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An Inspirational Journey with Dr. Joe Serghany

April 12, 2021 by wpcornerstone

An Inspirational Journey with Dr. Joe Serghany

I recently had the great pleasure and honor of sitting down with Dr. Joe Serghany, a radiologist in Buffalo, New York, and the founder of WNY MRI. Watching the interview afterward, I couldn’t help but feel inspired by his story—a true testament to the American Dream.

Dr. Serghany grew up in Lebanon, completing his medical school education amidst a country in crisis due to war. This turmoil forced him to seek opportunities in the United States, where he completed his residency training at the University of Buffalo. After graduating, he briefly worked as an employed radiologist before realizing his true calling was to be a business owner.

Together with fellow Buffalo radiologists, Dr. Serghany founded WNY MRI, establishing their first location on Genesee Street. This site housed Buffalo’s first MRI machine, purchased by a consortium of local hospitals. Since then, WNY MRI has expanded to twelve locations, offering a comprehensive suite of advanced radiologic imaging services.

What sets Dr. Serghany apart is his exceptional business acumen—a rare find among physicians. His ability to blend medical expertise with entrepreneurial skills has been a driving force behind the growth and success of WNY MRI. From real estate development to business strategy, Dr. Serghany has been instrumental in every facet of the business.

Despite his extensive business responsibilities, Dr. Serghany continues to read images on a full-time basis. His dedication to both his medical practice and his business exemplifies the qualities of a true leader and visionary.

Dr. Joe Serghany’s story is not just one of personal success but also a source of inspiration for medical professionals and aspiring entrepreneurs alike. His journey underscores the importance of perseverance, innovation, and a relentless pursuit of one’s dreams.

In this video, I asked Dr. Serghany the following questions: 1.) You’re originally from Lebanon, where you completed medical school. What brought you to the United States? 2.) What made you choose radiology? 3.) What lead to the decision to open your own practice? 4.) If you were in Residency today, would you follow the same path, or would you take the route to be employed instead? 5.) When owning your own practice, have you discovered it is better to own or lease your space? 6.) Advice to current medical students and residents?

It is well worth the ten minutes of your time to listen to his responses. Dr. Serghany is impressive, inspiring, and humble. I hope you value this experience as much as I did!

Filed Under: Blog Tagged With: #buffalony, #doctor, #drjoeserghany, #entrepreneur, #healthcareconsulting, #medicalpractice, #mri, #radiologist, #radiology, #wnyimaginggroup, #wnymri

How Young Doctors Can Afford to Plan for Retirement

April 1, 2021 by wpcornerstone

How Young Doctors Can Afford to Plan for Retirement

In a recent interview, Melissa (Missy) Starowitz from Cornerstone Healthcare Consulting and Management sat down with Alex Heringer and Jim Ginnane of Planned Futures Financial, located in Buffalo, New York. They discussed several important topics concerning young physicians just graduating from residency, focusing primarily on debt management and financial planning for the future.

The Importance of Disability Insurance for Young Physicians

Why Do You Need Disability Insurance?

One of the first questions Missy asked was about the importance of disability insurance for physicians, especially those who are just starting their careers. Jim’s response was straightforward and compelling:

“Your ability to work and earn a paycheck is the biggest asset you’ll ever own,” he said. He emphasized that all future purchases—houses, cars, education—depend on this ability. Therefore, ensuring you can continue to earn an income, even if you become disabled, is crucial.

Is Disability Insurance Affordable?

For young physicians concerned about affordability, Jim and Alex offered reassuring news. Similar to life insurance, disability insurance is less expensive when you are young and healthy. Many young doctors buy their policies in their final year of medical school. Alex mentioned that starter packages are available, and they even offer discounts through partnerships with medical schools across the country.

Managing Debt While Planning for Retirement

The 85-15 Rule

With substantial educational debt and a newly earned income, many young physicians wonder if it’s feasible to plan for retirement. Jim introduced a simple yet effective strategy known as the “85-15 rule.” He explained:

“If a person can discipline themselves to live on 85% of their gross income and save 15% for the future, it makes planning for retirement achievable,” he said. This rule is particularly easy to implement for young doctors who are transitioning from a low-income residency to a higher-paying position.

