Posted on June 30, 2008 by Editors
Annals of Emergency Medicine Drug-Report Staff Writers Medication histories for trauma patients were inaccurate for a rural population due to communication lapses, according to a new study published on June 9 2008, by the Annals of Emergency Medicine [AEM]. The Report Researchers studied 234 trauma patients in a rural setting, the majority of whom were [...]
Filed under: Breaking News, Healh Law & Policy, Information Technology, Monthly Reports, Quality Initiatives, Research & Development | Tagged: EMRs, HIPAA, HIT, IT | Leave a Comment »
Posted on June 28, 2008 by Editors
AMA’s – HOD Wants End to Governmental e-Prescribing Barriers Staff Writers According to Modern Healthcare [June, 2008] the American Medical Association’s-House of Delegates [HODs] adopted a resolution calling for an end to government-imposed barriers to e-prescribing. The Resolution The resolution called for the removal of all federal Medicare and state Medicaid requirements mandating the use of paper [...]
Filed under: "Doctors Only", Healh Law & Policy, Health Economics, Information Technology | Tagged: e-prescribibg, EMRs, HIT, IT | 1 Comment »
Posted on June 27, 2008 by Editors
Getting the Tax Deduction Staff Writers All physicians and other investors should know when their stock becomes worthless. Example Scenario: Some time ago, an FOB physician investor [Family Owned Business] founded two FOBs: One was doing fine while the other floundered. Under the IRS Tax Code, the investor can receive a loss deduction on the [...]
Filed under: Accounting, Alternative Investments, Investing, Portfolio Management, Taxation | Tagged: FOB, FOBs, Section 1244 stock loss, stock loss deduction, worthless stock | Leave a Comment »
Posted on June 25, 2008 by Editors
Avoid Estate Taxes by Giving-it-Away Staff Reporters A doctor may transfer up to $12,000 a year as a tax-free gift to another person. This also applies to gifts of present interests, which includes gifts (if they satisfy the rules of Section 2503 (c) of the Code) to trusts. If the doctor or other donor is [...]
Filed under: Estate Planning, Financial Planning | Tagged: Estate Planning, estate tax, gifting | 1 Comment »
Posted on June 23, 2008 by Editors
Which Ones to Keep—How Long? Staff Writers By law, we are all required to keep records the IRS could use to determine our tax liability accurately. And doctors, more than most, know what it’s like to keep records. So you should retain whatever papers and documents support or clarify your calculations. If the IRS thinks [...]
Filed under: Accounting, Financial Planning, Practice Management, Taxation | Tagged: Add new tag, alimony, deductions, income tax, tax records | 2 Comments »
Posted on June 20, 2008 by Editors
Doctor’s Beware Taxation on Rebates Staff Writers In the past decade or so, several companies has been marketing a culinary twist on airline frequent flyer programs—a kind of frequent-eater program. Under the program, doctors who love to hold “business meetings”, and other diners use their regular credit cards to charge meals at participating restaurants, and [...]
Filed under: Accounting, Investing, Taxation | Tagged: IRS, rebate taxes, tax rebates | Leave a Comment »
Posted on June 19, 2008 by Editors
Protecting Physician Business Assets Staff Reporters Pre-nuptial agreements are becoming well known; but post-nuptial agreements are not so known. Family Business Environment Prenuptial agreements are increasingly common in family business environments. In some cases, the business owner or a shareholder’s agreement may require certain family members to enter into prenuptial agreements with their prospective spouses. [...]
Filed under: Financial Planning, Risk Management | Tagged: pre-nuptial agreements | 1 Comment »
Posted on June 18, 2008 by Editors
Pricing Decisions for Medical Providers Dr. David Edward Marcinko; MBA, CMP™ [Publisher-in-Chief] Professional fee-setting and related pricing decisions for a concierge medical practice, like most businesses rather than most medical-entities, is complex and will significantly affect the doctor’s profits. New Markets When a concierge medical practice is first introduced into a local market, the physician-executive [...]
