The Quest for “Alpha”

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A New Book Review

By Peter Benedek PhD CFA

In “The Quest for Alpha” Larry Swedroe systematically dismantles the theory that active money management (defined by him as stock selection and market timing) can lead to alpha (returns above risk-adjusted benchmark) after fees. He argues that “if markets are highly efficient, efforts to outperform are unlikely to prove productive after the expense of the efforts.

If that’s true, the winning strategy is to focus on the following: asset allocation, fund construction, costs, tax efficiency, and the building of globally diversified portfolios that minimize, if not eliminate, the taking of idiosyncratic, and therefore uncompensated, risks.”

He also argues that “In order to show that markets are inefficient, we need to see evidence of persistent outperformance beyond the randomly expected. Otherwise, we cannot differentiate skill from luck.”

Swedroe then ploughs through the available evidence on: mutual funds, pension plans, hedge funds, private equity/venture capital, individual investors and behavioral finance, to conclude that the evidence does not support the pursuit of active management in the quest for persistent alpha after costs.

Some messages [for doctors] and us all

  • “all activity is counterproductive” or “please don’t do something, just stand there”
  • attempts to generate alpha by the various means mentioned above are thwarted by: (1) highly efficient markets, (2) “the costs of exploiting any inefficiencies are sufficiently great to make it difficult to generate persistent alpha sufficient to overcome the costs of the effort, and (3) “if there are inefficiencies, the competition to exploit them causes them to disappear rapidly”
  • “since the underlying basis of most stock market forecasts is an economic forecast, the evidence suggests that stock market strategists who predict bull and bear markets will have no greater success than do economists” (and he equates economists forecasting skill level equivalent to guessing)
  • described “the winning investment strategy” involves a globally diversified portfolio of passively managed funds (such as index funds and exchange traded funds) tailored to an individual’s unique ability, willingness and need to take risk….(as well as) integrating an investment plan into a well-developed estate, tax, and risk management (insurance  of all types) plan.”
  • referring to the futility of active management and getting its practitioners to recognize that, he quotes Sinclair “It is difficult to get a man to understand something when his salary depends on his not understanding it”
  • William Sharpe is quoted as explaining the active vs. passive debate as: “If “active” and “passive” management styles are defined in sensible ways, it must be the case that: (1) before costs, the return on the average actively managed dollar will equal the return on the average passively managed dollar, and (2) after costs, the return on the average actively managed dollar will be less than the return on the average passively managed dollar”…so “active management is a negative sum game, also known as the loser’s game…(and) the quest for the Holy Grail of alpha is the triumph of hope, hype, and marketing over wisdom and experience.
  • Swedroe explains how one might improve portfolio performance relative to S&P500 alone by increasing its diversification across asset classes

Assessment

To paraphrase the message of the book, you have to be lucky, not smart, to generate after costs, alpha on a risk-adjusted basis with active management. And there are very many smart [physician] investors competing, but very few will end up being lucky.

So doctors, you’ll want to read this book, and then re-read it every time you get the urge to be active.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Black Licorice May Be A Bad Halloween Treat

The Polarizing Food

By Staff Reporters 

             “I love it”                                                                               “I hate it”

Black licorice is a polarizing food — people either love it or hate it.

FDA Warnings

For those in the former category, the FDA has a word of warning: don’t eat too much of the stuff this Halloween. And if you’re 40 or up, be particularly careful about raiding your kid’s plastic pumpkin, since eating 2 ounces of black licorice a day for at least two weeks can possibly lead to an irregular heart rhythm.

Assessment

http://blogs.wsj.com/health/2011/10/26/keep-a-leash-on-your-halloween-licorice-sweet-tooth-fda-says/?mod=WSJBlog&mod=WSJ_health

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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About ME-P Seminars

Book Dr. David E. Marcinko for your Next Seminar

By Ann Miller RN MHA

[Executive-Director]

Why Book Dr. DEM?

Dr. Marcinko believes nothing is purely management -or- medical -or- business -or- financial anymore – and nothing is purely personal.

Background and Credentials

David Edward Marcinko is CEO of the Medical Executive-Post [www.MedicalExecutivePost.com] and Founder of iMBA Inc [www.MedicalBusinessAdvisors.com] the parent holding company of several related communications firms [www.CertifiedMedicalPlanner.com].

