Medical Revenue Management Association of America

Would You Like a Great Doctor-Friendly URL?

1/16/2023

I have a confession. I purchase domains. Lots of them. I purchase URL's with the names of my books, "sticky" sound bites like dumb doctor deals, my programs and my initiatives.

I highly recommend that you own the URL of your name, your business name and variations of your business name. For example, if your business name is "Doctors Build Wealth" you can also purchase "Docs Build Wealth", "MDs Build Wealth" and "Physicians Build Wealth."

If you have a proprietary system or signature phrase like "Don't Outlive Your Money", you may be able to purchase that domain! I'm often surprised at the domains that are available.

I own some high-value URL's that have been parked unused for many years. However, these URL's could help you promote your marketing efforts.

Let's say, for example, that you help physicians manage medical school debt. In your email signature file you could say, "Are you wondering how you will pay off your medical school debt AND build wealth? Go to www.debtfreedocs.com to get a free special report with my five top tips."

If you want to host a workshop, End the Money Drama, your registration page could be www.EndtheMoneyDrama.com.

If you want to host a podcast featuring stories of doctors who have successfully gone through a process of reinvention, you could name the podcast MD Makeovers and own that URL.

In the spirit of service-- and aligning with my massive spring housecleaning campaign-- I'm selling these URL's:

avoiddumbdoctordeals.com
avoidhipaafines.com
debtfreedocs.com
docsandmoney.com
docsinbusiness.com
docsmoneymistakes.com
doctor-preneur.com
doctorssidegigs.com
doctorwealthstrategist.com
dumbdoctordeals.com
endingmoneydrama.com
endmoneydrama.com
endmoneydramas.com
endthemoneydrama.com
hopeforphysicians.com
hopefordoctors.com
hopefordocs.com
makemoneywork4you.com
mdmakeover.com
mdmakeovers.com
mdsandmoney.com
WEALTHYDOCTORSOLUTIONS.COM

What is the investment to own a domain? I'll defer to GoDaddy's domain valuation. You can go here, plug the domain into the tool and find the purchase price.

Please respond to this email if you want to purchase a URL. Let me know which URL's you want to purchase. I'll respond on a first-come, first-served basis.

Have a wonderful and blessed weekend whether you're celebrating Easter, Passover, Ramadan or the beginning of Spring.

To your success!
Dr. Vicki
Vicki Rackner MD FACS
Principal Engaging Doctors Helping financial advisors attract, engage ad serve doctor clients

PS Do you have questions about working with doctors? Click here to schedule brief conversation and laser coaching.

Act Now: Invite MD's to Call Congress to Stop Medicare Cuts

12/5/2022

Hello,

Are you looking for a way to deliver value to the doctors your list? Here’s something YOU can do to demonstrate your commitment to helping doctors build wealth.

Invite physicians on your list to call Congress and urge them to stop the FULL proposed Medicare cuts THIS WEEK.

As you know, as of January 1st, 2023, physicians are about to experience a 4.5% Medicare payment cut.

The American College of Surgeons and their coalition partners have been working diligently to prevent that from happening.

Congress still has the power to stop the full cut. We must ensure Senators and Representatives have heard from us— their constituents—to let them know that preventing these cuts in their entirety is a high priority.

For the contact information for Senators and Representatives, as well as talking points click here.

Why would you be interested in communicating this message about the Medicare cuts? It demonstrates that your commitment to helping doctors build wealth is not just a mission statement on your web site. You are taking concrete action and showing physicians how they can too!

As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.

I'm here to support you if you do!

My best,
Dr. Vicki

How Gratitude Contributes to Wealth-Building

11/25/2022

Hello!

I hope that you had a lovely Thanksgiving. Who can go wrong with a day celebrating gratitude! It’s my favorite holiday.

In my conversations with doctors about their money stories, I observed that doctors who have a gratitude ritual are more likely to enjoy TrueWealth. They have the things that money cannot buy.

I asked other financial advisors in this community and many observed the same thing.

I would like to make a bold statement. I believe that gratitude helps build wealth.

Here’s the story of a doctor in whom gratitude contributed to her ability to build wealth.

Dr. S told me that when she’s stressed she heads to the mall. She calls it retail therapy.

Over the past years her stresses increased. Plus now she shops on her phone instead of going to the mall. This lead to sky-rocketing spending.

Even though she and her physician husband agreed they were working towards early retirement, her spending habits got in the way. It was a constant source of conflict in her marriage.

In an effort to make peace in her home, she agreed to a splurge budget that put a ceiling on her impulsive spending.

