DOCTORS: Difference

Medicine is a greater calling, requiring professional devotion and a rigorously trained skill set. We bring a corresponding approach to our business management and financial services through specialized advisory for attending physicians and those in residency or considering retirement. Marcinko & Associates builds on our comprehensive practice management, wealth planning and investment approach, tailoring services directly to the unique and pressing financial complexities faced by medical practitioner colleagues. Here is why?

Physicians are Younger and the Majority are Now Women

In a study of physician gender and age, 22.7 percent of doctors under 35 and 28.6 percent of doctors 35 to 44 were women. And if you thought money would be most important to new physician graduates, think again:

60 percent of first-year residents said personal time was the most important factor when looking for a job
69 percent of first-year residents preferred to be employed by an outpatient clinic, hospital or medical group
Only 2 percent of first-year residents said they preferred solo practice.

Physicians are Expected to be Leaders

Doctors oversee nurses, technicians and other healthcare professionals and must have effective communication and leadership skills. They also spend more time managing the administrative side of the business.

80 percent of physicians now work in a large medical group or employment arrangement
Primary care physicians lose 48 minutes a day on average by updating electronic medical records.

Physicians are Held to Higher Performance Standards

Patients no longer go to the same doctor or hospital for a lifetime. They ask about how much procedures will cost, research providers online before scheduling appointments, and head to new offices based on location or accessibility when they need care.

67 percent of patients say convenience is a top priority when finding a primary care physician
80 percent of patients think doctors should discuss the cost of treatments and medical procedures with them ahead of time
37 percent of patients have read a negative online physician review and avoided that doctor because of it.

CITE: https://wordpress.com/page/marcinkoassociates.com/2024

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How Physician Needs Are More Complex?

Significant & Varied Personal Liability: Doctors incur substantial personal and professional liability due to the nature of their profession. Insurance, risk management and asset protection requirements are substantial.

Rapid Income Rise: Income growth occurs quickly leading to complexities in budgeting, managing expenses, taxes, life-style drift and savings. Additionally medical practice management and strategic business complexities are increasing.

Complex Tax Positions: Maximizing after-tax wealth can be particularly challenging given financial liabilities, income changes and asset ownership for medical colleagues.

Complicated Compensation & Benefits: Compensation and benefits packages are becoming increasingly complex. It is time consuming to understand your value in the marketplace, negotiate and to fully review your compensation and benefits packages.

Late Start in Saving, Investing, & Family Planning: 71% of practicing physicians are not confident in retirement since lengthy education requirements lead to limited savings and a late start in investing.

Education & Personal Debt: Many physicians incur debt as a result of extensive education requirements. Carrying high debt balances can be financially and psychologically challenging.

Professional Stress & Burnout: 80% of physicians say they are either at full capacity or overextended. Coupled with organizational pressures, patient concerns, and personal and family time, there are limited hours to focus on your financial matters, professional or personal life.

Marcinko & Associates Strategic Advisory and Business Consulting

Asset Protection

Regular evaluation of risk exposure, coverage, and insurance costs
Titling of persona and business assets and insurance
Asset protection trusts
Medical malpractice reviews and tail coverage
Business, clinic and medical practice entities.

Employment Consulting

Employee-sponsored sponsored benefits review
Employer-sponsored benefits review
Employment contract negotiations and review
Analysis of income and compensation
Contract or At-Will employment analysis.

MEDICAL PRACTICE, CLINIC AND HOSPITAL MARKETING

Marketing, Advertising and Sales
Change Management
Crisis Management
Public Relations.

Strategic Tax Planning

Optimal allocation to tax-advantaged accounts
Strategic investment account location
Tax return analysis and reviews
Preparation of tax returns.
Back tax services: business, personal, payroll
Multiple years. Tax lien removals
Special interest in Divorce issues
Innocent Spouse Relief
Special interest in Rental Real Estate
Schedule E and Form 8825
Tax audit representation and IRS issue resolution
IRS Notice responses.

Retirement Planning

Evaluation of earlier, mid and late retirement timelines
Detailed cash flows and analysis
Project economic and income requirements
Post medical career engagement.

Debt & Liability Management

Optimize repayment of interest and principal
Discretionary cash flow allocation
Repayment prioritization.

Estate Planning

Value of estate planning
Wills, trusts, and financial powers of attorney
Coordinated beneficiary designations
Tax-saving and generational wealth strategies.

Education Planning

529 and related college savings plans
Saving and budgeting analysis
Student loan analysis and re-payment plans.

Investment Management, Portfolio REVIEWS & Investment Selection

Customized portfolio construction and asset allocation
Investment Policy Statement creation and analysis
Access to leading investment managers
Manager due diligence and selection
Portfolio management, monitoring, reviews and revisions.

Marcinko & Associates embraces your goals and uses your values as our guide. We personalize our services and continually evolve our advice. And, we work with physicians across the country to provide guidance on career planning, coaching and deep collegial industry-specific support. Our networked of strategic alliance partners is vast. The result is a solution tailored specifically to your personal, professional, business, financial life and medical practice stage.

HOW MAY WE SERVE YOU?

Contact: Ann Miller for all related engagement details:

email: MarcinkoAdvisors@outlook.com

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