'I swear by Apollo Physician and Asclepius and Hygieia and Panaceia and all the gods and goddesses making them my witnesses, that I will fulfill according to my ability and judgment this oath and this covenant."
Thus begins the Oath of Medical Ethics developed by the father of modern medicine, Hippocrates, who died in 377 B.C. Hippocrates' revolutionary thinking rejected the commonly held belief that illness was caused by the possession of evil spirits, or the disfavor of the gods. Contrarily, he believed that illness had a physical and rational explanation. He also believed in the natural healing process of rest, a good diet, fresh air and cleanliness.
The medical profession has evolved a long way from the days of Hippocrates. Today, physicians are more likely to be concerned about: plummeting income levels, soaring malpractice costs, restrictive managed care, massive debt loads from medical school, and molasses-like reimbursement flow.
The physicians market can be a very difficult market for financial advisors to penetrate. Moreover, as indicated above, many physicians are not very good prospective clients. For example, 84% of medical school graduates have some debt, with the average educational debt is now about $110,000. That's hardly a good place to begin a career...and many young physicians compound their troubles by jumping headfirst into a high-expense lifestyle, e.g. expensive home, expensive cars, etc.
To get a better handle on the financial realities of the medical profession, I recommend that financial advisors bookmark the magazine, Medical Economics, www.memag.com. There are always many good and interesting insights into the fiscal aspects of running a medical practice. In the latest issue, the lead article is, "What are these doctors doing right?"...which is a piece that looks at financial, not medical, issues.
Another good resource for financial advisors interested in marketing to physicians can be found in this month's On Wall Street, (link). In a piece entitled, "To Snare Doctor's, Get a Net", the author describes how certain advisors have been successful in positioning themselves in this market.
Like many white-collar professionals, physicians are over-prospected by financial advisors. In fact, for those advisors who continue to randomly cold-call physicians, they should reconsider this annoying and negative approach. It is a method that is ineffective, inefficient, and deserves to be retired. To network with physicians effectively, advisors should consider the realities of the medical profession today...and adapt accordingly.
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