He is a frequent education and motivational speaker on the business integration between medical practice management and financial planning for all healthcare professionals, in the US and Europe.

Understanding New Medical Practice Business Models

As a doctor, physician-executive and successful entrepreneur who transitioned out of clinical medicine, Marcinko understands how the practice and financial aspects of physician lives are tied together and how recognizing this makes it easier to make sound decisions in two areas; traditionally and for the new-wave narrative known as collaborative medicine and Health 2.0.

After all, he has been writing, speaking and publishing on all of it – and more – for the past three decades www.HealthcareFinancials.com

Interactive Philosophy

In his interactive seminars, participants can share as much or as little of their stories as they wish, but David describes them as being aimed at demonstrating where practice and money is concerned, nothing is purely “health economics”, nothing is purely “business management”, and nothing is purely “personal.”

Dr. Marcinko believes that only when this philosophy is understood, can doctors really take control of their present economic lives, current medical practices and future dreams.

Targeted Delivery

Dr. Marcinko’s presentations are generally aimed at a specific life-cycle: new practitioners, mid-life providers, and/or mature medical professionals.

Assessment

Dr. DEM is also available to speak to medical and financial services societies, at insurance or business development centers, pharmaceutical meetings and other like-minded organizations to deliver either contemporaneous seminars – or tailoring presentations to specific audience needs.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, 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 – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

 

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On Verilogue’s Patient Conversation Capture and Sharing Technology

Listening to Protected Patient-Physician Conversations

By Staff Reporters

http://www.verilogue.com/

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This company – Verilogue – purports to bring patients, physicians and the healthcare industry together to share information, enhance disease understanding and participate in medical marketing research.

They believe that in order to develop more effective medicines and communication materials for patients and physicians, the healthcare industry requires more insightful customer data.

The Technology

According to their website, Verilogue’s patent-pending technology system captures information at the point-of-practice™ and enables physicians to digitally record conversations with select patients each month.

In other words, Verilogue provides a secure and confidential way for patients and physicians to share opinions during office interactions.

This medical marketing research adheres to strict information privacy and security standards, which are based, in part, on the Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research.

Assessment

Furthermore, Verilogue states that the physician and patient information they collect is made anonymous and used by the healthcare industry to further enhance understanding of the numerous diseases that face our society today.

By participating in this research, Verilogue participants come together with one common goal, to win the fight against disease.

Note: We first learned of this company thru the post of our colleague Dr. David B. Nash, MBA.

Link: http://www.kevinmd.com/blog/2011/10/patients-physicians-largely-unknown.html

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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How Doctors Can [Legally] Lower their Investment Taxes

Strategies all Medical Professionals Can Use to Out-Smart the Tax Man

By Rick Kahler MS CFP® ChFC CCIM

Maybe Warren Buffett, the second richest man on the planet, doesn’t care how much he pays in taxes.

For medical professionals and the rest of us however, what our investments earn after taxes is much more important than what they earn before taxes. Federal and state income taxes, capital gains taxes, and alternative minimum taxes can reduce your investment earnings by up to 50%.

How so?

It doesn’t take much to substantially reduce your nest egg. If Dr. Smith earned an average of 8% and was taxed at 28%, his after-tax rate of return is 5.76%. A $50,000 investment earning 5.76% grows to $87,536 in 10 years. If that same $50,000 investment isn’t subject to taxes, it grows to $107,946. The higher tax bracket he is in, the more important it is for him to seek out ways to lower his tax bill.

Tax Free Growth

One of the best tax maneuvers is to invest your money where it will grow tax-free, meaning you will never pay any taxes on the income or accumulation.

One way to do this is via a Roth IRA or a Roth 401k plan. All earnings compound tax-free and are not subject to tax or penalties when you take them out of the Roth after age 59½. The downside is that your contribution is not deductible from current earnings.

Another tax-free investment is interest from municipal bonds. The higher income bracket a person is in, the more an investment in municipal bonds makes sense.

