On Medical Pricing Transparency

For Hospitals, Clinics and Physicians By Staff Reporters www.HealthcareFinancials.com In 2007, federal and state legislatures called for hospitals across the country to make their prices “transparent.” The term was defined as the full, accurate, and timely disclosure of hospital charges to consumers of healthcare, as well as the process employed to arrive at those fees. [...]

Managing for Endowment Portfolio Alpha

Understanding Non-Systematic Return on Investment Source: www.HealthcareFinancials.com   According to Wayne Firebaugh CPA, CFP®, CMP™ alpha measures non-systematic return on investment [ROI], or the return that cannot be attributed to the market. It shows the difference between a fund’s actual return and its expected performance given the level of systematic (or market) risk (as measured by [...]

Top Income Tax Rates Will Increase

So Says Speaker Nancy Pelosi By Children’s Home Society of Florida Foundation Members of both Parties joined the debate this week on income taxes. Without action by Congress, all of the tax reductions in the 2001/2003 tax acts will be phased out on January 1, 2011. White House Steadfast The White House has steadfastly maintained [...]

A Voting Poll on eMRs as a Balance Sheet Item?

A Real or Economically Stimulated Need?   Many doctors – and their CPAs – view an in office electronic medical record [eMR] system as a balance sheet item to purchase for a medical practice; much like any other piece of business equipment or medical instrumentation. Of course, ARRA and the HITECH Acts also treat eMRs [...]

Taking Medical Jargon Out of Doctors’ Visits

Explaining Healthcare Administration Terms, Too! By Ann MiIler RN, MHA [Executive-Director] According to the Wall Street Journal, when it comes to understanding medical information, even the most sophisticated patient may not fully understand. Nearly nine out of 10 adults have difficulty following routine medical advice, largely because it’s often incomprehensible to average people, the CDC [...]

Price Adjustment Medical Costing

End of Life Care Programs By Dean G. Smith PhD and the Accounting Workgroup     An alternative to traditional medical resource costing is ‘price adjustment’.  In an international context, this method compares the monetary estimates of resource used, after adjustment for price level differences between countries and over time to standard current values.  In order to [...]

Do OTC DNA Tests Give Bogus Results?

Government Finds Little or No Useful Predictive Risk Information By Staff Reporters WASHINGTON — U.S. government investigators say personalized DNA tests that claim to predict a person’s likelihood of developing diseases are misleading and offer little or no useful information. Link: http://www.msnbc.msn.com/id/38363300/ns/health Assessment The Energy and Commerce Committee recently heard testimony from the FDA and [...]

Dr. David Blumenthal Spins “Professionalism”

My Take on “Meaningful Use” D. Kellus Pruitt DDS Recently, lawmakers complained that the federal criteria for “meaningful use” of eHRs – usage required before providers who risk purchasing electronic health record systems can be reimbursed – aren’t strict enough to justify the billions of dollars in incentive payments that the government promised physicians and [...]

On the Proposed Tax Cuts

Senate Debate on Extending 2001/2003 Tax Cuts By Children’s Home Society of Florida Foundation The Senate Finance Committee conducted a hearing on July 14, 2010 to discuss the potential extension of tax cuts. In the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of [...]

Where Are We in the Life Cycle of Stock Market Emotions?

An Opinion Poll By Staff Reporters According to behavioral economists and financial advisors like Brian Knabe MD, CMP™, people feel the pain of loss twice as much as they derive pleasure from an equal gain. Studies show that humans process investment losses using the same part of the brain that responds to mortal danger. For [...]

Physician Self-Referral “under arrangement” Scrutiny

And IDTF Prohibitions By Staff Reporters Source: www.HealthcareFinancials.com According to Robert James Cimasi MHA, ASA, AVA, CBA, CMP™ certain physician/hospital relationships referred to as “under arrangements” and “per click” leasing ventures have come under increasing regulatory scrutiny. Definition An under arrangement transaction occurs when the hospital contracts with a third party (typically a joint venture [...]