The budget worked about as well as diets. It felt like deprivation to her. The scarcity made her want to shop even more, and after a few months her spending actually increased.

As we talked about her spending, she said, “Shopping fills a hole in me. At least for an hour or two.”

I suggested she try an experiment--filling that hole with gratitude instead of shopping. She agreed that the next time she felt the urge to shop, she put down her phone and go shopping in her own closet.

She was horrified to discover that she had never worn many of her purchases. She had no ideas that she had 14 pair of black shoes.

She hired a consultant to edit her closet. She kept the clothes that made her feel great, and gave her other clothes to a charity that helps women who are victims of domestic violence get back on their feet.

It worked! Now when she feels like shopping, she walks into her closet and expresses gratitude for all of her wonderful clothes. Usually that quells her desire to shop.

She say that if she still feels like shopping, she challenges herself to find an outfit that she will give to her favorite charity. She finds that giving to others triggers a better feeling than shopping ever could.

Expressing gratitude for all they she has-- as well as comparing herself favorably to those who have less-- tamed Dr. S's spending. Now she and her husband have more to invest to accelerate wealth-building.

Let’s say thank you all year round. I have a gratitude ritual. Every night before I close my eyes I reflect on three things for which I'm grateful.

In that spirit, thank YOU for being part of this Engaging Doctors community and your commitment to serving doctors. They need you!

Over 60% of physicians experienced at least one symptom of burnout in 2021, and fewer physicians reported being satisfied with their careers compared to before the pandemic, according to a nationwide study published in Mayo Clinic Proceedings.

When physicians build wealth, they buy more choices.

As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.

I'm here to support you if you do!

My best,
Dr. Vicki

Don't Be Bullied by Your Inner Critic

11/16/2022

Do you find that your business progress is slowed by your inner critic?

I've been watching a family of nesting osprey. Imagine if the chicks hatched with inner critics saying, “Stay in the nest; it’s safe here.” Or, “What makes you think you can fly?“ Or, “Don’t jump. You could get yourself killed.” Nest all over the world would be filled with dead birds!

Do not let your inner critic kill your business aspirations!

Your inner critic would like you to believe that it represents the voice of reason. Maybe the voice says, “That idea will never fly.” Or, “Who do you think you are?” Or, “That’s not good enough.”

The truth is that your inner critic is more like a bossy child. Sometimes it’s a downright bully.

Letting your inner critic make your business choices is like letting your child make your vacation plans.

You can manage your inner critic the same way you manage a bossy child.

When your inner critic rejects an idea that could threaten your safety, say, “Thank you for sharing. I’ll consider that point when I make my choice.”

Here are three phrases that balance the limiting messages of your inner critic:

   •   Done is better than perfect. It’s my working mantra. Some people spend their time getting ready to get ready. Don’t! Get out on the battlefield.

   •   It’s okay to suck.  An art teacher delivered these words when she looked over my shoulder and saw I was having a hard time getting started. The first blog post or video or white paper you create will not be a masterpiece. That’s okay! You didn’t give up the first time you rode your bike without training wheels, or shot a basket. You practiced, and got better. Give yourself permission to make a mess and craft something that might wind up in the garbage. That’s how masterpieces are created.

   •   Fail fast. Talk with anyone who has risen to levels of greatness, and they will tell you they have failed. Test before you launch a product, service or marketing campaign. You may think an idea will fly; what’s important is how your prospects and clients vote with their wallets.

You want to make informed business choices.

Let a thoughtful adult--not a bossy child--make these choices.

To your success!
Dr. Vicki
Vicki Rackner MD FACS
Principal Engaging Doctors Helping financial advisors attract, engage ad serve doctor clients

PS Do you have questions about working with doctors? Click here to schedule brief conversation and laser coaching.

Want to Recession-Proof the medical Practice?

10/17/2022

Have you ever wondered, “How do I position myself for success in this recession?”

Here’s how you can shift or even reinvent your practice in 2023.

Work in the #1 industry expected to do the best in this recession.

And that’s healthcare.

For the past decade I’ve been helping financial advisors attract, engage and serve doctor clients.

And by doctor clients I mean the people who wear white coats and are in the trenches delivering medical care to patients.

I help financial advisors cross the cultural divide between their native land of business and my native land of medicine.

Prospecting doctors might feel a bit like my recent trip to Italy. The language is different. The customs are different. And if you didn’t bring an adapter, you would not be able to recharge your phone.

Some people would rather travel in the US because it’s less stressful. You speak the language. You know the customs. You know the rules of the road and you know what the road signs mean.

