive

   Though doctors are perceived as being uncomfortable with the idea of online ratings, a study published earlier this year by the Journal of Medical Internet Research found that most physician reviews are positive.

   Researchers looked at 386,000 reviews posted between 2005 and 2010 on RateMDs.com and found one in six doctors had at least one review, and doctors had an average score of 3.9 on a 1-to-5 scale on helpfulness and knowledge ratings.

   Kenneth Hertz, a principal with the MGMA Health Care Consulting Group, says physicians need to accept new realities with social media. Hertz advises practices that, if a patient puts out a negative tweet about sitting in the waiting room for three hours, “Tweet right back: ‘Sorry you had such a bad experience. I’d like to talk with you.’ The worst you can do is become defensive,” Hertz says. “The best thing you can do is attempt service recovery and invite further discussion—but have that discussion offline and person to person.”

   Source: Andis Robeznieks, Modern Healthcare

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7. Ann Miller RN MHA, on January 17, 2013 at 11:44 AM said:

   Docs Skeptical of Online Ratings
   [ACPE Survey]

   According to a survey of physician executives, doctors are still highly skeptical of online ratings from patients and don’t think many patients consult them—but most acknowledge that they have checked out their own profiles. The American College of Physician Executives sent the survey to more than 5,600 of its almost 11,000 members, with about 730 responding in October and November last year.

   Only 21% believed that more than half of U.S. patients consulted an online-rating site, with 55% believing only one-quarter of patients or fewer had done so. That said, 69% of survey respondents acknowledged seeing what had been said about them online. Of those, the most-viewed site was Healthgrades.com, which had been visited by 89% of respondents; Vitals.com was a distant second and was visited by 33% of the respondents. These were followed by AngiesList.com, visited by 19%; Yelp.com, 13%; DoctorScorecard.com, and RateMDs.com, which were both visited by 9% of respondents.

   Source: Andis Robeznieks, Modern Physician [1/16/13]

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8. Sherriff, on April 30, 2013 at 7:10 PM said:

   Google Now Makes Anonymous Negative Reviews More Visible

   Google made local business pages (and the reviews contained within) a lot more visible this week, with the launch of Google Now for the iPhone and iPad. That includes negative reviews from anonymous, non-accountable “Google Users,” just so you know.

   Sherriff

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9. D. Kellus Pruitt DDS, on July 13, 2013 at 2:27 PM said:

   NPI report cards are coming

   “Health Systems Using ‘Big Data’ To Track Doctors, Boost Performance,” iHealthBeat, July 12, 2013.

   http://www.ihealthbeat.org/articles/2013/7/12/health-systems-using-big-data-to-track-doctors-boost-performance

   “Hospital executives say that such technology allows for more accurate and faster tracking of individual physicians.”

   What do you want to bet the physicians’ National Provider Identifier numbers are critical to the function of the national report card? Over 96 percent of dentists have been persuaded to volunteer for their permanent NPIs. In fact, a few years ago, having a 10 digit identifier became the coolest fad in dentistry, and nobody could really explain why.

   Therefore, I must ask if anyone reading this remembers if “Pay-for-performance,” “quality control” or “patriotic” were mentioned by those who talked you into applying for the NPI.

   Would it piss you off to discover you were tricked by someone you trusted, Doc?

   D. Kellus Pruitt DDS

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10. Marvin, on August 16, 2013 at 1:49 PM said:

    Do FAs dislike website reviews?

    Maybe

    http://www.thinkadvisor.com/2013/08/07/new-website-lists-consumer-reviews-of-financial-ad?utm_source=buffer&utm_campaign=Buffer&utm_content=buffer28bc6&utm_medium=twitter

    Maybe not

    http://www.kitces.com/blog/archives/593-MailBag-Why-There-Will-Never-Be-A-Successful-Financial-Advisor-Review-Site-In-The-Foreseeable-Future.html

    Any thoughts.

    Marvin

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11. Hope R. Hetico RN MHA, on August 30, 2013 at 6:04 PM said:

    NY Podiatrist Sues Yelp Claiming the Website Posted Phony Reviews

    A Park Avenue podiatrist is suing the online reviewer Yelp, claiming the company posted a phony, negative critique of her practice so she would buy ads from them. Dr. Johanna Youner, who uses technologies like laser and Botox to fix foot problems, is suing over the posting in January 2013 by an individual named “Jennifer B.” calling her experience “horrible.”

    The woman added, “She needs to go back to school and relearn everything before she treats her patients.”

    Youner claims positive reviews were removed from her webpage on Yelp, highlighting the posting by Jennifer B. and another unhappy patient, leaving the podiatrist with a measly two out of five stars.

    But, the doctor insists “Jennifer B” is not a patient.

