Pharma Ties Common in Medical Schools

Posted on January 12, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

Study Economically Links Medical Leaders to Industry

By Staff Reporters

56372274A new study suggests that nearly two of three academic leaders surveyed at US medical schools and teaching hospitals have financial ties to the pharmaceutical industry, illustrating how pervasive these relationships have become; researchers say.

Assessment

This link to a related report was sent in by a reader-advocate, with our thanks: http://www.msnbc.msn.com/id/21333262 

Conclusion: Now, is anyone really surprised? Your comments are appreciated.

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Filed under: Drugs and Pharma | Tagged: | 2 Comments »

Physician Workers’ Compensation Insurance [WCI]

Posted on January 12, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

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A Necessity for Contemporary Medical Practices

[Staff Writers]

Workers’ Compensation Insurance [WCI] is reported to be the largest line of commercial insurance, possibly because it is also a statutory obligation for most physicians and all employers who have common law employees.

Purpose of WCI

Workers’ Compensation provides coverage for lost income due to on-the-job accidents or work-related disability or death, and benefits vary by state. Its purpose is not only to provide these benefits but also to reduce potential litigation.

Physician-Executive Benefits of WCI 

Medical office staff employees accepting the benefit payments from a Workers’ Compensation claim generally forego the right to sue their physician-employer. Workers’ Compensation rates are established by job descriptions and commercial rates for the medical professional’s office are some of the lowest available.

WCI Structures

Generally, the three methods of providing Workers’ Compensation coverage are: 1. Private commercial insurance; 2. Governmental insurance funds; and 3. Self-insurance.

There are however, seven “monopolistic” states – Nevada, North Dakota, Ohio, Washington, West Virginia, and Wyoming – which may not permit private commercial insurance.

Assessment 

The medical professional may be inclined to the third method of WCI coverage, especially in the larger offices.  Since the weekly benefits are typically below $750, this seems to make some sense. In larger medical groups, the physician-owners can elect not to be covered, as it is usually more convenient for the medical-executive to cover this risk with personal disability income insurance. 

Medical clinics or other healthcare entities, which wish to take more direct control of costs and benefit management, should consider self-insuring only after receiving expert advice.  This is one form of coverage that truly requires a trusted, knowledgeable insurance and risk-management advisor. 

Conclusion

What has been your experience with WCI in your geographic area? If your medical practice does not provide WC insurance; why not? 

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Filed under: Insurance Matters | Tagged: | 1 Comment »

Completing the Medical Practice Sales Transaction

Posted on January 12, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

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Issues to Consider Before Signing a Final Contract

[By Dr. David E. Marcinko; MBA, CMP™]

[Hope R. Hetico; RN, MHA, CMP™]David and Hope

Depending on whether the likely buyer of your medical practice is a health system, a private physician or a corporate partner, medical practice sale deal structures will vary.

From the physician’s perspective, deal negotiations are based on consideration of personal as well as financial planning goals.

Therefore, some key issues to consider are presented below to help negotiate the “art of the deal”, and may include:

Working Capital – In or Out

Including working capital in the transaction will increase the sale price.

Stock versus Asset Transaction

Structuring the deal as an asset purchase will increase practice value due to the tax amortization benefits received by the buyer for intangible assets of the practice.

Common Stock Premium

The sale price can be as high as 50% more than a cash equivalent price for accepting the risk of common stock as part of the payment.

Physician Compensation

If your personal financing planning goals are to maximize future practice value, negotiating a lower current salary within a range you feel comfortable with will increase the ultimate practice sale price.

Do the reverse and cannibalize your practice if you wish to increase your current salary.

Assessment

Were you previously aware of these negotiation sales points, and medical practice transaction contract concepts?

Conclusion

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Filed under: Practice Worth | 1 Comment »