Author: Joel Schofer, MD, MBA, CPE
Finance Friday Articles
Here are my favorites this week:
3 Important Financial Lessons I’ve Learned From The Coronavirus Pandemic
Monitoring your risk level & rebalancing
The Stock Market is Not Your Benchmark
Here are the rest of the articles:
5 Ways to Find Work-Life Balance While at Home
Calculating the Value of Your Backdoor Roth Contributions
How to Get Wealthy Investing in a Bear Market
How to Manage Student Loans During the COVID-19 Crisis
Is It Better to Withdraw Only from Cash and Bonds in a Bear Market?
Making Money In Times Of Crisis – Lessons From Past Bear Markets
Managing the Transition to Attendinghood Properly
My New Theory About Future Stock Market Returns
Pandemics vs. Post-War Recoveries
Personal Finance During a Crisis
120 Day Special Leave Accrual for Service Members
Today, Under Secretary of Defense for Personnel and Readiness Matthew Donovan signed a department-wide authorization for service members to accrue and retain an additional leave balance of up to 120 days. The department’s actions to stem the spread of COVID-19 has significantly limited the ability of service members to take leave during this national emergency, and we know that leave is vital to the health and welfare of our force.
The memo can be found here.
New York Times – Military Sees No Quick Exit From ‘New World’ of Coronavirus
Here’s a link to this article:
Throwback Thursday Classic Guest Post – The Fellowship-Retention Bonus “Loophole” Still Exists; Are You Eligible?
By Dustin Schuett, DO
Note: The views expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Department of the Navy, Department of Defense or the United States Government.
The 2018 Navy Graduate Medical Education Selection Board results were released 12 DEC 2018. For a select few Navy physicians pursuing fellowship, the opportunity exists to take a Retention Bonus (RB, formerly Multi-year Specialty Pay) and pay back their fellowship obligation and the RB obligation concurrently without extending their Navy commitment.
To be eligible, the physician must meet all of the following requirements:
- Be at 8 years or more of active duty time in the Medical Corps.
- Have completed all pre-commissioning obligation time:
- All initially obligated HPSP/USUHS/HSCP time AND any ROTC or USNA obligated time
- This does not include residency obligation time
Essentially, if you went to medical school on a 4 year HPSP scholarship, have completed or will have completed 4 or more years of combined GMO and post-residency payback time BEFORE starting fellowship and have 8 total years active duty Medical Corps time, you’re likely eligible.
Here is my personal example:
4 year HPSP > 1 year internship > 2 years as a GMO > 5 years of residency > 2 years post-residency staff time (4 total including GMO time) = 4 years of total payback completing HPSP obligation, 10 years in Medical Corps
As an orthopaedic surgeon, our annual Incentive Pay (IP) is $59,000. I was able to take a 3 year RB which increases my IP to $73,000 annually plus an additional $33,000 lump sum paid annually for a total of $106,000/year, a $47,000 increase per year without increasing my obligation time.
If you have questions about special pay, please follow the current BUMED guidance:
Members should contact their command administration office/special pays coordinator with any questions they have. The command administration office/special pay coordinators will contact BUMED Special Pays should they have questions that cannot be answered or require clarification of the FY20 Pay Guidance.
For more information, see the Medical Corps Special Pay Guidance that can be found on the BUMED Special Pays website.
Good Luck!
As COVID-19 Crisis Continues, Servicemembers Civil Relief Act Protects Military
Here’s a link to the article, which should be read by anyone dealing with issues related to rent, security deposits, evictions, credit cards, mortgage/foreclosure, automobile leases, etc….
As COVID-19 Crisis Continues, Servicemembers Civil Relief Act Protects Military
The New Medical Corps Career Progression Slide – What Does It Mean to You?
Navy Medicine has been undergoing a lot of change. We have a new Surgeon General, a new Corps Chief, and a renewed focus on readiness. With these changes come a new career progression and path for the Medical Corps (MC) Officer (PDF version, PPT version). Let’s take a look at the new model and discuss some of the ways it will impact you as your career progresses. We’ll start at the top of the slide and work our way down, translating it into action items for every MC Officer.
Intent and Expectations
What should a MC Officer note in this section? To be competitive for promotion, you need to have been operational AND clinical. The days of camping at Military Treatment Facilities (MTFs) are over. Everyone needs to be operationally relevant, and this is consistent with the most recent changes in the O6 promotion board convening order. It can be with the Surface Force, Fleet Marine Force (FMF), Undersea, Air, Special Operations, Joint environment, Expeditionary Combat Command, or any other operational setting you find yourself in. It doesn’t matter how or in what setting, but everyone needs to be operationally relevant.