Texas Mortgage Firm Survives and Thrives Despite Repeat Sanctions

The Allied Home Mortgage Capital Caper By Charles Ornstein and Tracy Weber, ProPublica July 2, 12:24 a.m. As his competitors imploded one by one, Jim Hodge, the folksy founder of Allied Home Mortgage Capital [1], touted his sprawling Houston firm as a survivor. Not only was Allied still standing, Hodge told employees in a company [...]

Congratulations Somnath Basu PhD

ME-P Thought-Leader and 2010 USDLA Award Winner [Excellence in Distance Learning Teaching Award] By Ann Miller RN, MHA [Executive-Director]   The United States Distance Learning Association, the nation’s premier distance learning association since 1987 recently presented its 2010 International Distance Learning Awards, the premier awards for the distance learning industry. And, ME-P thought-leader Somnath Basu [...]

Vote on What the US Healthcare System Needs?

An Opinion Poll Staff Repoters Conclusion After voting, feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure. Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA [...]

Understanding HIT Security Risks – The Ugly Truth!

On the Privacy and Security of Healthcare Records By Richard J. Mata, MD, CIS There is no privacy …  get over it. Scott McNealy, Former Sun Microsystems CEO www.HealthcareFinancials.com Storing and transmitting health information in electronic form exposes it to risks that do not exist, or exist to a lesser extent, when the information is [...]

Drowning Out the Noise [A Career and Life Allegory]

A Man Lived by the Side of the Road By Dr. David Edward Marcinko MBA, CMP™ The Quiet  An old man lived by the side of the road and sold hot dogs. He was hard of hearing, so he had no radio. He had trouble with his eyes, so he had no newspaper. But, he [...]

Thomas Jefferson and ADA Sentiment

A Book Review …  and More! By Darrell K. Pruitt; DDS I’m currently reading “American Sphinx – The Character of Thomas Jefferson” by Joseph J. Ellis (1998). According to Ellis, Jefferson was often accused of plagiarism – sometimes even for lifting quotes from his own work. I think if the gifted writer were technically guilty [...]

In-House Cultural Change and the Medical Quality Paradigm Shift

Leadership Concepts for Physicians and Healthcare CXOs By Dr. David Edward Marcinko; MBA [Editor-in-Chief] The toughest part of implementing any medical quality improvement program is changing the healthcare organization’s culture. The physician-executive or chief executive officer must be committed to change, not just give lip service to it. The core to TQM or, for that matter, [...]

Update on Senior Donut Hole Rebate Checks

More Seniors to Receive One-Time Donut Hole Rebate Checks By Staff Reports Medicare Beneficiaries Whose High Prescription Drug Costs Have Put Them in the Medicare Part D Donut Hole to Receive $250 Rebate Checks as a Result of the Affordable Care Act WASHINGTON – The next round of more than 300,000 eligible seniors who have [...]

Determining the Required Rate of Investment Return

Financial Fundamentals of Medical Practice Sales Dr. David Edward Marcinko; MBA, CMP™ [Editor-in-Chief] A physician investor’s required rate of return, for the sale of a medical practice, takes into account that monies received sooner have a greater value than those received later. And, the greater the risk in receiving future cash flows the lower their [...]

What is the Cost of eHRs?

A Retrospective Look-Back By Richard J. Mata; MD, CIS, CMP™ www.HealthcareFinancials.com Studies by the Organization for Economic Cooperation and Development (OECD) show that healthcare spending in the U.S. accounts for 16-17% of GDP, which is more than six-seven percentage points higher than the average of 8.9% in other OECD countries.  This translates into per capita [...]

Health Plan Management Navigator

ADVERTISEMENT July 2010 Edition By Erin Sawchuk erinsawchuk@sherlockco.com Dear ME-P Readers Please find attached the early July 2010 Edition of our health Plan Management Navigator. In this month’s edition, we suggest an approach to quantifying best practice of administrative activities of health plans. Determining best practice for health plans is a knotty problem because of the [...]