Filed under: "Doctors Only", Career Development, Health Economics, Practice Management, Practice Worth | Tagged: concierge medicine, practice value, Practice Worth | 3 Comments »
Posted on June 17, 2008 by Editors
Advancing Healthcare Transparency and Advocacy Staff Reporters The Consumer-Purchaser Disclosure Project http://healthcaredisclosure.org, and various collaborating organizations, recently announced that a “comprehensive national agreement” has been reached with “leading physician groups and health insurers on principles to guide how health plans measure doctors’ performance and report the information to consumers.” Stakeholders-on-Board Stakeholders signing on to support [...]
Filed under: Managed Care, Practice Management, Quality Initiatives | Tagged: medical quality, medical transparency | Leave a Comment »
Posted on June 16, 2008 by Editors
Understanding the Channel-of-Distribution Follies By Dr. David Edward Marcinko; MBA, CMP™ Publisher-in-Chief Former Investment Advisor and Reformed Certified Financial Planner™ As a former surgeon, insurance agent, physician-executive who took an honest run at Wall Street’s PPMC infamy in the late 90s; a board certified financial advisor and stock-broker; and current writer, editor, publisher and speaker-consultant on [...]
Filed under: "Advisors Only", "Doctors Only", Investing, Op-Editorials, Portfolio Management | Tagged: broker-dealers, Investing, Wall Street | 2 Comments »
Posted on June 16, 2008 by Editors
What Doctors Need to Know about Preparers Staff Writers Most doctors and medical professionals are not thinking about tax season right now. But, according to Executive-Post supporter Rachel Pentin-Maki; RN, MHA “now may be the best time to rethink your relationship with your tax-preparer.” All Tax Preparer’s not equal! All tax return preparers are not [...]
Filed under: Accounting, Investing, Practice Management, Taxation | Tagged: Accounting in Medicine, CPAs, taxes | Leave a Comment »
Posted on June 15, 2008 by Editors
Special Financial Planning Techniques Required By Roger J. Warrum If a doctor or medical professional has a mentally or physically disabled child, special estate provisions are needed to ensure the continued care and comfort of that child after the parents’ deaths. Estate Planning When designing an estate plan for a doctor with a disabled child, [...]
Filed under: Estate Planning, Financial Planning, Funding Basics, Risk Management | Tagged: disability planning, Estate Planning, Financial Planning | Leave a Comment »
Posted on June 14, 2008 by Editors
A Details Checklist Staff Reporters All medical practice and other business agreements that dictate what happens to a physician’s property should be addressed in a document called a “buy-sell agreement.” Definition A buy-sell agreement stipulates what would happen to your medical practice should you die, become disabled, leave, or wish to retire. The agreement states that [...]
Filed under: Career Development, Insurance Matters, Practice Management | Tagged: buy-sell agreement | Leave a Comment »
Posted on June 13, 2008 by Editors
Solidifying Guiding Principles By Dr. David Edward Marcinko; MBA, CMP™ [Publisher-in-Chief] The mission statement is an important and fundamental document that reminds doctor’s why they are in medical practice. This document reflects the physician-executive’s beliefs about life, practice, patients, employees, reimbursement and medical vendors. It serves as a guide for him or her to make [...]
Filed under: Career Development, Ethics, Practice Management, Quality Initiatives | 1 Comment »
Posted on June 13, 2008 by Editors
Reducing Emergency Department Workloads and Expenses By Staff Writers As most Medical Executive-Post readers know, hospitals are under more intense pressure than ever to avoid bad-debt expenses and reduce write-offs. For example, according to one study, total emergency room visits, classified as non-urgent conditions increased from 10 percent 1997 to 14 percent in 2006, according [...]
Filed under: Health Economics, Managed Care, Practice Management, Quality Initiatives | 3 Comments »
Posted on June 12, 2008 by Editors
Disparate Principles Affect Medical Practice Worth Dr. David Edward Marcinko; MBA, CMP™ Publisher-in-Chief Did you know that majority shareholder-doctors in a medical practice have a fiduciary obligation to minority shareholders-doctors? Actions Scrutinized Yes, it’s true. In fact a minority medical practice owner is entitled to scrutinize every action made by the majority owner. In particular, majority [...]
