THIS MONTH’S ADVISOR IS SONSORED BY…

Grow Your Medical Practice Profitably

Let the PROFIT EXPERTS Show You How

You are busy running your practice. You have patients but also employees – and costs. Many physicians find out too late that adding more billing does not always mean more profit. Our clients have thriving medical practices because they have a profit roadmap. They know how to easily maximize their profits, so they can focus on their patients. My name is Fred Parrish, Author of “The Profit Mentality,” Former Practice Management CFO/COO, Advisor and current CEO of The Profit Experts. My company can help maximize your profitability:

CONSULT: Real world advice, customized for you. For example, determine how the Affordable Care Act will affect your business and what you must do now to safeguard your practice.

ANALYZE: Using our model, identify the profit leaks in your practice. Simply, in just a few minutes, we can show you areas of concern – and options to fix.

PREDICT: Using historical data and our forecasting tools, run highly accurate “what if” scenarios to determine present and future profit impacts (staff, equipment, facilities, etc.) For example, what’s the financial impact of hiring a PA or adding a new piece of equipment

FREQUENTLY ASKED QUESTIONS: Q: I already have accounting software. Great, we’ll need that information into our database. We work “hand and glove” with your current software, giving you tools that complement and enhance your current system. Q: How difficult is the process and how much does it cost? It’s easy. We load your information, conduct the initial consultation, and you see the results immediately. The cost is a fraction of what you’d spend for traditional CFO services, only a few hundred dollars monthly. Q: What’s the ongoing process afterwards? We conduct a joint monthly online consultation with you to do a comparative analysis and review Q: What benefits should I expect long term? Increased profitability and cash flow – of course. But mostly peace of mind by knowing that your decisions are strategic, not reactive. Predictive knowledge that is accurate and highly useful really can maximize your profitability. Just call us at 214-383-0500 or email info@profit-experts.com to schedule a free 15 minute consultation.

To Buy or Rent…That is the Question Conventional wisdom holds that as soon as you are can scrape together a down payment and qualify for a home loan you need to pull the trigger. For decades it’s the smart thing to do and the best investment a young professional can make. Because home values can only go up they are a great store for wealth. Buy a home, upgrade frequently and then sell out at retirement and downsize. It has been a formula that has worked for as long as most baby boomers have been alive. But since the US housing bubble burst in 2006/07 many economists are rethinking the “buy at any cost” strategy. General Factors to Consider

1. The first assumption as in most comparisons is that you are comparing apples to apples. In

this case you are operating on the assumption that you are evaluating comparable properties.

In most cases a physician will be looking only at single family homes. Make sure the locations

are comparable as well.

2. What is your income tax bracket? This is important because some home ownership expenses

are tax deductable. Rental expenses are not.

The Rental Equation

1. How much is the monthly rent and what is the projected increase in that rent over the

evaluation period? This can be determined with some accuracy by tracking rental trends over

the previous ten years.

2. What are the current and projected returns on conservative investments such as stocks and

bonds? This is necessary because we are assuming that monthly rent will be measurably less

than ownership costs. The difference must be invested regularly for a comparison to make any

sense.

3. What is the amount of deposit required. Although in the grand scheme of things this will be a

relatively small sum, the loss of investment income on the deposit held by the landlord is still a

factor in the equation.

And that is really all there is to this side of the comparison. The landlord will be responsible for property maintenance so that does not come into play for the renter. The Purchase Equation

1. How much is the down payment? This number is relevant because we will be using it to

compute loss of investment income potential.

2. Projected appreciation. This is the number that has changed the game over the past ten years.

In California during the 70’s and 80’s purchasing property and then flipping it was almost a

guaranteed route to wealth. After all, property values had never really gone down in

generations. And there was no reason to believe they ever would. Opps. Home owners in

California have taken as much as a 50% haircut on properties since the 2006 bust. So

computing projected appreciation is a process fraught with peril.

3. Annual taxes and insurance. Again we would be using these numbers to compute lost

investment income.

4. Maintenance. Same application.

5. Cost of borrowing. Although tax deductable, it is still a net cost of ownership. There are

always two sides to every coin. The collapse of the housing bubble lead a recession and the

recession lead to plunging mortgage interest rates. The end to the recession will naturally lead

to greater demand for housing and a rise in mortgage interest rates. So timing as is often the

case, is everything.

