Critical Risk Management for Physicians Today

Posted on October 20, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

More Difficult than Ever Before

By Brian J. Knabe MD, Certified Medical Planner

www.SavantCapital.com

Historically, the term “risk management” has brought to mind one subject for the practicing physician – medical malpractice. Unfortunately, physicians today face a multitude of other risks which may be more insidious and daunting than malpractice. It is important to recognize these risks, and to have the appropriate procedures and policies in place to mitigate the risks. These risks come from the federal government, state government, insurance companies, patients, employees, and even prospective employees. Some risks, many unique to small businesses and medical practices, include the following:

Medicare recoupment risk – challenges to coding and subsequent billing by the physician.
Medicare fraud. Numerous laws can be used by the federal government to go after the physician, including the Medicare and Medicaid Anti-Fraud and Abuse Statute, the RICO statute, and the Federal False Claims Act. The recently enacted Patient Protection & Affordable Care Act aims to save money by increasing funding for anti-fraud efforts.
Insurance fraud. An inquiry from Medicare to look for fraud in a physician’s practice is often followed by similar efforts by insurance companies.
The HIPPA Act of 1996 creates new definitions and penalties to use against the physician.
Self referral risks. Federal regulations in this area include the Medicare Anti-Fraud and Abuse Statute, the Medicare Safe Harbor Regulations, and the Stark Amendment.
Federal agency risks. These include regulations from the Occupational Health and Safety Agency (OSHA), Health and Human Services (HHS), the Drug Enforcement agency (DEA), and even the Environmental Protection Agency (EPA).
Anti-trust risks. The Department of Justice (DOJ) and Federal Trade Commission (FTC) formulate regulations in this arena.
Managed care contractual risks. Most managed care contracts require the individual physician rather than the professional corporation to sign the contract, thus placing the physician’s personal assets at risk.
Medical malpractice risks. Although the vast majority of claims are paid by the insurance carrier, there can be other adverse consequences for the physician. These include the risk of increased premiums, non-renewal of policies, and difficulty in getting replacement insurance.
Loss of income due to death or disability. Most physicians recognize the importance of life insurance, but the medical professional is actually much more likely to lose income due to disability at some point in his or her career.

http://www.amazon.com/Insurance-Management-Strategies-Physicians-Advisors/dp/0763733423/ref=sr_1_6?ie=UTF8&qid=1375149801&sr=8-6&keywords=marcinko+david

The practicing physician should seek the advice of professionals with expertise in these areas. Every practice should have an experienced attorney on retainer. It is very important to seek advice from fiduciaries – experts who have no conflicts of interest and who can therefore act in the best interest of the client. A Certified Medical Planner is such a fiduciary with training and expertise in these areas.

http://www.CertifiedMedicalPlanner.org

It can be particularly challenging to find an insurance advisor with no conflicts of interest, as this industry is built upon product sales and commissions. One such insurance advisor is Scott Witt, a fee-only insurance advisor with Witt Actuarial Services (www.wittactuarialservices.com).

Others can be found with an internet search for “fee only insurance advisor”.

Conclusion

Your comments on this ME-P are appreciated. How do you select an advisor? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe. 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: CMP Program, Experts Invited, Op-Editorials, Practice Management, Risk Management | Tagged: brian knabe, CMS, DOJ, financial advisors, FTC, HHS, HIPAA, insurance agents, Marcinko, medicare, Medicare compliance, National Association of Personal Financial Advisors, OSHA, RICO, www.certifiedmedicalplanner.com | Leave a comment »

About iMBA Inc Expertise in Healthcare Valuation

Posted on November 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

iMBA Inc., and the ME-P Team

By Ann Miller RN MHA CMP™

SPONSOR: http://www.MarcinkoAssociates.com

The www.MedicalBusinessAdvisors.com is focused solely on appraising medical practices, surgery centers [ASCs], medicine, podiatry, optometry and allied healthcare businesses.

Working with our affiliated partners, like the ME-P and others, we are also available for behemoth multi-specialty medical practices, major clinics, hospitals, related healthcare organizations and networks, and PHOs, etc.

We are backed by the expertise of dedicated appraisers and valuation analysts who are trained by the foremost organizations in our industry www.CertifiedMedicalPlanner.org

Practice owners, attorneys and accountants retain us for projects including, but not limited to the following:.

There are a Myriad of Reasons for Obtaining a Medical Practice Valuation and Appraisal Engagement

Outright selling-buying
Partnership and Associate buy-in / buy-out
Mergers and Acquisitions
Organic growth tracking
Hospital integrations
Private and public reporting
Financing and Venture Capital
Estate and tax planning

Our Capability

We have the ability to provide extensive analysis of value components in healthcare practices and provide appraisals based on business, economic, and market conditions. This involves detailed examination of financials and clinical data in the context of numerous factors including medical specialty, physician supply and demand, payer mix, regulatory environment, regional dynamics, and risk premium.

Assessment

Our methods and approaches adhere to accepted standards of healthcare practice appraisal and utilize direct market data to reach justifiable conclusions. These are documented in a comprehensive report which is tailored to meet the need of the specific engagement.

BLUNDERS TO AVOID: Medical Practice Valuation Blunders[1]

SAMPLE ENGAGEMENTS: See partial engagement list below.

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.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Thank you for your consideration

***

Filed under: "Ask-an-Advisor", "Doctors Only", CMP Program, iMBA, Inc., Marcinko Associates, Practice Management, Practice Worth | Tagged: CMP, david marcinko, medical appraisals, medical clinic valuation, medical practice worth, USPAP, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 5 Comments »

MUSINGS: A Famous Portfolio Asset Allocation Study

Posted on October 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Some Critics Claim Brinson, Hood, and Beebower Conclusions Wrong

By Dr. David Edward Marcinko MBA MEd CMP™

http://www.MarcinkoAssociates.com

http://www.CertifiedMedicalPlanner.org

Frequently, we hear the axiom that asset allocation is the most important investment decision, explaining 93.6% of portfolio returns. The presumption has been that once the risk tolerance and time horizon have been established, investing is simply a matter of implementing a fixed mix of stocks, bonds, and cash using mutual funds selected for this purpose. This axiom is based on a famous study by Brinson, Hood, and Beebower (BHB) published in the Financial Analysts Journal in July/August 1986. It is the stuff of most modern business school and graduate students in economics and finance.

Enter the Critics

One critic claims that BHB’s conclusions and the interpretation of their conclusions are wrong, stating that because of several methodological problems, BHB needed to make certain assumptions for their analysis to go forward. They assumed that the average asset-class weights for the 10-year period studied are the same as the actual normal policy weights; that investments in foreign stocks, real estate, private placements, and venture capital can be proxied by a mix of stocks, bonds, and cash; and that the benchmarks for stocks, bonds, and cash against which fund performance was measured are appropriate. The author believes that each of these assumptions can lead to a faulty measurement of success or failure at market timing and stock selection.

The Jahnke Study

William Jahnke claims that BHB erred in their focus on explaining the variation of quarterly portfolio returns rather than portfolio returns over the 10-year period studied. According to the study, asset allocation policy explains only a small fraction of the range of 10-year portfolio returns earned by the pension funds reported in the study. The author concluded that this discrepancy is caused by the effect of compounding returns. He adds that BHB were wrong to use variance of quarterly returns rather than the standard deviation. Use of standard deviation would reduce the often cited 93.6% to about 79%. Moreover, BHB did not consider the cost of investing, such as operating expenses, management fees, brokerage commissions, and other trading costs, which are more significant for individual investors than for the pension plans studied. Jahnke claims that excessive costs can reduce wealth accumulation by 50%.

Note: (“The Asset Allocation Hoax,” William W. Jahnke, Journal of Financial Planning, February 1997, Institute of Certified Financial Planners [303] 759-4900).

Assessment

Finally, the author takes issue with establishing long-term fixed asset class weights. Asset allocation should be a dynamic process. Higher equity return expectations should in turn produce larger equity allocations, other things being equal.

Conclusion

Are doctors different than the average investor noted in this essay?

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Invite Dr. Marcinko

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Filed under: CMP Program, Experts Invited, Investing, Marcinko Associates, Op-Editorials, Portfolio Management, Touring with Marcinko | Tagged: asset allocation, Brinson, CMP, david marcinko, Hood Beebower, The Asset Allocation Hoax, William Jahnke, www.certifiedmedicalplanner.com | Leave a comment »

TOP 25: Financial Accounting Concepts for Medical Practice Management

Posted on October 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Your Top 25 Most Urgent Questions Answered by iMBA, Inc.

http://www.MarcinkoAssociates.com

By Dr. David Edward Marcinko; MBA, MEd, CMP™

www.CertifiedMedicalPlanner.com

The modern medical practice is both similar, and unlike, other businesses today. This disparity often adds to confusion for the private practitioner. And so, the experts at iMBA Inc, list the top 25 most urgent questions in practice financial management, asked by clients to date.

Assessment

Since inception in 2000, the Institute of Medical Business Advisors Inc., has become one of North America’s leading professional health consulting and valuation firms; and focused provider of textbooks, CDs, tools, templates, onsite and distance education for the health economics, administration and financial management policy space. As competition and litigation support activities increase and the cognitive demands of the global marketplace change, iMBA Inc is well positioned with offices in five states and Europe, to meet the needs of medical colleagues, related advisory clients and corporate customers today; and into the future.

Link: iMBA Inc Q and As

Website: www.MedicalBusinessAdvisors.com

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Tell us what you think. Send in your own questions. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to 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 Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

Sponsors Welcomed

And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Accounting, CMP Program, Health Economics, Health Insurance, Healthcare Finance, iMBA, Inc., Managed Care, Marcinko Associates, Media Mentions and PR, Practice Management, Recommended Books | Tagged: certified medical planner, CMP, CPA, david macinko, david marcinko, financial accounting, financial management medical practice, healthcare acounting, healthcare CPAs, iMBA, Inc., Institute Medical Business Advisors, medical financial acounting, medical practice financial management, medical practice management, www.certifiedmedicalplanner.com, www.HealthDictionaySeries.com, www.medicalbusinessadvisors.com | 1 Comment »

Selecting Financial Advisors the Risky Way

Posted on September 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Physician Due Diligence is Important

[By Daniel B. Moisand; CFP®, and the ME-P Staff]

While the merits of hiring the right financial advisor [FA] may be clear, hiring the wrong one can be devastating. Medical professionals still tend to have higher incomes and are an attractive target for most financial institutions and scam artists. This fear is a poor excuse for not getting the assistance necessary. Advice about who to engage for financial assistance comes from a hodge-podge of disjointed sources. This leads to good intentions and bad results. Take caution when using the following as sources of advice.

Relying on Family and Friends

By far more people seek financial advice from trusted family members and friends than any other source. This is only natural. It is essential to trust that you are getting advice from a source that means well. It is also important that you get along well with your advisors. Hesitating to communicate with your advisor, even a great advisor, can cause problems even more problematic that getting bad advice from someone you like. While these sources have a good handle on the essential elements of trust and rapport, it is the competence of the advice that is most often the issue. The life and money experiences of those who are close to you certainly have value, but they are not necessarily relevant to your unique goals and circumstances. THINK: Bernie Madoff.

Media

A few years ago, the dominant media force in consumer oriented financial matters was the print media. Magazines and newsletters proliferated with the bull market. More recently however, television has supplanted print even in the bear market. For example, a study now estimates that 80 percent of what the average American knows about current events comes from TV. Why wait three weeks for the next issue when you can get a commentary instantly on the television? There is nothing wrong with watching shows that cover the markets or subscribing to a consumer finance magazine. It is certainly a good idea to be informed. However, be wary of the quality and applicability of information put out by the media.

The Internet

It is easy to run across an ad for prescriptions drugs on television. Images prance across the screen followed by a litany of potential side effects and the obligatory, “Ask your doctor about”. With the expansion of the information superhighway, more and more companies are going direct to the consumer in some manner or another.

Financially speaking this information can be of great benefit but should also generate more concern. It is very easy to project a particular image via the web. The webmaster controls the interaction from what you see to what you hear. One of the results of this is that the Internet has already garnered a reputation as a breeding ground for new scams. More prevalent, however, is the presentation of information meant to be useful that is simply wrong, misinterpreted, or misapplied. The most terrifying source of misinformation on the net is the chat rooms. Here the entire interaction is clouded by anonymity. Some people enter chat rooms because there is a comfort in anonymity when asking a question. There is also a danger in an anonymous answer. When it comes to something as important as your finances or your health, the prudent course should be to take all the advice with a grain of salt. A great deal of consideration to the quality of the source is in order. It is also essential that one understand the level of accountability a source may possess.

Assessment

Much has been written on financial advisor selection, here on the ME-P and elsewhere; but little on how not to select an advisor. We trust this information will be of assistance to the medical professional in some small increment. Send in your FA stories; both good and bad.

Channel Surfing the ME-P

Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these topics is dependent upon your input. Please take a minute to visit. And, to prevent that annoying spam, we ask that you register. It is fast, free and secure.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security Dictionary of Health Insurance and Managed Care

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Filed under: "Doctors Only", Book Reviews, Career Development, Financial Planning, Portfolio Management, Recommended Books, Research & Development, Risk Management | Tagged: bear market, bull market, certified financial planner, certified medical planner, CFP, CMP, Dan Moisand, david marcinko, financial advisors, Financial Planning, Wall Street, www.certifiedmedicalplanner.com | 5 Comments »

On Standard & Poor’s Depository Receipts

Posted on September 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Don’t be Afraid of ‘SPIDERS’

By Dr. David Edward Marcinko MBA MEd CMP™

http://www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

What they are – How they work?

No, I’m not talking about creepy, crawly insects. I’m referring to Standard & Poor’s Depository Receipts (SPDRs, or spiders), a derivative product, which combines many of the advantages of index funds with the superior trading flexibility of common stocks.