Filed under: Career Development, Practice Management, Practice Worth | Leave a Comment »
Posted on June 12, 2008 by Editors
A Trust Primer for Physicians By Charles L. Stanley; CFP™ ChFC Since inception, the Uniform Prudent Investor Act (UPIA) has changed the financial advisory landscape. Essentially, the act modified the legal criteria of “prudent investing” for trusts. Now, all assets owned by a trust are considered “investments” for purposes of the Uniform Prudent Investor Act. [...]
Filed under: Financial Planning, Investing, Portfolio Management, Risk Management | 1 Comment »
Posted on June 11, 2008 by Editors
Developing a Deep-Niche Focus Dr. David Edward Marcinko; MBA, CMP™ Publisher-in-Chief As a concierge medical practitioner, you know that personalized marketing leads to new patients and subscribers; improved financial health for you, and improved community health for the geographic area you serve. Know your Patients In any marketing situation, the more you know about your [...]
Filed under: Career Development, Marketing & Advertising, Media Mentions and PR, Practice Management | Leave a Comment »
Posted on June 11, 2008 by Editors
It Pays for Doctors to Keep Good Records By Dr. David Edward Marcinko; MBA, CMP™ [Publisher-in-Chief] More than a few medical professionals have ownership in small corporations outside of their medical practice, or day-job as physician-healers. More are contemplating same, as the healthcare insurance crisis grows, and the social and economic swagger of physicians decrease. [...]
Filed under: Accounting, Investing, Taxation | 2 Comments »
Posted on June 10, 2008 by Editors
Understanding the IRS Tax Reform Act Staff Writers In 1998, the IRS received 105,255 offers-in-compromise, but accepted only 25,052 offers—a mere 24%; and the exact number for medical professionals is unknown. The IRS Reform Act However, the IRS Reform Act later revamped the provisions for offers-in-compromise and the IRS, reacting to the changes, announced that [...]
Filed under: Accounting, Risk Management, Taxation | 1 Comment »
Posted on June 10, 2008 by Editors
Understanding Intangible Products Staff Writers Concierge practice and related medical services are intangible products; even though most marketing theories that apply to products apply equally to services. Yet, medical services do have some differences. For example, medical services are: Intangible, Highly perishable, Variable quality, Inseparable from medical provider, and, Difficult to quality-assess. Perishability Of what [...]
Filed under: Managed Care, Marketing & Advertising | 1 Comment »
Posted on June 9, 2008 by Editors
Tax Consequences for Physicians Staff Writers Tax considerations are critical when preparing divorce agreements; and an understanding of the applicable sections of the Tax Code is essential for all medical professions in this situation. In short, alimony is deductible for the payer while child support is not; so it is important for a separation agreement [...]
Filed under: Accounting, Financial Planning, Risk Management, Taxation | Tagged: alimony, child support, divorce | 3 Comments »
Posted on June 9, 2008 by Editors
Online Sale of Patient ARs Staff Reporters In another sign of the contracting economic times, FierceHealthFinance is reporting that some struggling hospitals are using the internet as a new channel to cut their write-offs, and bad debt ratios which lower stock prices, if publicly-held. Exit the Debt Collectors – Enter the Auctioneers Rather than simply [...]
Filed under: Accounting, Health Economics, Healthcare Finance, Managed Care, Taxation | Tagged: ARs, debt collections | 1 Comment »
Posted on June 9, 2008 by Editors
Second-to-Die Life Insurance QUESTION: Why has second-to-die life insurance become so popular with medical professionals and others? Conclusion Your thoughts and comments are appreciated. Related Information Sources: Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759 Physician Financial Planning: http://www.jbpub.com/catalog/0763745790 Medical Risk Management: http://www.jbpub.com/catalog/9780763733421 Healthcare Organizations: www.HealthcareFinancials.com Health Administration Terms: www.HealthDictionarySeries.com Physician Advisors: www.CertifiedMedicalPlanner.com Subscribe Now: Did you like this Executive-Post, [...]