For a doctor in the 33% tax bracket, a 5% interest rate on a municipal bond is equivalent to a 7.46% rate on a taxable bond. But, for a new practitioner in the 15% tax bracket, it’s only equivalent to a taxable rate of 5.88%. Don’t make the mistake of investing in municipal bonds only because they have tax free income. Be sure the investment makes sense for you.

Tax Deferred Investing

After tax-free investing comes tax-deferred investing. This includes traditional retirement vehicles like IRA’s, 401k’s, 403b’s, pension plans, and annuities. Contributions to these plans are pre-tax, while contributions to annuities are after-tax. The earnings are not taxed until taken out, usually after retirement when you may be in a lower tax bracket.

Retirement Tax Rates

If you anticipate your overall tax rate (the average percentage of income taxes you pay for the year) in retirement to be over 15%, you’ll want to evaluate whether investments that earn most of their returns in the form of long-term capital gains might be better held outside of a tax-deferred account. That’s because withdrawals from tax-deferred accounts generally are taxed at your ordinary income tax rate, which may be higher than your capitals gains tax rate (currently 15%).

Get Advice

Look for advice from accountants and investment advisors who manage investments in ways that can help reduce the taxable distributions. Investment managers can employ a combination of tactics, such as investing in stocks that don’t pay dividends, counterbalancing the sale of stocks with gains against those with losses, tax harvesting, and minimizing portfolio turnover.

As important as minimizing tax is, be careful not to let the tax tail wag the dog. A poor investment doesn’t become a good one just because it’s tax-free.

Records

Finally, keep good records of purchases, sales, and distributions so you can accurately calculate the tax basis of your investments. Not keeping good records could mean paying more tax than you should when you eventually sell.

Assessment

While you can’t control the direction of the economy and markets, you can have a lot of control over where you invest your retirement funds, the taxes you will pay, and the costs. The tax consequences of investment choices matter to the rich. They matter even more to smaller investors; like doctors and nurses.

The Author

Rick Kahler, Certified Financial Planner®, MS, ChFC, CCIM, is the founder and president of Kahler Financial Group in Rapid City, South Dakota. In 2009 his firm was named by Wealth Manager as the largest financial planning firm in a seven-state area. A pioneer in the evolution of integrating financial psychology with traditional financial planning profession, Rick is a co-founder of the five-day intensive Healing Money Issues Workshop offered by Onsite Workshops of Nashville, Tennessee. He is one of only a handful of planners nationwide who partner with professional coaches and financial therapists to deliver financial coaching and therapy to his clients. Learn more at KahlerFinancial.com

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Mr. Rick Kahler and Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – are available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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The Critical Role of Patient Trust in Their Doctors

On Perceptions of the Physician’s Ability to Communicate

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Often the simplest solutions to problems are the best; remember KISS. So it would seem that when it comes to the impact of increasing patient trust in physicians – on many of the intractable challenges that face the health care industry everyday like nonadherence, lack of involvement, poor health status, dissatisfaction etc – the concept of trust is great, indeed!

Assessment

We explore the link between patient trust and outcomes in the infographic above, which Stephen Wilkins curated and designed. What surprised us however, is how a patient’s level of trust in their doctor, boils downs to the patient’s perception of the physician’s ability to communicate.

Source:  Stephen Wilkins, MPH http://healthecommunications.wordpress.com/about/

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Rags to Riches thru [Medical] Education?

Or … Riches to Rags for Docs and the ACA?

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American society prides itself on being a meritocracy, particularly with the fruition of the ‘American Dream’ being achieved by individuals from all types of backgrounds; like doctors, Financial Advisors [FAs] and all medical professionals.

Success

Success today typically involves some form of higher education, to expand intellectual capacity and to hone a skill-set.

However, the highest quality education is not the most easily accessible. And so, this infographic takes a look at how the elite tend to fare well, and how the disadvantaged aren’t provided the same opportunities.

Source: www.onlineschools.org

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Why Doctors Need to be Entrepreneurs

New Practice Business Paradigms Emerging

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

It is more important than ever for private practice physicians to sharpen their entrepreneurial edge, and I mean that in a good way. And, with the various healthcare reform options being discussed today, I hear a recurrent theme that in order to bring healthcare costs down, and the quality of patient care up, physicians are going to have to be smarter, more efficient and results driven.

