Doctors driven to bankruptcy

Did you catch the article titled, "Doctors driven to bankruptcy" on CNN/Money? These physicians are not losing money from malpractice lawsuits. They are blaming the soft economy, shrinking insurance reimbursements, changing regulations, and the rising costs of malpractice insurance.

10 Most Costly Financial Mistakes Physicians Make & How to Avoid Them

We apologize, but this event had to be rescheduled.

15th Annual Angel Venture Fair

The 15th Annual Angel Venture Fair, which is the largest gathering of angel investors and entrepreneurs in the Mid-Atlantic Region, will take place Tuesday, April 30 from 7:30 a.m. to 4 p.m. at Houston Hall at the University of Pennsylvania.

Investors will meet 35 entrepreneurs vetted by over 80 judges across all industries. This year we will be hosting Jeff Bussgang, general partner at Flybridge Capital Partners and author of "Mastering the VC Game".

The following are links to for entrepreneurs and investors:
Entrepreneur Applications
Purchase Tickets

National Association of Seed & Venture Funds (NASVF)

The National Association of Seed & Venture Funds (NASVF) is an international membership organization that advocates for the growth of seed and early-stage innovation capital. NASVF connects the people in the world of venture capital and regional economic development. We collaborate with public and private fund managers and tech transfer professionals, the folks who are committed to building their local economies by investing in entrepreneurs.

Learn more here: http://www.nasvf.org

Job Post: Physician Financial Planner

Post removed (This job has been filled)

Job Post: Private Equity Senior Associate

Private Equity Senior Associate
OrbiMed Adivsors, LLC
New York, NY 10022

The Private Equity Senior Associate will support senior members of the private equity/venture capital team at OrbiMed Advisors, LLC (www.orbimed.com) a health care-dedicated organization with a successful 20 year track record and more than $5B in assets under management.

The Senior Associate will play an integral supporting role in the generation of new investment ideas, in conducting due diligence for new investments, and in the management of current portfolio positions. The successful candidate will have a strong scientific and/or clinical background and be able to understand, interpret, and integrate information from diverse therapeutic areas in order to reach investment conclusions. It will also be critically important for candidates to understand business principles and market dynamics in the drug and medical device sectors.

Specific activities will include financial modeling using Excel, working with consultants to perform scientific and financial due diligence, preparing PowerPoint presentations for both internal and external audiences, working with attorneys to draft term sheets and investment documents, analyzing data from various information vendors, and maintaining proprietary firm databases. The complexity of work projects would be expected to increase as the Senior Associate develops. The position is designed to last for 2-3 years, but potentially could be extended for select candidates. The position provides an exceptional opportunity for individuals interested in gaining experience in healthcare private equity & venture capital investing.

Contact: vcresumes@orbimed.com

OnBioVC

Interested in bioscience and venture capital? You may want to get familiar with OnBioVC.

Headquartered in Boulder, Colorado, OnBioVC provides timely coverage and comprehensive analysis of global bioscience venture capital investment activity.

At OnBioVC a free and easy to search database is provided where information queries may be indexed by therapeutic, diagnostic and medical device company, technology, indication, financing round, close date and geographic region. In addition to the web-based resource, regularly published OnBioVC Trend Analysis studies provide cumulative analytical color by month and quarter. All data aggregated at OnBioVC is also available for delivery to your inbox via a free email or RSS subscription.

Standard & Poor's Health Care 2011 Conference: Trends and Rating Considerations

Standard & Poor's Health Care 2011 Conference: Trends and Rating Considerations

Date: Tuesday, June 7, 2011

Location:

Standard & Poor's
55 Water Street
Conference Center
37th Floor
New York, NY

Registration is complimentary

Time: 8:00 a.m.-1:30 p.m.

Presentations include:

• Economic Perspective on U.S. Health Care
• Health Insurance Sector Review
• Not-for-Profit Health Care Sector Review
• Corporate Health Care Sector Review

Job Post: Healthcare Analyst - Biotherapeutics

Healthcare Analyst - Biotherapeutics
ACM - New York, NY 10017

New York based global long-short healthcare fund seeks candidate with an advanced life sciences or medical degree. The candidate will work directly with the portfolio manager as an integral member of the investment team. Our firm covers biotechnology, pharmaceuticals, medical devices, diagnostics, and healthcare services and facilities. One of our firm's Managing Directors was formerly a senior official with the U.S. FDA and CMS, among other great colleagues.