    Source: Aaron Feis and Julia Marsh, NY Post [8/29/13]
    via: PMNews #4,863

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12. Dr. Bragg, on October 16, 2013 at 9:59 AM said:

    How to Think About Negative Online Reviews

    Doctors are preoccupied with consumer review sites and the potential for bad press. Often the first impulse is to put the law on your side. Sue the rating site or the patient and the problem will be fixed.

    http://wingofzock.org/2013/10/15/how-to-think-about-negative-online-reviews/

    But, this doctor thinks differently.

    Dr. Bragg

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13. Sherman, on October 19, 2013 at 9:49 PM said:

    Dog nearly fetches prestigious financial advisor honor

    According to MoneyWatch, Medical Economics Magazine will come out with its 2013 list of Best Financial Advisors for Doctors; this fall.

    http://www.cbsnews.com/8301-505123_162-57605021/dog-nearly-fetches-prestigious-financial-advisor-honor/

    Unfortunately, my dog, Max, won’t be listed. That is not to say he couldn’t have been since he was “absolutely” invited.

    This amusing yet cautionary tale might just save you from being fooled into thinking you are dealing with a top advisor in any field.

    Sherman

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14. Dr. David Edward Marcinko MBA CMP™, on October 29, 2013 at 10:28 AM said:

    Should Hospital Ratings Be Embraced – or Despised?

    Can patients trust the many websites that rate hospitals?

    http://www.propublica.org/article/should-hospital-ratings-be-embraced-or-despised?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter

    ProPublica’s Charles Ornstein talks to health-care reporters and editors to find out.

    Dr. David Edward Marcinko MBA CMP™
    http://www.CertifiedMedicalPlanner.org

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15. Hope R. Hetico RN MHA, on February 13, 2014 at 1:55 PM said:

    Doctors Now Googling Patients
    [Rating Patients?]

    You wouldn’t think twice about Googling information about your doctor or dentist. But what if you found out they were also looking up information about you online? A controversial question on whether to Google, or not to Google, patients is being debated. Is it a violation of patients’ privacy or a good way for doctors to better help with care?

    “This really opens up a new paradigm into how physicians and patients interact and how physicians really get to know their patients,” said Dr. Haider Warraich. Warraich admitted that he searched online for patient info. He said he, and other doctors he has discussed the issue with, usually only do it when patient safety is a concern. Warraich said before medical professionals Google a patient, they need to ask themselves: how is this going to benefit the patient? And if they don’t have a good answer for that, log off.

    Source: Cynthia Demos, CBS Miami [2/11/14]

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16. Hope R. Hetico RN MHA, on February 22, 2014 at 6:02 PM said:

    Referrals and Word of Mouth Trump Online Doctor Ratings

    Patients increasingly use physician rating Web sites such as Vitals and Healthgrades, but word-of-mouth recommendations and referrals from other physicians nevertheless matter more to Americans when they select a clinician, according to a research letter published online today in the Journal of the American Medical Association (JAMA). Lead author David Hanauer, MD, and co-authors also write that Americans consider online ratings for cars, movies, books, electronics, and appliances more helpful than those for physicians.

    Dr. Hanauer and co-authors gleaned their findings from an online survey conducted in September 2012 that yielded 2,137 responses. When it came to selecting a primary care physician, the factor most frequently rated as very important was “accepts my health insurance” (89%) followed at a distance by “convenient office location” (59%). Online ratings ranked last, with 41% flat-out calling them “not important.”

    Source: Robert Lowes, Medscape News [2/18/14]

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17. Hope R. Hetico RN MHA, on February 28, 2014 at 3:25 PM said:

    The High-Tech Patient Room of the Future

    Imagine a hospital room where patients are watching television on a wall screen and ordering hospital food on an electronic tablet, while nurses check patients’ vital signs, which are illuminated above the hospital bed.

    Click to access FUTURE.pdf

    This is not an episode of “The Jetsons,” but rather, the patient room of the future. NXT Health, a nonprofit organization focused on leading research efforts to impact the future of healthcare, has developed a high-tech hospital patient room – termed the “Patient Room 2020 Concept” – to coordinate patient care through technology and design.

    Hope R. Hetico RN MHA

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18. Ann Miller RN MHA, on March 7, 2014 at 10:06 PM said:

    The Rise and Rise of the Virtual Financial Adviser

    Many advisers attract clients through virtual tools. Others turn existing clients on to the technology.

    http://wealthmanagement.com/practice-management/rise-and-rise-virtual-financial-adviser?NL=WM-10&Issue=WM-10_20140307_WM-10_571&YM_RID=marcinkoadvisors%40msn.com&YM_MID=1453855&sfvc4enews=42&cl=article_4

    Good marketing, but it also helps advisors become more efficient.