Filed under: "Ask-an-Advisor", Insurance Matters, Risk Management, Surveys and Voting | Tagged: life insurance | 3 Comments »
Posted on June 8, 2008 by Editors
Possible Solution to the Healthcare Dilemma? Staff Reporters Another new survey suggests that convenient care medical clinics (CCMCs) could be a potential solution to health care issues, if fears can be alleviated; at least in the Keystone State. The Survey The survey by Widener University in Elder Pennsylvania, found that while baby-boomers aged 43 to [...]
Filed under: Career Development, Health Economics, Health Insurance, Insurance Matters, Managed Care, Quality Initiatives, Surveys and Voting | Tagged: retail clinic surveys | 1 Comment »
Posted on June 8, 2008 by Editors
Book Review By Laurence J Stybel; Ed.D. Stybel, Peabody & Associates, Inc. It could be argued that, in family businesses and medical practices, net worth is the sum of three things: cash and securities, material objectives and values. Passing wealth through the generations without effectively passing along values condemns many families to the stereotypical cycle [...]
Filed under: Book Reviews | Leave a Comment »
Posted on June 7, 2008 by Editors
Consumers Union By Staff Reporters The nonprofit Consumers Union is launching a new hospital ratings service, adding to the growing competition to provide online consumer information about health care, as reported in the Wall Street Journal. A Consumer Reports Publication The effort, by the publisher of Consumer Reports magazine, is a gamble that the credibility [...]
Filed under: Career Development, Healh Law & Policy, Managed Care, Quality Initiatives, Surveys and Voting | 2 Comments »
Posted on June 6, 2008 by Editors
Subscribe Today! By Hope Rachel Hetico; RN, MHA, CMP™ If you haven’t had a chance to sign up for the Executive-Post at www.HealthcareFinancials.com yet; you really should! Now, although that’s our formal corporate moniker, we’re much better known simply as the Executive-Post. You’ll get a helpful e-mail reminder from us almost daily, or when important posts [...]
Filed under: iMBA, Inc., Media Mentions and PR, Op-Editorials, Surveys and Voting | Leave a Comment »
Posted on June 6, 2008 by Editors
Documenting Medical Resource Variations Staff Reporters For more than 20 years, the Dartmouth Atlas Project [DAP] has documented glaring variations in how medical resources are distributed and used in the United States. Purpose According to its website, the project uses Medicare data to provide comprehensive information and analysis about national, regional and local markets, as [...]
Filed under: Health Economics, Quality Initiatives, Research & Development | Leave a Comment »
Posted on June 6, 2008 by Editors
New Survey Reveals 28% Report Financial Problems Staff Reporters A new survey by the Kaiser Family Foundation recently asked this question. Q: As a result of recent changes in the economy, have you and your family experienced any of the following problems, or not? Was this a serious problem, or not? A: Results are included [...]
Filed under: Health Insurance, Healthcare Finance, Research & Development, Surveys and Voting | Tagged: Health Insurance, Healthcare Finance | 1 Comment »
Posted on June 5, 2008 by Editors
Selection Criteria Critical for Physicians By Dr. David Edward Marcinko; FACFAS, MBA, CMP™ [Publisher-in-Chief and former certified financial planner] Recently in the Atlanta area, two high-profile financial advisors and portfolio investment managers have been charged with client embezzlement, malfeasance, and more! The first was Kirk Wright, a Harvard-educated fund manager who was convicted last week in a [...]
Filed under: Financial Planning, Investing, Op-Editorials, Portfolio Management, Retirement and Benefits, Uncategorized | 1 Comment »
Posted on June 5, 2008 by Editors
Certified Medical Planner™ program The Executive-Post at www.HealthcareFinancials.com is now proudly sponsored, in-part, by the Certified Medical Planner™ program. This asynchronous online educational program is the leading provider of health economics and medical management information for financial advisors and medical business consultants. And, it is authorized to license and monitor the Certified Medical Planner™ certification [...]
