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“Doctors, Lawyers and Chief Executives”

Join Michael D. Seymour, Thomas Hampsey, and Jill Meister for a panel discussion on doctors, lawyers, and chief executives. Learn about finding information on medical professionals, salary and compensation information, and other relevant resources.

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“Doctors, Lawyers and Chief Executives”

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  1. “Doctors, Lawyers and Chief Executives” Panel Discussion Session # 312 Michael D. Seymour, Keck School of Medicine, USC Thomas Hampsey, Lafayette College Jill Meister, Brown University

  2. Sources to locate information on doctors and other medical professionals • Doc Finder -- http://wwwdocboard.org/ This site will take you to individual State medical board home pages • American Board of Medical Specialists (ABMS) -- http://www.abms.org/ • American Osteopathic Association (AOA) – http://www.aoa-net.org/index.cfm Information on osteopaths (alternative medicine) • American Academy of Physician Assistants (APA) – http://aapa.org PA’s are the fastest growing field in medicine!

  3. Sources to locate information on doctors and other medical professionals, continued • California Medical Board -- http://www.medbd.ca.gov/Lookup.htm • New York doctor finder -- http://www.nycdoctors.net • Eye care, optometry, opthalmology, vision care and eye disease: http://www.american-optometrist.com/

  4. Sources for salary and compensation information http://www.bls.gov/oco/ocos074.htm#earnings (this is the U.S. Department of Labor’s Bureau of Labor Statistics page on physicians and surgeons. It is very thorough and detailed. A good place to start) http://www.cejkasearch.com/compensation/amga_physician_compensation_survey.htm (this is the American Medical Group Association’s physician compensation survey and is an excellent source. It breaks out salaries – All Physicians, starting out, East, West, South and North)

  5. Sources for salary and compensation information, continued • http://www.healthcarejobstore.com/hb_cfmfiles/salary/index.cfm This site contains medical salaries that are based on survey information that is self reported by individuals. However, you can select by specialty areas and region. • http://www.physicianssearch.com/physican/salary2.html This site contains general salary information with the physician’s low, average and high ranges. • http://www.acponline.org/journals/news/feb01/pay.htm This is an article for February 2001 on medical salaries with an overview and it includes a look at specialty areas.

  6. Earnings of physicians and surgeons are among the highest of any occupation. According to the Medical Group Management Association’s Physician Compensation and Production Survey, median total compensation for physicians in 2004 varied by specialty, as shown in table 2. Total compensation for physicians reflects the amount reported as direct compensation for tax purposes, plus all voluntary salary reductions. Salary, bonus and/or incentive payments, research stipends, honoraria, and distribution of profits were included in total compensation. • Table 2. Median total compensation of physicians by specialty, 2004 Less than two years in specialty Over one year in specialty • Anesthesiology $259,948 $321,686 • Surgery: General $228,839 $282,504 • Obstetrics/gynecology: General $203,270 $247,348 • Psychiatry: General $173,922 $180,000 • Internal medicine: General $141,912 $166,420 • Pediatrics: General $132,953 $161,331 • Family practice (without obstetrics) $137,119 $156,010 • SOURCE: Medical Group Management Association, Physician Compensation and Production Report, 2005. • Self-employed physicians—those who own or are part owners of their medical practice—generally have higher median incomes than salaried physicians. Earnings vary according to number of years in practice, geographic region, hours worked, and skill, personality, and professional reputation. Self-employed physicians and surgeons must provide for their own health insurance and retirement.

  7. MEGA sites http://www.pohly.com/books_healthcare_directories_data.html This site is great ! It contains directories, data, trends and benchmark books for all of the various healthcare professions. It is a great MEGA site with tons of resources. http://www.MDExpress.com/ M.D. Express is “designed by busy physicians for busy physicians”. This is a one-stop shop site that has scientific journals, medical search engines, professional associations, health organizations, medical school listings, pharmacology, physician resources, patient resources, and lots more ! Definitely one to bookmark !

  8. On the other side of the equation Factors to consider: • Medical Liability Insurance (malpractice insurance) Medical Liability Insurance in Kentucky for OB/GYN is $60,000/yr. compared to the national average of $70,000 - $100,000. Low risk fields of medicine: general internists, family medicine High risk fields of medicine: obstetricians, neurosurgeons, and cardiothoracic surgeons -- over a decade ago, they paid about $35,00/yr in medical liability insurance, now averages are $110,00 - $140,000

  9. On the other side of the equation, continued • Staffing / Operations -- You also have to keep in mind that office staff and nurses are expensive part of business operation. Payroll eats up a good portion of the business. • Marketing / Promotions -- Depending on the type of practice [certainly the case with plastic and reconstructive surgery physicians], you have to market and promote your business in order to get and keep patients. These costs again can be tremendous.

  10. Executive Compensation • www.jobsmart.org/jobstar.orgMeta site - Links to 150+ profession specific salary surveysIncluding: Banking, Finance, Manufacturing, Marketing and Sales and Management • Career Journal – www.careerjournal.comClick on the salary and hiring tab, it will take you to a section to get salary survey information and hiring trends.

  11. Executive Compensation • E-Comp: www. Ecomponline.com – free executive compensation data on 50,000 senior executives at 12,000 U.S. public companies • Hoovers: www.hoovers.com - fee based service, will provide age, salary and bonus for top five officers, sometimes more. • SEC proxy statements (10k Wizard, sec.gov, Yahoo, Google finance sections) • The Riley Guide: www.rileyguide.com/salguides.html - another metasite - many salary guides

  12. Investment Banking • Article from Investment Banking Daily from 2000 profiled the different salaries earned. • A managing director is always higher up than a vp – vp is entry level. • Look for MBAs from the top schools – they garner the top salary. • Location – NY City is where top dollar is made, and in other key financial cities (Boston, San Fran., London) • Managing Directors start at $2 million, and can go as high as $10 million. • VPs - $150,000-$250,000.