As you can see, there are a lot of factors to consider. In the days where double digit annual increases in home values was the norm, almost any application of the above numbers resulted in the same conclusions. If you could afford the cost of entry (scraping together a down payment and qualifying for a mortgage) owning a home was a spectacular means to build and safely store wealth. Until it wasn’t! There are many online calculators out there that can help you with the calculations. Several of the better ones include: www.realtor.com/mortgage/tools/rent-or-buy-calculator

www.trulia.com/rent_vs_buy

http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx

But they all go something like this: Cost of Rental Annual Rent + Projected annual rental increases during length of occupancy + Loss of investment income on any security deposits held by landlord Less investment income on net difference in cost of occupancy if any Cost of Ownership Loss of investment income on down stroke + Loss of investment income on insurance after tax deduction + Loss of investment income on property taxes after tax deduction + Loss of investment income on interest paid on mortgage after tax deduction + Cost of maintenance and upkeep of property Less appreciation of property value - cost of purchase and sale of property So, to vastly simplify: If you are in a high tax bracket (increasing your tax deductions) Are in a market where home values are on the rise Are able to secure an attractive mortgage And investment returns are modest… It might still make sense to own your home rather than rent it. The wild card of course is the joy and security of owning your home as part of your piece of the American Dream.

https://www.disabilityquotes.com/mdpps.cfm

Personal Finance – Tips & Tools Most people would like to have more money in their bank accounts, while working less. Although this may seem like a never-ending dilemma, there may be a solution. Think about it: The best way to stretch the money you make without working more hours is to avoid excess spending in the first place. Some people call this a budget but you could just as easily call it a spending plan. Here are 10 tips to help stretch your hard-earned cash in today's challenging economic climate:

1. Create a spending plan. Many people resist the idea of a budget because they associate it with hardship and sacrifice. But instead, you can create a monthly “spending plan” for your fixed and discretionary expenses. By planning your spending, you may find that you spend money more wisely because you're consciously taking control.

2. Pay yourself first. Put savings at the top of your spending plan. If you wait until the end of the month to save any leftover cash, you may find yourself without a cushion when you need it most. Be sure to set a savings goal. For example, strive to save at least 10% of your income before spending the rest.

3. Track your spending. Record your expenditures for a month. Be especially careful about keeping track of any small, optional items you purchase. You may be surprised to discover how quickly purchases costing only a few dollars can add up. At the end of the month, review your expenditures and adjust your spending plan accordingly. Once you see where your money is going, you may decide to make different choices about your spending habits.

4. Live within your means. Many people feel as if they never have quite enough money to live on, yet they probably know people who successfully manage on less. If your expenses are less than your income, you are living within your means.

5. Shop for value. Look for opportunities to get more value from each dollar you spend. Join a warehouse or shopping club to buy items in bulk. Purchase clothing, furniture, and household goods on sale. Big-ticket items like cars and household appliances often depreciate substantially in the first one or two years. So, you may want to consider buying a certified, used car with reasonably low mileage or second-hand appliances in good condition for less.

6. Minimize debt. Keep your debt level low. By reducing debt, you also minimize interest and finance charges. When you are tempted to charge a purchase, remember that you are committing to pay for it from income you have not yet earned.

7. Eat In. Dining out can be expensive, since you are paying for the service, as well as the food. Meal taxes are also added to the bill while liquor and desserts, which you may not ordinarily eat at home, boost the tab even higher. Therefore, reserve the fine dining for special occasions only.

8. Reduce housing costs. Housing is a major fixed expense. Consider reducing this cost by buying or renting a smaller place, or one with fewer amenities. If you rent and plan on staying in an area for more than a few years, consider buying. Owning a home is often more expensive than renting at first, but can be worthwhile in the long run.

9. Trim transportation costs. Many families now own multiple vehicles and have additional costs for insurance, repairs, fuel, and parking. Consider using public transportation or carpooling with others, whenever possible. The savings in vehicle-related expenses may offset any inconvenience.

10. Create a cash reserve. A cash reserve can help you stick to your spending plan and help keep you out of debt when emergencies, such as a major car repair or short-term disability, arise.

