We get what we incentivize.
This is a basic rule. I’d love to say it’s a basic rule of humanity, but unfortunately, I have a background in psychology, so I know it goes a lot deeper than that—it’s a basic rule of every living creature. Humans are, in many ways, just very big pigeons. We reliably prioritize certain rewards. We prefer smaller sooner rewards to larger later rewards; we push the …
There has never been a better time to be a woman entrepreneur. With ever-growing numbers of venture funds specifically for women and nonprofits dedicated to advancing women in tech, the next Apple is ripe for the picking. However, there remains a wide chasm to cross. Currently, startups led by women command less than 3 percent of venture capital investment dollars.
Upon diving deeper into this disparity, a 2020 paper published by …
Patient volume has recovered across the country, and most medical offices are back to a steady state of care delivery—but ambulatory care has changed irrevocably. We’ve entered a phase shaped by crisis and marked by even more intense cost pressure and consolidation. What steps can independent medical practices take now to help ensure stability and prosperity moving forward?
Offer employees a more rewarding work experience.
The great resignation—unprecedented turnover in the labor …
Risk adjustment is a statistical method used by health plans to predict an individual’s use of health care services and the associated cost of care. Unlike traditional fee-for-service Medicare, Medicare Advantage (MA) plans receive a flat monthly payment for the individual beneficiary’s cost of care, with payments partially based on risk score.
Higher risk scores mean higher payments, and plans have financial incentives linked to more thorough documentation (coding) of their …
Similar to most financial topics, benefit elections are not a one-size-fits-all recommendation. Open enrollment occurs at the end of each year and remains open for a month and a half. During this time, you can sign up for health insurance, flexible spending accounts (FSA) for health care and/or dependent care, health savings accounts (HSA), retirement plans, as well as other benefits. Be aware that employers often use the open enrollment …
“Nothing is certain except death and taxes.”
Physicians are commonly offered one, two, and three-year employment contracts that appear ironclad and have automatic renewal clauses. The length of these contracts encourages us to believe we can confidently make major financial decisions based on expected income. Moreover, we want to believe that enduring years of training and oppressive loans have finally resulted in financial success. So, we read contracts hoping these agreements …
The market for health administrators in the U.S. is projected to grow 28 percent from 2021 to 2031, growing more rapidly than the average for all other occupations.
Traditionally, those in health administration work in hospitals, large health systems, health plan organizations, and consulting firms. However, health administration has the potential to contribute value to every component of the U.S. health care …
As a physician, do you know the average salary for your specialty and location? What about the average signing or relocation bonus? If you don’t know or are unsure of how to get that information, you are not alone.
In a society where most employees hesitate to openly share compensation numbers, it can be difficult to determine what you should be earning, physician or otherwise. Unfortunately, employers benefit much more from …
It’s never too early – or too late – to create a career that’s your own. It’s always the right time to keep the door open to learning, to try your best, and to allow yourself to grow through experience and time.
Over the last four decades of my career, I’ve learned a lot. And now, as I’m about to retire, I find myself reflecting. I’ve been a pediatrician and started …
Buying health insurance is a lot like renting an apartment. Finding the perfect place is hard, and the price is always higher than you expect. But if it is conveniently close to your employer and there are few other affordable options, you sign the lease and agree to all of the terms. Only after a few monthly payments do you realize electricity, heat, water, and snow removal are not included. …
Leading an organization from a culture of bullying or blaming to a culture of safety is a daunting initiative. Unhealthy alignments are deeply embedded in toxic cultures, and informal power dynamics may influence how people behave. Instead of respectful communication where giving and receiving constructive feedback is ongoing, common behaviors include:
All of which perpetuate a cycle of broken trust and poor conduct.
While patients, the workforce, …
A medical malpractice process is a lot like running a marathon.
The analogy makes it easy to understand why physicians are emotionally unready to go through years of litigation and often find themselves struggling.
To successfully make it through the grueling 26.2 miles, a runner has to be well-prepared.
It’s common for runners to join a running group. Sometimes, engage a coach who can help to train smart.
Runners will spend months building up …
Talk to physicians in private medical practice today, and you will discover that they will affirm that their medical practice is financially satisfactory, stable, and doing well financially.
Private practicing physicians know that they have no measurable standard to use to verify what they just told you except for their profit and loss statements from their CPA. And even if they believed they could be in a much better position financially, …
For parents looking to fund their child’s education, a 529 plan is an optimal way to grow savings through investments and gain significant tax breaks in the process. But as we have previously explored, investments that grow your own portfolio may be causing harm to others by supporting companies that don’t take their social or environmental impact into as much consideration as their bottom line.
In recent years, “environmental, social, …
People who’ve done what it takes to earn a medical degree are typically pretty special. Most doctors spend reasonably, invest wisely and incubate a healthy nest egg: a recipe for a comfortable retirement. But some doctors are profligate and foolishly fall prey to hare-brained financial schemes. On the outside, they seem just like their financially savvy brethren.
But, neuroscientifically speaking, something is lurking under the surface of the silly-money cohort. Let’s …
My youngest daughter turned ten on Saturday.
I have been in awe of the privilege, joy, and honor I have been given to raise my beautiful, spirited, brilliant, and incredibly loving kids.
One of the most unexpected, amusing, and honestly humbling things I experience with my kids comes from my work as a personal and executive coach, facilitator, speaker, and teacher for mission-driven and heart-centered physicians and helping professionals. Because they know …
Timeshares have an undeserved bad rap. I’ve owned and used my timeshare for great and cost-effective vacations all over the world for 30 years.
I believe one of the biggest reasons timeshares get bad press is the wrong people buy them. When they become unhappy because their lifestyle, amount of vacation time, or pocketbook doesn’t allow them to fully enjoy their timeshare, they spread negative vibes. When you learn how to …
An excerpt from You’re the Leader. Now What?: Leadership Lessons from Mayo Clinic.
What is most important when making a decision: process or expert analysis?
If you’re like many people I’ve worked with, you’re probably thinking, “they both are,” but I’m asking you to pick just one. Which one is …
Over the years, I have mentored a lot of trainees. After discovering coaching and seeing my career transform after I started working with a coach, I have become a coach myself. I definitely use coaching techniques with my mentees, but the relationship I have with them is different from the one I have with my coaching clients. Coaching and mentorship are different but complementary approaches to moving your career forward. …
I’ve lived through multiple economic downturns since 1999.
Bear markets and recessions can be scary.
The uncertainty and fear can be exhausting.
Currently we are in the midst of battling fears of record inflation, gas prices, an ongoing recession, interest rate instability, supply chain disruptions, insecurity in food, energy, and housing, along with surging debt and currency crises.
This is all happening against the backdrop of war, climate crisis, and a world recovering from …
Get free updates delivered free to your inbox.
