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Filed under: Accounting, Health Insurance, Health Law & Policy, Healthcare Finance, Taxation, Touring with Marcinko | Tagged: David Edward Marcinko, Hospitals and Healthcare Organizations | Leave a comment »
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.
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The Prospect List
Depending upon the opportunity, there are a number of ways to generate a list of prospects:
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Conclusion
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Filed under: Practice Management | Tagged: Executive Recruiters, How Physician Executives Get Recruited, physician employment, Physician Recruiters, PierceGray | Leave a comment »
By Staff Reporters
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The US government votes to keep doing its job
President Biden signed legislation yesterday to fund the government long enough to keep the lights on through Dec. 16, averting a partial shutdown with the midterm elections looming.
The House passed the bill mere hours before a midnight deadline to keep federal agencies running (the Senate approved its version on Thursday). The legislation also lays out $18.8 billion for disaster recovery, including rebuilding after Hurricane Ian, and $12.4 billion to help Ukraine fight Russia.
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Filed under: Alerts Sign-Up, Ethics, Events-Planner, LifeStyle | Tagged: Shutdown Avoided, U.S. GOVERNMENT Shutdown Avoided | Leave a comment »
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.
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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.
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Filed under: "Doctors Only", Glossary Terms, Information Technology, Practice Management, Risk Management | Tagged: CDN, CDNs, content delivery networks, HIT, Tele-Health, tele-radiology, telemedicine | Leave a comment »
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.
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Filed under: Breaking News, Investing | Tagged: FOMC, inflation, recession | Leave a comment »
By Staff Reporters
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The S&P 500 tumbled 1.5% after trying — and failing — to find its footing earlier in the session, while the Dow Jones Industrial Average erased nearly 500 points, or 1.7%. The technology-focused NASDAQ Composite declined 1.5%.
The NASDAQ and S&P 500 are now in three-quarter losing streaks for the first time since 2009. The Dow also posted a third-straight losing quarter, its first such time since 2015. All of the major indexes are down at least 21% on the year.
The S&P 500’s drop on Friday marked its 50th decline of 1% or more this year, the most downside volatility since 2009, according to Compound Advisors’ Charlie Bilello. For the month, the S&P 500 and Dow were down more than 9%, and the NASDAQ about 5.5%. September’s 9.3% decline for the S&P was its largest one-month percentage decline since March 2020.
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Filed under: Alerts Sign-Up, Investing | Tagged: Brutal Wall Street, Third Quarter Wall Street, Wall Street | Leave a comment »
Your Career as an Asset Class
By Rick Kahler MS CFP® http://www.KahlerFinancial.com
Is 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.
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.
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.
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.
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.
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.
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.
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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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Filed under: Financial Planning, Portfolio Management | Tagged: asset class, Careers and Net Worth, Rick Kahler CFP® | 8 Comments »
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