Cutting back on excess spending does not have to mean continually denying yourself life's simple pleasures. Instead, you may find that with living within your means and paying yourself first, your debts will decrease as your savings grow. A personalized spending plan can help provide that “extra” income and stretch your hard-earned paycheck a little further. Michael A Olson, CFP®, C(k)P™ Investment Advisor Representative, Platinum Wealth Solutions, LLC, 6250 North River Road, Suite 2005, Rosemont, Illinois 60018, 847-698-1542, molson@jhnetwork.com, www.michaelaolson.com

The Recruiter’s Corner - Tips and Tools I have argued here before and I continue to believe that the only purpose a CV or resume serves is to get you a phone or personal interview. Even the best CV will not get you a job. With that said, there are things that should never make it into your CV that can keep you from getting an interview and ultimately the job you want. So what blunders should you avoid at all costs? Practice managers and in-house recruiters don’t need to know your age. They really don’t. If you are a graduating resident or fellow, they are going to look at the dates of your medical training (college graduating date for one) and do the math. If you are a practicing physician and list the dates of your medical school, they will still do the math. If you list your training without dates (my recommendation for practicing docs) you can still invite age discrimination with an opening statement of “Seasoned physician with over 40 years of practice experience.” Good luck. And for a hospital that is seeking a seasoned practitioner, including age information might brand you as too young and inexperienced for the job. A related gaff is to list every job you have ever had. A practice manager or interviewer is not going to be interested in non-medical part time jobs that you held while in high school. I’m sure mom and dad were proud of your first lemonade stand but it is not going to help you land a vascular surgery post at an academic hospital. Keep focused and highlight your last ten to fifteen years of practice experience. When building your CV honesty is always the best policy…up to a point. Don’t try to hide any bumps in your career road but don’t focus on the negatives. You will have plenty of time in a site visit or phone interview for that matter to discuss and explain problems in your past. Remember the purpose of your CV…getting an interview where you can promote your successes and skills. There is a fine line between experience and credentials. The effective CV focuses on results not assignments. Holding the post of chief of surgery is important and impressive. Far more impressive, however are the accomplishments and contributions during your tenure. What impact did your presence generate? How did your administrative skills positively impact the profitability of your organization? How many young physicians did you mentor? What clinical breakthroughs happened on your watch? What positive impact can a potential employer expect if they bring you on board? In other words, tell me what you have done, not where you have been. The fact that you enjoy hang gliding and mountain climbing will probably not play a deciding role in your interview success unless you are going into mountain rescue operations. The fact that you are a female will probably come out during the interview process. Being Hawaiian or Puerto Rican or Russian for that matter will be of little interest to an interviewer unless you have Visa issues or unless they are targeting ethnic minorities with language skills. Hobbies and unrelated passions have no place on your CV. Once again, remember the purpose of your resume…getting an interview. During the interview if you discover that the senior partner of the medical practice maintains a sail boat at the San Diego yacht club, you can point with pride at the fact that you crewed on an America’s Cup contender during your youth. Keep it simple. Keep it relevant. Keep it brief.

Healthcare Opportunities Provided by

MedicalMatch.org

Emergency Medicine - Atlanta, GA - EmergiNet

You may know Atlanta as the unofficial capital of the South, but there’s more to this city than its

southern location. If you make your home in the Peach City, you’ll find an undeniable mix of Southern

charm, sophistication and traditions. Atlanta continues its reputation as a transportation hub with

the world’s largest airport and easy access to I-75 & I-85. When it comes to Atlanta’s reputation for

growth and innovation, health care tops the list as the city’s facilities expand and improve services

across the metro area. Serving some of the fastest growing hospitals is EmergiNet.

EmergiNet has positions available for BC/BP, EM residency trained physicians for work in hospitals

surrounding the Atlanta metropolitan area. We work as a team emphasizing quality emergency care,

dedicated customer service, professional and personal growth. Highlights include: Fee-for-service

model having most MD’s starting at around $350k with no ceiling; Profit sharing plan after first year

including tax-deferred compensation to supplement 401k(100% vested immediately); Physician-

centric practice owned and run by physicians; All facilities located within 30 minute drive from

downtown Atlanta.