If you would prefer to work with clients who are natives to the world of business like you are, you can also find them in healthcare.

Physicians’ salaries make up less than 8% of healthcare expenditures.

Where does the other 92% go?

It goes to companies that do everything that allow doctors to deliver medical care to patients. They follow the rules of the land of business.

Here are the four players in healthcare:

Patients - individuals who receive medical care from providers
Providers - Individuals and institutions that provide care to patients, charge payers for that care, and buy products from vendors
Payers - Institutions that pay providers for healthcare services, which includes insurance carriers, private employers, the government, and individuals
Vendors - Companies that sell medical devices, pharmaceutical products, services and solutions to providers

Medicine is big business. You can also work with the payers and vendors.

What are the big industries in healthcare? Here are the top 10 in the US according to Investopedia

#1 CVS Health Corp. ( CVS)
#2 UnitedHealth Group Inc. (UNH)
#3 McKesson Corp. ( MCK)
#4 AmerisourceBergen Corp. ( ABC)
#5 Cigna Corp. (CI)
#6 Cardinal Health Inc. ( CAH)
#7 Walgreens Boots Alliance Inc. (WBA)
#8 Anthem Inc. ( ANTM)
#9 Johnson & Johnson (JNJ)
#10 Centene Corp (CNC)

The collection of companies that sell electronic medical records (EMR) alone was valued at $20B in 2016; that’s projected to rise to $33B in 2025. The largest EMR vendor Epic has a campus in Wisconsin that's so epic it’s a tourist destination.

What ever client you best serve, you can find similar clients in healthcare. If you work with CEO’s, consider working with C-suite executives of hospitals. If you work with teachers, consider working with nurses. If you work with small business owners, consider working with small companies that do outsourced medical billing for doctors.

In the medical market, there’s something for everyone. And every company that works in healthcare faces the same challenge: navigating the cultural divide between the world of business and the world of medicine.

Consider adding a healthcare tribe to your client list in 2023. We can show you how.

My best,
Dr. Vicki

Look like you mean it

2/4/2022

Medical doctors learn from doctors, work with doctors, and deal with the mechanization of being a doctor.

In private practice, you need to walk across the bridge between a medical world to the world where your patients spend their time. You need to be a human being—at least part of the time—to win the respect and affection of your patients.

There is a revolution in how doctors relate to their patients. Be sure you understand how to deal with the following relatively new developments in this ageless relationship between patient and doctor:

Patients like to be thought of as clients and you as their consultant, helping them find their way to better health.
A patient (or client) of yours may know as much about their illness as you do.
Patients are not afraid of computer-assisted diagnosis and care.
Patients expect more from you than prescriptions and orders.

Some examples of how these new developments can be turned into practice-building traits in your private practice…

Offer a handshake and a smile. You’re on equal footing with your patient. Show it.
When a patient offers information you doubt, say “That’s interesting!” and ask for the source so you can study it yourself.
Show your concern for each patient by asking (and caring about) how they are doing. Remember each name. Look at your client with a smile in your eyes.
Give the patient work to do. Keep a log for a couple of weeks. Switch to another type of diet. Walk a certain number of miles or paces. Carry out exercises you feel would help.
Ask your patients questions about how they feel they are doing. At the end of your time together, ask if there are any questions and then wait for a response.
Every patient should leave with a diagnosis. Let them know what you don’t know, what you expect, and, most of all, what you do know about the patient’s condition.

Submitted by Griffith Publishing

Three Financial Truths for physicians

1/10/2022

Consider these three financial truths:

Truth #1: High incomes do not protect you from financial pain.

We, physicians, have the opportunity to earn millions of dollars over our medical careers doing work that we love. But income isn’t the whole financial story. The ability to build wealth is about the relationship between earning, saving, and investing.
When you manage an ICU patient, for example, you look at the Is and Os. A singular focus on income when building wealth is like a singular focus on input when managing an ICU patient—it’s an incomplete picture.

You might have read about Oseola McCarty. Oseola worked as a washerwoman for seventy-five years, saving every penny she could. Soon after she retired at the age of eighty-six, she discovered to her great surprise that her scanty monthly savings had grown to nearly $300,000. After her death, she left a trust of $150,000 for scholarships. She lived within her meager income and still saved.

On the other hand, you can outspend your income, no matter how much you earn.

Truth #2: Physicians are not immune from outside economic and social forces.
You participate in a global, national, regional, and local economy. The financial health of institutions and people around you contribute to your own financial health in many different ways.