Creation

SPDRs were created in January 1993 by the American Stock Exchange. SPDRs are units in a trust holding the S&P 500 securities in proportion to their index weighting and which are adjusted as necessary to track changes made to the index by S&P. They pay quarterly cash dividend distributions based on the accumulated dividends paid by the stocks held in the SPDR trust minus an annual fee of about .19% of principal to cover trust expenses. They trade at approximately one-tenth the value of the index.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Do you use SPDRs; why or why not? 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.

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

***

Filed under: "Ask-an-Advisor", CMP Program, Experts Invited, Investing, Marcinko Associates, Portfolio Management | Tagged: American Stock Exchange, David Edward Marcinko, S&P, SPDR, Standard & Poor’s Depository Receipts, www.certifiedmedicalplanner.com | Leave a comment »

Beware Stock-Brokers and their Brokerage Accounts

Posted on September 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Watch that Signatory – Read that Contract

By Dr. David Edward Marcinko; MBA, MEd, CMP™

http://www.CertifiedMedicalPlanner.org and http://www.MarcinkoAssociates.com

Did you know that Federal and state laws require Registered Investment Advisors [RIAs] be held to a fiduciary standard? To satisfy this extremely high legal standard, an advisor must act solely in the best interest of the client, even if that interest is in conflict with the advisor’s own financial interests. Investment Advisors [IAs] must disclose any conflict, or potential conflict, to the client prior to and throughout a business engagement. Investment Advisors must fully disclose, in writing, how they are compensated. In addition, most adopt a Code of Ethics to ensure that fiduciary obligations are achieved.

Brokers or Advisors

Unfortunately, not all “financial advisors” work for federally or state-registered investment advisory firms. Many so-called financial advisors are registered representatives, better known as stock-brokers, and are employed by brokerage firms [broker-dealers]. Generally, these registered representatives [RRs] need not comply with the fiduciary duty standard that is owed when you are dealing with a registered investment advisory firm. Because broker-dealers are not necessarily acting in your best interest, the SEC [remember what a fine job former Commissioner Chris Cox did for investors in the Bernie Madoff incident?] and FINRA [NASD] require them to add the following disclosure to your client agreement.

Disclosure

Read this disclosure, and decide if this is the type of relationship you want to dictate your financial security:

“Your account is a brokerage account and not an advisory account. Our interests may not always be the same as yours. Please ask us questions to make sure you understand your rights and our obligations to you, including the extent of our obligations to disclose conflicts of interest and to act in your best interest. We are paid both by you and, sometimes, by people who compensate us based on what you buy. Therefore, our profits, and our salespersons’ compensation, may vary by product and over time.”

Disclaimers

If this disclaimer appears in agreements you are signing, or have already signed, you should ask questions of your advisor. S/he’s probably a broker. Obtain complete disclosure about how he or she is compensated, and where his or her first loyalties lie. Then decide if the relationship is in your best interest [Source: www.focusonfiduciary.com NAPFA Consumer Education Foundation]. Also, consider mediation and arbitration clauses very carefully. Do not wave your rights to litigation. Your patients do not; and neither should you!

Assessment

I am a doctor, former stock-broker, registered-rep, certified financial planner and licensed insurance agent who decided there must be a better way to help physician colleagues. As a health economist, and Founder of www.CertifiedMedicalPlanner.org I’ve believe I’ve found that way.

Read more:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Front Matter with Foreword by Jason Dyken MD MBA

“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

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Filed under: "Advisors Only", "Doctors Only", Ethics, Financial Planning, Investing, Marcinko Associates, Op-Editorials, Portfolio Management | Tagged: Bernie Madoff, brokerage account, certified medical planner, CFP, Chris Cox, CMP, david marcinko, fiduciary, financial planner, FINRA, IAs, iMBA, investment advisor, Marcinko, NAPFA, NASD, registered investment advisor, registered representatives, RIA, RRs, SEC, stock broker, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 9 Comments »

Understanding Traditional “Full-Service” Stock Brokers

Posted on September 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Fundamentals of Physician Investing

By Daniel B. Moisand CFP®, and ME-P staff

It used to be that the only way to get investments and investment information was through paying commissions to a traditional broker. Then in the 70’s (specifically, May, 1975) the brokerage industry went through significant deregulation allowing for the discounting of commissions. Charles Schwab and Company, among others, was able to eliminate the advice component and offer trades at dramatically reduced rates. The full service brokerage business responded by emphasizing the scope of their services namely research and advice in order to compete. The demand for both has continued to grow, even though research information is now readily available through many sources. These brokerage firms continue to thrive despite their poor performance in analyzing tech stocks and the Enron and Global Grossing debacles. More recent debacles in 2008-09, the flash crash a decade ago and more recent developments are legion, as well.

Fundamental Flaws

The fundamental flaw with these firms is the array of conflicts of interest between the firm and its customers. While the incentive to trade has been well chronicled as a conflict, these firms have not let consumer’s demand for a better-aligned compensation arrangement go unnoticed. Fee-based account relationships have proliferated accordingly. In theory, this type of arrangement, usually a percentage of assets, gives an incentive for performance and service rather than trade activity. This certainly has merit. However, conflicts remain that should be considered.

Pay to Play

The practice of paying brokers, higher levels of compensation for in-house products was commonplace. Today, explicitly higher payouts still exist but are less common. Instead, many firms use the sale of proprietary mutual funds and other products as part of management’s compensation. Other forms of non-monetary compensation such as a better office can be used as incentive for the brokers. The greater profitability of these in-house offerings will keep this conflict around for some time.

Subtle Conflicts of Interest

Less obvious is the conflict between the investment banking arm, the research department, and the retail brokerage operations of a firm. Even firms with no proprietary funds to sell may grapple with this issue. Here, research is pressured to say favorable things about a particular company’s stock by the investment bankers in hopes of obtaining more of that company’s business. When a firm brings a company public odds are great that a “strong buy” rating will come with the IPO. Of course, the lesson remains – consider the source.

Assessment

Traditional brokers have a somewhat higher standard of accountability than the on-line firms as to their accountability. If you buy the stock of a company that goes bankrupt through an on-line broker you have little recourse. After all, that was your choice. If a full-service broker recommended the stock to you, that broker will have to defend the recommendation.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Filed under: "Ask-an-Advisor", "Doctors Only", Alerts Sign-Up, Book Reviews, Career Development, Ethics, Experts Invited, Financial Planning, Portfolio Management, Recommended Books, Risk Management | Tagged: certified financial planner, certified medical planner, CFP, CMP, Dan Moisand, daniel moisand, david marcinko, DDS, discount brokers, DO, DPM, financial advisors, Financial Planning, full service brokerages, Health Economics, IPO, MD, physician investing, physician investors, stock-brokers, www.certifiedmedicalplanner.com | 7 Comments »

Keep your Investing Options Open – Doctor

Posted on August 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

OR – Hedge your Bets

By Dr. David Edward Marcinko MBA MEd CMP™

http://www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

As a physician executive or investor, if you don’t ordinarily deal in options or other financial derivatives, you may need to brush up on puts and calls, straddles, strangles (or combinations), forwards, futures, swaps, spreads, and non-equity options such as stock index options. Options and other financial derivatives can be used by astute physicians, financial advisors and investment managers not only as a tool to better manage the investment risks potentially affecting portfolio returns, but to craft truly value-added investment strategies customized to meet investors’ needs. The three main types of risk of equity securities (individual company, industry, and market) can be mitigated with options.

Individual Company Risk

Individual company risk can be addressed with equity options in that company’s stock. Industry risk can be reduced through the use of narrow-based index options, while market risk can be mitigated with broad-based index options. Sophisticated hedging and risk management strategies can be designed using both equity and stock index options.

Exotic Stock Options?

Some doctors feel that options have been generally thought of as too risky or exotic or requiring too much capital, resulting in a general lack of comfort. A decade ago, these opinions have no doubt been shaped by the collapse of Bearings and the resulting bitter litigation by Proctor & Gamble and Gibson Greetings against Bankers Trust. Last decade, it was Enron, Tyco, WorldCom, Lehman Brothers, AIG, BA, Fannie, Freddie and all those involved in the “flash-crash” of 2008-09; etc.

Assessment

Generally, premiums paid in buying puts or calls are nondeductible capital expenditures and may produce a capital gain or loss depending upon whether the option is sold prior to exercise, the call expires unexercised, or, if the option is exercised, it is added to the basis of the stock (call) or deducted from it (put). Premiums received for writing puts or calls are not included in income upon receipt but are deferred until the option expires, is exercised, or a closing transaction is entered into. Non-equity options (index options) are marked to market at year end (same as for futures) with 60% considered long-term capital gain and 40% considered short-term.

Note: “An Introduction to Options and Other Financial Derivative Strategies,” by Thomas J. Boczar, Trust & Estates, February 1997, pp. 43–68, INTERTEC/K-III Publishing.

The primary objectives in using derivatives are:

1. Risk management and hedging (reducing or eliminating downside risk, monetizing a position, deferring and possibly avoiding capital gains taxes)

2. Leveraging investment capital

3. Enhancing after-tax returns

4. Creating customized risk/return profiles

Channel Surfing the ME-P

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: CMP Program, Investing, Portfolio Management | Tagged: AIG, BA, david marcinko, Enron, Fannie, financial derivatives, Freddie, hedge funds, index options, Investing, Lehman Brothers, options, Tyco, WorldCom, www.certifiedmedicalplanner.com | Leave a comment »

The Long and Short of Portfolio Construction

Posted on August 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Long-Short Portfolio Construction vs. Long-Only

SPONSOR: http://www.MarcinkoAssociates.com

best-dem-1

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

SPONSOR: http://www.CertifiedMedicalPlanner.org

Long-Short is an active portfolio construction discipline that balances long positions in high expected return securities and short positions in low expected return securities of approximately equal value and market sensitivity. This type of portfolio is “neutralized” or immunized against changes in value of the underlying market and, therefore, has zero systematic (beta) risk. If the selected securities perform as expected, the long-short positions will provide a positive return, whether the market rises or falls.

Misconceptions

While long-short portfolios are often perceived and portrayed as much costlier and much riskier than long-only, it is inherently neither. Much of the incremental cost and risk is either largely dependent on the amount of leverage employed or controllable via optimization. Those costs and risks that are not controllable—financial intermediation costs of borrowing shares to short, the trading costs incurred to meet long-short balancing, margin requirements, uptick rules, and the risks of unlimited losses on short positions—do not invalidate the viability of long-short strategies.

Long-Short Advantages

Compared with long-only portfolios, long-short portfolios offer enhanced flexibility not only in the control of risk and pursuit of return, but also in asset allocation. Basic market-neutral portfolios achieve a return consisting of three components: (1) interest on funds held as a liquidity buffer, (2) interest on the short sale proceeds maintained with the broker, and (3) the return spread between the aggregate long and aggregate short positions in the portfolios.

Disadvantages

Share borrow-ability and uptick rules make short-selling more difficult and costly than going long. Also, it may be legally or contractually restricted for some investors, such as mutual funds. Inefficiencies may be concentrated in overpriced stocks and, accordingly, short sales of the most overpriced stocks may offer higher positive returns than long purchases of underpriced stocks.

Assessment

Long-only portfolios are confined to altering the weighting of securities within an index in order to realize an excess return. Long-short portfolios are not constrained by index weights and, because they can short securities, they can “underweight” a security by as much as investment insights and risk considerations dictate. Long-short portfolios can be enhanced by “equitizing” them using stock index futures.

Note: “The Long and Short on Long-Short” by Bruce I. Jacobs and Kenneth N. Levy, The Journal of Investing, Spring 1997, pp. 73–86, Institutional Investor, Inc.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

***

Filed under: "Ask-an-Advisor", CMP Program, Investing, Portfolio Management, Touring with Marcinko | Tagged: CMP, david marcinko, Investing, long portfolios, long-short portfolios, Marcinko Associates, short portfolios, www.certifiedmedicalplanner.com | 5 Comments »

Musings on “Sector” Mutual Funds

Posted on August 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

A Historical Review

By Dr. David Edward Marcinko MBA, MEd, CMP™

www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Although less than 5-10% of the total number of mutual funds are considered true sector funds, year after year, 40-50% or more of the top-performing funds have been sector funds. However, for some physician investors sold on a buy-and-hold strategy, sector funds may not be their cup of tea. But, sector funds do offer an opportunity to outperform the market indices, possibly even substantially, according to Marshall Schield in “Developing a Sector Funds Strategy” (Personal Financial Planning, November/December 1996, pp. 39–42, Warren, Gorham & Lamont, [800] 950-1205).

A Volatile Strategy

Typically sector funds are more volatile than the majority of growth funds. This volatility springs from: (1) the fact that the majority of stocks in a particular sector fund move together, thereby magnifying the fund’s movement; (2) the focus of the sector fund manager only on stocks in that sector, enabling him or her to target high potential stocks; and (3) the rotation of “in” and “out” sectors at particular times.

So – What’s a Doctor Investor to Do?

An investor in sector funds needs a strategy that will target sectors on the upswing and signal when to move out of declining funds. When selecting sector funds, Schield recommends building a list of funds that are manageable, full of choices in all types of markets, diversified (three to four funds for an aggressive portfolio or 10–12 for a less aggressive approach) and liquid.

The Balancing Act

Also, develop a healthy balance—not a “hit-or-miss” approach. Schield suggested using the “relative strength” approach for sector selection by computing the percent change in the price of funds over a certain number of days and then ranking them for short-term, intermediate, and long-term periods. With respect to determining the proper timing for buying or selling, the author suggests the use of an individual fund timing system, such as comparing the current NAV of the sector against a moving average for 50 or 75 days or combining both short- and long-term moving averages.

Simplicity Rules

In creating buy-and-sell signals:

Keep it simple and manageable.
Do not look for perfection.
Practice patience.
Cut losses and let profits run.
Stick with your relative strength.
Buy/sell signals consistently.

Assessment

Most of all; be prepared to spend and invest the time necessary to be successful. But, have you or your sector funds been successful in the last decade, or so? If so, which sectors? Please opine?’

