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    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

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    Later, Dr. Marcinko was a vital recruited BOD member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

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WHAT IS THE PURPOSE OF A “Modern” CORPORATION?

An Emerging New Definition?

By Dr. David Edward Marcinko MBA

When I was in business school back-in-the day, I studied the late great economist Milton Friedman Ph.D who opined that the purpose of a corporation was to enhance shareholder value, in an ethical and legal manner; period? Shareholders could then do what they wished with profits; if any. Charitable giving or Selfish intent, etc!

Now, for those of you who haven’t had time to review the recent seismic tome from The Business Roundtable Announcement this week, let me review why this is as big a moment as the Larry Fink BlackRock letter.

  • The Business Roundtable, a group of chief executive officers of nearly 200 major U.S. corporations, issues a statement with a new definition of the “purpose of a corporation.” Seven [7] refused to sign.
  • The reimagined idea of a corporation drops the age-old notion that they function first and foremost to serve their shareholders and maximize profits.
  • Investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities are now at the forefront of American business goals; ie., community good.

MORE: https://www.forbes.com/sites/afdhelaziz/2019/08/23/the-power-of-purpose-milton-friedman-is-rolling-in-his-grave/#6ed8506f7532

DEFINITION: A shareholder or stockholder is an individual or institution (including a corporation) that legally owns a share of stock in a public or private corporation. Shareholders are the owners of a limited company. They buy shares which represent part ownership of a company.

DEFINITION: A stakeholder as defined in its first usage in a 1963 internal memorandum at the Stanford Research Institute, are “those groups without whose support the organization would cease to exist.” The theory was later developed and championed by R. Edward Freeman in the 1980s.

LINK: https://www.cnbc.com/2019/08/19/the-ceos-of-nearly-two-hundred-companies-say-shareholder-value-is-no-longer-their-main-objective.html

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The Conundrum [real or perceived]

Shareholders are ever stakeholders in a corporation, but stakeholders are not always shareholders. A shareholder possesses part of a public company through shares of stock, while a stakeholder has a concern in the performance of a company for reasons other than stock performance or appreciation; ie., community good.

QUERY: So, exactly who will determine community good? And, who selects the stakeholders? Haven’t socially responsible companies, stocks, mutual funds and ETFs, etc., been in existence for decades? Is Professor Friedman rolling in his grave? OR, is this condundrum just linguistic gymnastics?

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LINK: https://www.amazon.com/Dictionary-Health-Economics-Finance-Marcinko/dp/0826102549/ref=sr_1_6?ie=UTF8&s=books&qid=1254413315&sr=1-6

Your thoughts are appreciated.

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

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Invite Dr. Marcinko

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On PHYSICIAN OWNED DISTRIBUTORSHIPs

WHAT IS A PHYSICIAN OWNED DISTRIBUTORSHIP [P.O.D]?

By Dr. David E. Marcinko MBA

[More on Medical Ethics]

Back in the day, when I was a young surgeon, I was approached by a group of older colleagues to join a POD. I was flattered, of course. Playing with the “big boys.” But, after leaning what it was, I declined. Although perhaps technically legal, it just felt creepy to me although I sure needed the money at the time.

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DEFINITION: A POD is a group of doctors, usually surgeons, who agree to purchase implanted devices such as joint prostheses or orthopedic hardware (screws, plates and rods), etc. Physicians profit financially by participating in the sale of devices intended for their own patients; thus creating the opportunity for them to profit from self-referrals.

LINK: https://lnkd.in/e9AmEhd

QUERY: But, are PODS ethical? Read what the Association for Medical Ethics [AME] has to say about PODs.

LINK: https://lnkd.in/eV2Smjp

MORE: https://lnkd.in/egtRe9T

Your thoughts are appreciated.

MEDICAL PRACTICE MANAGEMENT TEXTs:

1 – “The Business of Medical Practice 2.0” https://lnkd.in/ewJPTJs

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Annuities Do Not Belong In 401(k) Plans

Here is Why?

By Rick Kahler CFP

Several weeks ago I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which will reform various aspects of US retirement laws. The Act was passed by the House in May and is currently stalled in the Senate.

One of the most troubling of the SECURE Act’s 29 provisions is that it will ease regulations to make it easier for financial salespeople to sell annuities to 401(k) plan participants.

This is alarming, as the act creates a safe harbor for annuities inside 401(k) plans. That means companies choosing to offer annuities would be shielded from liability—no matter how terrible an investment the annuity products may be. This provision has great potential for harm.

Annuities seem always to be a hot financial product in the market place. It’s rare when I interview a new client that they don’t have at least one in their portfolio. Often, it’s the only investment they own. Annuities are not hot because consumers are clamoring to buy them, but rather because annuity sales people love to sell them.

While I rarely recommend them, there are some good things about annuities, especially that earnings grow tax deferred until distributed. They can be useful in this regard in special situations—when stripped of their high fees and commissions. Therein lies the problem.

Sales

Most annuities sold by salespeople inherently contain high fees, big commissions, and high penalties to consumers for taking money out early. What that means for the investor is low returns. For those reasons, the negative aspects of annuities far outweigh any good.