Consider how your own personal net worth is tied to the stock market's performance and real estate prices.
Consider how your patients’ personal finances impact their choices about when they seek medical care, whether they take medication as prescribed, or how long it takes them to pay their medical bills.
Consider how the security of your income is tied to the financial health of the organization in which you practice medicine.
Consider how the financial hardships of aging parents, an alcoholic sibling, or a brother-in-law getting back on his financial feet after his business failed impact you. Chances are you will feel compelled to help, and this offer comes with consequences.
A decade after the global financial meltdown, we are still in the recovery phase. Every year since 2013, the Federal Reserve Board issues a report on the economic health of US households. In the 2017 survey, four in ten adults said that if faced with an unexpected expense of $400, they would either not be able to cover it or would cover it by selling something or borrowing money.
This past year, the Feds started collecting data on opioid use in this survey. Could people be turning to opioid use to mask financial pain?
Further, we live in a culture of consumption. We are bombarded with messages that our self-worth is tied to the things we buy. This drives overspending, the main risk factor for financial insufficiency.
These forces are even stronger for physicians, as we are subject to the “standard of care conundrum.” As part of the culture of medicine, we are taught to systematically observe physicians' clinical practices in our communities and uphold the standards of care.

While these medical standards guide clinical choices, we also look around and observe the cars in the doctors’ parking garage, the private schools to which colleagues send their kids, and the size of their vacation homes. Keeping up with the Dr. Joneses is, in a sense, woven into the fabric of medicine.

Last, we are becoming increasingly impatient.
Attention spans are shorter than ever. We want what we want, and we want it NOW. Think about how annoyed you are when a web page does not load immediately or your text is not returned in 30 nanoseconds.
Wealth-building involves giving up something today for a better tomorrow.
Truth #3: Biology impacts behavior.
We would like to think we all make considered rational choices that promote our enlightened self- interests.

It appears that the biological forces that have kept our species alive shape our behavior in ways that undermine our best intentions. The part of our brain activated when tempted by a second piece of chocolate cake has a difficult time connecting today’s actions— spending or saving—and tomorrow’s consequences.
Humans have blind spots, but we fail to plan for them.

Often, we don’t know where our blind spots are, and we don’t have a way of looking for the danger that may be lurking there.

People who go through rehab are advised to avoid people and places associated with the substances they abused. That’s looking into a blind spot to decrease the
risk of recurrence.
Triggers for spending lurk in your blind spot.
Knowing what they are and how to avoid them can
promote your financial health.

Saving is a habit of wealth. It’s also hard! You can make it much easier when you automate it so that you never see the money that is getting saved.
Part of building wealth is managing the challenge of connecting our current behaviors and their future consequences. This brain wiring just isn’t there for some people.
We fail to have a healthy respect for the challenge of change.
If you want to transform the state of physical or financial health, you have to make different choices.
Change is not easy; we fight our biology to make changes, even when the current reality makes us miserable. Women will leave abusive partners, for example, six times before they leave for good.

Dr. Vicki Rackner

Let's get real about money

1/7/2022

My mouth waters as I think about a spectacular meal I savored in the south of France. Besides the perfectly prepared and presented food, I remember one other highlight. The menu from which I ordered did not list prices.

The waiter handed the man with whom I shared the meal a different menu with the prices—despite the fact that I was picking up the tab.

It was as if the restaurant was saying to me, “Let’s pretend that money does not exist. Go ahead and order anything you want. Don't worry your pretty little head about money.”

Playing “Let’s Pretend”

In many ways, my experience practicing medicine was like eating at that restaurant. My patients and I made treatment decisions as if the bills were being paid with Monopoly money. Small wonder healthcare costs soared.

Many physicians bring the "let's pretend money doesn't exist" mindset into their lives.

We use service and impact to measure our professional success. Many physicians believe that if they focus on money, they tarnish the integrity of their contributions.

And the outcome? Year after year, half of physicians report they are behind in retirement planning.

Embracing “Let’s Build TrueWealth”

Physicians want to create careers and lives that work for them.

In my upcoming book How Doctors Build TrueWealth..and It's Not Just about the Money, I make a bold statement.

If you want to transform your life, transform your relationship with money.

I believe entrepreneurship is about re-coupling the professional value you deliver with the fees you charge.

I believe that a life of TrueWealth re-couples hopes and dreams with the reality that there is no free lunch--or dinner. You need money to dine at exquisite restaurants or fund legacy projects or make work optional.

To build TrueWealth, physicians need to re-negotiate the terms of their relationship with money. After all, we are all in a lifetime relationship with money--whether we like it or not. There is no divorce!