Think like an Entrepreneur

In other words, think like an entrepreneur running your practice. I use “entrepreneur” in its positive sense: innovative, creative, nimble, frugal, and so on. For some, the word entrepreneurial is negative, as in greedy or always distracted by the financial aspects of work, but I disagree with that negative interpretation.

The Past Paradigm

In the past perhaps, starting and managing a medical practice was pretty standard stuff. Get your medical degree, hang out your shingle, and you stayed in business as long as you took good care of your patients.

THINK: Marcus Welby MD

The Future Paradigm

But, there’s no doubt the classic private practice paradigm of the last 50 years will disappear and new practice models will evolve. It’s fair to say, I think, that no two practices will be completely alike and instead there will be many versions.

THINK: Micro-medical practices, retail clinics, Just-in-Time and lean medical management, tele-health and e-health, house-call doctors and social networks, group office visits, ambulists and intensivists, etc.

Another Opinion

Some of the “reformers” might argue that all medical and healthcare practices should operate like McDonald’s and in some practice settings maybe that wouldn’t be such a bad approach.

But, to counter that opinion and state the obvious, patients are individuals, and require tailored specific care, unlike a hamburger that gets cooked exactly 90 seconds on each size. The tailored-care approach makes much more sense to me.

Personalized care will be the new paradigm, in biotechnology, pharmaceuticals, stem-cell solutions to diseases and in every direction healthcare is improving and evolving today. Private practices can deliver personalized tailored care better than any other practice model. Practices should partner with the government, private entities, or big institutions, to benefit from their resources of scale, as the private practice will be the best vehicle to deliver the personalized care of the (near) future to our large and diverse population.

THINK: A different vision.

Modern Times

Physicians as entrepreneurs can, and will, make the future of health care happen. These are heady and exciting times.

For an example of what I mean, just ask Herb Rogove DO.  As an “early adopter” of the intensivist, the hospitalist and the telemedicine models – and as someone who saw the potential to leverage his knowledge of these different areas – Dr Rogove has been able to create a mashup of his passions in his entrepreneurial physician start-up business, c3o Medical Group.

THINK: Protean

Assessment

See the “Power of Me-Inc” for Physicians

Link: https://medicalexecutivepost.com/2009/06/03/the-power-of-me-inc-for-physicians/

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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Invite Dr. Marcinko

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Get Smart [Advertise on the ME-P]

Reach Industry Pros, Executives and Decision-Makers with Ease

By Ann Miller RN MHA

[Executive-Director]

MarcinkoAdvisors@msn.com

Thank you for your interest in sponsoring the Medical Executive-Post, the web’s only site integrating medical practice management with personal financial planning for all health care and financial services professionals.

Why should your company sponsor an ad, text message or banner on the ME-P?

  • Reader loyalty. Not only does the ME-P receive a mind-boggling number of page views and visits each month, its readers are loyal.
  • Reader stature. ME-P readers are experienced industry pros, executives and decision-makers.
  • Selective advertising. The ME-P is a free read that’s off the radar of the big-ad companies. Your ad here stands out as personal and different.
  • Supporting the ME-P makes a big difference and costs only a fraction of other online publications with far fewer readers.
  • Cost. CPM is ridiculously low compared to other sites.
  • E-mail us for a full packet, but give a look to these results from the ME-P’s annual reader survey:
  • 89% of readers said the ME-P influences their perception of products and companies
  • 34% said that ME-P sponsorship alone give them a higher interest or appreciation for those companies
  • 75% said the ME-P has some, a good bit, or a lot of industry influence.

Contact me and I’ll e-mail you a rate card. Your support makes a difference!

Text Ads

We have great sponsor packages, but maybe you want to run a short-term ad — a position listing, an announcement, or your booth number at an upcoming conference. Or, perhaps your company is between budget cycles and can’t commit to sponsorship yet. We’ve got an answer – ME-P text ads.

Text ads are up to five lines long and are highly cost-effective. You’ll get about 25-35,000 impressions per week, reaching the ME-P’s highly targeted and loyal audience of healthcare professionals and financial services decision-makers. Think small text ads don’t work? They’ve made two Google kids billionaires!

PayPal Certified

All ME-P text ad costs are for one month, payable in advance via PayPal. We’ll post it quickly and you’ll see results almost immediately.

