Op-Editorials | The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants

Giving Thanks

Posted on November 30, 2019 by Editor-in-Chief

Please Support Us

Dear Medical Executive-Post Reader,

With Thanksgiving 2019 upon us and the end of the year just ahead, we hope the ME-P can count on your support to continue providing innovative news, comments and expert insights for the integrated industries and interests we serve.

A Blessing?

But, why do we think you should count ME-P among this year’s blessings?

As always, it’s because of the impact of our work.

Examples:

For example, just last week we saw that impact on healthcare insurance reform from the ACA’s presidential election – to tax planning for doctors from our accountants and financial advisors – to behavioral economics, investing, retirement and estate planning – to eMRs and health information technology – and to the scheduling of more topic channels and many exciting new medical practice management and enhancement features and functions for the coming New Year 2016.

Audio Educator: http://www.audioeducator.com/hospitals-and-health-systems/business-plan-for-medical-practice-013012.html

Much of this would not have been created and disseminated without the Medical Executive-Post.

Oh; and let’s not forget our career and unique job alerts, too! This is where the ME-P makes a real difference.

The Road Ahead for 2020

Looking ahead, the hubbub of campaigning has fallen silent (at least for a few days) as our focus turns to health policy, financial leadership and governing — and to the need to hold accountable all doctors and patients, financial advisors and clients, and those we have just elected.

In short, the ME-P constituency!

Giving

So, please take a moment over the holiday ahead to donate. We can have real impact, but it takes money, and we need your help.

Donate to Support Independent ME-P Journalism

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Assessment

Happy Thanksgiving and best wishes to you and your family.

Fraternally

Dr. David Edward Marcinko MBA CMP™ MBBS [hon]

[Founder and Publisher]

[CEO and Editor-in-Chief]

Filed under: Alerts Sign-Up, Op-Editorials | Tagged: Audio Educator, donations, medical executive post, support ME-P, thanksgiving day | 3 Comments »

Investing in Financial Counseling

Posted on November 21, 2019 by Editor-in-Chief

Investing in Financial Counseling

By Rick Kahker MSFS CFP

As a long-time advocate of blending financial planning with counseling, I’ve had years of seeing the benefit for clients. I have come to see financial counseling as an investment: one that can pay greater dividends than investments in a home, retirement account, or college education.

How can this be the case?

Mostly because making good financial decisions is the foundation of financial and emotional well-being. Most financial and many emotional problems result from disordered and dysfunctional money beliefs and behaviors. Money disorders can impair people’s functioning and disrupt their well-being just as significantly as disorders like alcoholism or other addictions.

Some common disordered money behaviors include the following:

• Compulsive Spending is a consuming focus on buying. It can include buying things you can’t afford as well as “retail therapy” shopping where no money is actually spent. It can mean you underfund emergency reserves and don’t adequately set aside enough for retirement.

• Financial Enabling is an attempt to meet your emotional needs by “helping” others, which usually does more harm than good. A pattern of bailing kids out financially is a good example. Enabling can financially harm the parent by diverting resources from other needs and sabotage the child by rewarding dependency and entitlement thinking.

• Hoarding is compulsively buying and storing things that you don’t need or will never use.

• Financial Infidelity is keeping money secrets (such as spending, saving, or investment mistakes) from your partner because you would be ashamed to have them find out.

• Inappropriate Financial Boundaries is sharing of worries or financial details in ways that violate the boundaries between children and adults.

• Workaholism is a consuming focus on work or earning to a point of damaging your relationships.

• Underspending is frugality taken to extremes, such as inadequate spending on health care, nutrition, shelter, or clothing even when you can afford them.

All these disordered financial behaviors have one thing in common: fundamentally, they aren’t about the money. They are often an unconscious response to emotional pain, in the same way addiction or anger might be. The disordered financial behavior may be a medicator that works to deaden deep emotional stress and painful emotions. While one person may find relief in alcohol or drugs and another may find it in work, someone else might use shopping, saving, or financial enabling as a way to feel better and function in the world.

Just like addictions, however, disordered financial behaviors only relieve pain for a short time. Eventually, the pain returns, sometimes even stronger. The result is an escalating cycle of destructive behavior that has many negative consequences, including financial.

To see the link between emotional health and financial health, just read a celebrity magazine or observe people you know. I’ve seen high-earning professionals who have a negative net worth because they can’t control their spending. You probably know people who bounce from one financial mess to another, never seeming to learn from their money mistakes. Some very capable and intelligent people struggle financially and in their careers because of emotional issues.