Identifying Suspicious Short Selling

But Not Who’s Behind the Trades By Karen Weise ProPublica, July 8, 2010 Last weekend, The Wall Street Journal highlighted new academic research [1] showing that investors may be trading on insider information after companies approach hedge funds for loans. Researchers found that on average, in the five days before companies announce a loan from [...]

Health Information Privacy Breaches

Breaches Affecting 500 or More Individuals By Staff Reporters As required by section 13402(e)(4) of the HITECH Act, the DHHS Secretary must post a list of breaches of unsecured protected health information affecting 500 or more individuals. The following breaches have been reported to the Secretary. www.hhs.gov/ocr/privacy/hipaa/administrative/breachnotificationrule/postedbreaches.html Conclusion Feel free to comment and review our top-left column, [...]

The IPS Dentist

ADVERTISEMENT Dental Consultants We’re a highly skilled team of dental consultants with over 45 years of combined dental, medical and management experience. Multi-Venued Through a combination of personal on-site visits and modern video conferencing we consult with any practice across the nation to help them increase their profits and create a more successful working environment. [...]

The PPACA and Physician’s Ability to Bill

ADVERTISEMENT Failure of Physician Referral Sources to Enroll in Medicare’s Provider Enrollment, Chain and Ownership System [PECOS] May Affect their Ability to Bill By Garfunkel Wild, PC   In response to, among other things, the Patient Protection and Affordable Care Act that was signed into law earlier this year, the Centers for Medicare and Medicaid [...]

Video Introduction to HealthCare.Gov

“Take Health Care into Your Own Hands” By Staff Reporters This new federal government Website is managed by the US Department of Health & Human Services; located at 200 Independence Avenue, S.W. – Washington, D.C. 20201 Assessment: http://www.healthcare.gov/news/videos/tour.html Conclusion Feel free to comment on this new initiative and review our top-left column, and top-right sidebar [...]

Understanding the Premise of Appraisal Value and Investment Time Horizon

Key Issues in Healthcare Entity Valuation and Appraisal By Robert James Cimasi; MHA, ASA, AVA, CBA, CMP™ www.HealthCapital.com Source: www.HealthcareFinancials.com The Premise of Value under which any healthcare entity fair market valuation is conducted is an assumption further defining the Standard of Value to be used.  The Premise of Value defines the hypothetical terms of [...]

The Pros and Cons of eMRs

Delving Deeper into the Historic Origins of Debate By Richard J. Mata MD, CIS, CMP™ www.HealthcareFinancials.com According to Wager, Ornstein, and Jenkins, in 2005, the perceived advantages of an EHR system include the following:  Quality of the patient records (legible, complete, organized) — 86%  Better access to patient records (available, convenient, fast) — 86%  Improved [...]

Understanding Clinical and Financial Features of Medical Practice eMRs & Hospital IT Systems

ADVERTISEMENT [A Three Part CD Primer for the Practicing Physician, CXO or Nurse-Executive] Are You in Medical Practice or Healthcare Administration? – Buy this CD-ROM!   PART I: Understanding Hospital Information Systems For the last 30 years, hospital information systems (HISs) have steadily grown in popularity. At present, nearly every acute care hospital in the [...]

About Regional Health Information Organizations

The RHIO Concept – Defined By Richard J. Mata MD, CIS, CMP™ www.HealthcareFinancials.com   Regional Health Information Organizations (RHIOs), or data exchanges, are multi-stakeholder organizations.  They might include groups of hospitals, medical societies, payers, major employers, and other healthcare organizations.  Generally, these stakeholders are developing RHIOs with the goal of affecting the safety, quality, and [...]