Assessment

Why waste money on magazines that never get read and with months of lead time required? The best way to quickly reach the critical mass of the healthcare management and financial services industry is right here on the ME-P.

Speaker: David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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On Social Security Adjustments for 2012

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Announcing a 3.6% COLA

By Children’s Home Society of Florida Foundation

On October 19th 2011, the Social Security Administration published a news release with increases in payments for 2012.

Based on the increase in costs this year and the economy, there will be a 3.6% cost-of-living adjustment (COLA) for 2012. This will result in increases both in contributions for some workers and in payments for retired persons.

Current Workers

Those current workers with higher incomes may be required to make larger payments. The Social Security wage limit for contributions (OASDI only) will increase from $106,800 to $110,100. The Medicare contribution of 1.45% will continue to apply to all earnings. Approximately 10 million workers are affected by this increased limit that changes their total contribution.

SS Old-Age, Survivors, and Disability Insurance

Social Security will continue to include the OASDI component of 6.2% and the Medicare portion of 1.45%, for a total of 7.65%. This contribution is required by both the employer and the employee. Self-employed persons will pay the total 15.3%.

Indexed Reduction

The potential reduction in payments for individuals between age 62 and their full retirement age is also indexed. The exempt portion increases from $14,160 to $14,640 per year. During the final year prior to the full retirement age, the limit in earnings prior to the full retirement date is increased from $37,680 to $38,880. Workers who exceed the applicable limit will lose $1 for every $2 in earnings above that amount.

Assessment

The maximum payment at full retirement age will increase from $2,366 per month to $2,513 per month. For all individuals receiving Social Security payments, the average payout is projected to increase from $1,186 to $1,229 per month.

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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What Kind of [Physician] Entrepreneur Are You?

More Doctors are Joining the Ranks

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[Medical] entrepreneurs, doctors and nurses, clinics and small-to-medium size healthcare business are on the forefront of  job creation in the United States because of the Affordable Care Act [ACA] of 2010.

And so, we now preview this infographic to celebrate the entrepreneur, their styles, and to investigate the data behind startup growth. Hopefully, it will encourage the next generation of physician-entrepreneurs.

Who knows, there just may be the next Steve Jobs MD out there!

Source: BizSugar

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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What Your Poop [Feces] is Telling You About Your Body

About your Pee [Urine] too!

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Have you ever wondered if your poop looked “normal,” but were too embarrassed to ask anyone else what their poop looks like? Or, has your pee ever smelled a bit putrid but you were too mortified to utter a word to your best friend [BFF], let alone your boy friend or girl friend?

Medical Poop

Poop is an important part of health and affects your beauty, as everything in your body works as an interrelated system. Well, don’t worry, because here is a guide to anything and everything you may have wondered about your poop, and yes, your pee.

Source: kimberlysnyder.net.

Conclusion

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Practice Management: http://www.springerpub.com/product/9780826105752

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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On Financial Advisors Becomming Certified Medical Planners™

Introducing

CERTIFIED

MEDICAL PLANNER 

  Now accepting matriculation applications from Financial Advisors, MBAs, CPAs and all RIAs!

  Live Online Matriculation Leading to a

Chartered Professional-Designation

Certified Medical Planner 

Attract, retain and better serve physicians and other medical professional clients.

Become a Certified Medical Planner™ –OR- just succeed like one!

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Are Doctors’ Jobs Over Rated by the General Public?

Many ‘Dream Jobs’ Overrated … Website Says

By Staff Reporters

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Everyone, it seems, aspires at some point in their lives to become a doctor. It’s somewhat of a dream job to most people: High pay, respect, prestige, authority. Of course, the readers of this ME-P may know better!

Nevertheless, for those who never made the dream come true, there’s some comforting news:

Doctor is the most overrated profession there is, according to a website that analyzes careers.

Yep, on a list of 12 most overrated jobs compiled by CareerCast.com, doctors — specifically surgeons, physicians and psychiatrists — occupy three of the top five spots. Only a corporate executive is more overrated, according to the website.

Link: http://www.careercast.com/jobs-rated/most-overrated-jobs-2011

Assessment:

CareerCast analyzed pay, stress, physical demands and the current and future employment outlook in compiling its list.

