SECOND QUARTER: Volume 6, Number 2
May – July 2011
THE COMPREHENSIVE FINANCIAL PLAN FOR DOCTORS AND MEDICAL PROFESSIONALS
[A Real World Case Model with Illustrative Decade Review]
By: Dr. David Edward Marcinko; FACFAS, MBA, CMP™
[Publisher-in-Chief]
By: Prof. Hope Rachel Hetico; RN, MHA, CPHQ, CMP™
[Managing Editor]
We are often asked by physicians and colleagues; medical, nursing and graduate students, and/or prospective clients to see an actual “comprehensive” financial plan. This is a reasonable request. And, although most doctors and Journal subscribers have a general idea of what’s included, many have never seen a professionally crafted financial plan. This not only includes the outcomes, but the actual input data and economic assumptions, as well.
The Journal Difference
And so, in a departure from our normal journalistic style, we thought it novel to present such a plan for hindsight review. But, we present same in a very unusual manner befitting our iconoclastic and skeptical next-generation Health 2.0 philosophy. And, we challenge all doctors, Journal subscribers and financial advisors to do same and compare their results with us.
How so?
By using a three-part, real-life, physician-focused, comprehensive financial plan constructed a decade ago and letting our Journal reader’s review, evaluate and critique same:
- Part I is for a married drug-rep, then medical school student [51 pages] with no children.
- Part II is for the same mid-career practicing physician [28 pages] with 2 children.
- Part III is for the same experienced practitioner at his professional zenith [56 pages].
As former financial advisors and licensed insurance agents – and a reformed certified financial planner and current certified medical planner – it is our duty to act as economic fiduciaries for clients. In other words; to put client interests above our own. This culture is incumbent in our participatory online www.CertifiedMedicalPlanner.com educational program in health economics and medical practice management; since inception in 2000.
Assessment
And so, as Edward I. Koch famously asked as Mayor of New York City from 1978-1989: “how am I doing”; we sought to ask and answer same. What did we do right or wrong; and how were our assumptions correct or erroneous? As Certified Professionals in Healthcare Quality this is the question we continually seek to answer in medicine. And, as health economists, this is the financial advisory equivalent of Evidence Based Medicine [EBM] or Evidence Based Dentistry [EBD] etc. It is a query that all curious doctor, FAs and Journal subscribers should ask.
And so, your thoughts and comments on this Journal issue are appreciated. As a doctor, financial advisor, accountant, Journal subscriber or healthcare executive, we challenge you to lay bare your results as we have done.
And, be sure to “rant and rave” – and – “teach and preach” about this issue in the style of Socrates, with Candor, Intelligence and Goodwill to all. Chime in – too.
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"RETIREMENT AND SUCCESSION PLANNING FOR PHYSICIANS"
Our Publisher-in-Chief Dr. David Edward Marcinko Interviewed
by Sharon H. Fitzgerald of Medical News [May 2011]
http://www.medicalnewsinc.com/retirement-and-succession-planning-cms-351