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: CMP Program, Financial Planning, Investing, Portfolio Management | Tagged: Dr. Marcinko, Investing, Marshall Schield, Mutual Funds, Portfolio Management, Sector funds, www.certifiedmedicalplanner.com | 4 Comments »

How to Monitor Hedge Funds

Posted on July 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Four Ways to Monitor after Purchase

By Dr. David Edward Marcinko MBA, MEd, CMP™

SPONSOR: www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Hedge funds (broadly defined as private investment vehicles that trade a variety of long and short equities, derivatives, futures contracts, and options in a variety of capital markets) have grown in size and importance in client portfolios because of superior performance, until late [2008-09 and 2022], and readily available investor capital.

Risk Factors

Physicians and clients often ask us to assess certain risk factors and a variety of investment entity structural characteristics associated with hedge funds. Accordingly, we must often be involved in discussing clients’ specific risk/return desires and expectations as they consider such investments.

Four Key Post-Investment Issues:

A change in core investment strategies or risk postures from those which are documented in the investment policy statement—Among these are the specific markets to be traded, the degree of financial leverage to be employed or allowable, the underlying instruments or contracts to be used, and the investment strategies to be pursued under various conditions. Hence, there is no substitute for careful and regular assessment by the planner of changes in how and what an investment manager is trading and communication of such to the client.
Use of financial leverage can dramatically increase returns just as poor performance can be accentuated—The key issue for the planner is whether a given investment manager’s use of leverage changes over the life of the hedge-fund investment, thereby possibly affecting the client’s initial desired risk/return profile.
The composition of the performance return, particularly with respect to the long-term capital gain component.
Asset growth—Regularly monitor and evaluate whether it is detrimental to performance and capable of causing an erosion of performance over a long-term horizon.

Assessment

http://www.MarcinkoAssociates.com

Often, after a hedge-fund investment has been made, if performance over time is good (or even adequate), both the doctor client and the financial advisors or planner may assume that there has been no material changes in investment strategy or structural characteristics that warrant attention or concern. Such changes often occur subtly over time and, if performance erodes, and the client may feel that the planner did not adequately monitor the investment. Hence the necessity for the above warning post

Note: “Post investment Issues Regarding Hedge Funds,” by Richard L. Fisher, Personal Financial Planning, November/December 1996, pp. 14–19, Warren, Gorham & Lamont, 1-800-950-1205.)

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: CMP Program, Financial Planning, Investing, Marcinko Associates, Portfolio Management | Tagged: CMP, david marcinko, financial leverage, hedge funds, Marcinko, private investment vehicles, www.certifiedmedicalplanner.com | 17 Comments »

SPDRs vs. Index Mutual Funds

Posted on June 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

Understanding Vehicular Pros and Cons

By Dr. David Edward Marcinko MBA MEd CMP™

[Publisher-in-Chief]

It is possible to buy or sell during a trading day with SPDRs, just as one would with a common stock, and, accordingly, the trading price may be set anytime during the day. This could prove valuable in a sudden market downturn. Also, they may be traded using the same types of orders used for stocks (market, limit, at the close, and at the opening) and sold short, even on a downtick.

However, dividend reinvestment is provided by only a few brokers. Since SPDRs represent passive equity portfolios, they tend to be fully invested in the stock market, which removes a significant drag on performance; their expense ratios are significantly below that of stock mutual funds in general, and below many index mutual funds; and they have virtually no turnover and accordingly, minimal capital gains.

Index Mutual Funds

Index funds, on the other hand, may only be purchased or redeemed at the net asset value (NAV) at the end of the trading day. Short sales are not possible; however, dividend reinvestment is available.

The Disadvantages

On the down side, SPDRs are sold like common stocks and, therefore, incur brokerage commissions, but this can be minimized by using discount brokers. SPDRs have been so successful that both the American and New York Stock Exchanges launched internationally indexed products modeled after SPDRs in the spring of 1996. They are termed World Equity Benchmark Shares (WEBS) and Country Baskets.

Note: “Index Stocks: An Introduction to SPDRs—S&P 500 Depository Receipts,” Robert T. Kleiman, in his article, AAII Journal, January 1997, pp. 23–26, American Association of Individual Investors [312] 280-0170).

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: CMP Program, Investing, Portfolio Management | Tagged: CMP, david marcinko, Index Funds, Mutual Funds, SPDRs, www.certifiedmedicalplanner.com | 4 Comments »

Marketing Basics for Financial Advisors and Physicians

Posted on April 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

On Differences and Similarities

By David K. Luke; MIM CMP

The difference between internal marketing and external marketing for physicians is that internal marketing is the management strategy of improving satisfaction by making patients aware of the positive differences in the physician’s practice –versus- other modern or traditional alternatives that the doctor might externally use [yellow pages, coupons, TV, radio, internet, blogs, etc].

Now, compare marketing with advertising, which attempts to draw patients to the medical practice or clinic using more expensive channel distribution means and/or media messaging.

The “X” Factor

Internal marketing gives the patient “something extra” during the visit that tends to make them pleased, satisfied – or better yet – delighted!

In show business, Simon Cowell calls this something extra the “X” factor.

Whether it is a “Patient Bill of Rights” or just making sure that patients are treated fairly, and with respect throughout the process, turns the patient into a practice advocate instead of a patient from hell.

Improved listening/communication can come in the form of an attentive and caring human ear, enhanced bedside manner, or technology like P[C]RM (Patient {Client} Relationship Management) tools and/or eMRs, for example.

Sloppy Medical Office Procedures

Having office staff involved, by noticing improvements, can also help with the implementation of a successful internal marketing strategy. Sloppy office procedures can be cleaned up, scheduling access management can be revamped, and any administrative mix-ups can be avoided.

Negative practices such as “we enforce a minimum $50 office visit fee” should be stopped, as this casts a negative attitude on all patients, not just future deadbeats.

An effective P[C] RM strategy can increase patient satisfaction and be inexpensive to implement and maintain, especially in light of modern advertising tools for medical practices.

Financial Advisor Comparisons

A physician’s internal marketing program is comparative to an FA’s internal marketing program, in that both methods are much more cost effective and yield better results than traditional external marketing or advertising.

For an FA, the practice of encouraging referrals can be done discreetly without making the existing clients uncomfortable.

An FA practice that is “referable” is one in which there are consistent standards and procedures in place. This creates a comfort factor with existing clients and assures them that when they refer their friends and family they will also receive consistent quality treatment.

Assessment

An FA can implement procedures similar to a medical practice by training staff to point out and recognize office procedures that might be improved. Letting clients know they are appreciated and that referrals are accepted sounds like obvious advice, but is often ignored by too many Financial Advisors, and even doctors.

Editor’s Note: David K. Luke is currently enrolled in the online www.CertifiedMedicalPlanner.org chartered professional designation program.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Advisors Only", "Doctors Only", CMP Program, Events-Planner, Marketing & Advertising | Tagged: CMP, david k. luke, external marketing, internal marketing, medical advertising, medical marketing, www.certifiedmedicalplanner.com, www.NetWorthAdvice.com | 3 Comments »

Musings on a Famous Portfolio Asset Allocation Study

Posted on May 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Some Critics Claim Brinson, Hood, and Beebower Conclusions Wrong

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Enter the Critics

The Jahnke Study

Note: (“The Asset Allocation Hoax,” William W. Jahnke, Journal of Financial Planning, February 1997, Institute of Certified Financial Planners [303] 759-4900).

Assessment

Conclusion

Are doctors different than the average investor noted in this essay?

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Invite Dr. Marcinko

***

Filed under: CMP Program, Experts Invited, Investing, Op-Editorials, Portfolio Management, Touring with Marcinko | Tagged: asset allocation, Brinson, CMP, david marcinko, Hood Beebower, The Asset Allocation Hoax, William Jahnke, www.certifiedmedicalplanner.com | Leave a comment »

PODCAST: Submit a Financial Advisor Prospecting Video to Us [Experts Invited]

Posted on April 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Welcome Financial Advisors

An Invitation to Prospect & Promote Your Self

Healthcare Prospecting with FAs in Mind

Would you like to present your self or firm, your strategic competitive advantage, and your value proposition to the medical community?
Would you like to share some unique financial planning, financial advisory or health economics pearls with your colleagues?
Would you like to see a new financial product or service in action before you start using it in your practice, or recommending it to physician clients?
Would you like to introduce yourself and prospect to the HNW medical community, for free?

If so …

Join your ME-P peers and colleagues. Get free access to on-demand videos and other presentations from leading financial advisors [FAs] and brought to you by www.MedicalExecutivePost.com.

The ME-P is your source for the best online-exclusive content in the financial advisory marketing, and financial planning e-prospecting space, for all healthcare professionals [physicians, podiatrists, osteopaths, dentists, chiropractors, nurses, medical CXOs, etc].

How to Submit a Video

To submit a personal or product presentation video [pod-cast], sponsor a video [pod-cast], or inquire about specific advertising on the ME-P, please contact Ann Miller RN MHA at: 770.448.0769 or MarcinkoAdvisors@msn.com

Video Formats

Acceptable 5-12 minute video formats include: Flash (in either SWF or FLA), MPEG, MP4, QuickTime or AVI. Submission of a podcast/video does not guarantee publishing on the ME-P website. FA submitted videos are subject to review by the Executive Editor. Company submitted videos are subject to review by the Publisher and Executive Editor.

SAMPLE PODCAST

In this encore podcast, Somnath Basu PhD MBA examines how the recent economic turmoil has changed financial planning clients’ attitudes and expectations.

White Paper: AgeBander

Dr. Basu is a popular ME-P contributor, commentator and “thought-leader”.

Basu Video Link: http://www.youtube.com/watch?v=jzAkB8h5v3Q

Copyright

Copyright © 2011 by the Institute of Medical Business Advisors, Inc www.MedicalBusinessAdvisors.com All rights reserved, USA. Opinions expressed by authors are their own and not necessarily those of iMBA Inc, the editorial staff, or any member of the editorial advisory board.

Privacy

ME-P and iMBA Inc pledges always to respect the privacy and anonymity of its users and participants. The information (the names, email addresses or any other contact information, personal or financial data) provided to us by our visitors in their registrations and communications with us is securely stored and not shared with any third party. We are committed to working with the Internet community in cultivating and maintaining trust between all its members.

PROSPECTING MADE EASY™

PHYSICIANS: www.MedicalBusinessAdvisors.com
ADVISORS: http://www.CertifiedMedicalPlanner.org

COMMENTS APPRECIATED

Thank You

***

Filed under: Experts Invited, Financial Planning, Marketing & Advertising, Videos | Tagged: financial advisor videos, financial planning podcasts, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com, www.MedicalExecutivePost.com | 2 Comments »

PODCAST: Hedge Fund Manager Michael Burry MD

Posted on February 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

In The Subprime of His Life – My Story

By Dr. David Edward Marcinko MBA, CMP™

[Editor-in-Chief]

I am a long time fan of financial industry journalist Michael Lewis [Liars’ Poker, Moneyball and others] who just released a new book. The Big Short is a chronicle of four players in the subprime mortgage market who had the foresight [and testosterone] to short the diciest mortgage deals: Steve Eisner of FrontPoint, Greg Lippmann at Deutsche Bank, the three partners at Cornwall Capital, and most indelibly, Wall Street outsider Michael Burry MD of Scion Capital.

They all walked away from the disaster with pockets full of money and reputations as geniuses.

About Mike

Now, I do not know the first three folks, but I do know a little something about my colleague Michael Burry MD; he is indeed a very smart guy. Mike is a nice guy too, who also has a natural writing style that I envy [just request and read his quarterly reports for a stylized sample]. He gave me encouragement and insight early in my career transformation – from doctor to “other”.

And, he confirmed my disdain for the traditional financial services [retail sales] industry, Wall Street and their registered representatives and ‘training’ system, and sad broker-dealer ethos [suitability versus fiduciary accountability] despite being a hedge fund manager himself.

I mentioned him in my book: “Insurance and Risk Management Strategies” [For Physicians and their Advisors].

http://www.amazon.com/Insurance-Management-Strategies-Physicians-Advisors/dp/0763733423/ref=sr_1_2?ie=UTF8&s=books&qid=1269254153&sr=1-2

He ultimately helped me eschew financial services organizations, “certifications”, “designations” and ”colleges”, and their related SEO rules, SEC regulations and policy wonks; and above all to go with my gut … and go it alone!

And so, I rejected my certified financial planner [marketing] designation status as useless for me, and launched the www.CertifiedMedicalPlanner.org on-line educational program for physician focused financial advisors and management consultants interested in the healthcare space … who wish to be fiduciaries.

And I thank Mike for the collegial good will. By the way, Mike is not a CPA, nor does he posses an MBA or related advanced degree or designation. He is not a middle-man FA. He is a physician. Unlike far too many other industry “financial advisors” he is not a lemming.

IOW: We are not salesman. We are out-of-the-box thinkers, innovators and contrarians by nature. www.MedicalBusinessAdvisors.com

From a Book Review

According to book reviewer Michael Osinski, writing in the March 22-29 issue of Businessweek.com, Lewis is at his best working with characters and Burry is rendered most vividly.

“A loner from a young age, in part because he has a glass eye that made it difficult to look people in the face, Burry excelled at topics that required intense and isolated concentration. Originally, investing was just a hobby while he pursued a career in medicine. As a resident neurosurgeon at Stanford Hospital in the late 1990s, Burry often stayed up half the night typing his ideas onto a message board. Unbeknownst to him, professional money managers began to read and profit from his freely dispensed insight, and a hedge fund eventually offered him $1 million for a quarter of his investment firm, which consisted of a few thousand dollars from his parents and siblings. Another fund later sent him $10 million”.

“Burry’s obsession with finding undervalued companies eventually led him to realize that his own home in San Jose, Calif., was grossly overpriced, along with houses all over the country. He wrote to a friend: “A large portion of the current [housing] demand at current prices would disappear if only people became convinced that prices weren’t rising. The collateral damage is likely to be orders of magnitude worse than anyone now considers.” This was in 2003.