And stockbrokers, vilified in the current Wall street protests taking place in New York, Atlanta [home of the ME-P] and many other cities, average a little over $67,000 a year, less than some teachers.

Conclusion

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How Europe Affects Your Portolio?

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OR … It’s All Greek to Me!

By Sean G. Todd, Esq., M. Tax, CFP®, CPA
www.emcadvisors.com

When a possible default on Greek sovereign debt becomes headline news, a lot of doctors find themselves wondering, “How can the problems of a country so small and so far away create such turmoil in the world’s financial markets?”

Well, what’s happening in Europe is probably affecting your portfolio right now, regardless of the quality of your holdings or how well diversified you are; or think you are.

Bank exposure

One of the chief concerns about the possibility of default on sovereign debt has to do with the financial stability of banks that hold it.

For example, some of the largest French banks have already seen their credit ratings downgraded because of their extensive holdings of debt from troubled European countries. If a Greek default made banks reluctant to lend to one another, that could affect credit markets worldwide.

American banks hold very little Greek debt compared to European banks; however, they could face a different challenge. Derivatives known as credit default swaps can create a ripple effect, multiplying a default’s impact beyond the bondholders to other financial institutions and institutional investors. US financial institutions are major issuers of credit default swaps, and the potential impact that a Greek default would have is unclear.

However, since the 2008 financial crisis, banks have been forced to hold greater capital reserves to deal with contingencies.

Potential for tighter credit creating recession

Lending worldwide hasn’t fully recovered from the last financial crisis, and has helped keep global economic recovery sluggish. If banks’ lending ability were impaired further by a financial crisis brought on by a default on sovereign debt, pessimists argue that a slowing global economy could be thrown into recession. Europe represents a major market for many US companies, and a recession there would be felt around the globe.

Greece could be the tip of the iceberg

Even though Greece is the immediate concern, Europe’s larger economies could pose a bigger threat. Italy and Spain both face debt and deficit problems. Italy’s economy is more than five times that of Greece; Spain’s is more than four times bigger (CIA World Factbook 2011). If a Greek default would have a ripple effect, default bySpain or Italycould create waves.

To compound the problem, borrowing costs for troubled countries have risen. At recent auctions, nervous investors have demanded higher interest rates to compensate them for their higher perceived risk. As any credit card holder knows, having to pay a higher interest rate makes paying off debt and balancing the budget more difficult.

All politics is local

Recently there have been signs that voters in stronger European countries, such as Germany, may be questioning why they should continue to support others when their own economies are slowing. Also, investors worry that the financial support available from the European Financial Stability Fund (EFSF) may not be sufficient or available quickly enough to avert problems. Though there’s no shortage of suggestions for how to deal with the situation–issuance of euro bonds backed by all Eurozone members, leveraging the EFSF’s existing assets, greater fiscal integration among countries, Greece abandoning the euro–questions about the ability and willingness of other eurozone countries to support weaker members have contributed to physician … and all investors … anxiety.

Uncertainty

Doctors – like financial markets – hate diagnostic and treatment uncertainty, and the situation has contributed to the recent volatility across a variety of asset classes. However, Eurozone leaders have the benefit of having watched the United Statesduring the 2008 crisis. Also, they have generally reaffirmed their determination to defend the euro.

Assessment

Despite the above, remember that uncertainty about Europe could persist for months, so while it’s important to monitor the situation, don’t let every twist and turn derail a carefully constructed investment game plan.

To determine how market events might affect your own portfolio, don’t hesitate to ask questions and get expert help, prn.

Conclusion

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Social Media Strategy Survey for Financial Advisors and their Physician Clients

The ME-P Wants to Know

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Increasingly, more brokerages and wealth management firms are pursuing various social media channels to connect with prospective medical clients and existing customers. Financial Advisors [FAs], RIAs and CPAs are using social media, as well.

Financial Services Late Adopters

Now, while adoption has been slow, this is changing as more firms embrace the technology required to make social media programs successful. This rapidly changing social media landscape means that individuals in the financial services industry, and their related organizations, must be strategic or risk falling behind.