Responsibilities include:

• Financial modeling
• Conducting market research in repsect of therapeutic categories of interest
• Conducting clinical and regulatory due diligence
• Assuming a key role in portfolio monitoring

Qualified candidates will possess:

• Excel-based modeling capabilities
• Knowledge of financial statements
• Strong communication and writing skills

Non-clinical jobs and financial analysis

Author: Mehul Sheth, DO FAAP

As we begin discussion of Dr. Kim’s second category-venture capital, finance, Wall Street-let’s get a quick intro into the category. This is an industry that has got lots of press over the last 5 years. I imagine that prior to 2008 everyone would love to have the credentials to work in the financial analysis arena. Although the market crash has obviously changed the perception of Wall Street, there is still great interest in combining medicine and finance. One of the most obvious ways to take advantage of your medical knowledge is to evaluate medical-related companies. Doing financial analysis is not an easy task, and, depending on your role and where you work, millions to billions of dollars could be riding on your opinion. It can also be exceedingly exciting, especially in the world of venture capital. Finding and financing a company that goes on to great success can be thrilling and, in the case of medical companies, can lead to great social good as well.

Dr. Kim also brings up the important question of whether to pursue and MBA. He provides a great opinion of someone “in the know” so the only thing I would add is to reinforce one of his points. Although you can get an MBA at a great number of schools, networking in the business world can open many doors. To that end, completing your MBA at the most prestigious place possible to make those connections will go a long way to advancing your career in the financial world. There are also different types of MBA’s-traditional, executive, part-time-that you need to be aware of. Each of these has a different student population, so you need to do some research to determine which will help you best connect with professionals that will help with your career goals.

With that being said let’s talk about the second category-financial analysis. A great book in this field is The Big Short: Inside the Doomsday Machine by Michael Lewis. The book takes you through the sub-prime mortgage from before it was a household term. He highlights some investors who profited handsomely from the fall while throwing in some interesting characters. Michael Lewis is a respected author who has tackled big, ground breaking topics before-baseball fans will remember Moneyball: The Art of Winning an Unfair Game and prior to that he had a huge hit with Liar's Poker. These books are well-researched and shed great light into an emerging trend that he set. In the case of Moneyball, the Oakland Athletics front-office was the most emulated after his expose, some would even credit it with the popularity of sabremetrics and the rise of the Red Sox and Theo Epstein.

10th Annual MedTech Investing Conference (Medical Devices)

Uniting the Venture Capital Community with Start-up CEOs and Corporate Executives to Drive Innovation and Investment Opportunities in the Multi-Billion Dollar Medical Device Market.

With increasing regulatory hurdles, medical device start-ups need to adopt new strategies to accelerate the time to market. This year's conference will focus on 'Navigating the Changing Landscape' with first hand perspectives and case-studies. International Business Forum and LifeScience Alley co-present this conference each year as a central gathering place for the leading MedTech VCs, CEOs, Corporates, and Investment Bankers to facilitate dealflow, share information, address concerns and explore new opportunities together.

May 18-19, 2011
Graves 601 Hotel Minneapolis
601 1st Avenue North
Minneapolis, MN, 55403

More information here: http://medtechconference.com/home.html

Business School Blog: Foundational lessons in finance

I recently spent my weekend in "class." I'm currently a business school student enrolled in an executive MBA program and I was learning about finance with a group of pharmaceutical and healthcare professionals. The class was an interesting experience because none of us are "financial experts." We simply don't work in the finance industry and none of us are in the habit of crunching these types of equations on a daily basis. So, we were reviewing basic concepts like the time value of money and the application of Excel spreadsheet functions like PV, FV, NPV, PMT, NOMINAL, EFFECT, and others. We also reviewed some accounting principles related to balance sheets, income statements, cash flows, and financial ratios. This Finance Foundations course provided a great introduction to finance and this summer I'll be taking Managerial Finance. I've already taken Accounting Foundation and I'll be taking Managerial Accounting later this year as well.

If you don't have any formal training or education in finance, consider investing in a course (or a graduate degree) so that you can learn some of the basics and get firmly rooted in the fundamentals of business finance.

