What is the 70-20-10 Leadership Model?

Developing Leadership Ability

[By Dr. David Edward Marcinko MBA]

We have written about leadership and management before on this ME-P. It is an important and very popular topic; not only in healthcare but in most all industries today.

According to the Center for Creative Leadership there is a model for learning and development that blends experience, relationships and training.

It is referred to as the 70-20-10 model, where approximately:

  • 70% of learning is provided through the use of challenging assignments and on-the-job experiences.
  • 20% of learning is developed through relationships, networks, and feedback.
  • 10% of the learning is delivered via formal training processes.

So, does your medical office, clinic, hospital or healthcare organization put most of its leadership development resources into training?

Is this akin to the medical teaching adage: “See one – Do one – Teach One“?

Assessment

Sometimes it’s easier to purchase external vendor training rather than develop the internal infrastructure to support business succession planning with stretch and / or rotational assignments, coaching, mentoring, and action learning.  The weaker this internal support infrastructure, the more important the formal training will be, but it can’t be a close substitute for the lessons learned on the job and through feedback from peers, bosses and mentors.

Conclusion

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FEDERAL RESERVE: Keeps Buying Mortgages

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The Federal Reserve Keeps Buying Mortgages

Alex J. Pollock

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The Federal Reserve now owns $2.6 trillion in mortgages. That means about 24 percent of all outstanding residential mortgages in this whole big country reside in the central bank.

READ: https://mises.org/wire/federal-reserve-keeps-buying-mortgages

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FALLING: Home Prices are Going Down!

By Staff Reporters

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An index tracking US home prices posted a monthly drop in July for the first time since 2012, signaling the end of a decade long bull market that went sky-high during Covid-19.

Expensive West Coast metros—San Francisco, Seattle, and San Diego—saw the biggest declines.

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LUMBAR: https://medicalexecutivepost.com/2022/08/08/update-home-builders-and-lumbar-prices/

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INVESTING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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IPO: Porsche Automotive

By Staff Reporters

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Porsche Mega-IPO

Out of the ashes of this year’s brutal IPO market rises Porsche. The Volkswagen-owned luxury automaker will list shares publicly on the Frankfurt Stock Exchange this week, and if it hits its valuation target of $75 billion, it would be Europe’s third-largest IPO ever.

The Porsche IPO is penciled in for September 29th. It’s likely to be one of the largest in European stock market history, and could well be the financial event of the year.

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INVESTING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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My [Jaguar] Mechanic V. Doctor Story

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Everyone wants to be a doctor – or get paid like one!

dem21[By Dr. David Edward Marcinko MBA CMP™]

Most regular ME-P readers and subscribers know that I am a Jaguar automobile fan. Except perhaps for a Bentley or Rolls Royce, I think that Jags are the finest mass produced luxury vehicles on the planet.

Backstory

My regular car guy, Jimmie the mechanic, was removing a cylinder head from a late model Jaguar sedan when he spotted a world-famous heart surgeon in his garage; we have many such dignitaries on this side of town.

In fact, it is called “pill-hill” around here, for the many hospitals, medical clinics and physician offices. The heart surgeon was waiting for the service manager to come and take a look at his car.

The Query

Jimmie shouted across the garage, ‘Hey Doc can I ask you a question?’

The famous surgeon, a bit surprised, walked over to him.  Jimmie straightened up, wiped his hands on a rag and asked, ‘So Doc, look at this engine. I also can open hearts, take valves out, fix’em, put in new parts and when I finish this Jaguar will work just like a new one.’

Salary Comparisons

“So how come I work for a pittance and you get the really big money, when you and I are doing basically the same work?”

The MD’s Answer

The surgeon paused, smiled and leaned over and whispered into Jimmie’s ear: ‘Try doing it with the engine running.’

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Jag sedan

ME-P Jag

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Assessment

Of course this story is a classic; oft repeated ad nauseam.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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

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PODCAST: On Replacing Doctors with Computers and Smart Phones

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Eric Topol on Replacing Clinicians with Algorithms

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

BU Dr. MarcinkoRecently, I wrote an ME-P questioning the need for a medical license in order to treat patients.

Boy, did I receive unkind private comments and phone calls on that op-ed piece!

The idea was not my own and, in fact, was proposed more than a decade ago by Shirley Svorny PhD, chairwoman of the economics department at California State University, Northridge. She holds a PhD in economics from UCLA

Her simple rationale was that licensure may be a barrier to competition and hence health care.

Link: Will Future Doctors Need a Medical License?

Enter Dr. Topol

Now, we learn that Eric Topol MD, Director of the Scripps Translational Science Institute and [Editor-in-Chief of Medscape] is questioning whether doctors will be replaced by algorithms. He cites dermatology, optometry and pediatrics as first-mover smart-phone applications.

The idea was really precipitated by Vinod Khosla at the Rock Health Program on Health Innovation, when he said that 80% of doctors are going to be replaced by algorithms [Pareto’s rule].

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Doctor joining the ME-P

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Video

And so, please enjoy this video presentation of Eric as he describes his healthcare vision of the future.

Link: http://www.medscape.com/viewarticle/805212?src=wnl_edit_specol&uac=193200AX

Assessment

Of course, this flies in the face of all those projections about hundreds of thousands of doctor shortages over the next 10 years because of the Baby Boomer problem, the aging of the population, as well as the chronic disease burden.

More:

Conclusion

And so, will doctors worker harder, or smarter, in the future? Will the lack of capacity be countered by improvements in efficiency? What will happened to provider reimbursement?

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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

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