The Advisor
An Online Newsletter for Medical Professionals
January, 2012
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 MD Preferred Services is an online resource center for physicians and healthcare executives. According to the Bureau of Labor Statistics, there are approximately 700,000 physicians in the United States who work in excess of 60 hours per week. To help medical professionals leverage their time and resources, MD Preferred has identified and screened uniquely qualified, financially sound, "doctor friendly" community based professionals in a wide range of disciplines including: real estate/relocation, financial planning, mortgage services, banking, legal services, insurance, and accounting who are committed to serving healthcare professionals and offering a superior service experience. Contact Us!
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Be Sure to Join Our Linkedin Group!
Networking for Healthcare Professionals
Just a heads up to all our readers...we started a group on Linkedin!
Networking for Healthcare Professionals is all about our members and the healthcare industry coming together. Share ideas, opinions and industry news. Establish connections with other MDP members and share your knowledge with the healthcare field.
The goal of this group is to establish business to physician relations as well as physician to physician networking. We also hope that this will become a resource for physicians and healthcare professionals looking for tools to help them grow in their career or career search and meet their everyday needs.
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15% Discount to all Physicians
GFDIC (Genesis Financial Disability Income Center) has over 25 years experience working with Physicians and Advisors all over the country. We understand how important it is to have the right income protection product for Physicians. With regard to the current economy we want to help you save money but not give up the protection most Physicians desire. Therefore GFDIC went to work to help all Physicians save money without sacrificing coverage. We have established a special 15% discount on income protection insurance with a "TRUE" Own Occupation definition of disability for all Physician members of MD Preferred Physician Services. Advisors can offer this discount to their Physician members as well. For more information contact GFDIC at (877) 642-2777.
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HealthGrades Names Top Cities for Hospital Care
For 10 years running, HealthGrades has been revealing a list of the hospitals performing in the top 5% nationwide across 26 different medical procedures and diagnoses.
A description of how the process works is as follows:
"As part of this study, HealthGrades evaluates each of the nation's 5,000 nonfederal hospitals in 26 procedures and diagnoses, allowing individuals to compare their local hospitals online at www.healthgrades.com. HealthGrades hospital quality distinctions are independently created; no hospital can opt-in or opt-out of being evaluated, and no hospital pays to be evaluated. Mortality and complication rates are risk adjusted, which takes into account differing levels of severity of patient illness at different hospitals and allows for hospitals to be compared equally."
So how did you city stack up this year? Click read more to find out!
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The Myth of Investment Bargains
By Barry Rabinowitz, CFP®, MBA, EA, IAR
We all know there are deals to be found in the shopping world. But do we ever consider the value we receive for the price we pay?
William Poundstone's book, Priceless: The Myth of Fair Value (and How to Take Advantage of It) points out most of us are really suckers when it comes to shopping, and we're often taken advantage of, and prone to paying just about any price (and sometimes more today than we would have yesterday).
In the investment world, it can be even more difficult to consider cost and value. And it's understandable why that is when product prospectuses are longer (and more dull) than a textbook. Often, investors will rely only on hypothetical or recent returns equate to value, and costs - and by this I mean the total costs of a strategy - are never considered.
A few of my biggest concerns are with products that investors believe "guarantee" growth in "retirement income," or products that shed sound, investment principles to employ strategies that you would like to have owned yesterday, but have no promises for tomorrow. Furthermore, when annual management fees for a product go above 1.5%, alarm bells go off for me.
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Forecasting What May Be Ahead for Home Loan Rates
By Stacie Strassberg, California Mortgage Advisors, Inc
The good news-despite what the Mayan calendar may say-is that the world probably won't be coming to an end in 2012. But like 2011, this coming year may bring some significant challenges here in the US and around the world. Read on to learn more about what could be ahead for home loan rates.
First, let's take a minute to recap 2011. While home loan rates finished the year at historically low levels, the housing market did not see a major improvement in the second half of the year as some experts expected. The labor market did make some modest improvements, but it is still persistently weak and this is one area of the economy in particular that we need to see consistent improvement in to help our long-term economic outlook.
Also weighing on consumer confidence and thus the economy in 2011 was the first downgrade of US Debt in history, thanks in part to our very divisive government body. Finally, the worsening and spreading debt crisis in Europe capped a year filled with financial and political uncertainty. The situation in Europe is the perfect place to begin a 2012 outlook.
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Time Versus Money
By Greg Walstra, Principal at Greg Walstra, Financial Concierge Services
It's the conclusion that all busy and affluent people come to at some point in life: Once you have more money than you need, money is no longer the most precious resource you must save up and spend wisely. Time is the only resource for which there is an unchangeable limit.
