PHYSICIAN CLIENTS FOR CMP®s

YOUR IDEAL DOCTOR CLIENTS –  DEMOGRAPHICS

Despite the ravages of managed care, market competition, the ACA and insurance reform, doctors [MD, DO, DPM, DDS, DVM, OD, DNP, DC] and other medical providers [CRNA, PA, NP, ANP, RN] are still high-income earners; although they may not be prodigious savers or savvy investors.

They are besieged with federal and state policy mandates, rules and regulations, and often work 80-plus hour weeks. Business acumen may not be good, either. Thus, there is a tremendous need for integrated financial planning and medical management advice that makes them ideal clients for the modern Certified Medical Planner™.

But, doctors also realize that they are targeted by impostors on all levels. And, in as much as time compressed medical providers are often difficult clients to meet, acquire and work with; some may not accept poseurs gracefully.

Moreover, the American Medical Association [AMA] is considered out-of-touch with today’s physicians despite a recent multi-million dollar campaign to overhaul its brand image. The effort increased membership by 2.5 percent, but didn’t turn around a decade long decline. The AMA jettisoned its logo, overhauled its marketing, and launched a mix of print, TV and radio spots. Nevertheless, it represents less than 15 percent of the more than 800,000 doctors in the United States; a fact used against it during hearings by rival lobbies such as the health insurance industry. And, contrary to the belief of many FAs and consultants, the association has lost political might, too! [Chicago Tribune, May 24, 2006]. Some consider it a relic of the past; especially younger physicians with other advanced degrees who may be more sophisticated in their own right.

For the contemporary doctor, it’s a unit-of-one health economy out-there, where “Me Inc.” is now the standard and physicians must maneuver for advantages that boost credibility among patients and payers. They must challenge conventional wisdom, and think outside-the-box to recapture their dreams and ambitions. They need the assistance of an informed CMP™ practitioner.

Like medical specialists, as an FA or consultant, you must differentiate yourself, too. You must learn something new and unknown by your FA competitors. You must earn your educational accomplishments and let the world know. Be a non-conformist. The conformity of collaboration may be an emerging financial services industry standard, but it also may be a straitjacket on creativity. FAs and consultants should create and innovate; not blindly follow FPA and other leaders into oblivion.

And so, understand that the present is not necessarily the future. Attempt to see the future and discern your place in it. Master the art of the quick change, and fast but informed decision making. Do what you love, disregard what you don’t, and let the fate’s have their way with you. Then, decide for yourself if you should become a CERTIFIED MEDICAL PLANNER™ fiduciary or adhere to yesterday’s entrenched bureaucracy. Here is a strong argument to “raise the bar”.

