PHYSICIAN CLIENTS FOR CMPs®

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

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.

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Locum Tenens Specialty Compensation per 8 Hour Shift

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