How Physician-Executives Get Recruited

Posted on October 1, 2022 by Dr. Marcinko

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Behind the Scenes of Executive Search Firms

[By Pierce Gray]

[By Ann Miller RN MHA]

Fill the Funnel

The best-kept secret about physician recruiting is to keep the funnel filled with a pool of candidates.  Organizations can’t afford to wait for doctors to beat a path to their door; they have to go after the physicians they want.  That means generating a sizeable list of prospects on the front end to narrow it down to the 100 or so doctors who will be called for an initial conversation.

From there, the team may do some 50 telephone screening interviews to generate five site visits in order to select the one perfectly matched prospect who will sign on the dotted line.

***Physician Executives

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The Prospect List

Depending upon the opportunity, there are a number of ways to generate a list of prospects:

  • Direct mail using a purchased list of physicians culled from criteria such as medical specialty and current geographical location. The American Board of Medical Specialties, the American Medical Association [AMA], and licensure boards can supply these lists. The organization sends direct mail announcing the opportunity and then has a team member follow-up with outbound calling. If the physician is not interested, the caller should ask if s/he knows someone who is interested.
  • Personal calls following recruitment fairs and specialty meetings.
  • Advertising in medical and specialty journals and on the web, Twitter, etc.
  • Resident campaign using posted flyers and announcements.
  • Physician networking based on group member recommendations.
  • Medical Staff Office contacts at the local hospital.
  • Networking through specialty or group management organizations. Some organizations offer free on-line job postings for members.
  • Affiliations with residency programs.From the initial pool of candidates, the internal recruiter must call prospects and conduct preliminary screenings to verify licensure status and board certification, gather professional and personal details about the candidate, and answer his or her questions about the opportunity. Whenever possible, research should be done to secure the prospect’s home or cell telephone number. Calling prospects in the evening at home gives them more time and privacy to talk freely.
  • This screening step generates a smaller list of credible prospects that meet the search criteria that was generated at the beginning of the recruitment process.

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What is a CONTENT DELIVERY NETWORK, Doctor?

Posted on October 1, 2022 by Dr. Marcinko

CDNs and What They Mean to Physicians

BY J.M.

[Anonymous IT Expert]

DOCTOR – Do you like the internet? Do you use EMRs/EHRs? Do you like fast internet? Of course you do.

But, without a strong infrastructure of content delivery networks (CDNs), website loading times would be too slow to stream tele-health/tele-medicine visits or tela-radiology services; not to mention Netflix, or argue with Reddit strangers or your patients; etc.

CDNs are geographically distributed networks of servers that handle processing and speed up internet delivery. In practice, CDNs make website content like HTML pages, JavaScript files, style-sheets, images, and videos load faster. They also reduce bandwidth costs, handle more traffic, and provide a little security protection. 

  • CDNs don’t actually host web content, but instead keep cached versions of it at the ready in edge servers. 

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How CDN Works? How to Find the Cheapest CDN Provider?

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Fastly is one of a number of significant CDN providers that help form the infrastructure of the internet. And while the outage shows the breadth of its reach, it’s far from the biggest player—Akami, Cloudflare, and Amazon CloudFront take up 75% of revenue in CDN space, per Intricately.

But Fastly, one of the world’s largest cloud computing companies itself, just had an outage that shut down its CDN service, affecting major websites including the New York Times, HBO Max, and the British government’s homepage. 

ASSESSMENT: Were you or your clinic or hospital affected? Your thoughts and comments are appreciated.

ORDER DICTIONARY: https://healthcarefinancials.files.wordpress.com/2007/10/foreword-mata.pdf

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

THANK YOU

***

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FOMC: May Keep Tightening Until a Recession!

Posted on October 1, 2022 by Dr. Marcinko

By Staff Reporters

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The FOMC just reiterated calls for aggressive policy to combat stubbornly high inflation—fueling expectations for bigger rate hikes amid a stock-market sell-off that’s seen major indexes hit new lows for the year—and some analysts project the losses could only deepen.

Expectations for rate hikes climbed amid the comments, with markets pricing in an end-of-year rate of 4.5%—above the 4.4% rate Fed officials projected earlier this month, which itself was one percentage point higher than the forecast in June.