For most people experiencing financial problems, financial counseling to resolve emotional issues is a low-priority expense that comes far down the list after basic needs like housing, food, and transportation. Yet for anyone who struggles to overcome destructive patterns of behavior—even those that aren’t directly about money—counseling can pay off in very real monetary ways.

***

mind-investing-behavioral-finance

***

Assessment

Emotionally healthy and confident people make better choices about relationships, careers, and other major aspects of their lives. They also make better choices about money. This is why financial counseling is more than an investment in your emotional health. It can also make a measurable difference in your financial wealth.

Your thoughts are appreciated.

BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

Filed under: Experts Invited, Investing, Op-Editorials | Tagged: Financial Counseling | Leave a comment »

InVesting Temperament and Tolerance Shenanigans

Posted on October 1, 2019 by Editor-in-Chief

Financial Advisors Evaluating Malarkey

cropped-dem

By Dr. David E. Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

Evaluating “Sham” Risk Aversion Determination Methodologies

BACK STORY: You visit a local financial advisor as a prospective client. S/he gives you a form to complete that purports to discern your investing risk tolerance?

FORM: It says: “Please indicate by ranking the items below from 1 to 4, with 1 being the most descriptive and 4 being the least descriptive”.

LINK: https://medicalexecutivepost.com/2009/12/28/risk-aversion-and-investment-alternatives/

EPIPHANY: After reviewing the form, you realize it is a superfluous one-size-fits-all risk reduction mechanism for the advisor. You identify the sheer malarkey of the exercise and leave in disgust. You ruminate to yourself – “there must be a better way,”

MORE: https://medicalexecutivepost.com/2017/10/24/on-investing-risk-tolerance/

And so, colleague Rick Kahler MSFS CFP® suggests alternative methods.

MORE: https://medicalexecutivepost.com/2017/10/18/on-retirement-planning-risks/

Your thoughts are appreciated.

***

BUSINESS, FINANCE AND ECONOMICS TEXTBOOKS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

Filed under: Investing, Op-Editorials | Tagged: financial metrics, financial shenanigans | Leave a comment »

Kentucky Derby Day 2019

Posted on May 4, 2019 by Editor-in-Chief

Readers, Visitors, Clients and Friends

[By Sean G. Todd; Esq. M. Tax, CFP^©, CPA]

Greetings … This ME-P will have nothing to do with finances / money / taxes / healthcare / the economy … or all the other things you are hearing about 24/7 – don’t stop reading though. It’s merely about the most exciting 2 minutes in sports; always held on the 1st Saturday in May … a tradition lasting 145 years … can you think of what it is?

Kentucky Derby

You’re right! — 145th running of the Kentucky Derby. The “Run for the Roses” is set for [today] May 4, 2019. Here are several reasons why the Kentucky Derby is such a tradition.

Twin Spires

Throughout the world, the Twin Spires are a recognized landmark that has become symbolic to Churchill Downs. Constructed in 1895, the Spires were the creation of a twenty-four-year-old draftsman, Joseph Dominic Baldez. Surpassing a century after being built, the Twin Spires continue to greet the winner of the Kentucky Derby and stand as a familiar beacon to horse racing enthusiasts everywhere.

The Trophy

Since the 50th running of the Kentucky Derby in 1924, Churchill Downs has annually presented a gold trophy to the winning owner of the famed “Run for the Roses.” History is unclear if a trophy was presented in 1875 to the winner of the first Kentucky Derby, and trophy presentations were sporadically made in following years. Finally, in 1924, legendary Churchill Downs President Matt Winn commissioned that a standard design be developed for the “Golden Anniversary” of the Derby.

To commemorate Derby 125 a change was made and the horseshoe was turned 180 degrees so that its ends pointed up. The trophy now annually incorporates the horseshoe with the ends pointing up. Racing superstition decrees that if the horseshoe is turned down all the luck will run out.

Since 1975, the trophy has been created by New England Serling located in North Attleboro, MA. The trophy, which is topped by an 18-karat gold horse and rider, includes horseshoe shaped handles, is 22 inches tall and weighs 56 ounces, excluding its jade base. The entire trophy is handcrafted with the exception of the horse and rider that are both cast from a mold.