Action #1 – Deliberately develop your operational relevance.
Recommended Medical and Professional Development Path
Very simply, this spells out your educational pathway. Completing residency and becoming board certified is not a new concept or path for the MC Officer. What is new, though, is the expectation that everyone will serve in an operational setting by the time they are up for promotion to O5 and in a more senior operational role before they are up for O6. The concept of everyone becoming an Operational Medical Officer (OMO) is explained in detail at the bottom of the slide.
In addition to serving as an OMO, the expectation is that those who want to serve in more senior roles will complete Joint Professional Military Education Levels I and II (JPME I/II) and obtain formal management or leadership training, such as a Master’s in Business Administration or similar degree.
Action #2 – Start JPME I now if you haven’t already, and develop a strategy and timeline with your mentors to obtain more senior education.
High Reliability Organization Training
The new SG is a huge proponent of high reliability, and Navy Medicine is constantly striving to adopt the principles of a High Reliability Organization (HRO). Many of the classes mentioned on the career path slide are undergoing modifications and updates to incorporate high reliability education.
Action #3 – Attend or complete the listed HRO courses.
Example Assignments
The example assignments are divided into Fleet and Navy Medicine Readiness and Training Command/Unit (NMRTC/U) positions. They are also stratified according to the typical ranks at which they would occur. These are general guidelines and variability will certainly occur, so be flexible. For example, we know that it takes a minimum of seven years to become a Neurosurgeon, so their path will vary. Other specialties that require longer training are in a similar situation. As a result of this, we are going to ask each Specialty Leader to take this generic career path and modify it for their own specialty.
Another takeaway from this portion of the slide is to alternate between operational assignments and NMRTC/U assignments where you are serving primarily in a clinical role, likely at an MTF. Time at the MTF will allow you to solidify your individual clinical skills and contribute to our Graduate Medical Education mission. After that tour, return to the operational setting in a more senior role. Rinse and repeat this pattern as your career progresses.
Action #4 – Print the career path slide and get a red and black pen. In black circle the jobs, roles, and courses you’ve already done. In red circle ones you’d like to do. When it is time for your next set of orders, jump from realm where you currently are (Fleet or NMRTC/U) to the other and aim for one of the positions to the right that you circled in red.
An Example – My Career Path
Just to visualize the way we are encouraging you to use the career path slide, let’s take a look at My Career Path. I circled the things I’ve done in black, and the things I’d like to do in red.
As a 19 year O6, I have a lot of black ink, but there are some red circles to the right indicating the things I’d like to do. As the Deputy Corps Chief, I am currently in a senior headquarters role toward the right end of the Fleet portion. Most likely, my next career move will be to obtain JPME II or enter Executive Medicine as an Executive Officer (XO) because completing an XO and Commanding Officer (CO) tour is mandatory before I can compete for the more senior leadership roles. Use a similar analysis of where you’ve been (black ink) and where you want to go (red ink) to come up with options for your next career move.
Summary
The new MC career path should serve as the basic framework around which you structure your career. A quick summary of the actions you should take include:
- Deliberately develop your operational relevance.
- Start JPME I now if you haven’t already, and develop a strategy and timeline with your mentors to obtain more senior education.
- Attend or complete the listed HRO courses.
- Circle the jobs, roles, and courses you’ve already done in black. Circle ones you’d like to do in red. When it is time for your next set of orders, jump from the realm where you currently are (Fleet or NMRTC/U) to the other and aim for one of the positions to the right that you circled in red.
Military Times – The Military’s Travel Ban is Getting an Extension, SECDEF Confirms
Here’s a link to the article, which doesn’t confirm the length of the extension, simply that an announcement is coming later this week:
The Military’s Travel Ban is Getting an Extension, SECDEF Confirms
Bioethical and Legal Considerations Webinar Changed to 23 APR
The Bioethical and Legal Considerations During the COVID-19 Pandemic for Health Care Providers Special Feature Webinar is rescheduled to 23 April 2020. The Special Feature Webinar will take place from 1400-1600 (ET) and is completely virtual allowing participants to earn up to 2.0 Continuing Education/Continuing Medical Education (CE/CME) credits from anywhere in the world! Please note that the Special Feature Webinar is open to Department of Defense (DoD) and Federal Partners only!
To register for the event, please visit the following link: https://www.dhaj7-cepo.com/content/bioethical-and-legal-considerations-during-covid-19-pandemic-health-care-providers-live-0
*Access Code:*485021
The live webinar will discuss bioethical principles, ethical frameworks, legal considerations, and highlight case studies/problem-based discussions for Military Health System (MHS) health care providers during the 2020 COVID-19 pandemic.