HEALTHCARE INDUSTRY-CENTRICITY
It is not uncommon – and very reasonable – for physicians and medical professionals to ask the following question before engaging a Certified Medical Planner® for assistance.
MEDICAL COLLEAGUES: Why a Certified Medical Planner® Professional?
Certified Medical Planner® professionals are dedicated to using the integrated financial planning and medical management process to serve the holistic need of the healthcare industry. To earn the prestigious CMP® designation, and remain certified as CMP® professionals, charter-holders must meet three rigorous requirements.
1. Education
CMP® professionals must possess a four-year college degree and complete a 500 hour course of study approved by the Institute of Medical Business Advisors, Inc. CMP® professionals must also complete continuing education requirements every two years to stay abreast of current industry developments.
2. Experience
CMP® professionals must have two years of related health industry experience, plus professional reference, before receiving the right to use the CMP® mark. For example, our members include former physicians, pharmaceutical reps, nurses, health entity administrators, pre-medical students, health insurance agents and healthcare accountants, etc.
3. Ethics
CMP® professionals must voluntarily ascribe to our Code of Ethics, fiduciary responsibility and additional requirements as mandated. CMP® practitioners who violate the code can be disciplined, including permanent loss of the right to use the CMP® designation mark.
Your Assurance of Medical Industry Specificity
Unlike a generalist financial planner, compliance with these three requirements will inform you that the individual who holds the CMP® designation mark is well prepared and qualified to give sound advice.
Referral Program
We take privacy seriously. Contact us for a Certified Medical Planner® professional referral, today. Avoid the mistakes illustrated, below!
Fraternally,
Dr. David Edward Marcinko FACFAS MBA CMP®
[Founder, Chairman and CEO]
“The informed voice of a new generation of fiduciary advisors for healthcare”
Physicians Beware … the Medical Management Consultants?
Are you a doctor desperate for practice enhancement solutions, but don’t know where to turn for help? Or, maybe you’ve already had a bad experience with a non-fiduciary business consultant or management guru, more interested in his bottom line than your success?
http://oig.hhs.gov/fraud/docs/alertsandbulletins/consultants.pdf
Read this Federal Government report to learn what can happen when your advisor is not an informed practitioner.
The Management
Can you give an example of an unfortunate medical practice management consulting mismatch?
As healthcare reform and the managed care crisis exacerbates, and the ACA evolves thru 2014, there are far too many examples of irrational medical practice management behavior on the part of physicians. And, it seems that no specialty is immune.
For example, just reflect a moment on physician colleagues willing to securitize their medical practices a few years ago, and cash out to Wall Street for perceived riches that were not rightly deserved. Where are firms such as MedPartners, Phycor, FPA and Coastal now?
A recent survey of the Cain Brothers Physician Practice Management Corporation Index of publicly traded PPMCs revealed a market capital loss of more than 98%, since inception.
Dr. David Edward Marcinko MBA CMP®
http://www.CertifiedMedicalPlanner.org
[Founder, Chairman and CEO]
Can you give an example of an unfortunate financial planning or investing MD-FA mismatch?
Recall the sad tale of Dr. Debasis Kanjilal, a pediatrician from New York who put more than $500,000 into the dot.com company, InfoSpace, upon the advice of Merrill Lynch’s star, but non-fiduciary analyst Henry Blodget. Is it any wonder that when the company crashed, the analyst was sued, and Merrill settled out of court?
Other financial analysts, such as Mary Meeker of Morgan Stanley, Dean Witter and Jack Grubman from Salomon Smith Barney, were involved in similar fiascos.
Although unfortunate, this story is a matter of public record. Hopefully, doctors now understand that the big brokerage houses that underwrite and recommend stocks may have credibility problems, and that physicians got burned with the adrenalin rush of “self-directed” portfolios.
Moreover, where are these firms, today?
Dr. David Edward Marcinko MBA CMP® http://www.CertifiedMedicalPlanner.org
[Founder, Chairman and CEO]