“Through exhaustive research, Burry understood that subprime mortgages would be the fuse and that the bonds based on these mortgages would start to blow up within as little as two years, when the original “teaser” rates expired. But Burry did something that separated him from all the other housing bears—he found an efficient way to short the market by persuading Goldman Sachs (GS) to sell him a CDS against subprime deals he saw as doomed. A unique feature of these swaps was that he did not have to own the asset to insure it, and over time, the trade in these contracts overwhelmed the actual market in the underlying bonds”.

“By June 2005, Goldman was writing Burry CDS contracts in $100 million lots, “insane” amounts, according to Burry. In November, Lippmann contacted Burry and tried to buy back billions of dollars of swaps that his bank had sold. Lippmann had noticed a growing wave of subprime defaults showing up in monthly remittance reports and wanted to protect Deutsche Bank from potentially massive losses. All it would take to cause major pain, Lippmann and his analysts deduced, was a halt in price appreciation for homes. An actual fall in prices would bring a catastrophe. By that time, Burry was sure he held winning tickets; he politely declined Lippmann’s offer”

And the rest, as they say, is history.

Link: http://www.businessweek.com/magazine/content/10_12/b4171094664065.htm

My Story … Being a Bit like Mike

I first contacted Mike, by phone and email, more than a decade ago. His hedge fund, Scion Capital, had no employees at the time and he outsourced most of the front and back office activities to concentrate on position selection and management. Early investors were relatives and a few physicians and professors from his medical residency days. Asset gathering was a slosh, indeed. And, in a phone conversation, I remember him confirming my impressions that doctors were not particularly astute investors. For him, they generally had sparse funds to invest as SEC “accredited investors” and were better suited for emerging tax advantaged mutual funds. ETFs were not significantly on the radar screen, back then, and index funds were considered unglamorous. No, his target hedge-fund audience was Silicon Valley.

And, much like his value-hero Warren Buffett [also a Ben Graham and David Dodd devotee], his start while from the doctor space, did not derive its success because of them.

Moreover, like me, he lionized the terms “value investing”, “margin of safety” and “intrinsic value”.

Co-incidentally, as a champion of the visually impaired, I was referred to him by author, attorney and blogger Jay Adkisson www.jayadkisson.com Jay is an avid private pilot having earned his private pilot’s license after losing an eye to cancer.

Mike again re-entered my cognitive space while doing research for the first edition of our successful print book: “Financial Planning Handbook for Physicians and Advisors” and while searching for physicians who left medicine for alternate careers!

In fact, he wrote the chapter on hedge funds in our print journal and thru the third book edition before becoming too successful for such mundane stuff. We are now in our fourth edition, with a fifth in progress once the Obama administration stuff [healthcare and financial services industry “reform” and new tax laws] has been resolved

http://www.amazon.com/Financial-Planning-Handbook-Physicians-Advisors/dp/0763745790/ref=sr_1_1?ie=UTF8&s=books&qid=1269211056&sr=1-1

Assessment

News: Dr. Burry appeared on 60 Minutes Sunday March 14th, 2010. His activities with Scion Capital are portrayed in Michael Lewis’s newest book, The Big Short. An excerpt is available in the April 2010 issue of Vanity Fair magazine, and at VanityFair.com

Video of Dr. Burry: http://www.cbsnews.com/video/watch/?id=6298040n&tag=contentBody;housing

Video of Dr. Burry: http://www.cbsnews.com/video/watch/?id=6298038n&tag=contentBody;housing

PS: Michael Osinski retired from Wall Street and now runs Widow’s Hole Oyster Co. in Greenport, NY http://www.widowsholeoysters.com

And, our www.MedicalBusinessAdvisors.com related books can be reviewed here: http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Dstripbooks&field-keywords=david+marcinko

Assessment

Visit Scion Capital LLC and tell us what you think http://www.scioncapital.com.

And to Mike himself, I say “Mazel Tov” and congratulations? I am sure you will be a good and faithful steward. The greatest legacy one can have is in how they treated the “little people.” You are a champ. Call me – let’s do lunch. And, I am still writing: www.BusinessofMedicalPractice.com for the conjoined space we both LOVE.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]

***

Filed under: Book Reviews, Breaking News, CMP Program, iMBA, Inc., Interviews, Investing, Portfolio Management, Recommended Books, Videos | Tagged: 60 Minutes, Ben Graham, CFP, CMP, Cornwall Capital, David Dodd, david marcinko, Greg Lippmann, Jay Adkisson, Michael Lewis, Nicahel Burry, Scion Capital, SEC, Steve Eisner, subprime mortgage market, The Big Short, value investing, Wall Street, www.certifiedmedicalplanner.com, www.HealthDictionaySeries.com, www.medicalbusinessadvisors.com | 34 Comments »

Musings on a Famous Portfolio Asset Allocation Study

Posted on February 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Some Critics Claim Brinson, Hood, and Beebower Conclusions Wrong

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Enter the Critics

The Jahnke Study

Note: (“The Asset Allocation Hoax,” William W. Jahnke, Journal of Financial Planning, February 1997, Institute of Certified Financial Planners [303] 759-4900).

Assessment

Conclusion

Are doctors different than the average investor noted in this essay?

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Invite Dr. Marcinko

***

Musings on a Famous Portfolio Asset Allocation Study

Posted on December 14, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

Some Critics Claim Brinson, Hood, and Beebower Conclusions Wrong

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Enter the Critics

The Jahnke Study

Note: (“The Asset Allocation Hoax,” William W. Jahnke, Journal of Financial Planning, February 1997, Institute of Certified Financial Planners [303] 759-4900).

Assessment

Conclusion

Are doctors different than the average investor noted in this essay?

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Invite Dr. Marcinko

***

Join the ME-P and Become a CERTIFIED MEDICAL PLANNER™

Posted on December 8, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

ADVERTISEMENT

Sponsored by: http://www.CertifiedMedicalPlanner.org

As a medical professional, are you looking for ways to make your practice more profitable and boost your efficiency?

Or, as a financial advisor to doctors, are you looking to develop deeper relationships of knowledge and trust with your physician clients?

We can help!

Well, look no more! We can help. Designed with both advisors and physicians’ needs in mind, the ME-P website is filled with practical advice on the most-requested topics. Join us by subscribing so you can read about practice management and physician focused financial planning, and network with your fellow physicians and FAs. You don’t even have to leave the office!

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Enter the Certified Medical Planners™

A Working-White Paper:

Enter the CMPs

Assessment

Get all the benefits of a personal consultant without the hassle and expense of traveling. Subscribe today. Read posts and comment on more than 50 topical channels addressing the hottest topics in medical practice and financial management today.

CMP.Candidate.Welcome

Link: http://www.CertifiedMedicalPlanner.org

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

***

[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

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Filed under: Career Development, CMP Program, Financial Planning, iMBA, Practice Management | Tagged: CMP, ME-P, www.certifiedmedicalplanner.com | 5 Comments »

Why 75+ Years of American Finance Should Matter to Physician Investors

Posted on April 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

A Graphic Presentation [1861-1935] with Commentary from the Publisher

By Dr. David Edward Marcinko FACFAS MBA CPHQ CMP™

http://www.CertifiedMedicalPlanner.org

As our private iMBA Inc clients, ME-P subscribers, textbook and dictionary purchasers, seminar attendees and most ME-P readers know, Ken Arrow is my favorite economist. Why?

About Kenneth J. Arrow, PhD

Well, in 1972, Nobel Laureate Kenneth J. Arrow, PhD shocked Academe’ by identifying health economics as a separate and distinct field. Yet, the seemingly disparate insurance, asset allocation, econometric, statistical and portfolio management principles that he studied have been transparent to most financial professionals and wealth management advisors for years; at least until now.

Nevertheless, to informed cognoscenti, they served as predecessors to the modern healthcare advisory era. In 2004, Arrow was selected as one of eight recipients of the National Medal of Science for his innovative views. And, we envisioned the ME-P at that time to present these increasingly integrated topics to our audience.

Healthcare Economics Today

Today – as 2022 passes – savvy medical professionals, management consultants and financial advisors are realizing that the healthcare industrial complex is in flux; along with the Russian war, domestic inflation and this dynamic may be reflected in the overall flagging economy.

Like many laymen seeking employment, for example, physicians are frantically searching for new ways to improve office revenues and grow personal assets, because of the economic dislocation that is Managed Care, Medi Care and Obama Care [ACA], the depressed business cycle, etc.

Moreover, the largest transfer of wealth in US history is – or was – taking place as our lay elders and mature doctors sell their practices or inherit parents’ estates. Increasingly, the artificial academic boundary between the traditional domestic economy, financial planning and contemporaneous medical practice management is blurring.

I’m Not a Cassandra

Yet, I am no gloom and doom Cassandra like I have been accused, of late. I am not cut from the same cloth as a Jason Zweig, Jeremy Grantham or Nouriel Roubini PhD, for example.

However, I do subscribe to the philosophy of Hope for the Best – Plan for the Worst.

And so dear colleagues, I ask you, “Are the latest swings in the economic, healthcare and financial headlines making you wonder when it will ever stop?”

The short answer is: “It will never stop” because what’s been happening isn’t any “new normal”; it’s just the old normal playing out before a new audience; sans the war.

What audience?

The next-generation of investors, FAs, management consultants and the medical professionals of Health 2.0.

How do I know all this?

History tells me so! Just read this work, and opine otherwise, or reach a different conclusion.

Evidence from the American Financial Scene, circa 1861-1935

The work was created by L. Merle Hostetler in 1936, while he was at Cleveland College of Western Reserve University (now known as Case Western Reserve University). I learned of him while in B-School, back in the day.

At some point after it was printed, he added the years 1936-1938. Mr. Hostetler became a Financial Economist at the Federal Reserve Bank of Cleveland in 1943. In 1953 he was made Director of Research. He resigned from the Bank in 1962 to work for Union Commerce Bank in Cleveland. He died in 1990.

The volume appears to be self published and consists of a chart, approximately 85′ long, fan-folded into 40 pages with additional years attached to the last page. It also includes a “topical index” to the chart and some questions of technical interest which can be answered by the chart.

Link: http://fraser.stlouisfed.org/75years

Assessment

And so, as with Sir John Templeton’s [whose son is an MD] four most dangerous words in investing (It’s different this time), Hostetler effectively illustrates that it wasn’t so different in his era, and maybe—just maybe—it isn’t so different today for all these conjoined fields.

Conclusion

Your thoughts and comments on this ME-P are appreciated. While not exactly a “sacred cow,” there is a current theory that investors will experience higher volatility and lower global returns for the foreseeable future.

In fact, it has gained widespread acceptance, from the above noted Cassandra’s and others, as problems in Europe persist and threats of a double-dip recession loom. But, how true is this notion; really?

Is Hostetler correct, or not; and why?

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.

Our Other Print Books and Related Information Sources:

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

HOSPITALS:

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

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

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed. Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Health Economics, iMBA, Inc., Investing, Op-Editorials, Portfolio Management | Tagged: ACA, CMP, david marcinko, double-dip recession, Jason Zweig, Jeremy Grantham, Ken Arrow, L. Merle Hostetler, National Medal of Science, Nouriel Roubini PhD, physician investors, Sir John Templeton’s, Why 75 Years of American Finance Matters, www.BusinessofMedicalPractice.com, www.certifiedmedicalplanner.com, www.healthcarefinancials.com, www.medicalbusinessadvisors.com | 12 Comments »

Meet David K. Luke MIM CMP™ [An ME-P Thought-Leader]

Posted on December 18, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

A Physician Focused Financial Advisior and Certified Medical Planner™

Financial Management Experience

https://www.medicuswealthplanning.com/team/david-k-luke

David K. Luke focuses on helping physicians, medical professionals, and successful retirees with financial planning, investment and risk management.

In the past 24 years of industry experience, David has held licenses including general securities registered representative, registered investment advisor, Branch management supervision, and Life, Accident, and Health Producers.

David, a fee-only advisor, is able to help his clients to achieve peace of mind and greater assurance with their financial goals by giving advice and providing investment management that is in their best interest, untainted by commissions or sales objectives. Likewise, in a true fiduciary capacity, he is able to help investors determine the reliability and suitability of products and services that they have been sold by other advisors.

David began his career managing money in 1986 in the General Motors of Canada Banking and Investments department where he was engaged in cash management, foreign currency hedging, and the debt issuance of a $100 million Eurobond and a $300 million Note Issuance facility. In 1988 as Supervisor of Borrowings for GMAC Canada David was responsible for the daily average issuance of $125 million in short-term Commercial Paper. David worked as a stock broker and portfolio manager for 2 major national brokerage firms (A.G. Edwards and Wachovia Securities) from 1989 to 2008.

Additionally, at Wachovia Securities David was among an elite group of financial advisors approved as a PIM (Private Investment Management) Portfolio Manager. Prior to joining Net Worth Advisory Group in 2010, David managed his own independent firm, Luke Wealth Strategies, working as a registered representative and investment advisor.

Education and Designations

President 2009/2010, Financial Planning Association (FPA) – Utah Chapter Affiliate
National Association of Personal Financial Advisors (NAPFA)
Member, Medical Group Management Association Master of International Management (Finance concentration)
American Graduate School of International Management Bachelor of Arts, Brigham Young University
Certified Medical Planner™ Professiobnal Designation from iMBA, Inc www.CertifiedMedicalPlanner.org

http://www.CertifiedMedicalPlanner.org

Assessment

David is our newest ME-P “thought-leader”. We look foward to his insider comments and posts. So, please welcome him and give his site a click: http://networthadvice.com/our-team/david-k-luke/

Filed under: CMP Program, Experts Invited, Financial Planning, iMBA | Tagged: •American Graduate School of International Management, CMP, david k. luke, Financial Planning, FPA, Medical Group Management Association, NAPFA, Net Worth Advice, www.certifiedmedicalplanner.com | 1 Comment »

Dr. Marcinko Interviewed on the Physician Credit Crunch

Posted on May 6, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

Financial Experts Share Tips on Obtaining Loans to Start or Expand a Medical Practice

By Michael Gibbons

Editor: ADVANCE Newsmagazines

Maybe you’re a young dermatologist or plastic surgeon who dreams of starting your own practice. Or maybe you’re an established professional but want to expand your palette of anti-aging services. Either way, you’ve probably made an unpleasant discovery: Banks are leery about lending today. Global recessions with seemingly no end in sight tend to give loan officers sticky fingers.