To complete the trophy by April, craftsmen begin the process during the fall of the previous year and literally work hundreds of hours. The trophy is believed to be the only solid gold trophy that is annually awarded the winner of a major American sporting event.

***

MORE: https://bleacherreport.com/articles/2834432-kentucky-derby-2019-lineup-full-race-guide-for-all-horses-and-jockeys

***

Mint Julep

The Mint Julep has been the traditional beverage of Churchill Downs and the Kentucky Derby for nearly a century. Each year; almost 120,000 Early Times Mint Juleps are served over the two-day period of the Kentucky Oaks and Kentucky Derby.

Hit Parade

The second most entertaining parade next to the Kentucky Derby post parade is the parade of hats on display at Churchill Downs. From the fantastic to the sublime, there are no rules or limits. Does a Derby hat improve one’s luck at picking winners? Some say; “yes, it certainly helps.”

Assessment

Be sure to take a moment out of your day and participate in the running of 145th Kentucky Derby. As always, make the most of each day!

MORE: https://www.nytimes.com/2018/05/01/sports/kentucky-derby-draw-odds.html

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.

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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

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Filed under: Op-Editorials, Sponsors | Tagged: Joseph Dominic Baldez, Kentucky Derby, Kentucky Oaks, Matt Winn, Mint Julep, New England Serling, run for the roses, Twin Spires | 11 Comments »

The Emerging Role of University CHIEF STRATEGY OFFICER

Posted on March 26, 2019 by Editor-in-Chief

Common in Industry – Still Not so Much in Academe’

By Dr. David Edward Marcinko MBA

Invite Dr. Marcinko

http://www.CertifiedMedicalPlanner.org

A Chief Strategy Officer [CSO], or chief strategist, is the senior executive responsible for assisting the Chief Executive Officer [CEO] with developing, communicating, executing, and sustaining corporate strategic initiatives. Some companies give the title Chief Business Officer [CBO] to its’ senior executives who are holding the top strategy role.

My opinion in academia

A few decades ago, the role of university Chief Strategy Officer [CSO] did not exist or marginally existed as a mid-level project manager in the communications department. It may have consisted of a formal background in teaching and education exhibited by the BA and/or B.Ed degrees or HR certification.

A first generation didactic CSO 1.0; if you will.

Then, as academic competition and granularity increased along with new technology information exchange, the need for deeper subject matter expertise arose. Next – generation business, under/graduate LAs, HUMANITIES, modern culture, psychology / sociology and STEM expertise arose to create and explore new – real or perceived – strategic advantages for university public relations in the form of the M.Ed, MA or MBA degrees in marketing, advertising, sales or competitive analysis.

THINK: Michal Porter PhD, known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and a social impact consultant. He is credited for creating Porter’s five forces analysis, which is instrumental in business strategy development today.

Also, consider traditional S.W.O.T analysis, as well. SWOT analysis (alternatively SWOT matrix) is an initialism for strengths, weaknesses, opportunities, and threats—and is a structured planning method that evaluates those four elements of a project or business venture. A SWOT analysis can be carried out for a product, place, industry, university or person.

So, let’s call this a second generation expert CSO 2.0

However, as the complex business of running any college or university is ever changing, the ideal profile of CSO is still morphing to face modern business and management challenges like: physical and cyber security; culture and organizational behavior; gender differences, racial disparities and workplace violence issues; enrollment and international expansion; corporatization and competition; online and e-learning initiatives; with accounting, financial and economic pressures, etc.

Consequently, BODs are now seeking and embracing a new kind of CSO with advanced PhD or DBA degrees; and college and university experience. In fact, the role of contemporary CSO is emerging and becoming closer to that of an experienced corporate Chief Executive Officer, than the mere educator, academician or manager of the past.

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

Universities and colleges today

Insightful academic search committees are now seeking a new type of modern CSO who can build university and college rankings, maintain relationships with stakeholders, and project a positive image as a “celebrity university”.

This means shepherding students and attracting qualified youth, and faculty, for matriculation as areas of particular importance. This new entrepreneurial CSO must focus on business management, economics and finance – operational, marketing, advertising and consultative sales strategies to attract a qualified, protean and diverse student / professional staff that sets it apart from the competition; as well as more meaningfully interacting within [research and development], and without the university [outreach].

Accordingly, this modern CSO must be a combination and protean surrogate for the university CEO / CFO / CMO / COO / CAO and leader – NOT just a teacher or manager – who will help run it like a matrix business unit that makes a profit to generate needed capital and ROI.