Starting Early Is Key

Jim also stressed the importance of starting early. “The earlier you start saving, the better off you’ll be,” he said. Delaying retirement planning can cost more in the long run, making it crucial to begin as soon as possible.

Practical Tips for Debt Management

Jim and Alex provided several practical tips for managing debt while starting to save for retirement:

  • Live Within Your Means: Stick to the 85-15 rule to ensure you’re saving while managing your debt.
  • Prioritize Debt Repayment: Focus on paying off high-interest debt first.
  • Seek Professional Advice: Don’t hesitate to consult a financial advisor to help you create a tailored financial plan.

Conclusion

In summary, young physicians can indeed plan for retirement despite their debt. By securing disability insurance and adhering to the 85-15 rule, you can pave the way for a financially secure future.

Looking for personalized advice? Contact Planned Futures Financial to discuss your specific financial needs and start planning your future today.

Call to Action:

For more insights and personalized financial planning, book a consultation with Alex and Jim at Planned Futures Financial. Don’t wait—your future starts now!

Filed Under: Blog Tagged With: #alexheringer, #buffalony, #disabilityinsurance, #doctor, #employeebenefits, #healthcareconsulting, #howtoaffordretirementplanning, #jimginnane, #medicalresidency, #plannedfuturesfinancial, #retirementplanning, medicalstudents

Insurance Coverage Needs for Medical Practices

March 31, 2021 by wpcornerstone

Insurance Coverage Needs for Medical Practices

Graduating from residency is an exciting milestone that unlocks numerous career opportunities. Whether you choose to work for a health system, join a private practice, or start your own, one critical factor remains constant: the need for proper malpractice insurance. If you’re employed by a health system, this is typically taken care of for you. However, if you opt for private practice or self-employment, securing professional liability coverage becomes your responsibility—a step you cannot afford to overlook.

The Importance of Malpractice Insurance

Malpractice insurance is more than just a formality—it’s an essential safeguard against potential legal claims. Navigating the options and selecting the right coverage can feel overwhelming, but partnering with a knowledgeable, licensed insurance agent who puts your needs first can make all the difference.

Expert Guidance from Mike Shay

At Cornerstone Healthcare Consulting, we rely on the expertise of Mike Shay, a licensed insurance agent with Steinmiller Insurance based in Rochester, New York. In a recent conversation, our owner, Missy Starowitz, sat down with Mike to explore the essentials of securing the right malpractice insurance—whether you’re an employer or an employee.

Beyond Malpractice Insurance

Mike goes beyond just malpractice coverage—he offers a comprehensive look at the business insurance you’ll need if you plan to own a medical practice. Even for non-practice owners, Mike highlights essential additional coverages that extend beyond malpractice insurance to ensure complete protection. While this might seem like an attempt to sell more insurance, Mike emphasizes the value of a simple umbrella policy. For as little as $200 per year, it can provide $1,000,000 in extra liability coverage, safeguarding your home, personal assets, and car with an added layer of security.

Why Trust Mike Shay and Steinmiller Insurance?

Mike Shay is a highly trusted professional who has consistently proven to be an invaluable resource for many of our clients. With a consultative approach, he excels at identifying opportunities to deliver value while offering personalized coverage tailored to each client’s unique needs.

Conclusion

For new doctors, understanding the insurance requirements for medical practices is essential. From malpractice coverage to additional business and personal policies, having the right protection is critical. Working with a trusted insurance agent can help ensure you’re fully covered and prepared for any challenges.

Ready to learn more? Watch our video with Mike Shay for expert insights on securing the perfect insurance for your medical career.

Filed Under: Blog Tagged With: #broker, #businessinsurance, #doctor, #generalliability, #healthcareconsulting, #hipaa, #insurance, #malpracticeinsurance, #medicalpractice, #medicalpracticemanagement, #mikeshay, #rochesterny, #steinmillerinsurance, #workerscomp

Hiring In A New Culture

September 21, 2018 by wpcornerstone

Hiring In a New Culture

The below blog was written by our owner, Missy Starowitz.

Over the past eight months, we’ve consistently needed to hire staff in both Buffalo and Batavia, New York. During this process of reviewing countless resumes and conducting numerous interviews, we’ve noticed a concerning shift in professional standards—and it’s not a positive one. Conversations with other organizations have confirmed that this trend is widespread.