EmergiNet provides a full range of clinical and administrative professional services to the facilities we

serve. Our mission is to maximize patient care and facility resources, as well as educate, facilitate and

integrate the delivery of health care within the community. We continually seek ways to enhance the

level of excellence and quality in the services we provide to our clients. To review this and other

opportunities E-mail CV to Neil Trabel, ntrabel@emerginet.com; fax 770-994-4747; or call 770-994-

9326, ext. 319. Please visit www.emerginet.com for more information.

Diagnostic or Interventional Radiologist – Providence, RI

A great opportunity for Diagnostic or Interventional Radiologists to join a well-established Imaging

Network in Providence, Rhode Island. The group is open to a Diagnostic; Interventional or any other

subspecialty you possess. Excellent compensation offered along with generous benefits. In addition,

there would be an opportunity to teach and or do research, if desired. One year to partnership for an

experienced Radiologist and Two years for a new grad. There is no buy-in…! 1:6 call. Providence has

a lot to offer and is just under 45 minutes to Boston.

OBGYN – Indiana

Exceptional opportunity to join a busy, vibrant team Call 1:6. State of the art Medical Center. Very

competitive compensation and comprehensive benefits including Educational Loan Assistance,

Signing Bonus, Paid Malpractice, Paid CME, Relocation, and much more. This city offers excellent

public and private schools, University/Colleges and airport. Enjoy an abundance of cultural and

recreational activities including water sports, low tax base, safe neighborhoods, low cost of living, and

more. Enjoy an exceptional quality of life. Indiana is among the top 3 places in the nation in which to

practice medicine due to its favorable malpractice climate. (Medical Economics)

Family Practice – Greenville, IL

Greenville Regional Hospital, a 42-bed full-service hospital located in Greenville, Illinois, is seeking a

BC/BE Family Medicine Physician to join their team. The ideal candidate will be interested in

performing the full range of Family Medicine, have the ability and desire to build long-lasting

relationships with patients and be a part of the community.

Greenville Regional Hospital is hospital employed, outpatient only; competitive salary with

productivity bonuses; relocation reimbursement and sign-on bonus offered; student loan repayment

options; full benefits package including malpractice and tail coverage; rural background or preference

for rural medicine is a plus.

Greenville, Illinois is located approximately 45 minutes east of St. Louis, Missouri. The home

of Greenville College, Greenville is a modern small town that offers solid, Midwestern values and an

intellectual feel. The community is close to a major metropolitan area and access to cultural events,

shopping, sports and other amenities, yet its residents are able to embrace the advantages of a rural

setting with a lack of congestion, pollution and crime.

Family Practice – Illinois

Excellent opportunity to join a very busy practice adding to their team due to continued growth. State

of the art, award winning health system. Very competitive compensation and comprehensive benefits

including flexible insurance plan, generous vacation, flexible retirement plan, relocation,

Academic appointment available, and much more. Located in a vibrant city with excellent public and

private schools and numerous cultural and recreational activities. Easy access to Chicago.

Primary Care – Cincinnati, OH

Primary Care Cincinnati, Ohio One of the top integrated health systems in Greater Cincinnati is

seeking physicians trained in Family Practice, Internal Medicine, Emergency Medicine, Internal

Medicine/Pediatrics or Occupational Medicine to practice in one or more of their facilities. These

physicians will staff a Priority Care facility for internal primary care patients, as well as community

urgent care illnesses. Employed opportunities located in Cincinnati, Ohio Full-time and part-time

positions are available No inpatient or call responsibilities Flexible 2015 start dates New state of the

art facilities with fully equipped lab and x-ray services Complete benefit package with malpractice,

long term disability, medical/dental coverage, relocation, retirement plan with matching employer

funding. Competitive guaranteed base with bonus incentives Weekend and holiday pay differential.

To learn more, contact Arleen Richardson arleen.richardson@rmmedicalsearch.com

Job #21463

Dermatology – Quincy, Illinois

Blessing Hospital is seeking a Dermatologist for a full-time employed position with Blessing Physician

Services in Quincy, IL. Must be Board Certified or Board Eligible in Dermatology. The candidate must

have a solid work ethic and dedication to providing comprehensive healthcare to patients and their

families. The ideal candidate will strive to become an active member of the community, as well as

uphold the core values of the hospital.