The transformation begin by thinking about money as the treasured family member rather than the unwanted step-child.

It means spending time with money and treating it with more respect.

It means making conscious choices about how money is earned and spent and invested.

It means collecting your professional fees.

If you want to transform your life, transform your relationship with money.

Vicki Rackner MD, FACS
Principal, Thriving Doctors

WHAT CAUSES MONEY DRAMA?

12/10/2021

I’ve listened to the money stories of hundreds of doctors, and some conversations stand out.

One doctor Beth said, “My relationship with money just isn’t working for me. My money brings me little joy, but lots of conflicts, anguish and uncertainty. If money were a person, I’d divorce him. But we’re stuck together. For life.”

Many doctors echo a recurrent theme: money is not working for them. They are experiencing MONEY DRAMA.

Here are three ways MONEY DRAMA gets played out:

Inner Conflicts. Money is often associated with anxiety, embarrassment, guilt and shame.
Conflicts with Others Money often becomes the source of conflict within marriages and families.
Mysterious Forces that Drive Unwanted Money-related Behaviors This might include over-spending, jumping into Dumb Doctors Deals (DDD’s) or never truly enjoying the things their money can buy because it’s so painful to part with money.

Many doctors believe that their money drama would go away if they just had more money.

While it's true that MONEY DRAMA can get in the way of building wealth, more money usually leads to more drama.

Here are two questions you can ask to help you take the first step of ending money drama:

What are three ways your money-management style is working for you? You might say, “I do a good job of saving.” Or, “I’m generous with others.” Or, “I now know my monthly expenses.”
What are three ways that your money-management style is NOT working for you? You might say, “I have ongoing fights about money.” Or, “I don't collect what I'm owed.” Or, “I get so anxious about money that I just ignore it.”

Beth is right: doctors cannot divorce themselves from money. However, they CAN end the money drama and make peace with money.

Vicki Rackner MD is an author, speaker and consultant who offers a bridge between the world of medicine and the world of business. She helps businesses acquire physician clients, and she helps physicians run more successful practices. Contact her at (425) 451-3777.

How to respond to disapointment during a pandemic

11/12/2021

I remember a scene from my surgical career like it was yesterday. One of my patients—let’s call her Sally— invited her mother Joy to come to town and be there for the birth of her first child.

During the visit, Sally saw that Joy was often in pain. Sally brought Joy to see me, and I diagnosed a hernia. Sally encouraged Joy get the surgical repair in Seattle, so that Sally could take care of her as she recovered.

As I performed the operation, I saw that Joy’s belly was studded with small cancerous tumors. While I wished I had a magic wand that could make these tumors disappear, I knew that Joy’s life would be measured in weeks to months.

My guess is that you would like a magic wand to cure your kids' or patients' or partners' woes, with the full knowledge that we face a long recovery.

Here are some things I learned about responding to disappointing outcomes that might help you.

Remember that our current reality is not your fault. You did not create the COVID pandemic any more than I created Joy’s cancer.

Be humble. You are not gifted with superpowers to eliminate COVID-19 any more than I could take away Joy’s tumors.

Accept that disappointment is part of day-to-day COVID reality. Sometimes you or your friends or your patients will experience sadness about the losses we face. Sometimes it’s little things like going to a live ball game or throwing a child’s birthday party. Sometimes it's about big things. A business has failed or plans for retirement must be postponed.

Resist the urge to run away. It's hard to listen to someone say, "I'm disappointed." Your first impulse might be to fix it. If you cannot, you may want to run away.

Remember that others' disappointment does not mean you have failed.

Know you can make a positive difference even if you cannot fix things. Yes, people you know have pain. Most people can tolerate pain. What's intolerable is being alone in the pain; this is what leads to suffering. You can make a positive difference just by being there.

Reconsider how you measure whether you're doing a good job. Consider these metrics:

How well are you listening--especially when someone expresses disappointment?
How well do you understand how COVID impacts any individual and his/her family?
How well do you understand what any individual wants TODAY, this week and this month?
How well do you communicate your experience of being resilient?
How often do you offer hopeful, positive stories and messages?

Being present with Joy and her family as they said no to chemotherapy and said yes to quality days was one of the toughest things I did in my career. And it was one of the most rewarding.

I hope that you can say the same thing in ten or twenty years as you look back on this challenging time.

Vicki Rackner MD is an author, speaker and consultant who offers a bridge between the world of medicine and the world of business. She helps businesses acquire physician clients, and she helps physicians run more successful practices. Contact her at (425) 451-3777.

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