No one can create more than 24 hours in a day, but everyone has the ability to "trade" money for time. So how does one go about getting more time?
An hour and a half to pay bills. 20 minutes on hold with the mortgage company. Eight people in line at the bank on Wednesday. A 45 minute phone call with the realtor at the lake house about contesting the property taxes. Two hours trying to find a trustworthy dealer to appraise Grandpa's shotgun. A half hour paying Mom's bills for assisted living and balancing her checkbook. A few daily tasks add up to 10-15 hours each month. And that isn't counting the opportunity cost of all the things that you're not doing, like comparison shopping for your insurance coverage's, spending time evaluating the charity you are considering a major gift to and making sure that you are adhering to your financial goals on a monthly basis.
In 2006, CFA Magazine predicted that demand for concierge services among financial planning firms was about to soar. Since then, banks and credit card firms have hired concierges to make their offices more customer oriented, especially for wealthy and elderly clients. There's also been growth in small boutique firms dedicated to offering concierge services for anyone who needs them.
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Non-Conforming Doctor Program Offer By Wells Fargo Private Mortgage Banking
By Eric Pederson, Wells Fargo Private Mortgage Banking
The NON-Conforming Doctor Program provides financing for purchases of primary residences to medical doctors who have completed their medical residency within the most recent 36 months.
This new program has a maximum loan amount of $850,000 and is available with the following NON-Conforming products:
* 30 year fixed
* 15 year fixed
* ALB 10/1 ARM
* ALB 7/1 ARM
* ALB 5/1 ARM
This program will not allow interest only payments and mortgage insurance is not required we also will not allow Non-Occupant co-borrowers with this product.
Our Employment requirements for this product are that the Dr. must have completed their medical residency in the most recent 36 months and be a practicing medical doctor verified by obtaining a copy of their license.
Borrowers with less than six months left in their residency who have accepted a permanent position as evidenced by a fully executed employment offer letter are also allowed subject to the following requirements:
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Do You Make the Most of Your Loan Statement?
By Brendan Bracken, W.J. Bradley Mortgage Capital, LLC
Every month, you receive a mortgage statement that reminds you to make your regular payment against your loan, but did you realize that it can serve as a strategic financial tool?
It's true. Whether you receive your statement via regular postal mail, or get your statement online, there are various pieces of information on it that can serve as useful intelligence for better managing your home financing, and help you make well-informed decisions about your loan.
Let's take a look at four important pieces of information found on your statement each month:
1. Taxes.
As tax season approaches, you'll want to review your property tax write-offs, but also use your statement to check that you aren't paying too much. Many people have their property taxes paid via an escrow account attached to their home loan. The yearly property tax is put aside in the account and paid out per your local county assessor's tax collection.
If you pay your property taxes through such an escrow, the year's property tax total will be divided by 12 and bundled into your monthly mortgage payment. If your local real estate market has shifted, the figure being set aside for your property tax escrow could have shifted, as well. If the property tax fees on your payment stay the same while your home's value changes, it might be time to have your home's value reassessed.*
That said, there can be limitations placed on how much the assessors can adjust the value of your property each month, so make sure you familiarize yourself with your local regulations.
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Art That Makes a Space
-Charla Steele, KenzaArt Creations  As our world seems to speed up daily, we need opportunities to "rest" our minds. We have allowed ourselves to get caught in busy and complicated lifestyles. With business dress becoming more casual, work environments becoming more home-based, and public spaces becoming more intimate, art can serve as the finishing touch to engage and comfort its end users.
My art strives to bring joy; my greatest reward is seeing art lovers, as well as non-art lovers, SMILE! My latest collection of three dimensional, shredded magazine collages has received more attention than my previous work, doing just that. After a friend of mine noticed that my own art collection included a variety of female faces, and collectors continuously encouraged more and more texture, I launched a new series of ladies' faces wearing colorful sunglasses with textural, fun hair-dos. Most collages incorporate my ever popular, yet simplistic birds, and sculpted flowers in the their hair or hats. These whimsical, ladies' faces simply command a warm, welcoming response.
With my background in interior design and my experience designing multiple corporate, healthcare and hospitality spaces, I am keenly aware that art makes the difference. It sets the tone. Turns a space from "finished" to "personal". I want my artwork to introduce humor among sophistication, to offer uniqueness and intrigue, to be familiar yet captivating. My medium of recycled magazines pages creates such depth and richness that the eye simply cannot take in all the complexity at once. There will be elements that pop out and catch your attention that were not visible days or even years before. I love that a stagnant piece of art can continue to develop and engage its viewer!
