The Emerging Role of Chief Diversity Officer [CDO] 2.0

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By Dr. David Edward Marcinko MBA MEd

http://www.CertifiedMedicalPlanner.org

My history

I came of age on the mean inner city streets of Baltimore, Maryland and developed a special interest in diversity, inclusion and urban renewal at a young age.

Today, I resonate with the identity of human capital educational leadership; small classes or teams; engaged students and stakeholders; parents and teachers; research and development; and a motivated staff inculcating life-long learning initiatives and critical thinking skills.

Career

Yet, I am not a career opportunist seeking incremental advancement through the halls of academia. Rather, I am a culturally sensitive and bi-racial physician-executive who senses there are deep, but often untapped, human resources embedded within many universities. If true; they are best released by an externally recruited champion of diversity and inclusion.

A Chief Diversity Officer [CDO]; if you will.

This includes a respect for values that celebrate the unique attributes, characteristics and perspectives that make each person who they are; ethnicity; gender; gender identity; language differences; nationality; parental status; physical, mental and developmental abilities; race; religion; sexual orientation; skin color; socio-economic status; work and behavioral styles; the perspectives of each individual DNA shaped by their nation, experiences and culture—and more.

Even when people appear the same on the outside, they are different.

Importantly, such inclusion includes a strategy to leverage diversity.

  • Diversity always exists in social systems.
  • Inclusion, on the other hand, must be created.

In order to leverage diversity, an environment must be created where people feel supported, listened to and able to do their personal best; for example:

The BAKKE DECISION

Historically, and for me, an important ruling on affirmative action by the Supreme Court in 1978 was the BAKKE Case. Allan Bakke, a white man, was denied admission to a medical school that had admitted black candidates with weaker academic credentials. Bakke contended that he was a victim of racial discrimination. The Court ruled Bakke had been illegally denied admission to the medical school, but also that medical schools were entitled to consider race as an admission factor.

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My story

As Department Chair and Residency Director at a local hospital, I was credited with accepting the first women residents and African Americans into our post-graduate education and surgical training program.

So, at this level of blended pedagogy, andragogy and heutagogy, my mission is to be a modern guide on the side; not bombastic sage on the stage. Moreover, this CDO 2.0 position holds special gravitas in order to set the tone for the future growth of inclusion and diversity thru example; in words and deeds.

Assessment

Frankly, I don’t see the CDO role as a mere “job”. It is a calling that requires a “hands-on” ambassador — helping to advise and lead in all related matters. As the sage once opined:

There is no limit to what you can accomplish if you don’t care who gets the credit!

Conclusion

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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 Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8

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TELE-HEALTH: Market Share of Outpatient Visits

By Staff Reporters

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KFF: Share of Outpatient Visits by Telehealth, 2019-2021

 •  March 2019-Feb. 2020: 0% (Rounded, telehealth use was a negligible share prior to pandemic.)
 •  March-Aug. 2020: 13%
 •  Sept. 2020-Feb. 2021: 11%
 •  March-Aug. 2021: 8%

Source: KFF Health System Tracker, “Outpatient telehealth use soared early in the COVID-19 pandemic but has since receded,” February 10, 2022

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Activity Based Medical Cost Accounting and Management

NON-TRADITIONAL ACCOUNTING METHODS KNOWN IN THE BUSINESS COMMUNITY BUT NOT USED IN HOSPITALS OR HEALTH CARE ORGANIZATIONS

By Dr. David Edward Marcinko; MBA CMP® CPHQ

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SPONSOR: http://www.CertifiedMedicalPlanner.org

Sooner or later – as a practicing physician – you will want to ascertain and then demonstrate the cost effectiveness of your medical care. By using the process of Activity Based Cost (ABC) Management, you will be able to do so.  

ALAS: But, if you’re using a traditional accounting system – like most all hospitals today that use the fictional “average wholesale cost” method – you won’t know a thing about your medical practice or clinic activity costs. Hence, again like most all hospitals, fees become simply vacuous.