Dermatologists and Plastic Surgeons

We have it on good authority that dermatologists and plastic surgeons as a group are less affected by this problem than physicians in some other branches of medicine. Still, there’s no better time than now to absorb some sound advice on how to approach banks for loans—whether you’re a fresh-faced newcomer to the fresh-face business or a wrinkled veteran at eliminating wrinkles.

Start Small

There’s no soft-soaping it: Starting a healthy aging practice is much harder than expanding an existing practice, even in the flushest of times.

“For young dermatologists starting out, I recommend you start small,” advises Jerome Potozkin, MD, who offers facial rejuvenation, liposuction, body contouring and dermatological care through his practice in Walnut Creek, CA. “You can always expand. Keep your overhead low. Know what your credit score is and do everything you can to improve it. Pay your bills on time.”

Lasers aren’t cheap. Besides the initial acquisition costs, a service contract can cost $7,000 to $12,000 a year, according to Dr. Potozkin. “Don’t feel you have to buy every new laser under the sun,” he says. “In fact, renting rather than purchasing is an option many companies offer. When your volume is low you can rent and schedule laser days—although the pitfall there is you don’t have lasers available whenever patients come in.”

Also, young dermatologists “will probably have an easier time getting a loan if they go to a relatively underserved area, as opposed to an area that has a large number of dermatologists per capita,” says Dr. Potozkin, who began practicing 10 years ago. “There are two schools of thought on this: Go where you want to live to start a practice or go to where there’s a need and be instantly successful. I chose the former. It took me longer to get started but I’m very happy where I am.”

Patience, Prudence and Passion

Be patient, prudent, passionate—and start with a spare office and as little debt as possible, advises Dr. David E. Marcinko MBA, a financial advisor and Certified Medical Planner™. Marcinko, a health economist, is CEO of the Institute of Medical Business Advisors Inc., a national physician and medical practice consulting firm based in Norcross, GA www.MedicalBusinessAdvisors.com

“Patients are looking for passion from you, not lavish trappings,” Dr. Marcinko says. “When a banker or a loan officer sees $175,000 or more of debt they are loath to give a loan—and it’s hard to blame them. Purchase a home after you become a private practitioner. You need to be as close to debt-free as you can be.

Exit Strategy

“Another thing bankers want to know is, ‘If we give you a loan and you start a practice and it fails, how will we be paid back?’ They want an exit strategy.”

The good news is dermatology “remains a very lucrative specialty, and in most parts of the country they are in a shortage position, particularly with the aging population,” says Sandra McGraw, JD, MBA, principal and CEO of the Health Care Group, a financial and legal consulting firm based in Plymouth Meeting, PA., that advises the American Academy of Dermatology, among other groups.

“I would start with a realistic business plan for why you think this practice can succeed, in the specific location,” McGraw says. “How many patients do you expect to see? How will they know you are there and available? Remember that banks lend to all kinds of people, so keep your numbers realistic. Overestimating expenses is as bad as underestimating them. Then determine how you want the money—usually a fixed loan for a period of time and then a line of credit as you get your practice going and sometimes need the cash flow.”

Expanding a Practice

Established dermatologists should have an easier time getting loans to expand their practices. They have, one hopes, a track record of success and assets to put up as collateral.

Mid-career physicians “have cash flow, physician assets and equity to some degree in a house and personal assets,” Dr. Marcinko observes. “Banks can attach loans to personal assets and savings accounts. Ninety-nine percent of times you must sign a personal asset guarantee. Mid-lifers have assets young ones don’t, so mid-lifers aren’t quite the risk. They have businesses that have value and cash flow. Banks like cash flow.”

However, even veterans must do some homework before approaching a bank. “You still want to establish why you want the money and how the expansion will increase your income,” McGraw says.

Another tip: If the bank has loans out with reputable vendors, you might ask the loan officer to recommend them to you as potential contractors. “Sometimes keeping it local and supporting others with loans at the bank can be helpful,” she says.

Assessment

Dr. Marcinko adds, “Bankers today want you to come in with a well-reasoned, well-thought-out and well-written business plan. Give bankers a 30-second elevator speech on why you are different. It’s really important to ask yourself, ‘What can I offer the community as a doctor in my specialty that nobody else can?’ If you bill yourself as the first dermatologist to do laser surgery, that’s a perceived advantage. You purchased the equipment and learned to use it. But anyone can do that. If you can come up with something that nobody else has or can do, that’s how you’re successful in anything.”

Link: Dr. Marcinko Interview

Link: https://medicalexecutivepost.com/wp-content/uploads/2009/08/dr-marcinko-interview.pdf

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Tell us what you think. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed

And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Doctors Only", Book Reviews, Career Development, CMP Program, Experts Invited, iMBA, Inc., Interviews, Managed Care, Practice Management, Practice Worth, Recommended Books, Research & Development | Tagged: ADVANCE Newsmagazines, bankers, business plan, certified medical planner, CMP, credit, credit crunch, david marcinko, dermatologists, Health Care Group, Jerome Potozkin, loans, MD, Michael Gibbons, plastic surgeons, Sandra McGraw, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 2 Comments »

About “Comments” on the Medical Executive-Post

Posted on September 26, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

One of Just Many Ways to Interact with Us

By Ann Miller RN MHA

[Executive-Director]

If you are not reading our subscriber “comments”, you are not getting all you can from each Medical Executive-Post. And, if you are not reading the links in each post, you are not getting all you can from the ME-P.

Industry Specificity

Then, purchase our textbooks, white-papers, handbooks, dictionaries and CDs for deeper integrated and peer-reviewed industry specificity.

Consulting Too!

And, we are now scheduling private consultations, events and corporate engagements, too. Online and on-ground seminars and private appointments are also available! But for now, read and learn from the “comments“ tab. It’s fast, free and secure!

Conclusion

So, there are several ways to interact with the ME-P, and more are scheduled in the future.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security

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Filed under: Career Development, Estate Planning, Financial Planning, Information Technology, Managed Care, Marketing & Advertising, Professional Liability, Recommended Books, Risk Management | Tagged: CMP, Dr. David Marcinko, Medical Executve-Post, www.certifiedmedicalplanner.com | 1 Comment »

About the Certified Medical Planner™ Program

Posted on September 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

The Virtual Certified Medical Planner™ Program, from iMBA Inc.

Our flagship 500 hour Certified Medical Planner™ professional designation program is designed for fiduciary focused FAs, CFPs®, CPAs, RIAs and other financial services professionals and/or doctors, nurses, health entity CXOs, managers and administrators [medical management consultants] and those in career transition looking to enhance their theoretical knowledge and practical experience in the integrated and expanding fields of medical practice management and personal financial planning.

In all our courses, we cover the full spectrum for any given topic. Best of all, we utilize real-life case studies from the marketplace, either as a financial advisor or medical management consultant, so students can actively participate in a mock “working financial advisory group” or “medical managerial team”.

And, our unique CMP™ teaching methodology uses “live” dedicated instructors to help [adult-learners] students understand how to fully integrate quantitative and qualitative analysis when advising clients.

We offer 24/7/365 classes designed for working professionals with a heavy workload or travel schedule. In addition, our courses can be taken without ever having to leave your desk, home, office, practice, or even your hotel room.

Our training program is internet based so most of our students take the course virtually. Nevertheless, while our service delivery model is virtual – the educational benefits and notoriety you receive are REAL!

More info:

Ann Miller RN MHA

[Executive-Director]

www.CertifiedMedicalPlanner.org

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Filed under: Career Development, CMP Program, Financial Planning, iMBA, Inc., Practice Management | Tagged: About the Certified Medical Planner™ Program, certified medical planner, CMP, financial planning doctors, medical practice management, www.certifiedmedicalplanner.com, www.MedicalExecutivePost.com | 6 Comments »

A Simple Formula For Financial Sobriety

Posted on September 4, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Changing Financial Behaviors

By Rick Kahler MS CFP® ChFC CCIM www.KahlerFinancial.com

From time to time I offer financial courses through Community Education of the Black Hills. Classes on the fundamentals of making good investments and how to do your own financial planning usually fill quickly.

But, a class on “financial sobriety”—how to change your psychological behaviors around money and begin making wiser money decisions—had only one person sign up. Based on my 30 years of financial advising, this wasn’t a big surprise.

The Research

Research tells us 70% of US citizens have no savings and live month to month or are insolvent. Only 9% have saved over $100,000 and just 3% over $500,000. The stats for medical professionals are not so transparent.

Why is this? The simple answer is Americans have a significant resistance to saving, including some doctors, according to ME-P Editor-in-Chief, Dr. David Edward Marcinko FACFAS MBA CMP® www.CertifiedMedicalPlanner.org

Mathematically, the solution to this is very simple. Out of every dollar earned, do this: First, pay taxes. Second, save and invest 20% or more. Third, live on the rest. This formula has a high probability of successfully creating financial independence.

So, why are fewer than one in 10 Americans able to follow this simple formula? The answer to that isn’t so simple.

Psychological Responses

The first response to these options is often, “I can’t.” Non-savers tell themselves there is nowhere to cut. When put in context of maintaining their current lifestyle, this is true—and therein lies the problem. When you’re living month to month, becoming a saver inherently means either reducing your lifestyle or increasing your income.

Unfortunately, too many people vaguely intend to start saving when their income goes up. This is backwards. Focusing instead on reducing your lifestyle is what creates the habit of saving.

For some people, downsizing a lifestyle can mean switching kids from private to public schools or selling expensive cars and homes.
For others, downsizing can mean getting rid of cable TV, buying generic brands, and shopping at garage sales instead of Walmart. Most budgets have room for at least a few small cuts. We just can’t see the options, because our brains tell us that reducing our lifestyle will be a fate worse than death.

It may seem that a lifestyle reduction would be a lot easier for high income earner. Yet I’ve seen those earning $750,000 have as much trouble saving $10,000 a year as those earning $50,000. The self-talk and reasons why it’s impossible to cut spending are exactly the same.

Not about Money

It’s not about the money. It’s never about the money. It’s not that most non-savers don’t know the solution to saving more; it’s that they don’t like the solution. We cannot change what we refuse to confront.

It takes a lot of courage to admit you have to change and then take action to actually put a plan into motion. It can feel overwhelming, embarrassing, and fearful. It’s hard saying goodbye to the old lifestyle and the trappings we come to enjoy.

Adaptable Humans

Fortunately, the difficult times are temporary. Humans are very adaptable. Before long you will settle into the new “normal.” You will discover you can be just as happy with your new lifestyle as you were in the old. The anxiety of losing that lifestyle will be replaced with the satisfaction of watching your savings and investments grow, knowing you will someday be able to support yourself without working.

Assessment

Eventually, you will experience much less anxiety than you did when you were living in denial. Knowing you have enough savings to see you through a job loss or other financial calamity is a real anxiety buster.

You may even choose not to increase your lifestyle as your income increases. You’ll be too busy enjoying the financial serenity, satisfaction, and joy that comes with living on less than you earn and building financial independence.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: CMP Program, Events-Planner, Financial Planning | Tagged: behavioral finance, budgeting, CMP, Financial Planning, Financial Sobriety, Rick Kahler CFP®, www.certifiedmedicalplanner.com | 2 Comments »

Vital iMBA Inc Links for Savvy Doctors and their Financial Advisors

Posted on July 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

An Educational Resource Supporting Doctors and their Consulting Advisors

We are an emerging online and onground community that connects medical professionals with financial advisors and management consultants. We participate in a variety of insightful educational seminars, teaching conferences and national workshops. We produce journals, textbooks and handbooks, white-papers, CDs and award-winning dictionaries. And, our didactic heritage includes innovative R&D, litigation support, opinions for engaged private clients and media sourcing in the sectors we passionately serve.

Through the balanced collaboration of this rich-media sharing and ranking forum, we have become a leading network at the intersection of healthcare administration, practice management, medical economics, business strategy and financial planning for doctors and their consulting advisors. Even if not seeking our products or services, we hope this knowledge silo is useful to you.

In the Health 2.0 era of political reform, our goal is to: “bridge the gap between practice mission and financial solidarity for all medical professionals.”

Join the ME-P Nation today … and tell us what you think!

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We are sponsored by the Institute of Medical Business Advisors, Inc

www.MedicalBusinessAdvisors.com

INSTITUTE OF MEDICAL BUSINESS ADVISORS, INC.
Suite #5901 Wilbanks Drive
Norcross, Georgia, 30092-1141 USA
Phone: 770.448.0769

ADMINISTRATORS: http://www.springerpub.com/Search/marcinko
PHYSICIANS:www.MedicalBusinessAdvisors.com
PRACTICE: www.BusinessofMedicalPractice.com
PODIATRISTS: www.PodiatryPrep.com
HOSPITALS:http://www.crcpress.com/product/isbn/9781439879900
ADVISORS:www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Assessment

Link: Letterhead.iMBA_Inc.

Link: Letterhead CMP

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Doctors Only", Estate Planning, Financial Planning, iMBA, Inc., Insurance Matters, Investing, Recommended Books, Retirement and Benefits | Tagged: CMP, Dr. David Edward Marcinko MBA, iMBA, Inc., institute of medical business advisors, www.certifiedmedicalplanner.com, www.medicalbussinessadvisors.com | 1 Comment »

Promoting the ME-P Holistic Physician Lifestyle

Posted on July 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Enter the Certified Medical Planners™

By Ann Miller RN MHA

[Executive-Director]

Life planning and behavioral finance, as proposed by physicians and financial advisors, and as integrated by the Institute of Medical Business Advisors (iMBA), emanates from a holistic union of personal financial planning and medical practice management solely for the healthcare space.