Even worse, annuities have no place being owned by an IRA or, as the SECURE Act would allow, a 401(k) plan. Regardless of fees or commissions, no annuity belongs in a retirement plan. One of my top pet peeves as a financial planner is so-called “financial advisors” who sell people fixed and variable annuities for a retirement account. This makes no sense.

An annuity is a tax-deferred container to put investments in, not an investment itself. It’s what investments are inside it that matters. The same is true of  IRAs and 401(k) retirement plans. Since a retirement plan is already a tax-deferred investment container, it makes no sense to put an annuity—another tax-deferred investment container—inside of it. The silliness of this is obvious to even the most casual observer, unless your livelihood comes from selling these products.

Agents and their companies spare no expense in developing convincing storylines, half-truths, and slight-of-hand explanations of why it makes perfect sense for a retirement plan to own an annuity.

The bottom line is that annuities are sold, they are not bought. The only reason annuities are purchased in someone’s retirement account is because the salesperson receives a much higher commission from the transaction than selling a mutual fund, individual stocks, or CDs.

Why?

So why did our Representatives vote 417-3 to open up investors’ 401(k) plans to these high-cost, high-commissioned, financially disastrous products? I can only surmise that most of them didn’t fully understand what they were voting on and that the insurance lobby did their normal amazing job of selling the alleged benefits of annuities. Oh, and maybe there was a campaign contribution or two.

Assessment

Most annuities are expensive investment vehicles that benefit the salesperson and the company far more than they benefit you. If you are thinking of buying one, or in the future your 401(k) offers the option of buying an annuity, do some digging before you sign on the dotted line. Make sure you get advice first from someone other than the annuity salesperson—someone with no vested interest in selling you this product.

Your thoughts are appreciated.

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

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Did Psychologist B.F. Skinner Really Raise His Daughter in a Skinner’s Box?

On Classical Conditioning VERSUS Operant Conditioning

By David Mikkelson

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Classical conditioning (also known as Pavlovian or respondent conditioning) is a learning process in which an innate response to a potent stimulus comes to be elicited in response to a previously neutral stimulus; this is achieved by repeated pairings of the neutral stimulus with the potent stimulus.
VERSUS

Operant conditioning (also “instrumental conditioning”) is a learning principle in which environmental contingencies—or more specifically, discriminative stimuli (antecedents) influencing its consequences—are controlled and manipulated to change behavior.

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LINK: https://www.snopes.com/fact-check/one-man-and-a-baby-box/

Traditional Finance VERSUS Behavioral Finance

LINK: https://medicalexecutivepost.com/2019/07/08/on-traditional-v-behavioral-finance/

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

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Honoring Memorial Day 2019

NOT Just a Three Day Weekend

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Memorial day

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Is it Time for “HEALTH CARE COLLECTIVISM”©

 Collectivism in Health Care?

By Dr. David Edward Marcinko MBA

Collectivism is the moral stance, political philosophy, ideology, or social outlook that emphasizes the significance of groups—their identities, goals, rights, outcomes, etc.—and tends to analyze issues in those terms.

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A BIZARRE QUESTION?: Would you subtract one day off your life to collectively help solve the domestic health care crisis?

A crazy question; perhaps not so much as the blog-o-sphere is asking a related query.

THE R.B.G QUESTION?: If it were possible, would you subtract one day off you life and add it to Ruth Bader Ginsburg’s life for one extra day of good health?

LINK: https://twitchy.com/brettt-3136/2019/01/07/not-a-cult-who-wants-to-shave-off-a-day-of-their-life-and-give-it-to-ruth-bader-ginsburg/

FORGET BUSINESS SOLUTIONS

So, forget business solutions and marketplace strategy, SDOH, competitive forces, economics, taxation, SWOT analysis, Medicare-for-All,  and potential new-wave disruptors such as ABJ Health Ventures and related initiatives.

NOTE: ABJ Health Ventures = look it up.

THE HEALTH CARE COLLECTIVISM QUESTION?: If it were possible, would you subtract one day off you life and add it to another’s life for one extra day of good health?

THE HEALTH CARE COLLECTIVISM RESULTS: If just 10,000 people did this, it would add about 27 productive years,  in the aggregate, to all participating individual citizen lives.

ar

Assessment

Your thoughts are appreciated.

NOTE:Health Care Collectivism”© -AND- Healthcare Collectivism”© David Edward Marcinko. All rights reserved, iMBA Inc., USA.

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.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

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HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

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Are You Providing Pro Bono Financial Advice? [Voting Poll and Survey]

Is Less or More Planned in 2019?

[By Staff Reporters]

Join Our Mailing List 

It is well known that the flash crash of 2008-09, and the continuing hangover from the recent recession, is a drag on the income of many financial advisors; especially those who derive their salary from some percentage of assets under management. But, the markets have bounced back in the last decade to near all time highs, in 2019!

Business Models and Definitional Haze  

Regardless of definitional haze, it seems that commissioned salesman, stock-brokers, financial planners, insurance agents and financial advisors of all stripes – and business models –  have been economically hurt as the nation’s unemployment rate hovers at just under ten percent.

No One Immune

Broker-Dealers [BDs] and Registered Investment Advisors [RIA] are not immune; as this voting poll was first launched in 2011.

Are You Providing “Pro Bono” Financial Advice in 2019?

Conclusion

And so, as a financial professional, do you plan on providing less or more pro bono work in 2011?

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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