�Doctors, Lawyers and Chief Executives�

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					“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
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) --

•   American Osteopathic Association (AOA) – http://www.aoa-
    net.org/index.cfm   Information on osteopaths (alternative

•   American Academy of Physician Assistants (APA) –
    http://aapa.org  PA’s are the fastest growing field in medicine!
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:
Sources for salary and compensation information

(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)

(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)
    Sources for salary and compensation information,

•   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.
•   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.
MEGA sites

     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.

    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 !
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
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
Executive Compensation

• www.jobsmart.org/jobstar.org
  Meta site - Links to 150+ profession specific
  salary surveys
  Including: Banking, Finance, Manufacturing,
  Marketing and Sales and Management
• Career Journal – www.careerjournal.com
  Click on the salary and hiring tab, it will take you
  to a section to get salary survey information and
  hiring trends.
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
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
• 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.
Venture Capital Managers

• Tend to make money over the long term. Will feel
  ―poor‖ one month, and then feel successful the
• Venture Capital invest in companies – provide
  seed money. In return, when the company is
  profitable, will earn a rate of return on its
• 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.
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
• Anybody can be a hedge fund manager – this
  type of investment tool is under close scrutiny by
  the SEC.
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)
Lawyer Biographical Information

• To find attorney biographies and links to the
  law firm web site:

  Martindale Hubbell

  FindLaw Lawyer Directory
Lawyer Biographical Data

• To obtain additional biographical data:

  Ziggs.com - http://www.ziggs.com/home.aspx

• Zoom Info
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 firms     Compensation per Partner (2004
    1. Wachtell*                        $3,500,000
    2. Cahill Gordon                    $2,420,000
    3. Sullivan & Cromwell*             $2,350,000
    4. Simpson Thacher*                 $2,330,000
    5. Cravath**                        $2,205,000
Lawyer Compensation

•   Amlaw 100 and 200 (July)

    6. Paul, Weiss*                    $2,155,000
    7. Davis Polk**                       $2,005,000
    8. Milbank, Tweed**                   $1,875,000
    9. Schulte Roth                       $1,795,000
    10. Cadwalader**                      $1,750,000

* Note: Attorney list is searchable by undergraduate school and law school
** Attorney list is searchable by law school attended
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!)

  Biz Journals (select all markets, and date, and ―all
  issues‖) http://www.bizjournals.com/search.html
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 Tracker
Other sites

• http://www.ceocast.com (broadcast interviews
  of CEOS)

• http://www.chiefexecutive.net (“the only
  magazine written strictly for CEOs and their

• 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)
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-

•   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
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 physicians
    http://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)
    (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”)
     Contact Information

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

           Tom Hampsey
Director of Development Research
         Lafayette College
          108 Watson Hall
         Easton, PA 18042
Contact Information

       Jill Meister
    Brown University
     110 Elm Street
  Providence, RI 02912