***

COMMENTS APPRECIATED

Thank You

***

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

***

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What is the PRODUCER PRICE INDEX?

Posted on October 1, 2022 by Dr. Marcinko

JUST RELEASED FOR APRIL 2022

By Dr. David E. Marcinko MBA CMP®

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SPONSOR: http://www.CertifiedMedicalPlanner.org

DEFINITION: The PPI is a group of indexes that measure the change, over time, in the prices received by domestic producers of goods and services. It measures price changes from the perspective of the seller rather than the consumer, as with the CPI. The CPI would include imported goods, while the PPI is relevant to U.S. producers, and therefore would not include imports.

CITE: https://www.r2library.com/Resource/Title/0826102549

The PPI measures over 10,000 products and services. It reports the price changes prior to the retail level. This information is useful to the government in formulating fiscal and monetary policies. The data gathered from the PPI is often used in escalating purchase and sales contracts. That is the dollar amount to be paid at some time in the future.

NOTE: Long-term managed medical care contracts of the future will seek escalation clauses for increases in prices.

BLS: https://www.bls.gov/pPI/

full report: https://www.bls.gov/news.release/pdf/ppi.pdf

your comments are appreciated.

thank you

***

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Careers and Net Worth

Posted on October 1, 2022 by Dr. Marcinko

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Your Career as an Asset Class

By Rick Kahler MS CFP® http://www.KahlerFinancial.com

Rick Kahler CFPIs your [medical] career part of your net worth? Should you include it as an asset class in a diversified investment portfolio? While we consider careers as essential aspects of financial and professional success, few of us think of or manage them as financial assets.

Emerging New Philosophy

Michael Haubrich, CFP®, of Financial Service Group, Inc., in Racine, Wisconsin, encourages clients to think of careers this way. Some of the following ideas come from his new book, Career Asset Management: Getting Ahead, Staying Ahead and Using Your Head to Maximize Your Career Value.

Career as Assset

If you consider your career an asset, then managing it means paying attention to the return you get from that asset. Here are a few things to consider in order in order to receive the most value from a career.

  1. Keep in mind that the most important return on investment from a career is not necessarily financial

The value of a career is much more than just the money you earn; it includes a host of less tangible but vital rewards like the satisfaction you get from your work and the fulfillment that comes from following your dreams and using the talents that make up your unique genius.

  1. Consciously set out to build a career rather than get a job

As with investing, this provides the most benefit when you start early. Settling long-term for “just a job” usually won’t provide as much value, in terms of both income and job satisfaction, as you will get from a meaningful career.

  1. If your career asset isn’t providing a good return, make changes

Just as you might sell an underperforming mutual fund, consider making changes to your career if you aren’t getting the earnings, fulfillment, or other value you want from it. You might look for a similar job with a different company, add skills and knowledge to help you move up, consider changing careers, or explore starting your own business.

One way to fund such changes is to budget for a reserve over and above the six months of living expenses that many financial advisors recommend. Mike calls this reserve an Asset Working Capital Fund. He suggests the amount to have in this fund depends on the “velocity” and “volatility” of your career asset—including how fast you’re likely to advance, the stability of your job and career field, and life changes like starting a family that will affect your income.

  1. Think of your career as a rental property

Mike recommends viewing your career as an asset that you own and rent to others for given periods of time. To get the highest “rent”—income and satisfaction—you need to keep that asset in top shape by keeping your skills and knowledge up to date, maintaining your passion for your work, and building a strong reputation and network of relationships within your profession.

  1. Make the most of your near-retirement years

Wanting to retire early because you’re dissatisfied with your work can be a sign that your career asset isn’t working for you. Yet staying employed for even a few more years can make a big difference in your retirement income. Mike suggests considering options like part-time or contract work, flexible scheduling, consulting, or freelancing to add value to your late-career years. This can help you move into retirement gradually, as well as provide more financial security.

Bear + A Falling Stock Chart

Assessment

Chances are you won’t choose to list your career as an asset class in your investment portfolio. To make the most of both your aspirations and your earning power, however, keep in mind that a satisfying career is one of the most important assets you can own.

More:

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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