Multiple lines of business – tuition; certifications; worker-placement; grants and endowments; CEUs and non-degree program fees; as well as for-profit R&D, publications, patents, copyrights and trade-marks; and applied business incubators – must ALL be created and managed as a diversified portfolio. S/he must lead in the implementation, planning and operations of systemic community responsive programs, as well as policy interventions requiring advocacy, political action and public analysis.

I prefer the moniker – CSO 3.0

Assessment

This academic CSO 3.0 must be a change-agent, crisis manager, corporate strategist, Machiavellian devotee and/or seasoned C-suite executive with the required inter – disciplinary skills outlined for this important position.

Above all – the modern CSO 3.0 must be pro-active, flexible and market responsive. This is not the place for tenure tracking.

***

MEDICAL PRACTICE AND HOSPITAL OPERATIONS, STRATEGIC DEVELOPMENT, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET

[Foreword Dr. Phillips MD JD MBA LLM] *** [Foreword Dr. Nash MD MBA FACP] [Foreword Dr. Hashem MD PhD] *** [Foreword Dr. Silva MD MBA]

Conclusion

imageproxy5

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Filed under: iMBA, Inc., Op-Editorials, Touring with Marcinko | Tagged: chief strategy officer, CSO, education | 7 Comments »

My Pragmatic Philosophy of Education

Posted on February 26, 2019 by Editor-in-Chief

It is NOT the Boyer Model

[By Dr. David E. Marcinko MBA]

The Boyer Model of Education and Scholarship

OK – I may subscribe to the Boyer Model but with several specific personal variations which I will keep propriety and not disclose here. But, I will discuss my teaching pragmatism, below.

Definition

Boyer’s Model of scholarship and education is an academic model advocating expansion of the traditional definition of scholarship and research into four types of scholarship. It was introduced in 1990 by Ernest Boyer.

According to Boyer, traditional research, or the scholarship of discovery, had been the center of academic life and crucial to an institution’s advancement but it needed to be broadened and made more flexible to include not only the new social and environmental challenges beyond the campus but also the reality of contemporary life.

His vision was to change the research mission of universities by introducing the idea that scholarship needed to be redefined.

MORE: https://en.wikipedia.org/wiki/Boyer%27s_model_of_scholarship

ENTER MY PRAGMATISM

***

Assessment

So, what do you think?

Conclusion

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

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

***

Filed under: Op-Editorials, Touring with Marcinko | Tagged: Boyer Model, education | 2 Comments »

Dr. Marcinko at YOUR Service in 2019

Posted on December 29, 2018 by Editor-in-Chief

Book Marcinko for your next Seminar, Meeting or Medical Business Event

By Ann Miller RN MHA

Professor and physician executive David Edward Marcinko MBBS DPM MBA MEd BSc CMP® is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; Oglethorpe University, and Atlanta Hospital & Medical Center in GA; and the Aachen City University Hospital, Koln-Germany. He is one of the most innovative global thought leaders in health care business and entrepreneurship today.

Dr. Marcinko is a multi-degreed educator, board certified physician, surgical fellow, hospital medical staff President, Chief Education Officer and philanthropist with more than 400 published papers; 5,150 op-ed pieces and over 125+ international presentations to his credit; including the top 10 biggest pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

Dr. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner®, who was named “Health Economist of the Year” in 2001. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, management and trade publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News].

As a licensed insurance agent, RIA and SEC registered endowment fund manager, Dr. Marcinko is Founding Dean of the fiduciary focused CERTIFIED MEDICAL PLANNER® chartered designation education program; as well as Chief Editor of the HEALTH DICTIONARY SERIES® Wiki Project. His professional memberships include: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA and HIMSS.

Dr. Marcinko is a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

Book Marcinko

David Edward Marcinko (2)

Filed under: "Doctors Only", Career Development, Financial Planning, Health Economics, Health Insurance, Managed Care, Marketing & Advertising, Op-Editorials, Retirement and Benefits, Risk Management, Touring with Marcinko | Tagged: Marcinko | Leave a comment »

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Common in Industry – Still Not so Much in Academe’

By Dr. David Edward Marcinko MBA

MEDICAL PRACTICE AND HOSPITAL OPERATIONS, STRATEGIC DEVELOPMENT, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET

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