If you’re considering new job opportunities, I encourage you to keep reading. I’ll share what we’ve observed and offer valuable insights on how you can effortlessly stand out from other applicants.

Over the past eight months, we’ve been blessed to experience consistent growth, requiring us to expand our team. As we’ve opened new practices or partnered with existing ones, the demand for clinical support staff has grown as well. Western New York is home to several post-secondary institutions, stretching from Rochester to Buffalo, that offer a wide range of clinical programs. This provides a promising pool of potential candidates for recruitment. However, while the quantity of candidates is substantial, finding high-quality talent remains a challenge.

We typically post open positions on Indeed, which we also promote through our social media channels and website. We strive to provide clear, detailed job descriptions and outline the required qualifications. Yet, it still surprises us to receive applications for nursing positions from individuals who have never attended nursing school and whose current experience is completely unrelated to healthcare. To be considered for a nursing role, you must possess a valid nursing license registered in New York State. Unfortunately, these unqualified applications are not rare; they account for roughly 25% of the resumes we receive for such positions, making them immediate rejections.

After filtering out the obvious rejections, I focus on two categories: definites and maybes. The definites are candidates who meet all our key criteria, such as specialized experience in the relevant medical field and a strong track record of loyalty to employers, without frequent job-hopping. As for the maybes, they may lack direct experience in the specialty we’re hiring for, but if they have transferable clinical skills and a stable employment history, I give them serious consideration.

When it’s time to call and schedule interviews, I’ve learned one thing the hard way: almost no one answers the phone anymore. At best, one out of ten applicants might pick up. And even when they don’t, many won’t bother returning the call. Over time, I’ve developed a new approach—one that actually works. I call the applicant, leave a voicemail, and then follow up with a text message. The text message has been the most reliable method by far.

Scheduling interviews can be tricky. While applicants are often enthusiastic about finding new opportunities, they’re not always as eager to schedule outside of their own convenience. I try to be flexible, especially when they’re balancing a current job, but there has to be a limit. If someone is serious about the role, they’ll make an effort to coordinate their schedule and attend the interview. That is, if they even show up.

Yes, you read that right. No-shows are an unfortunate reality of hiring. For every position we recruit for, at least one candidate will fail to show up for their interview—often without so much as a call, text, or email to let us know. If you can’t make it to an interview, I strongly recommend reaching out to inform the company. You might think skipping out will go unnoticed, but it rarely does. And it could come back to affect you in the future. Business owners and managers frequently share notes with their peers at other organizations. A simple courtesy call could save your reputation.

Writing a thank-you note after an interview is a standard professional courtesy, yet it’s surprisingly rare—perhaps only one in 25 candidates take the time to do it. If you want to stand out, send a thank-you note! An email works perfectly. Because it happens so infrequently, when it does, it makes a lasting impression

All of this truly surprises me. Before I became a business owner, applying for a new opportunity was a nerve-wracking process. I would wait anxiously, hoping for that coveted call inviting me to an interview. If I was fortunate enough to get one, I never expected the company to work around my schedule—I would make myself available at whatever time they needed.

Preparing for the interview was a meticulous process. I would carefully choose a professional outfit and print multiple copies of my resume. On the day of the interview, I always left with plenty of time to spare, terrified of being late. Afterward, I made it a point to follow up with a thank-you note and, if I hadn’t heard back, would check in to see if the position had been filled.

I was persistent and eager—two qualities that, sadly, seem much less common these days.

Being selected for an interview means your resume has shown the company that you have the potential to be their next great hire. Let your resume be an authentic reflection of who you are—not just impressive on paper but even more remarkable in person. This is your chance to showcase your best self, so don’t let the opportunity slip by.

Even if you’re not chosen for the role, your efforts will never be in vain. Every interview can lead to one of three outcomes:

  1. Consideration for another position within the company.
  2. A recommendation to a different employer who might be looking for someone like you.
  3. Valuable practice and preparation for future interviews.

As Bill Bradley once said, “Ambition is the path to success. Persistence is the vehicle you arrive in.” Stay persistent, and success will follow.

Filed Under: Blog

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