Assessment

Join in and tell us how FAs, BDs, RIAs, CPAs and wealth management firms can, and should, take advantage of social media platforms. Give us your best tips and insights to help firms capitalize on these new opportunities to connect with existing and potential new clients.

Doctors – feels free to chime in as well. How has your FA or CPA been treating you; lately?

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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The AMA says “Power to the Patient” … Finally!

The American Medical Association Recognizes Shared Decision Making

By Staff Reporters

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Some readers of the ME-P may be surprised to learn that the American Medical Association [AMA] now “recognizes” shared decision making.  A document recommending precisely that is available for your reading pleasure here.

Assessment

The AMA also recognizes that shared decision making can make the physician-patient relationship stronger, opposes any effort to link it to insurance coverage and supports more pilot programs.

Of course, with AMA influence waning at less than 18% of allopathic members, and health 2.0 strategic initiatives rising along with a plethora of other related medical professionals, was there even a choice? 

As one doctor we interviewed said:Congratulations AMA for recognizing the obvious and abandoning your command-control philosophy … and welcome to Y 2012.” 

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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My “One” Criterion for Hiring Physician Consultants and Doctor Advisors

More about the Frightening “F” Word

Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

As you begin to search for a medical practice business advisor or healthcare consultant, be sure to contact the advisor and request a short initial meeting that should be free of charge.

Just as you would select your own physician, you should base your consulting decision on credentials, experience and especially education. Fee schedules are probably of least importance. And, by understanding the “F” word, you stand the best chance of finding an advisor that’s right for your budget, practice and personality.

The Traditional View

The traditional view of medical management consulting, or the financial advisory or financial planning business, is not of a fiduciary. Historically, in the view of many, attorneys, doctors, CPAs and the clergy are proto-typical fiduciaries, as are the small but emerging class of contemporary Certified Medical Planners [CMP™]. They have a clear duty to put the best interests of their clients, patients, congregation, etc., above their own and to disclose conflicts of interest, etc. Too many others who retain this title function as poseurs.

Link: www.CertifiedMedicalPlanner.com

The stock market collapse, SEC debacle, home mortgage and real estate fiascos of the past few years, all highlight the lack of general accounting, financial, business and advisory oversight of Wall Street, the NASD/FINRA and related private and government monitoring agencies. This includes financial and investment advisors, wealth managers and healthcare consultants.

Fiduciary Definition

According to Bennett Aikin, Accredited Investment Fiduciary [AIF®], a fiduciary consultant is someone who offers advice, or manages the assets of another person and stands in a special relationship of trust, confidence, and/or legal responsibility [personal communication].

Link: https://medicalexecutivepost.com/2009/03/01/an-interview-with-bennett-aikin-aif%c2%ae/

Financial designations that indicate fiduciary duty do not exist absent the proto-types mentioned above. Rather, it is function that determines who is a fiduciary; not designations, certifications or licenses to hold a particular trade-mark, service-mark or registration-mark.

So, a fiduciary advisory, according to these definitions can be held accountable for a breach in fiduciary duty, regardless of any expertise they do, or do not have. This underscores the critical nature of understanding the fiduciary standard and delegating certain duties to qualified “professionals” who can fulfill the parts of the process that a non-qualified fiduciary cannot.

Fiduciary? – Get it in Writing!

But, this does not mean it is impossible to find a healthcare consultant who accepts fiduciary responsibility and acknowledges the same. The best way to rectify confusion is to get fiduciary status acknowledged in writing and review all of the necessary steps in the fiduciary process to ensure fulfillment. An acknowledgement of fiduciary status letter can even be a simple checklist to ensure the entire fiduciary process is being covered.

Link: www.CertifiedMedicalPlanner.com

About http://www.fi360.com

Public resources for understanding the fiduciary process and for choosing appropriate consultants include the Department of Labor, the AICPA’s Personal Financial Planning division, and iMBA Inc. Private resources are available from the law firm of Reish Luftman Reicher & Cohen. The firm specializes in employee-benefits law and is considered leading ERISA experts. More resources from www.fi360.com include:

  • Fiduciary Standard of Excellence
  • Safe Steward Document
  • Stewardship Handbook
  • Legal Memorandum Handbook

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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The Eight Types of Waste in Healthcare Processes Today

 The Industry Must Identify and Avoid These Traps

By Mark Matthews MD

www.Creative-Healthcare.com

Operative Definitions:

Noun:
Processes: A series of actions or steps taken to achieve an end.