Source: https://www.mapsforthat.com/map.php?m=587

The CMP™ Difference

Unlike pure life planning, pure financial planning, or pure management theory, it is both a quantitative and qualitative “hard and soft” science. It has an ambitious economic, psychological and managerial niche value proposition never before proposed and codified, while still representing an evolving philosophy. Its’ zealous practitioners are called Certified Medical Planners (CMPs).

Assessment

Health 2.0 focused physician baby boomers & modern Gen-X financial advisors can help transition you successfully through medical practice and life changing financial events by exchanging knowledge, experiences and inspiration with industry professionals and peers in the casual and friendly atmosphere of the ME-P. Join us today.

More: https://medicalexecutivepost.com/2009/10/20/understanding-behavioral-finance/

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: CMP Program, Financial Planning, iMBA, Inc., LifeStyle, Practice Management | Tagged: behavioral econmomics, CMP, Dr. David Edward Marcinko MBA, holistic life planning, medical executive post, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 6 Comments »

Taxes and the SCOTUS ACA Decision

Posted on July 1, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

My Synopsis for Physician Investors

By Dr. David Edward Marcinko FACFAS MBA CMP™

www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

I was at Emory University this past weekend for an unrelated colloquium. But all the chatter, of course, was about SCOTUS, taxes and the just announced ACA decision.

Most doctors I know – just don’t like paying needless taxes. So, what’s the buzz for physicians and other medical professional investors, and their financial advisors [FAs]?

The Synopsis

The taxes to pay for the Affordable Care Act include a new tax on medical devices that will increase costs to individuals and healthcare providers.

There also is a new 3.8% Medicare tax. It applies in 2013 to income and capital gains.

If the expected post-election tax bill extends the current 15% capital gain rate, then the capital gains tax rate will be 18.8% in 2013. However, if the 15% federal capital gains tax rate is increased to 20%, then the new rate in January of 2013 will be 23.8%.

In addition to dividend seeking investors, the increase in capital gains rate may also influence charitable gifts of appreciated property in 2013.

Assessment

Please weigh-in all you FAs and healthcare focused CPAs. What is a physician investor supposed to do, now?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: Health Insurance, Health Law & Policy, iMBA, Taxation, Touring with Marcinko | Tagged: ACA, CMP, Dr. David Edward Marcinko MBA, Health Insurance, SCOTUS, Taxes and the ACA SCOTUS Decision, www.certifiedmedicalplanner.com | 4 Comments »

A Survey to Shape the Definition of Physician-Focused Financial Planning

Posted on April 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Send us Your Thoughts

By Dr. David Edward Marcinko MBA CMP®

[Chairman, Founder and CEO]

www.CertifiedMedicalPlanner.org

The Institute of Medical Business Advisors, Inc is re-defining the role of “physician focused financial planning” and how the concept fits within the financial services industry.

Crowd-Sourcing Insights and Opinions

But, we can’t do it without your help. As a medical provider or seasoned financial professional, our readers can provide valuable input to determine exactly what constitutes a physician focused financial advisor in today’s complex healthcare industrial complex landscape.

For example, is it business as usual for FAs today; does it fall under the auspices of the Certified Medical Planner™ professional rubric, or is it something else?

Be a pioneer and help shape the industry’s definition of medically focused financial advice by sending us your thoughts on competency tasks and areas of subject matter expertise.

Results

The results will enhance iMBA’s Certified Medical Planner designation, which is designed to help financial advisors address the needs of physicians, medical professionals and all allied healthcare personnel; and help define the role of physician focused financial planning in the coming decade.

Learn More

To learn more about this growth specialty and designation, click here: www.CertifiedMedicalPlanner.org

Assessment

Please be assured that if you take the survey, your responses are confidential; we won’t share your contact information with third parties. Thank you for your participation!

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: CMP Program, Financial Planning, iMBA, Inc., Practice Management | Tagged: CMP Program, Survey to Shape the Definition of Physician-Focused Financial Planning, www.certifiedmedicalplanner.com | 5 Comments »

How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit

Posted on March 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Sponsored: www.CertifiedMedicalPlanner.com

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Please 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.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

###

TESTIMONIAL

In his book Financial Planning Handbook for Physicians and Advisors, Dr. David E. Marcinko, MBA CMP® CFP® provides us with a simple and yet very complete view on the basics of financial planning that every physician should know in order to maximize our chances for success in the financial aspect of our medical careers and personal lives.

The book is well structured, organized and easy to read. Divided in ten chapters, it covers important aspects of personal financial planning such as insurance, home mortgages, retirement plans, auto buying, taxes and more. In an era where doctors must have a solid understanding of the basics of financial management, this book is a must-have on every physician’s private book collection.

Although not a substitute for a formal business education, this book will help physicians navigate effectively through the hurdles of day-to-day financial decisions with the help of an accountant, financial and legal advisors. This book would make an excellent reference for teaching medical students and residents the basics of monetary management.

I highly recommend this book and commend Dr. Marcinko and the Institute of Medical Business Advisors, Inc. on a job well done.

Manuel J. Colón, MD

Filed under: "Advisors Only", "Doctors Only", CMP Program, Financial Planning, iMBA, Inc., Recommended Books | Tagged: CMP, david marcinko, Financial Planning for Physicians and Advisors, How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit, Manuel J. Colon MD, www.certifiedmedicalplanner.com | 2 Comments »

Physician’s Update on Dividend-Paying Stocks

Posted on March 13, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

But Some Doctors Ask – Why All the Hype?

By David K. Luke MIM CMP™ candidate [www.CertifiedMedicalPlanner.com]

www.NetWorthAdvice.com

In an effort to help the US economy recover, the Federal Reserve has lowered interest rates to historically low levels. Furthermore, the Fed has announced its intent to keep interest rates low until 2014. Classic income-producing investments such as savings accounts and certificates of deposit pay next to nothing.

Borrowing Good – Saving Bad!

Borrowers are being rewarded, but savers are being punished. Low interest rates may have spurred the economy somewhat, but they have been devastating for retired people who have a low tolerance for risk. Physicians, other investors and their advisors are turning toward alternatives that pay higher returns, but these vehicles necessarily carry more risk. Among these alternatives, some investors are considering the purchase of stocks that pay reliable dividends.

Assessment

But, is this an appropriate strategy for mature doctors and similar retirees? What are the potential benefits and drawbacks?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Alternative Investments, Investing, Retirement and Benefits | Tagged: Alternative Investments, CMP, david k. luke, Federal Reserve, Investing, low interest rates, retirement planning, Update on Dividend-Paying Stocks, www.certifiedmedicalplanner.com, www.NetWorthAdvice.com | 10 Comments »

What Did You Do When the Stock Market was Down?

Posted on March 2, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Investing Hero or Zero … On Market Timing or NOT!

By Staff Reporters

Here at the ME-P, we believe we have some of the most intelligent and savvy readers in the blog-o-sphere. And – why not?

Most are physicians, nurses and medical specialist of all stripes. Others are CPAs, financial advisors and wealth managers. And, some are medical management and HIT consultants with PhDs and MBAs, etc. More than a few more even have dual and triple degrees and professional designations, like www.CertifiedMedicalPlanner.com

The Question

Accordingly, our friends over at The Finance Buff recently asked:

Q: Do you remember those days last summer when the Dow went down 400 points one day and then it went up 400 points the next day, before it went down another 400 points the following day?

Going Granular

Well – if you do – what did you, or your clients do about it? Did you invest more, stay put, bail out or something else? Go granular on us and your fellow ME-P readers, subscribers and lurkers.

Assessment

Please tell us who you are, what you did during the “flash-crash” a few years ago, or last summer’s mini-meltdown, and how it turned out in hindsight?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Advisors Only", "Doctors Only", CMP Program, Experts Invited, Investing | Tagged: CPM, Financial Planning, Flash Crash, Investing, Stock Market Timing, wealth management, www.certifiedmedicalplanner.com | 5 Comments »

Health Industry Collaboration and e-Patients

Posted on February 24, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

More on Inter and Intra Healthcare Stakeholder Relationships

According to Jennifer Tomasik MS [jtomasik@cfar.com], writing in the soon to be released ME-P textbook from iMBA Inc www.MedicalBusinessAdvisors.com: “Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies], now in-process from (c) Productivity Press for 2012:

We are in a time of great change in healthcare. No one is certain how the future landscape will unfold, but it is clear that changes in regulation, reimbursement, technology, the economy, and science will significantly impact the work of those clinicians and administrators who dedicate their careers to improving patient care.

More Collaboration Needed

Experience has shown that better collaboration between patients and among the many different parts of the healthcare delivery system holds great potential to improve the quality of care and the relationships of those delivering it. It has also shown that the opportunities to improve collaboration are widespread.

Our focus, therefore, should be to introduce and share a selected set of tools that can be used to improve collaboration along several dimensions:

Clarifying roles and authority through decision charting,
Understanding the “give” and the “get” needed to establish effective alliances through the current state, and
Working jointly to establish and test a set of refined expectations through a physician-administrator compact.

Assessment

In the end, improved collaboration can help medical institutions with everything from inter professional productivity, to patient satisfaction to the most critical service of all: caring for patients and saving lives.

Link: http://www.crcpress.com/product/isbn/9781439879900

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Book Reviews, CMP Program, Ethics, Health Insurance, iMBA, Inc., Managed Care, Quality Initiatives, Recommended Books | Tagged: david marcinko, e-patients, Health Industry Collaboration and e-Patients, Healthcare Organizations” [Management Strategies, hope hetico, Jennifer Tomasik, Techniques and Case Studies, Tools, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 4 Comments »

Are “Financial Advisors” True Professionals or Employed Sales Representatives for Retail Products?

Posted on February 9, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

White House Sides With Sales Reps On Overtime

Dr. David Edward Marcinko MBA CMP™

[ME-P Editor-in-Chief]

www.CertifiedMedicalPlanner.org

As the US Supreme Court is preparing to review the contentious debate about overtime pay for sales reps, the US Solicitor General has filed an amicus curaie, or friend of the court brief, and sided with pharma reps. The move is not surprising, given that the US Department of Labor has, several times, taken a similar step in federal courts around the country where cases were heard.

Far Reaching Implications?

The review is expected to have far-reaching implications for the pharmaceutical industry, and I believe the financial services industry, as well. Why?

Both sectors have been fighting a growing number of cases nationwide over the past several years, but has had mixed results as the issue has continually divided the courts. At the same time, drug makers, Wall Street and broker-dealers have been laying off thousands of sales reps – “financial advisors”, “wealth managers” and stock brokers – as they try to cut costs and alter their business models to prepare for some level of fiduciary accountability.

The Issue

At issue is whether drug reps, and FAs by extension, are exempt from overtime provisions of the Fair Labor Standards Act. The FLSA overtime compensation requirement does not apply to employees who work as outside salespeople, but the law does require employers to pay overtime for hours worked beyond 40 hours a week, unless a FLSA exemption applies.

Link: http://www.pharmalot.com/2012/02/white-house-sides-with-sales-reps-on-overtime/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Pharmalot+%28Pharmalot%29

My Issue

And so, does this mean that most “financial advisors” are really stock-brokers and product pushers after all? At least in medicine, we doctors know what a pharmaceutical rep is – and we understand his/ her roll is to push pharma products, DME and drug sales.

Shouldn’t a salesman – be a salesman – and an “advisor” – be an RIA or RIA rep? I don’t often agree with the White House, but I do on this one.

FAs can’t be independent client advocates – and employees – at the same time

Now, isn’t it time for the public to know that the vast majority of FAs are just salesmen [still SBs], too? Just selling retail financial products to doctors and others; not drugs. After all, FAs can’t be independent client advocates – and employees – at the same time. And, it appears with this potential filing and ruling; that they truly wish to be the later. Now FAs, admit it!

Assessment

Why do you think FAs are licensed as “registered representatives”? Rarely; a fiduciary among them!

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: Career Development, CMP Program, Drugs and Pharma, Ethics | Tagged: Are Financial Advisors Professionals or Employee Sales Representatives?, CFP, CMP, Dr. David Marcinko, fiduciary, financial advisors, RIA, stock-brokers, wealth managers, www.certifiedmedicalplanner.com | 10 Comments »

Is Malta a Hedge Fund Haven?

Posted on February 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Island in the Mediterranean Sea – South of Sicily (Italy)

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

OK; I’ve written about hedge funds before, on this ME-P and in our www.MedicalBusinessAdvisors.com print publications for various textbooks, handbooks, white papers and journal. And, we discuss the concept in our online educational www.CertifiedMedicalPlanner.org program, as well. Some medical professionals love them, and some financial advisors use them in their work; others do not.

Of course, I’ve written frequently about my colleague – the now retired and newly anointed philanthropist and uber-hedge fund manager Mike Burry MD; ad nauseam.

Link: https://medicalexecutivepost.com/2010/03/24/video-on-hedge-fund-manager-michael-burry-md/

But, now there is a new wrinkle on the island that I first visited about ten years ago, while on a working vacation

Rising Visibility

Malta–yes, Malta–has quietly leveraged the rising transparency imperative to attract hedge funds. There was a time when the quaint island sought to play on the traditional terrain, offering anonymity and a “laissez-faire regulatory regime,” not to mention very low taxes, as in no capital gains taxes and no taxes on dividends; all while English speaking and USD currency denominated.

Maybe back then, no more today, if this essay is to be believed.

Link: http://www.bloomberg.com/news/2012-01-05/malta-lures-connecticut-hedge-funds-with-300-days-of-sun-aided-by-eu-rules.html

Image 1

Why Malta?