  13. Venture Capital Managers • Tend to make money over the long term. Will feel “poor” one month, and then feel successful the next. • Venture Capital invest in companies – provide seed money. In return, when the company is profitable, will earn a rate of return on its investment. • Watch for M&A activity on VC firms (The Deal, Investment Business Daily, Bloomberg) – successful deals are a good time to have a fundraiser solicit for a gift.

  14. Hedge Fund Managers • Hedge fund managers earn 1% on invested assets, and take 20% return on investment. There are 5 managing partners that you can assume will split equally. 1% of $4 billion is $40 million. 20% of $600 million is $120 million. Income: $8 million + $24 million = $32 million. • The above is based upon $4 billion in hedge fund assets. • Anybody can be a hedge fund manager – this type of investment tool is under close scrutiny by the SEC.

  15. Other salary sources • Vault Guide: www.vaultreports.com/ - career guide site with many salary resource guides • Salary Expert: www.salaryexpert.com • Cert Cities: www.certcities.com/editorial/salary%5Fsurveys/ - IT professional salary surveys • Internet Prospector: www.internet-prospector.org/salaries.html - links to salary sites mentioned in this list, plus others (links rather old)

  16. Lawyer Biographical Information • To find attorney biographies and links to the law firm web site:Martindale Hubbell http://www.martindale.com/xp/Martindale/home.xmlFindLaw Lawyer Directory http://lawyers.findlaw.com/lawyer/lawyer_dir/search/jsp/name_search.jsp

  17. Lawyer Biographical Data • To obtain additional biographical data:Ziggs.com - http://www.ziggs.com/home.aspx • Zoom Info http://networking3.zoominfo.com/PeopleSearch/AdvancedSearch.asp?nlb=4%2F8%2F20

  18. Lawyer Compensation • Amlaw 100 and 200 (July)A good way to search for new major donor prospects. Do you have any constituents that are Partners at these prestigious law firms? :Top ten firmsCompensation per Partner (20041. Wachtell* $3,500,000http://www.wlrk.com/2. Cahill Gordon $2,420,000 http://www.cahill.com/3. Sullivan & Cromwell* $2,350,000http://www.sullivancromwell.com/Home.aspx4. Simpson Thacher* $2,330,000http://www.simpsonthacher.com/5. Cravath** $2,205,000http://www.cravath.com/Cravath.html

  19. Lawyer Compensation • Amlaw 100 and 200 (July)6. Paul, Weiss* $2,155,000http://www.paulweiss.com/Home.aspx7. Davis Polk** $2,005,000http://www.dpw.com/8. Milbank, Tweed** $1,875,000http://www.milbank.com/en9. Schulte Roth $1,795,000http://www.srz.com/10. Cadwalader** $1,750,000http://www.cadwalader.com/ * Note: Attorney list is searchable by undergraduate school and law school attended. ** Attorney list is searchable by law school attended

  20. Other sites • To find information on them in the news:New York Times, Wall Street Journal, USA Today, Washington Post, Time, Newsweek, U.S. News and World Report, and others (all archived!)http://www.allentownsd.org/NewspapersLocal.htmBiz Journals (select all markets, and date, and “all issues”) http://www.bizjournals.com/search.html

  21. Other sites • For quick snapshots of public company executives including free alerts on an individual’s title or compensation change, sign up for:Forbes People Trackerhttp://www.forbes.com/cms/template/peopletracker/index.jhtml

  22. Other sites • http://www.ceocast.com (broadcast interviews of CEOS) • http://www.chiefexecutive.net (“the only magazine written strictly for CEOs and their peers.” • http://www.investorguide.com/ (if you don’t have a subscription to hoovers.com this web site can be used as a good way to do quick research on public companies)

  23. Other sites • To find if they made any very large philanthropic gifts:Chronicle of Philanthropy Archives (to check for large philanthropic gifts) http://philanthropy.com/free/search.htm (requires account to search back through 1997) • To find if they make political contributions above $200: FEC Political Contributions http://www.tray.com/cgi-win/indexhtml.exe?MBF=NAME • To verify if they have set up a private charitable foundation: Guidestar http://www.guidestar.org/ (some parts of the site are free but require username and password) • To find real estate values: Tax Assessor Database http://www.pulawski.com/ or http://homepage.mac.com/researchventures/

  24. Other sites • A Few More Doctor Related Sites:http://www.ama-assn.org/ (select “doctor finder for patients.”) Contains select biographical detail for 690,000 physicianshttp://www.doctordirectory.com (search for physicians by state and by area of specialization)http://www.mdjunction.com/ (another doctor finder that contains reviews of some doctors)http://www.webdental.com/find_dentist.asp (find a dentist; just basic contact info)http://www.thehealthpages.com/ (yet another doctor and dentist finder)http://www.physicianssearch.com/physician/salary.html (additional compensation estimates)http://www.castleconnolly.com/index.cfm?dws=ey (haven’t checked this out yet; is a partially free, partially fee-based database of “America’s Top Doctors”)

  25. Contact Information Michael D. Seymour Senior Director, Development Operations Keck School of Medicine University of Southern California (626) 457 – 4076 mseymour@usc.edu

  26. Contact Information Tom Hampsey Director of Development Research Lafayette College 108 Watson Hall Easton, PA 18042 610-330-5026 hampseyt@lafayette.edu

  27. Contact Information Jill Meister Brown University 110 Elm Street Providence, RI 02912 401-863-7700 jill_meister@brown.edu

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