Filed under: "Advisors Only", Career Development, Media Mentions and PR, Recommended Books, Research & Development, Sponsors | 1 Comment »
Posted on June 4, 2008 by Editors
Revolutionizing Healthcare Staff Reporters Included among our most popular Executive-Post topics are: medical practice valuations, Wal-Mart, DNPs, business and medical marketing plan, investments, asset returns, medical ethics, the financial services industry and various op-ed posts. We believe however, there will soon be another very popular post, with comments on how e-patients will revolutionize healthcare! Revolutionize [...]
Filed under: Career Development, Information Technology, Managed Care, Op-Editorials, Surveys and Voting | 2 Comments »
Posted on June 4, 2008 by Editors
Trends in Clinical Information Systems Technology Staff Reporters Recently, iMBA Inc www.MedicalBusinessAdvisors.com and the Executive-Post participated in a Healthcare Informatics survey on nursing clinical information systems [CIS]. The top five CIS functions were: Electronic documentation PACS EMR/EHRs Automated alerts Cross-continuum patient records Assessment The following link has a summary of white-paper results from that survey [...]
Filed under: Information Technology, Managed Care, Op-Editorials, Quality Initiatives, Surveys and Voting | 1 Comment »
Posted on June 3, 2008 by Editors
One-Third Lack a Family Doctor Staff Reporters According to results of an online survey of 4,937 US adults conducted by Harris Interactive® between May 2 and 6, 2008 for the Wall Street Journal Online’s Health Industry Edition, 30% of patients who used retail-based health clinics do not have a primary care provider. Other findings include: [...]
Filed under: Career Development, Managed Care, Marketing & Advertising, Quality Initiatives, Surveys and Voting | 4 Comments »
Posted on June 3, 2008 by Editors
An Establishment Checklist By Staff Writers Determining the percentage of debt-based assets for any medical investment portfolio – personal, institutional or endowment – is an often difficult decision. Too much risk may lead to default loss, while too little risk may cause under-performance in the portfolio; neither optimizing the efficient frontier. And so, the following [...]
Filed under: Investing, Portfolio Management | 1 Comment »
Posted on June 2, 2008 by Editors
Minimizing the Patient “No-Show” Problem Staff Writers In what is perhaps the next evolution of office-based medical practice – at least according to American Medical News reports – some physicians are now making their patient’s reserve office appointment slots with a cash deposit in case of “no-show.” Much like their plastic surgery, new-wave anti-aging esthetics, [...]
Filed under: Managed Care, Op-Editorials, Practice Management | Tagged: Managed Care, Practice Management | Leave a Comment »
Posted on June 2, 2008 by Editors
Understanding Goals and Objectives By Dr. David Edward Marcinko; MBA, CMP™ By Hope Rachel Hetico; RN, CPHQ, MHA/MBA, CMP™ Much has been written, and much has been said about the goals, objectives, reasons, techniques and methodology of professional medical practice appraisals online at the Medical Executive-Post. And, even more actionable information is presented in our [...]
Filed under: Practice Management, Practice Worth | 1 Comment »
Posted on June 1, 2008 by Editors
Philosophic Ruminations and Personal Interviews By Render S. Davis; MHA, CHE Crawford Long Hospital at Emory University Atlanta Georgia USA For more than 2000 years, the principle of beneficence, the profession’s obligation to be of service to others, was the foundation of the practice of medicine. In taking the Hippocratic Oath, physicians swore that they [...]
Filed under: Ethics, Interviews, Monthly Reports, Op-Editorials, Quality Initiatives | 3 Comments »
Posted on June 1, 2008 by Editors
JUNE 2008 Staff Writers “Keeping track of important health economics and financial industry meetings, conferences and summits” June 1-3: Compliance Regulatory Affairs Conference: NAVA, Washington, DC 2-5: College for Advanced Management of Health Benefits Training, Orlando, Fla 4-6: National Medicaid Congress, Washington, DC 4-6: REITWEEK and NAREIT Conference, New York, NY 4-6: Pershing Financial Products and [...]
Filed under: Events-Planner, Monthly Reports | Leave a Comment »