EBIT, EBITD, and EBITDA

I'm reading my finance textbook and I'm on the section that deals with financial ratios like the current ratio, the quick or acid test ratio, the times interest earned ratio, and the cash coverage ratio. I have to admit that I didn't learn this in college or medical school, so this is fascinating information.

Like the language of medicine, the language of business is full of funny acronyms. One of those acronyms is TIE = Times Interest Earned. The TIE ratio is measured by taking the EBIT/interest. Now, let's review EBIT:

EBIT (ebbit) = Earnings Before Interest and Taxes
EBITD (ebbit-dee) = Earnings Before Interest and Taxes and Depreciation
EBITDA (ebbit-dah) = Earnings Before Interest and Taxes and Depreciation and Amortization

Amused? If you want to speak with business executives about financial issues, you need to get familiar with the language.

Business School Blog: I'm taking a course in finance

In a few weeks, I'm taking a business school course on finance. I recently took a course on accounting and I'm following that up with a course on finance. Here's a brief description of the course:

The first course MPE 6004 builds on the material presented in the accounting module. We move from the presentation of the balance sheet, income statement, and statement of cash flows to an analytical framework of these statements employing ratios. We examine the informational content of the ratios both cross-sectionally and in the times series. In addition, we develop the common sized ratio process. We then build on this knowledge by using the ratios to project pro forma statements and examine the consequences of these projections. The module continues with an examination of the cash budgeting process, and concludes with the development of the time value of money concepts. It is strongly recommended that

I am currently a business school student in the Pharmaceutical and Healthcare Executive MBA program at Saint Joseph's University Erivan K. Haub School of Business in Philadelphia, PA. The Nationally-ranked and AACSB-accredited Haub School of Business, centrally located in the mid-Atlantic pharmaceutical and healthcare corridor, is able to bring together industry experts and a world-class faculty for a unique industry-focused, immersive executive program.

You can read about my business school experience by reading all the blog posts tagged "Business School Blog."

Business School Blog: Accounting Foundation 510

My next course is titled, "Account Foundation 510." Here's a brief course description:

This course deals with financial accounting and reporting, and the understanding of the four basic financial statements: balance sheets, income statements, retained earnings statements, and cash flow statements. It analyzes the role of the manager in the development and use of the preparation of financial statements. The use of key ratios in the analysis of a firm’s financial statement is also discussed.

I admit that I didn't learn much about accounting or finance when I was in college. I wish I could go back to MIT and take some Sloan Management courses. As I've been working in the business world, I've had some exposure to accounting principles, but I'm learning quite a bit by going through this course.  Following this course, I'll be going through several additional accounting and finance courses.

J.P. Morgan 29th Annual Healthcare Conference 2011

You don't have to be in California to view the presentations from the J.P. Morgan 29th Annual Healthcare Conference 2011.

The J.P. Morgan Healthcare Conference is the premier conference of its kind bringing together established industry leaders, emerging fast growth companies, innovative technology creators and globally-minded service providers. This year we expect nearly 400 companies, both public and private, to deliver presentations to more than 3,500 investors at the conference. The format of this conference will consist of multiple half-hour public company presentation tracks.

Listen to live webcasts during the conference, January 10-13, 2011. Recorded webcasts will generally be available for at least three months, except where noted otherwise.

To listen to the webcasts, click here.

2010 Life Sciences & Healthcare Venture Summit

The Life Sciences & Healthcare Venture Summit presented by youngStartup Ventures, is the premier bioscience industry gathering, connecting the CEOs of early stage and emerging growth biotech, pharmaceutical, healthcare, medical device, healthcare IT and diagnostic companies with venture capitalists, angel investors, corporate VCs, investment bankers and professional service firms.

Whether you're seeking funding, partnerships or new investment opportunities, The Life Sciences & Healthcare Venture Summit, now in its 7th year, is one event you won't want to miss.

This premier forum for the emerging growth bioscience industry will feature:

• 35+ Venture Capital Speakers
• 5 Venture Capital Panels
• 50 of the Hottest Emerging Companies Seeking Funding
• Emerging Company Presentations
• High Level Networking Opportunities

Audience Profile: Venture Capitalists, angel investors, corporate VCs, CEOs, CFOs and other senior management of early stage and emerging growth ventures, technology transfer professionals and premium services firms.