Since art evokes emotion, be sure to focus on artwork that will reflect your desired intention. Please visit my website, www.kenzartcreations.com, to view additional images and a variety of subject matter. |
Time For New Year's Financial Resolutions
By Amy Hollister, Edward Jones
Once again, it's time to make some New Year's resolutions. This year, in addition to hitting the gym, learning that second language and getting better organized, why not also consider a few financial resolutions?
What types of resolutions might you consider? Here are a few suggestions:
* Contribute more to your retirement accounts. The new year means that you are one year closer to retirement. To help yourself build resources for the lifestyle you've envisioned as a retiree, try to boost your contributions to your 401(k) or other employer-sponsored retirement plan. You can do this if you get a salary increase and devote at least part of it to your 401(k). At the same time, try to "max out" on your Individual Retirement Account (IRA). For 2012, you can contribute up to $5,000 to an IRA, or $6,000 if you're 50 or older.
* Reduce your debts. Look for ways to cut down or consolidate your debts. It may not be easy, but it's worth the effort because the lower your debt load, the more money you'll have available to invest for the future.
* Build an emergency fund. If you don't already have an emergency fund containing between six and 12 months' worth of living expenses, start building one soon. Keep the money in a liquid vehicle - one that's separate from your everyday checking and savings accounts. Without such an emergency fund, you may be forced to dip into your long-term investments to pay for unexpected costs, such as a major car repair, a new furnace or a large medical bill.
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What if You Couldn't Practice Medicine
By Amin Rashid, CFP - Principal Financial Group
Did you know there are thousands of known illnesses and conditions that can cause a disability? Just look at this breakdown:
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MD Preferred
Medical Directories
Knowing how to reach industry decision makers is a critical part of any job search. MD Preferred healthcare directories help physicians and nursing candidates identify hospital and private practice in-house recruiters as well as the nation's leading search firms. The MD Preferred Hotel Directory helps healthcare executives plan conferences and meetings, business and personal travel.
Hospital & Private Practice In-house Recruiters
Top 100 Medical Recruiting Firms
Medical Associations & Societies
State Licensing Boards
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Where Do Physicians Want to Live in Salt Lake City?
By Team Utah Cribs www.utahcribs.com
When advising the many doctors from other states that come and work and live in our beautiful state of Utah, there are three large hospitals I get a lot questions about:
1. Huntsman Cancer Institute
2. The University of Utah
3. Intermountain Medical Center
These hospitals along with the many other Select Health (IHC) hospitals are the main pull for many doctors moving into the State.
I have had many clients moving here ask me, "Where should I live if I am a physician? Where do other doctors live in the area?" The first question I always ask them is, "Which hospital will you be working at?"
Below you will see a list of all hospitals in the Salt Lake Valley. As you may know location is everything. Many doctors coming from out of state find Utah to be a place that has it all. If you are coming from California or the east coast, the Salt lake Valley commute will seem like a dream. Salt Lake is a gigantic valley divided into two parts right down the middle of the east side and the west side of the valley. It is divided by the I-15 corridor freeway system. This makes it really easy to navigate through the area.
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MD Preferred
Career Services
With a growing physician shortage, with healthcare reform swelling the ranks of patients, with rising malpractice premiums, shrinking revenues and growing government regulation, it has never been more important that a physician or nursing professional make the right choice when considering a career change.
MD Preferred offers the only medical job board with top tier job listings and access to  award winning, doctor friendly professionals in: Real Estate/Relocation, Mortgage Services, Private Banking Services, Legal Services, Accounting Services and Financial Planning.
Medical professionals requiring discrete professional representation during their job search can call 800-260-8366 to speak with a personal search associate.
MD Preferred/Medical Match Job Board
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Budget Your Way to Extra Savings
By Kerry Castonguay, AWMA®, CRPC®, CDFA™
Investing a few hours to create and maintain a household budget may be the key to identifying opportunities to save more for the future, including for long-term goals such as retirement. Yet it's surprising how few households take the time to commit to a budget. Many financial experts recommend making time for this task, which could pay dividends down the road.
Get a Grip on Your Money
Finding the extra money to save is not always easy. The good news is that many families realize they spend money on nonessentials -- such as eating out and specialty coffees. These are expenses that can often be reduced with the aid of a budget. A budget may also help you reduce large expenses to make room for savings. For example, if your transportation costs are considerable because of a long commute to work, look into carpooling with a colleague or working at home periodically.
Budget Basics
The first step is to understand and summarize your various sources of income, which may include earnings from a job, alimony, real estate income, and income or dividends from investments. Next, determine how you spend your money. Start by tracking your spending for a month. Gather bills and receipts and don't forget things like an occasional splurge on new shoes or a cup of coffee.
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