    Ann Miller RN MHA

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19. Hope R. Hetico RN MHA, on March 13, 2014 at 11:33 PM said:

    Get ready for consumerized patients

    It’s not just about engagement anymore. Tomorrow’s patients will be bona fide consumers judging medical practices the same way they would any other service provider.

    http://www.medicalpracticeinsider.com/best-practices/are-you-ready-consumerized-patients?email=MARCINKOADVISORS@MSN.COM&GroupID=116654

    That means they’ll be shopping around for the best option.

    Hope R. Hetico RN MHA

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20. Hope R. Hetico RN MHA, on April 23, 2014 at 11:49 AM said:

    Hospitals Get Into Doctor Rating Business

    After some doctors at University of Utah Health Care noticed scathing online reviews about themselves in 2012, the hospital system decided the best way to respond was by posting its patients’ ratings of physicians on the hospital’s own website. The hospital was already randomly surveying patients about their experiences with physicians.

    Now, when potential patients use online search engines to look for a University of Utah Health Care doctor, the hospital’s reviews pop up first. Many hospitals have surveyed patients about doctors for decades, but the data was usually only used internally.

    In the past few years, some hospitals including the Cleveland Clinic, have started showing doctors how they compared to each other on the ratings. Online ratings of physicians haven’t caught on as much as ratings of books and movies, but medical information sites, such as Healthgrades and Vitals, and broader consumer sites including Yelp and Consumer Reports offer physician reviews. Some score doctors based on patient surveys, and some allow patients to post comments. A research letter in the Journal of the American Medical Association found that one in four patients consulted them when picking a primary care doctor in 2012.

    Source: Phil Galewitz, Medscape News [4/21/14]

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21. Ann Miller RN MHA, on May 17, 2014 at 10:20 AM said:

    Treatment Tracker
    [A Patient Guide Video]

    When choosing a doctor who’s right for you, you don’t have to rely exclusively on a friend’s recommendation or a referral.

    http://www.propublica.org/article/patient-guide?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter

    Now you can check whether your medical provider practices similarly to his or her peers.

    Ann Miller RN MHA

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22. Ann Miller RN MHA, on October 18, 2014 at 12:53 PM said:

    Rating health care

    http://www.kevinmd.com/blog/2014/10/rating-health-care-limits-every-method.html

    There are limits to every method.

    Ann Miller RN MHA

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23. D. Kellus Pruitt DDS, on November 20, 2014 at 3:30 PM said:

    Does Yelp hide good reviews?
    [Court Says Yelp Can Hide Good Dental Reviews]

    Recently, I told you about a dentist who is a fan of this podcast who complained about Yelp’s “unethical” manipulation of its rankings.

    Does Yelp hide good reviews?

    Doc, have you ever wondered why you haven’t gotten any good reviews on Yelp, like you have on other sites?

    Here’s why: If you are not advertising with Yelp, you don’t deserve good reviews no matter how well you please patients. I wish the public somehow knew about this.

    D. Kellus Pruitt DDS

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24. Hedrick, on November 29, 2014 at 12:57 AM said:

    5 sites patients are using to rate your practice

    More patients than ever are consulting online reviews when selecting a physician. Are your practice’s pages up to date?

    http://www.medicalpracticeinsider.com/news/5-sites-patients-are-using-rate-your-practice-and-why-you-should-care?email=%%EmailAddress%%&GroupID=116654&mkt_tok=3RkMMJWWfF9wsRokua3MZKXonjHpfsX56O0kXK6zlMI%2F0ER3fOvrPUfGjI4DSsZhI%2BSLDwEYGJlv6SgFQ7LHMbpszbgPUhM%3D

    Hedrick

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25. Dr. Wright, on November 30, 2014 at 4:10 PM said:

    How to choose a good hospital?

    Hint: http://www.kevinmd.com/blog/2014/11/choose-good-hospital-hint-dont-listen-ads.html

    Don’t listen to the ads.

    Dr. Wright

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26. D. Kellus Pruitt DDS, on March 25, 2015 at 2:33 PM said:

    “Yelp: Real People, Real Reviews”… Really?

    If Yelp is an honest customer review site – uninfluenced by ad dollars paid by those it reviews – how come its honesty is repeatedly questioned even in the national news?

    “Yelp Fights To Avoid A ‘Blackfish’ Moment: Documentary Kickstarter Puts Tech Firm On Defense,” by Christopher Zara for International Business, March 25, 2015

    http://www.ibtimes.com/yelp-fights-avoid-blackfish-moment-documentary-kickstarter-puts-tech-firm-defense-1858956

    For trustworthy reviews of local dentists, I suggest consumers forget Yelp, and turn to DR.Oogle instead. https://www.dr-oogle.com/ftw

    D. Kellus Pruitt DDS

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