Link: http://www.firstgozo.com/maltafacts.htm

Assessment

While many leading domiciles for offshore hedge funds remain in the Caribbean–notably the Cayman Islands, the British Virgin Islands, Bermuda, and the Bahamas–the island of Mata is drawing attention, especially from European funds.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Alternative Investments, CMP Program, iMBA, Investing | Tagged: certified medical planner, David Edward Marcinko, Financial Planning for Physicians and Advisors, Insurance and Risk Management Strategies for Physicians and Advisors, Is Malta a Hedge Fund Haven?, Mike Burry MD, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 16 Comments »

On “Financial Planning for Physicians AND their Advisors”

Posted on January 29, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Financial Planning Handbook for Physicians and Advisors

www.CertifiedMedicalPlanner.com

Filed under: CMP Program, Financial Planning, Investing, Recommended Books | Tagged: CMP, Dr. David Marcinko, Financial Planning, Financial Planning Handbook for Physicians and Advisors, www.certifiedmedicalplanner.com | 1 Comment »

The One-Woman Physician Investors Should Not Trust

Posted on December 19, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Why We Should “Run” from the SEC’s Mary Schapiro

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

OK, I’ve opined about fiduciary accountability for stock brokers, FAs and FPs – as well as Mary Schapiro [Chairman of the SEC] before – on this ME-P. And usually, in not so glowing terms!

But now, Mary really chaps my ethical and linguistic sensibilities.

Why I’m So P…… Off!

According to Bloomberg, and Advisor One [a financial services industry trade magazine], the chairwoman is considering something called the “business model neutral” rule that retains proprietary financial products, and brokerage sales commissions.

This concept of ‘business neutral’ is the one sought by many in the brokerage and insurance industry in order to redefine the term ‘fiduciary’ as an enhanced form of ‘suitability’ with opt-out provisions.

But, it is not sought by me, and should not be accepted by physicians.

Definitions

Suitability Rule – According to the Free Dictionary:

A stated or implied requirement by a regulatory body that a broker or investment adviser must reasonably believe that a certain investment decision will benefit a client before making a recommendation to him/her. That is, the broker or investment adviser must act in good faith, and may not knowingly recommend bad investments. Different regulators and self-regulating organizations incorporate suitable rules in different places in their bylaws. Two commonly referenced suitability rules are Rule 2310 for the Financial Industry Regulatory Authority and Rule 405 for the NYSE. See also: Due diligence, Prudent-person rule, Twisting.

Fiduciary Rule – According to the Free Dictionary:

A uniform standard for financial advisors that requires them to put retail customer interests ahead of their own financial interests.

This is clearly a higher duty [level of care] than suitability. Insurance agents, stock brokers, BDs and most “financial advisors” hate it.

Link: http://www.advisorone.com/2011/12/09/reaction-to-schapiro-comments-on-fiduciary-rule-ar?ref=hp

“Suitability on Steroids”

Some pundits suggest we think of this new “business model neutral” rule as “suitability on steroids.”

However, as most of us in medicine know, steroids are not a panacea and are typically used as a quick fix for short term gain, only.

Otherwise, the excessive use of anabolic steroids is bad for our physical health. Just like Mary Schapiro is bad for our fiscal health. But, a Certified Medical Planner™ is a fiduciary at all times http://www.CertifiedMedicalPlanner.org

More: Enter the CMPs

Assessment

And so, your thoughts and comments on this ME-P are appreciated. I was an insurance agent and certified financial planner for almost 15 years [Series 7, 63 and 65] before I resigned all – in disgust over the fiduciary flap.

Doctors are fiduciaries. I am a fiduciary, a doctor, and a financial advisor. Shouldn’t all physician-investors demand same from their own financial advisors [NASD-FINRA, RIAs, RIA-Reps]?

But hey – I’m just a medical provider.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Front Matter with Foreword by Jason Dyken MD MBA

[BY DOCTORS – FOR DOCTORS – PEER REVIEWED – NICHE FOCUSED]

***

Filed under: CMP Program, Ethics, Glossary Terms, Investing, Op-Editorials | Tagged: certified financial planner, certified medical planner, CFP, CMP, david marcinko, fiduciary, financial advisors, FINRA, Mary Schapiro, NASD, RIA, suitability rule, www.certifiedmedicalplanner.com | 17 Comments »

Why I’m Joining the Physician Nexus Medical Advisory Board

Posted on December 14, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

On My Non-Linear … and Sometimes Concurrent Career Path

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

As Medical Executive-Post readers know, I am a big believer in career and change management; evolution if you will. As an entrepreneurial doctor, writer, publisher, speaker, financial advisor, economist, management consultant and business owner, with a non-linear career spanning more than 30 years, I’m acutely aware that to thrive, I must evolve.

Evolution not Revolution

Most of our readers know my career story, but you probably don’t know that even now, my career continues to evolve. For example, I recently accepted a position on the Physician Nexus Medical Advisory Board http://physiciannexus.com/page/nexus-board-of-advisors

THINK: Evolution; not revolution.

Am I Un-Happy?

Why did I embark on this project? Am I giving up my day job at this ME-P? Am I moving on from my business? These are questions I’ve been asked, and I’ve given them all some thought. The nature of these questions signifies a fundamental assumption that, to be considered stable and sane, we must remained attached to “one occupation”, and that if anything changes in that equation, we are surely about to make a move because we are unhappy www.BusinessofMedicalPractice.com

Not so!

Last Gen Parents – Next Gen Son

Don’t believe m? Just ask me about the time I told my last-generation dad and mom I was going to business school, after medical school www.CertifiedMedicalPlanner.org then promptly started an online educational and testing firm for doctors, financial advisors, CPAs and stock brokers. Or; when I sold my ambulatory surgery center – and later still – my private practice, etc! Can you say ballistic?

I added this new patch work to my career quilt because I accepted an opportunity – a chance to do things that I truly love; have engaging clients, speak and write about it. But, don’t worry about me! I’ve got the support of my next-generation wife.

iMBA Inc

And, as we at the www.MedicalBusinessAdvisors.com continue to consult with medical practices to improve their operational results … or with doctors for their financial planning needs, I’m always keeping my eyes open for the next opportunity that catches my fancy.

A Kindred Spirit

Like my colleague Philippa Kennearly MD MPH, over at the Entrepreneurial MD http://www.entrepreneurialmd.com I’m here to argue that the contemporary career of an entrepreneurial physician can and perhaps should be a non-linear projection; it can contain clinical practice AND an Internet business AND writing books AND taking on clients AND seminar speaking and consulting projects AND being part of a family and community.

Just recall, Bill Gates of Microsoft said that most contemporary knowledge workers will follow a career path that changes every seven [7] years. But, I don’t know if he meant doctors, as well?

Assessment

Doesn’t that sound more exhilarating to you than feeling stuck in one gear? Isn’t it time to shift that gear from either … or to and … and, as Philippa is prone to say?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Doctors Only", Career Development, iMBA, Inc., Op-Editorials | Tagged: CMP, david marcinko, entrepreneural MD, healthcare innovation, medical career development, medical career management, medical change management, Philippa Kennearly, Physician Nexus, www.BusinessofMedicalPractice.com, www.certifiedmedicalplanner.com, www.healthcarefinancials.com, www.medicalbusinessadvisors.com | 2 Comments »

Saying “Thanks” to Patients and Clients

Posted on November 26, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

On Doctors and Financial Advisors Saying “Thank You”

By ME-P Staff and Reporters [A family of communication and educational companies]

In 1621, our settlers acknowledged a large autumn harvest feast as one of the first Thanksgiving celebrations in the colonies. But, it wasn’t until 1863, in the midst of the Civil War, that President Abraham Lincoln proclaimed a national Thanksgiving Day to be held each November. Ever since, Americans have used this gathering time to be with family and friends and reflect on those things we are most thankful for in our lives.

Note: click the image

So here we are, ramping up to celebrate the anniversary of that first Thanksgiving some 148 years ago. This year, let’s take the same reflective approach and apply it to our ME-P work worlds.

For example, whether a doctor, nurse, CXO or financial advisor, when was the last time:

You expressed gratitude to your key patients, hospitals, employees or clients?
You recognized a newer prospect referral for sending a patient or client your way?
You were truly grateful for those patients and clients who keep your medical practice, financial advisory or medical management business viable – and you showed it?
You said “thank you” to one of your referring physicians, attorneys or accountants?

Assessment

This time of year is a good reminder to show your appreciation to patients, customers, vendors and clients—not from only a monetary perspective, but for all they contribute to your relationships.

Our Question

As so, what are some of the helpful and creative ways that you say “thank you” this season for all your loyal fans?

Of course, we also extend our gratitude and say “thanks” to all clients, readers, providers, sponsors, advertisers and subscribers to this Medical Executive-Post.

Happy Thanksgiving Weekend 2011, and thank you for your continued support!

Conclusion

And so, 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.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: iMBA, Inc. | Tagged: CMP, thanksgiving, thanksgiving thank you, www.BusinessofMedicalPractice.com, www.certifiedmedicalplanner.com, www.healthcarefinancials.com, www.medicalbussinessadvisors.com | Leave a comment »

On Healthcare Collaboration Trends

Posted on November 24, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

A Lay Perspective

By David K. Luke MIM CMP

[Investment Advisor]

http://www.CertifiedMedicalPlanner.org

Collaboration within healthcare has sprung from the general body of health communication research; ie., crowd-sourcing, etc..

And, there are a number of other emerging trends, visible to the lay man or woman, in the patient collaboration arena today.

1. Cross-Discipline Communication Teams

One trend is the formation of cross-discipline communication teams among health care professionals. Different disciplines in pairs, small groups and teams now collaborate directly with each other. This is an important development in improving the healthcare delivery process to the patient.

Typically health care providers tend to identify strongly with their own discipline and likewise cross collaboration may be very difficult. But this trend is developing so that Nurses, Social workers, pharmacists and others work with physicians with a full realm of issues. Likewise we see now the Nurse/Physician collaborative, Nurse Practitioner/Physician Collaborative, Social Worker/Physician, Pharmacist/Physician and even Physician/Physician collaborative groups.

2. Clinical Health Care Teams

A second trend in patient collaboration is Clinical Health Care Teams. A team approach to care and measurable patient outcomes has shown in studies (Cooke, 1997; Cooley, 1994: Fagin, 1992, et al.) as improving overall care for patients. These multidisciplinary teams facilitate and improve training of students in medicine and nursing and other related fields as well.

3. Informal Backstage Communication

Finally, a third emerging patient collaborative trend is the increase is informal backstage communication.

Typically communication in the healthcare setting regarding the patient has been done among the team members in a team meeting setting for a one to two hour collaboration session.

Now we see the emergence of the backstage regions such as the break rooms, hallways, clinic computer desk, work tables, photocopy rooms, and offices. While these encounters between team members are often fleeting and “messy”, the environment within a practice setting can be consciously created to allow for this increased interaction among team members that will certainly improve the care of the patient.

Of course social media and e-communication facilitates this trend.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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Invite Dr. Marcinko

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Filed under: CMP Program, Practice Management | Tagged: CMP, cross-discipline healthcare communication teams, david k. luke, Health Care Teams, Healthcare Collaboration Trends, www.certifiedmedicalplanner.com, www.NetWorthAdvice.com | 1 Comment »

How Good Looks Lead to Higher [MD] Paychecks

Posted on November 23, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Even for Medical Professionals?

DEM 2

By Dr. David Edward Marcinko MBA CMP™

www.CertifiedMedicalPlanner.org

[Editor-in-Chief]

Beauty seems like enough of a reward in and of itself, but a wealth of research reveals that it comes with extra perks too.

Prettier people earn more money, find higher-earning and more attractive spouses, and even get better mortgage deals!

And, now that more than 40% of young new physicians are seeking employment, do looks really matter?

Assessment

Source: www.onlinembaprograms.net

Conclusion

Is this controversial thought true for doctors and learned medical professionals? How about publishers and editors? Do you have any real-life examples to share with the ME-P? Your thoughts and comments 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.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Doctors Only", Career Development | Tagged: CMP, David Edward Marcinko, doctor paychecks, Good Looks Lead to Higher Paychecks, higher earners and attractive spouses, physician pay, physician salaries, www.BusinessofMedicalPractice.com, www.certifiedmedicalplanner.com | 5 Comments »

Financial Services Career Evaluation [An Opinion and Voting Poll]

Posted on November 14, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Would You Continue to Work if Financially Independent?

By staff reporters

Studs Turkel, in his outstanding book Working, made the comment that work is the mechanism by which many of us get our daily bread and our daily purpose.

If this is to be the case, then the modern financial services sector may need a lift to offer something more than a paycheck. This may especially be true when one considers the recent shenanigans on Wall Street, the slow decline of the broker-dealer business and product model – and considering that RIA, fiduciary and/or niche marketing models are slowly rising http://www.CertifiedMedicalPlanner.org

A General Survey

The Wilson Learning Corporation surveyed 1,500 laypeople, asking “If you had enough money to live comfortably for the rest of your life, would you continue to work?

Seventy percent said that they would continue to work, but 60 percent of those said they would change jobs and seek “more satisfying” work.

But more specifically, regardless of whether you are called a Financial Advisor, Stock-Broker, Wealth Manager or Financial Planner – how about you?

Assessment

If financially independent, would you continue to be a financial consultant [regardless of nomenclature]?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: "Advisors Only", Career Development, CMP Program, Voting Polls | Tagged: CMP, Financial Services Career Evaluation, www.certifiedmedicalplanner.com | Leave a comment »

On Financial Advisors Becomming Certified Medical Planners™

Posted on October 23, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Introducing

CERTIFIED

MEDICAL PLANNER

Now accepting matriculation applications from Financial Advisors, MBAs, CPAs and all RIAs!

Live Online Matriculation Leading to a

Chartered Professional-Designation

Attract, retain and better serve physicians and other medical professional clients.