PHYSICIAN COMPENSATION BY MEDICAL SPECIALTY

Specialty All Physicians Starting East West South North
Allergy and Immunology $207,278 $154,080 $193,480 $210,802 $204,870 $206,241
Anesthesiology $315,300 $250,000 $275,000 $298,000 $334,200 $334,033
Cardiac & Thoracic Surgery $421,620 $310,000 $387,298 $343,050 $421,240 $469,860
Cardiology $336,000 $280,000 $264,900 $343,646 $386,957 $369,566
Colon & Rectal Surgery $327,927 **** $300,000 **** **** $350,798
Critical Care Medicine $228,740 **** $220,235 **** $227,242 $228,740
Dermatology $274,014 $200,000 $225,000 $289,409 $322,138 $263,201
Diagnostic Radiology – Interventional $410,250 $320,000 $345,860 $410,000 $537,942 $410,250
Diagnostic Radiology – Non-Interventional $364,899 $257,367 $330,000 $350,224 $383,319 $383,256
Emergency Care $230,930 $175,500 $200,327 $228,814 $225,905 $239,984
Endocrinology $185,000 $140,000 $166,675 $185,000 $177,665 $201,241
Family Medicine $164,209 $120,000 $141,225 $166,750 $163,417 $168,488
Family Medicine – with Obstetrics $163,334 $125,000 $140,643 $162,352 $161,421 $167,222
Gastroenterology $308,246 $250,000 $263,594 $325,698 $325,033 $306,994
General Surgery $294,000 $200,000 $250,028 $275,336 $301,761 $330,903
Geriatrics $159,492 **** $150,000 **** $158,400 $170,278
Gynecological Oncology $334,009 **** $290,795 $345,355 **** $347,005
Gynecology $217,283 **** $220,794 **** $224,420 $217,256
Gynecology & Obstetrics $250,196 $180,000 $232,276 $240,118 $258,756 $275,419
Hematology & Medical Oncology $255,007 $200,000 $207,300 $261,004 $293,043 $255,007
Hospitalist $171,991 $150,000 $153,515 $175,084 $183,775 $171,913
Hypertension & Nephrology $214,751 $165,000 $186,683 $238,750 $253,228 $214,751
Infectious Disease $185,920 $140,111 $161,206 $179,402 $175,000 $203,640
Intensivist $231,111 **** **** $230,391 **** ****
Internal Medicine $169,569 $120,000 $158,824 $171,246 $167,740 $170,511
Neonatology $229,486 $165,000 $242,492 $222,750 $223,312 $232,738
Neurological Surgery $465,006 $400,000 $352,352 $495,266 $553,500 $465,006
Neurology $201,241 $151,960 $180,882 $199,614 $204,000 $201,241
Nuclear Medicine (M.D. only) $268,450 **** **** $277,193 **** $267,500
Obstetrics $240,165 **** **** $228,813 $280,145 $232,180
Occupational/Environmental Medicine $181,716 $140,000 $157,611 $182,159 $173,541 $187,470
Ophthalmology $264,422 $177,500 $232,863 $254,743 $276,280 $304,994
Oral Surgery $308,320 **** **** **** $283,476 $320,007
Orthopedic Surgery $381,429 $250,000 $336,163 $374,942 $390,270 $393,249
Orthopedic-Medical $252,803 **** $326,938 $250,650 **** $219,502
Orthopedic Surgery – Joint Replacement $450,000 **** **** $456,912 **** $449,839
Orthopedic Surgery – Hand $389,997 **** $335,000 $378,000 **** $393,497
Orthopedic Surg.-Pediatrics $389,997 **** **** **** **** $389,999
Orthopedic Surgery – Spine $518,937 **** **** $574,345 **** $433,658
Otolaryngology $303,000 $210,000 $250,390 $282,966 $303,011 $320,007
Pathology (M.D. only) $250,000 **** $245,422 $247,764 $252,000 $268,500
Pediatric Allergy $186,523 **** **** **** **** $186,523
Pediatric Cardiology $219,992 **** **** **** **** $221,492
Pediatric Endocrinology $169,958 **** **** **** **** $168,000
Pediatric Gastroenterology $193,193 **** **** **** **** $190,345
Pediatric Hematology/Oncology $195,249 **** **** $193,387 $198,940 $196,897
Pediatric Intensive Care $200,000 **** **** **** $200,000 $200,000
Pediatric Nephrology **** **** **** **** **** ****
Pediatric Neurology $185,212 **** **** **** **** $192,528
Pediatric Pulmonary Disease $158,429 **** **** **** **** ****
Pediatric Surgery $326,399 **** **** **** **** $354,871
Pediatrics & Adolescent $169,267 $115,000 $155,916 $168,301 $191,511 $168,609
Pediatric Infectious Disease $173,993 **** **** **** **** $173,993
Perinatology $341,922 **** $246,597 $336,537 **** $399,360
Physical Medicine & Rehabilitation $193,468 $145,000 **** $183,362 $204,775 $201,993
Plastic & Reconstruction $328,764 $220,020 $273,000 $344,059 $344,998 $353,983
Psychiatry $177,000 $135,000 $155,673 $197,021 $168,160 $177,000
Psychiatry – Child $192,416 **** **** $220,055 **** $183,621
Pulmonary Disease $222,000 $163,626 $199,831 $249,865 $225,400 $228,359
Radiation Therapy (M.D. only) $334,171 **** $285,940 $343,844 $328,350 $368,240
Reproductive Endocrinology $263,568 **** **** **** **** ****
Rheumatologic Disease $188,260 $150,000 $153,000 $192,026 $181,525 $193,301
Sports Medicine $193,573 **** **** **** **** ****
Surgical Pathology (M.D. only) $ $ **** **** **** ****
Surgical Sports Medicine $391,497 **** $485,670 $459,592 **** $389,997
Transplant Surgery – Kidney $345,000 **** **** **** **** $379,995
Transplant Surgery – Liver $349,788 **** **** **** **** $379,995
Trauma Surgery $312,272 **** $265,457 **** $310,385 $352,352
Urgent Care $176,353 $125,500 $179,300 $179,357 $180,395 $173,683
Urology $324,690 $219,229 $270,493 $302,600 $351,585 $358,008
Vascular Surgery $335,642 $221,500 $297,636 $318,388 $337,762 $350,000

Source: MGMA Physician Compensation Survey, 2007.

According to Russ Alan Prince, there are 50,000 physicians with a net-worth of more than 5 million dollars; controlling more than 375 billion dollars.

###

Locum Tenens Specialty Compensation per 8 Hour Shift

CRNA $720 to $880
Family Practice $400 to $450
Internal Medicine $400 to $450
Pediatrics $400 to $430
OB/GYN $600 to $800
Hospitalist $520 to $760
General Surgeon $650 to $750
Orthopedic Surgeon $800 to $900
Neurosurgeon $1,300 to $1,400
Anesthesiologist $1,000 to $1,500
Psychiatrist $500 to $600
Radiologist $1,200 to $1,500
Cardiologist $600 to $750

The Institute of Medical Business Advisors, Inc

So, what’s next? We believe in Predictive Analysis, the scientific name for using a data ware-house and gut heuristic feelings to determine where business intelligence is headed. It involves running historic data from the medical and finance industries, using mathematical algorithms, neural and Bayesian networks, and decision-trees; to identify patterns, trends and predictable future outcomes. The ability to make such a guess is the key to success; and exploring new niche market opportunities.

