Whither the Medical Executive-Post?

“In My Opinion”

By Hope Rachel Hetico; RN, MHA, CMP™

Managing Editor 

Anyone who’s paid a doctor or hospital bill lately knows that healthcare costs are out of control.

It should come as no surprise that the “golden-era” of medicine for physician reimbursement and health entity compensation is over. And, that healthcare is the latest, and one of the last industries to tighten its payment belt.  

Hospital, medical clinic and physician personal compensation is also a contentious issue in medical group practice, and much fodder for public scrutiny. Few situations produce the same level of emotion as doctors fighting over how a seemingly collegial employment contract should be interpreted.

This situation often springs from a failure of both sides to understand mutual compensation terms-of-art when the deal was negotiated; or the larger issue of macro-economics and domestic demographics.  

It is our hope that the Executive-Post communication forum; along with our institutional print periodical www.HealthcareFinancials.com; related books www.HealthDictionarySeries.com; online certification program www.CertifiedMedicalPlanner.com and financially focused medical consulting services www.MedicalBusinessAdvisors.com will help you avoid these, and other contentiously polarizing human conditions, economic polemics and financial catastrophes.  

For example, our more than fifty forum topics and categories include the basic principles of student-debt avoidance, the intangible concept of goodwill, and the compensation-versus-value paradox of medical practice worth and Fair-Market-Value. 

Employer-employee deferred compensation arrangements are also visited as important retirement and fringe benefits. Compensation benchmarks for medical and allied healthcare specialties are presented. 

And, newer health delivery models such as consumer-directed health plans, cash-based-compensation extenders and concierge medicine, are mentioned by our career philosophers, medical practice management gurus and healthcare thought leaders. 

Of course, we also discuss and integrate corporate and personal financial planning principles like economic fundamentals, tax, and accounting strategies; portfolio and investment strategies; insurance and risk management ideas; retirement, practice succession essentials; and ultimately estate planning for physicians, nurses and health executives. 

Why the Executive-Post? 

Several years ago, Fortune magazine carried the headline “When Six Figure Incomes Aren’t Enough. Now Doctors Want a Union.” 

To the man in the street, it was just a matter of the rich getting richer. 

The sentiment was quantified by consultant Russ Alan Prince who reported that 50,000 physicians, with a net worth of $5 million or more, control assets worth $375 billion. 

Healthcare executives, physicians and other medical practitioners were not complaining under the traditional fee-for-service system; the imbroglio only began when managed care adversely impacted incomes.

Rightly or wrongly, the public has little sympathy for affluent doctors, or the entire healthcare sector.  

Contemporary Assessment 

Thus, the raison-d’etra of the Executive-Post is to change this perception, and the many other shibboleths that taint the healthcare industrial complex and all of its stakeholders. 

Today, the situation is vastly different as medical professionals struggle to maintain adequate income levels. While a few specialties flourish, others, such as primary care, barely move.  

In the words of Atul Gawande, MD, a surgical resident at Brigham and Women’s Hospital in Boston, “Doctors quickly learn that how much they make has little to do with how good they are. It largely depends on how they handle the business side of practice.”  

In order to remain a compassionate quality practitioner, and become a compensation-maximizing health executive, it is critical to understand contemporary thoughts on health economics and finance; medical management and HIT; as well as reimbursement trends, models and approaches. 

And, we feel it is just as critical to read, post, comment, opine and subscribe to in the Executive-Post.  

Make it your professional health economics social network-of-choice; embrace the changing trends and your Executive-Post colleagues. 

Conclusion Well, that’s my opinion. Your comments are appreciated. Please opine. 

More info: http://www.springerpub.com/prod.aspx?prod_id=23759 

Institutional: www.HealthcareFinancials.com 

Terms: www.HealthDictionarySeries.com

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