Become a Certified Medical Planner™ –OR- just succeed like one!

www.CertifiedMedicalPlanner.com

###

Filed under: "Advisors Only", Career Development, CMP Program | Tagged: certified medical planner, CMP, www.certifiedmedicalplanner.com | 4 Comments »

How to Select a Property and Casualty Insurance Agent

Posted on October 16, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Eschewing Conventional Wisdom

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

In my travels, and various consulting engagements, I am often asked how to select a good PC agent. As a former insurance agent myself, I know what is required for my medical colleagues. And, there is no doubt that a good property and casualty (P&C) agent is needed to protect the physicians’ home and medical practice business entity, etc.

No Dedicated Agents

The P&C agent should not be dedicated to a single company, but have an array of carriers with which the home or practice can be placed. I opine thusly even though most insurance companies will offer a discount if you place multiple coverage with them.

Select “Best of Breed”

However, this may not be as beneficial as insuring each need with a specialist. So, do not hesitate to place different types of coverage with different insurers. Selecting the “best of breed” may be more work; but it also may be more beneficial when a claim is made.

Assessment

Remember, by agency law, and definition, P&C agents are not fiduciaries.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: CMP Program, Insurance Matters, Risk Management | Tagged: certified medical planner, CMP, david marcinko, How to Select a P&C Insurance Agent, insurance agents, PC agents, Selecting a Property Casualty Insurance Agent?, www.certifiedmedicalplanner.com | 3 Comments »

Are Health 2.0 and Financial Services 2.0 Organizationally Related?

Posted on October 14, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Similar Business Models Emerging!

By David K. Luke, MIM

Investment Advisor

http://networthadvice.com

Defining Health 2.0

Health 2.0 is healthcare with the full involvement of the patient and the doctor. New web technologies, enabled by information, software, and social networking help increase participation and openness between the players. This will permit health care professionals to work in a more suitable “patient-centric” demand driven environment. Health 2.0 is evolving fast as the technology evolves.

Defining Financial Services 2.0

The same technology deployment changes and increased public involvement are prevalent with Financial Services 2.0, including a quickly morphing investor driven landscape creating a more “investor-centric” atmosphere.

Tribulations and Detractors on Both Sides

The move to 2.0 in healthcare and financial services is proving to be beneficial to all parties, but not without tribulations and some detractors.

In Healthcare

Within healthcare, from the patient’s perspective, the ability for patients to have ready access to their medical records, review doctor’s notes, and engage in the process is refreshing and liberating. Older doctors may be unwilling to adapt their practices, however. Many practices are not equipped as strategic business units, which is required now to deal with the patient and is becoming the new norm. Practices will need to evolve and healthcare providers will need to adapt.

For example, nearly 7 out of 10 physicians in a recent study by The MEDSTAT Group and JD Power and Associates considered themselves “anti-managed care” indicating unhappiness with the financial reimbursement system. Some physicians are packing their bags and moving out of practice, into more lucrative business ventures and other pursuits. One criticism of the new Health 2.0 is that it is one more paradigm, one more monkey on the backs of already exhausted physicians.

Another criticism is that some patients are not equipped with the knowledge or experience to interpret correctly all the newly available information, making it difficult for physicians to implement a proper course of action with the patient.

Nonetheless, early adopting physicians to Health 2.0 are having success and utilize e-mail office visits, video-conference appointments, and matching online patient visits with convenient neighborhood locations. The wise physician realizes that Health 2.0 is here to stay, and must be confronted and dealt with.

In Financial Services

Adoption of the new technologies within Financial Services 2.0 has been rapid. The number of Financial Advisors (FA) in the United States has started to shrink as the end investor is increasing access to information and making more decisions without intermediaries. Advisors that are surviving, indeed thriving in this environment are adapting and implementing new technologies. Interactive websites with video, account and investment option access, and reductions in transactions costs while increasing services all seem to benefit the new consumer in Financial Services 2.0. Advisors that are slow to adapt criticize the ease with which investors can now make investment decisions often at their own peril.

Assessment

Some players on both sides of the issue believe that the transaction cost savings touted by new “do it yourself” investing and medical information websites may not be worth the potential [many fold] losses that await the inexperienced investor or patient.

As with physicians and the new realities of Health 2.0, the wise FA is adapting their practice to Financial Services 2.0 not just to cope but also to thrive.

Editor’s Note: David K. Luke is currently enrolled in the online http://www.CertifiedMedicalPlanner.org chartered professional designation program.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Career Development, CMP Program, Financial Planning, Information Technology, Practice Management | Tagged: CMP, CMP Program, david k. luke, financial services 2.0, health 2.0, http://networthadvice.com, www.certifiedmedicalplanner.com | 1 Comment »

Is the Mutual Fund Company “Invesco” Dissing Podiatrists?

Posted on September 22, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Attacking One of Us = Attacking all of Us

By Ann Miller RN MHA

[Executive-Director]

Dear ME-P Readers, Subscribers and Visitors,

As you know, here at the Medical Executive-Post, we champion all hard working, honest and ethical medical professionals, regardless of specialty or degree designation. From the ME-P corporate executive suite, to the mailroom, we appreciate their laborious ministrations under increasingly difficult cultural, political and financial conditions on behalf of the US citizenry.

And so, it was with much dismay when this new advertisement from the behemoth mutual fund company Invesco, headquartered right here in Atlanta GA, was brought to our attention. Rest assured. We are not amused and request your input!

You Input Requested

Do you agree with the Ad? Is it an attack on one medical specialty – or on all of us? Would your opinion differ if the ad mentioned a proctologist – or a dentist? How about a brain surgeon or a nurse? Is the dated impression of doctors being on the golf-course still accurate?

More importantly, does the ad affect your impression of Invesco as a contemporaneous company aware of the modern Health 2.0 culture, or a backward thinking dinosaur resting on its [glorious or in-glorious] past?

Is it Time to Close the Door on Invesco?

http://advisor.morningstar.com/articles/fcarticle.asp?docId=3379

Are they Aware?

Do you think that the huge and costly marketing department at Invesco is is even aware that our iMBA Inc sponsored, and ME-P promoted textbooks and handbooks, dictionaries, white papers and CD-ROMs on investing, financial planning, insurance, and risk and wealth management for physicians, was largely written by medical professionals of all stripes? Many holding dual degrees and designations like MBA, CFP®, CMP™, JD, MHA, CFA, etc.

Link: http://www.CertifiedMedicalPlanner.org

Or, that they have been used in [non-clinical] continuing education programs for medical professionals, for more than a decade?

Of course, this includes allopaths, osteopaths, podiatrists, nurses, physical therapists and other related members of the healthcare ecosystem? After all, it often takes a team to treat a poly-systemically ill patient.

Link: www.BusinessofMedicalPractice.com

Assessment

Feel free to contact Invesco directly and tell em’ what you think about their new ad campaign [positive or negative]:

Inveso Client Services:

Calls within the United States 800.959.4246
Calls outside of the United States 713.626.1919 (Call Collect)

Hours of Service – Monday-Friday, 7:00am-6:00pm CST; subject to change due to NYSE holidays or early market closings.

Contact Link: https://www.invesco.com/portal/site/us/menuitem.33e9ce03dea2c250a83af864f14bfba0/

Industry Indignation Index: 65/100 [probably smelly]

Conclusion

Over the next few weeks we will aggregate your thoughts and may report back to you, and Invesco, about the results. Till then, be sure to also tell us what you think. right here? 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.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Breaking News, CMP Program, iMBA, Inc., Industry Indignation Index, Investing, Op-Editorials, Portfolio Management | Tagged: CMP, DPM, Invesco, podiatrist, www.certifiedmedicalplanner.com, www.healthcarefinancials.com, www.medicalbusinessadvisors.com | 12 Comments »

“Springing” and “Suspending” Advanced Medical Directives

Posted on July 20, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

On Well-Know and Little-Know Provisions

By Dr. David Edward Marcinko MBA CMP™

www.CertifiedMedicalPlanner.org

Financial Advisors and attorneys are well aware of various “immediate” and “springing legal directives”, such as springing power of attorney, springing living wills, etc.

“Springing” Advanced Directives

But, what about springing advanced medical directives? Yep! These too not only spring into place, when needed, but can also be suspended?

For example, suspension of advanced medical directives during surgical procedures is possible. But, once out of surgery [time-limited], they would immediately spring back into effect!

Assessment

Financial Advisors, clients and patients should know – and inquire – about the exact time-frame of springing medical directives and related suspensions.

Learn More:

http://www.latimes.com/health/la-he-health-411-20110613,0,62844.story

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

LEXICONS: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Filed under: Estate Planning, Ethics | Tagged: Advanced Medical Directives, Dr. David Edward Marcinko MBA CMP™, living wills, springing legal directives, www.certifiedmedicalplanner.com | 3 Comments »

What is the Point of Financial Planning [Pod Cast]?

Posted on May 2, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

A Video and Audio Survey

By Staff Reporters

Question

What’s the point of financial planning?

One Answer

Read WSJ’s post from Richard Reyes and comment below to share what you think the point is.

Assessment

PodCast link: http://www.vimeo.com/22892025?ab

Conclusion

And so, your thoughts and comments on this ME-P are appreciated.

Is financial planning different for doctors, as we contend here at the ME-P? Do we need a separate educational track and designation for healthcare, like: www.CertifiedMedicalPlanner.com ?

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.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Ask-an-Advisor", CMP Program, Financial Planning, Videos | Tagged: CMP, Financial Planning, Richard Reyes, what is financial planning?, www.certifiedmedicalplanner.com | Leave a comment »

Understanding Over the Counter (OTC) Markets

Posted on March 28, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

A Decentralized, Dealer-2-Dealer Market

By Dr. David Edward Marcinko MBA

[Publisher-in-Chief]

www.CertifiedMedicalPlanner.com

Securities are bought and sold every day by physicians and other investors who never meet each other. The market impersonally enables transfer (or sale) of securities from individuals who are selling to those who are buying. These trades may occur on an organized exchange such as the New York Stock Exchange, or, a decentralized, dealer to dealer market, which is called the over-the-counter (OTC). Any transaction that does not take place on the floor of an exchange, takes place over-the-counter.

A Negotiated Market

The over-the-counter market is a national negotiated market, without a central market place, without a trading floor, composed of a network of thousands of brokers and dealers who make securities transactions for themselves and their customers. Professional buyers and sellers seek each other out electronically and by telephone and negotiate prices on the most favorable basis that can be achieved. Often, these negotiations are accomplished in a matter of seconds, there is no auction procedure comparable to that on the floor of an exchange.

The over-the-counter market is far the largest market in terms of numbers of securities issues traded. There are over 40,000 issues on which regular quotations are published OTC, while there are less than 5,000 stocks listed on all securities exchanges. There are frequently days when the reported volume of over-the-counter trades exceeds that of the NYSE. What really is the over-the-counter market? Is it where securities of inferior quality trade? Here is a list to remember of the types of securities traded exclusively over-the-counter:

All Government bonds .
All municipal bonds.
All mutual funds.
All new issues (primary distributions).
All variable annuities.
All tax shelter programs.
All equipment trust certificates.

Of course, the OTC market is also where all of the “unseasoned” issues are traded and most of them are quite speculative, but there certainly are many high quality issues available over-the- counter. Now, let’s take a look at how this over-the-counter market works.

The Market Maker

Whereas, the “main player” on the exchange is the specialist, his OTC counter part, in terms of importance, is the market maker. In the over-the-counter market, many securities firms act as dealers by creating and maintaining markets in selected securities. Dealers act as principals in a securities transaction and buy and sell securities for their own account and risk. Since they do not act as agents or brokers but instead as principals or dealers in securities transactions, they do not receive any commission for their services but instead buy at one price and sell at a higher price making a profit from “mark-up” on the security price. A dealer is said to have a position in a stock when he purchases and holds a security in his inventory. He, of course takes a risk that the market price of the security he holds may decline in value. This is how dealers make money; they buy wholesale and sell it retail, and the physician investor pays retail.

The OTC market bears little resemblance to the one of the mid-sixties. The major difference has been the electronic technological advances as embodied by the NASDAQ system. NASDAQ stands for National Association of Securities Dealers Automated Quotation system. Back in 1966, if you wanted to find out who was the market maker in the particular security you would go to a brightly colored stack of papers called the pink sheets, containing a listing, alphabetically, of over-the-counter stocks and underneath each issue is listed the name of one or more market makers, securities firms willing to trade that stock. After each firm name is the firm’s telephone number and a ‘bid and ask price”, that is, an approximate price representing what the dealer is asking for the stock and is bidding for the stock.

Back 35-40 years ago, the only way of locating a market maker was by using the pink sheets, while O-T-C traded corporate bonds are quoted on yellow sheets. Under certain conditions, it could take a good deal of effort to try to get the best deal. Today, with the computer that sits on doctor’s desks, or a mobile device or smart-phone, you can push a few buttons and instantaneously see the best bid and the best offer that exists right now on over 5,000 of the most active over-the- counter stocks. Not only that, you can pull up the names of every market maker in that particular stock and the actual (firm) quotes on those securities right now.

Electronic Sources of Securities Information

Level 1 service, available on the stock broker’s desk top, provides price information only on the highest bid and the lowest offer (the inside market). No market makers are identified, and since this is an inside quote, it may not be used by the registered representative (stock broker) for giving firm quotes.

Level 2 service provides a doctor subscriber with price information and quotation sizes of all participating registered market makers. When a trader, or medical investor, looks at his computer screen on Level 2, he sees who’s making a market, their firm bid – or – ask; and the size of the market. One can get firm calls from level 2 information.

Level 3 service takes it one step further; and allows registered market makers to enter bid and ask prices (quotes) and quotation sizes into the NASDAQ system and to report their trades. This is the level of service maintained by market makers.

Conclusion

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Investing, Portfolio Management | Tagged: bid and ask price, CMP, david marcinko, Dealer-2-Dealer Market, market maker, OTC, Over the Counter, pink sheets, www.certifiedmedicalplanner.com | 1 Comment »

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