Gulf Cleanup Training Ignores Advice from Health Agency

Concerned Workplace Safety Experts  By Sasha Chavkin, ProPublica – June 17, 2010 2:05 pm EDT   As we’ve reported, workplace safety experts have expressed concern that Gulf oil spill responders aren’t getting enough safety training [1]. On Wednesday, we spoke with a federal official who said the four-hour safety course that BP is providing to [...]

Defining Electronic Medical Record Systems

Does Linguistic Obfuscation Exacerbate our Use Ambivalence? Dr. Richard J. Mata; CIS, CMP™ Dr. David E. Marcinko; MBA, CMP™ www.HealthcareFinancials.com The 2003 Institute of Medicine (IOM) Patient Safety Report [1] described an EHR [2] as encompassing: a longitudinal collection of electronic health information for and about persons; [immediate] electronic access to person- and population-level information [...]

Beware Medical and Money Management ‘Groupthink’

Helping Doctors Understand Peer Comparisons By J. Wayne Firebaugh CPA, CFP® CMP™ By Dr. David E. Marcinko MBA, CMP™ Source: www.HealthcareFinancials.com More than a few mutual, hedge and endowment fund managers have noted that they commonly compare their endowment and portfolio allocations to those of peer institutions and that as a result, allocations are often [...]

How Physicians Select Risk Management Advisors

More Difficult than Ever Before By Brian J. Knabe MD  www.SavantCapital.com Historically, the term “risk management” has brought to mind one subject for the practicing physician – medical malpractice.  Unfortunately, physicians today face a multitude of other risks which may be more insidious and daunting than malpractice.  It is important to recognize these risks, and [...]

Speaking and Opining at Health Conference Away Games

On the Road Again … with Me By Dr. David Edward Marcinko; MBA [Publisher-in-Chief] I just returned from a quick unplanned trip to Baltimore, Maryland visiting several individual and corporate consulting clients.  There was also an antecedent side-trip to serve as a pharmaceutical company speaker and workshop conference mentor, as well. Topics for the manager’s [...]

About the National Health Information Network

The NHIN Defined By Richard J. Mata MD, CIS, CMP™ www.HealthcareFinancials.com   On November 15, 2004, DHHS called for public comments on its plans for a National Health Information Network (NHIN) within ten years (see Federal Register, vol. 69, no. 219).  This would include establishing “interoperable” (easily exchanged) EHRs for all citizens.  DHHS Template DHHS [...]

Understanding Absolute Investment Returns

Exploiting Market Inefficiencies By J. Wayne Firebaugh CPA, CFP® CMP™ By Dr. David E. Marcinko MBA, CMP™ Source: www.HealthcareFinancials.com This class of investments seeks to exploit market inefficiencies and generate positive returns regardless of broader market performance. Often, investments in this class are made through the use of hedge funds. Hedge funds will often employ [...]

How the ME-P Views Client Engagements and Consultations

ADVERTISEMENT An Expert Led – Future Focused Firm – Enhancing Doctor and Advisory Practices By Ann Miller RN, MHA [Executive Director] ME-P consultants use advanced analytics, medical practice intelligence, education, deep experiential insight and publications to deliver measurable value across the full continuum of the independent health care administration and integrated economics and financial services [...]

Are Hospitals Auctioning Debt?

Understanding Modern Cash Flow Strategies By Ross Filder By Karen White PhD www.HealthcareFinancials.com As a sign of the contracting economic times, some struggling hospitals are using a new method to collect revenue: the Internet. It has become a channel to cut write-offs and bad debt ratios, which lower stock prices if publicly held. Rather than [...]

Events Planner: July 2010

ADVERTISEMENT Events-Planner: JULY 2010 Staff Writers “Keeping track of important health economics and financial industry meetings, conferences and summits” Welcome to this issue of the Medical Executive-Post and our Events-Planner. It contains the latest information on conferences, news, and relevant resources in healthcare finance, economics, research and development, business management, pharmaceutical pricing, and physician/entity reimbursement!  [...]

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