Managerial Accounting Assignment Help in Australia

Here’s how: https://medicalexecutivepost.com/2007/12/15/activity-based-cost-medical-management/

HOW TO READ A SCIENTIFIC PAPER: https://medicalexecutivepost.com/2021/04/09/how-to-read-and-understand-a-scientific-paper/

DETAILED WHITE PAPERIN-PROGRESS [thru editing but before peer-reviewed publication]: https://healthcarefinancials.files.wordpress.com/2007/12/abcm.pdf

ASSESSMENT: Your thoughts are appreciated.

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PODCAST: Health Insurance and Benefit Consultant Traits

THREE SUCCESSFUL TRAITS FOR BROKERS

By Eric Bricker MD

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CITE: https://www.r2library.com/Resource/Title/082610254

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Some Retirement Statistics and Questions for Physicians

Transitioning to the End of Your Medical Career

 BY DR. DAVID EDWARD MARCINKO MBA CMP®

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With the PP-ACA, increased compliance regulations and higher tax rates impending from the Biden administration – not to mention the corona pandemic, venture capital based healthcare corporations and telehealth – physicians are more concerned about their retirement and retirement planning than ever before; and with good reason. After payroll taxes, dividend taxes, limited itemized deductions, the new 3.8% surtax on net investment income and an extra 0.9% Medicare tax, for every dollar earned by a high earning physician, almost 50 cents can go to taxes!

Introduction

Retirement planning is not about cherry picking the best stocks, ETFs or mutual funds or how to beat the short term fluctuations in the market. It’s a disciplined long term strategy based on scientific evidence and a prudent process. You increase the probability of success by following this process and monitoring on a regular basis to make sure you are on track.

General Surveys

According to a survey from the Employee Benefit Research Institute [EBRI] and Greenwald & Associates; nearly half of workers without a retirement plan were not at all confident in their financial security, compared to 11 percent for those who participated in a plan, according to the 2014 Retirement Confidence Survey (RCS).

In addition, 35 percent of workers have not saved any money for retirement, while only 57 percent are actively saving for retirement. Thirty-six percent of workers said the total value of their savings and investments—not including the value of their home and defined benefit plan—was less than $1,000, up from 29 percent in the 2013 survey. But, when adjusted for those without a formal retirement plan, 73 percent have saved less than $1,000.

Debt is also a concern, with 20 percent of workers saying they have a major problem with debt. Thirty-eight percent indicate they have a minor problem with debt. And, only 44 percent of workers said they or their spouse have tried to calculate how much money they’ll need to save for retirement. But, those who have done the calculation tend to save more.

The biggest shift in the 24 years has been the number of workers who plan to work later in life. In 1991, 84 percent of workers indicated they plan to retire by age 65, versus only 9 percent who planned to work until at least age 70. In 2014, 50 percent plan on retiring by age 65; with 22 percent planning to work until they reach 70.

Physician Statistics

Now, compare and contrast the above to these statistics according to a 2018 survey of physicians on financial preparedness by American Medical Association [AMA] Insurance. The statistics are still alarming:

  • The top personal financial concern for all physicians is having enough money to retire.
  • Only 6% of physicians consider themselves ahead of schedule in retirement preparedness.
  • Nearly half feel they were behind
  • 41% of physicians average less than $500,000 in retirement savings.
  • Nearly 70% of physicians don’t have a long term care plan.
  • Only half of US physicians have a completed estate plan including an updated will and Medical directives.

Retired MD Doctor Retirement Gift Idea Retiring - Doctor ...

Thoughts to Ponder

And so, to help make your golden years comfortable and worry free, here are ten important retirement questions for all physicians to consider:

  1. How much money do you need to retire?
  2. What is your retirement cash flow?
  3. What is your retirement vision?
  4. How to stay on retirement track?
  5. How to maximize retirement plan contributions such as 401(k) or 403(b)?
  6. How to maximize retirement income from retirement plans?
  7. What are some other retirement plan savings options?
  8. What is your retirement plan and investing style?
  9. What is the role of social security in retirement planning?
  10. How to integrate retirement with estate planning?

The opinion of a competent Certified Medical Planner® can assist.

ASSESSMENT: Your thoughts, comments and input are appreciated.

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

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