The idea isn’t new; insurance companies have used actuarial tables for years, and actuaries use Predictive Analysis to assign credit-risk score to borrowers.

What’s different now is that iMBA is using Predictive Analysis as an ethical and high-level cognitive prospecting tool to assist the medical profession; because Healthcare Administration and Finance Matters. The result is a re-engineered financial advisor and medical management consultant. To the benefit of all concerned.

The Next-Generation of Health 2.0 Financial Advisors for Physicians

 

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6 responses to “PHYSICIAN CLIENTS FOR CMP®s

  1. ABOUT TARGETED NICHE MARKETS

    We believe that:

    If you do not have a market niche; you are not deeply informed
    If you are not deeply informed; you can’t different yourself
    If you can’t differentiate yourself; you can’t differentiate price
    If you can’t differentiate price; you have no market power
    If you have no market power; you have no unique knowledge
    If you have no unique knowledge; you have fewer profits
    If you have fewer profits; you are not likely a CMP™

    ADMINISTRATION AND B.O.D.
    http://www.CertifiedMedicalPlanner.org

  2. Forbes Rates the “Worst Paying Jobs for Doctors”

    Forbes magazine just counted down the “Worst Paying Jobs for Doctors”, and for many physicians in training the numbers are disquieting.

    http://www.physiciansmoneydigest.com/your-money/Forbes-Rates-the-Worst-Paying-Jobs-for-Doctors

    The No. 1 worst-paying doctor job? No surprise here: Family practice, where physicians earned an average of $175,000 last year, according to Merritt Hawkins & Associates’ 2010 Review of Physician Recruiting Incentives. Indeed, primary care physicians earn the lowest salary of all doctors.

    Pediatricians earned an average of $180,000, while family practitioners (including obstetrics) made $200,000, the Merritt Hawkins data show.

    Compare that to an orthopedic surgeon ($519,000) or a urologist ($400,000).

    Hope Hetico RN MHA

  3. Eugene Schmuckler PhD, MBA MEd

    Is it true that doctors make difficult clients?

    This opinion is unfortunately correct in some instances. It is more common with brokerage firms or “non-fiduciary advisors” willing to take on any doctor client.

    However, we have not found it to always be the case with iMBA, Inc. Perhaps it is because we carefully pre-screen both financial advisors and doctors prior to any engagement? We want a successful CERTIFIED MEDICAL PLANNER™ match, as we seek to bring together the right advisors for each particular doctor’s unique set of circumstances.

    This is the only way complex problems are solved, and optimal solutions obtained.

    Eugene Schmuckler PhD, MBA MEd
    [Director of Admissions]

  4. Ann Miller RN MHA

    Physician Salary Update
    [MGMA-ACMPE Reports Academic Doc Pay for 2011]

    The median compensation for a primary-care faculty member in the U.S. was $167,943 in 2011, while median compensation for a specialty-care faculty member was $253,917, according to a report from the MGMA-ACMPE, formerly the Medical Group Management Association. The MGMA-ACMPE’s report also notes that specialists in academic settings are paid less than those in private practice.

    The report, The Academic Practice Compensation and Production Survey for Faculty and Management: 2012 Report Based on 2011 Data, found that among selected academic clinical specialists, orthopedic surgery faculty members had the highest median compensation, at $432,260. Faculty members specializing in endocrinology/metabolism were at the low end of the compensation scale, at $161,337, according to the report.

    Source: Paul Barr – Modern Physician [3/28/12]

  5. Half of docs think they’re underpaid

    Did you know that the results are in from Medscape’s 2012 Physician Compensation Survey of nearly 25,000 physicians across 25 specialty areas.

    http://www.medscape.com/features/slideshow/compensation/2012/public

    Underpaid, or not?

    Gresham

  6. Dr. David Edward Marcinko MBA

    Doctors and Retirement

    Most physicians have a pessimistic outlook on the future of medicine, citing eroding autonomy and falling income, a survey of more than 600 doctors found.

    http://www.deloitte.com/view/en_US/us/Insights/centers/center-for-health-solutions/a5ee019120e6d310VgnVCM1000003256f70aRCRD.htm?utm_source=3.22.13&utm_campaign=11713&utm_medium=email

    Six in 10 physicians (62%) said it is likely many of their colleagues will retire earlier than planned in the next 1 to 3 years, a survey from Deloitte Center for Health Solutions found.

    Dr. David Edward Marcinko MBA
    http://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1417841697&sr=8-1&keywords=david+marcinko

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