Oct 21, 2010 in New York City. Learn more here.

Physician Careers in the Financial Services Industry (MD/MBA 8th AMMP Conference)

Are you interested in a non-clinical career in financial services?

Here's a video of a presentation given by Dr. Jonathan Gertler at the 8th Annual AMMP conference titled, "Physician Roles, Opportunities, and Responsibilities in Financial Services." I blogged about his presentation (here) back in April when I was in Boston attending the Association of MD/MBA Programs (AMMP) 8th Annual Conference. Now, you can view a video of his presentation and his slides here (you'll need Microsoft Silverlight to play the video).

Here's a brief description:

Jonathan Gertler, MD, MBA
Managing Director
Leerink Swann Strategic Advisors
Leerink Swann & Company

Dr. Gertler, Managing Director of Leerink Swann Strategic Advisors, has previously served as Head of BioPharma Investment Banking at Leerink Swann & Company, as well as Head of Life Science Investment Banking at Adams Harkness and Venture Partner at SV Life Sciences. Over the course of his advisory career, Jonathan has been responsible for >$5B in aggregate consideration in M&A, private and public equity for Biotech, Medtech, and HCIT companies. Prior to his experiences in venture capital and leading investment banking groups, Jonathan was from 1988-2001 an academic vascular surgeon, primarily as Associate Professor of Surgery at Harvard Medical School and the MGH focused on vascular interventions and diagnostics, vascular biology, acute care, and cerebrovascular therapeutics. Jonathan has a BA from Wesleyan University, an MD from Columbia University, and an MBA in Health Policy and Management from Boston University. He trained in general surgery at Yale New Haven Hospital and in Vascular Surgery at the MGH.

MBA vs. CFA

Are you interested in a career in finance? During college of medical school, I also didn't have any interest in business or finance, but now I find myself applying to business school so that I can get an MBA. For those of you who've never taken a course in finance, you may want to get familiar with this interesting question: CFA vs. MBA? Chartered Financial Analyst vs. Master of Business Administration. Which is more valuable?

Here's what Investopedia has to say:

The advantage of an MBA is that the knowledge obtained in the program is valuable in other industries outside of the investment world. The great disadvantage is cost - both the direct cost of the program, and the loss of income that results from a two-year hiatus for those considering going back to school full-time. The advantages of the CFA program are the ability to acquire specific investment related skills at a relatively low cost. However, although the CFA program is based on self study, it is arduous, requiring a commitment of four years and 1,000 study hours (on average) to complete it.

I've spoken at length with different people about the value of an MBA vs. a CFA. I don't know many physicians who have pursued a career that's 100% in finance. There are many physicians who work in financial services: venture capital, investment banking, equity research analyst, wealth management, etc. However, you probably won't find many physicians out there who also have the CFA or Chartered Financial Analyst designation. How do you get the CFA designation? No business school required. You simply have to pass all three levels of the CFA exam.

ACPE 2010: Physician in Management Seminar (PIM): Finance in Health Care Organizations

This morning, I attended the Physician in Management Seminar (PIM) here at the 2010 ACPE (American College of Physician Executives) Annual CME Conference. 15 to 18k physicians have gone through this seminar to become stronger leaders within their organizations. You can learn about the PIM seminar here.

The first session today was titled, "Finance in Health Care Organizations."

Learn key financial concepts and basic economic principles that will earn you respect from administration and admiration from clinicians.
    * Blow away the smoke when dealing with CFOs and accountants.
    * Interpret financial statements-they don't say what you think they say.
    * Discover what costs are really relevant for decision-making.
    * Create cost and payment structures that work to your advantage.
    * Learn why you can make a profit and still go out of business-and how to avoid it.
    * Faculty: Hugh Long, MBA, PhD, JD

Interested in learning more about finance? You can participate in this ACPE course titled, "Finance in Health Care Organizations" by clicking here.

Click here for highlights from ACPE 2010.

This coverage of ACPE is sponsored by Practice Fusion EMR. Practice Fusion’s Electronic Medical Record system includes charting, scheduling, e-prescribing, secure messaging and lab connections – all at no cost. Join the fastest growing EMR community today!