 

Verb:
  1. Perform a series of mechanical or chemical operations on (something) in order to change or preserve it: “the stages in processing the wool”.
  2. Walk or march in procession: “they processed down the aisle”.

 

Waste in healthcare processes can be classified into 8 different subtypes:

  • Overproduction: This term refers to the performance of redundant work. Examples include duplicate charting, multiple forms with the same information, copies of reports being sent automatically, and multiple caregivers asking the patient for the same information.
  • Motion: This term refers to the extra steps taken by employees in order to complete a task (part or all of a process). People working in healthcare facilities or offices often spend a large part of their day moving around the environment searching for people or information, gathering supplies, moving items, dropping off records, etc.
  • Waiting: This is epidemic in most healthcare settings and is often referred to as “queuing.” Waiting for items like medical records or radiographs, or a patient waiting for providers is simply inactive time with no value content at all.
  • Transport: The unnecessary movement of patients, supplies or materials that are necessary for, involved in or produced by a process. Examples include delivery of medication from a distant central pharmacy, procurement of an unexpected surgical pack to the operating room, staff needing to travel a great distance to retrieve supplies, or transporting patients large distances from the emergency room to obtain diagnostic tests. This movement adds time to a process and contains no value.
  • Over-processing: Excess processes that do not add value from the patient’s perspective. The most prevalent example of this in healthcare is the processing of regulatory paperwork or the inclusion of extra steps merely to satisfy a regulatory condition. Also included are activities like order clarification due to poor handwriting or erroneous abbreviations, missing medications from a pharmacy area leading to a delay in treatment, and redundant charting or paperwork.
  • Inventory waste: Seen when too much product is acquired ahead of actual demand. This leads to a risk that items may become outdated or expired, leading to waste and excess cost. This is most often seen in healthcare in association with poor inventory management. Inspection of the average hospital storeroom will yield many items that will not be needed for months to years ahead. In addition, catering to the individual needs of all surgeons in the operating room leads to the accumulation of multiple trays and costly instruments that are used infrequently.
  • Rework: This term refers to work that contains errors or defects that require correction. In healthcare, this is seen in coding and billing errors requiring reprocessing, medication errors requiring additional reconciliation, patient mishaps requiring reporting and perhaps additional treatment, and surgical errors requiring re-operation.
  • Not using people to their full potential capabilities: This is often referred to as the “8th form of waste” because it was described after the original 7 forms of waste related to manufacturing were defined. It refers to a mismatch of a particular task to the skill set of the person assigned to perform that task. It is common to see significant variation in the ways different people will perform the same task. This often arises when there is an unclear expectation set forth by management or a lack of standard processes. Matching tasks to skill sets can lead to improved quality of work, employee satisfaction, and employee loyalty.

Pre-Order Book Now [more from this author]

We are now preparing the next edition of our book:
“Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies].

In-Process from: (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

About the Author

Dr. Mark Mathews has 20 years of active clinical practice in the field of Anesthesiology. Located in Scottsdale, Arizona, he has served on the management board of his large multi-specialty anesthesiology group in the Phoenix area as well as various committees within the Scottsdale Healthcare System. Currently, he is developing simulation models mimicking various medical inpatient and outpatient processes with an emphasis on improving Patient Safety through the application of Lean and Six Sigma analysis. After receiving his Bachelor of Science and Medical Degrees from the University of Arizona, Dr. Mathews completed his residency training in Anesthesiology at the University of Minnesota. Subsequently, he received specialized fellowship training in Neuroanesthesiology from the Barrow Neurological Institute in Phoenix, Arizona. Currently, he is a Diplomat of the American Board of Anesthesiology and maintains numerous memberships in professional medical societies. 

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Examining the College Credit Bubble

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Expensive – Even for Medical Professionals!

By Rick Kahler CFP®, MS, ChFC, CCIM

The latest bubble forming on the horizon isn’t in real estate or stocks. It’s the cost of a college education, up four times the rate of inflation since 1985—twice as much as health care costs.

What’s Driving this Stratospheric Rise?

Just like the housing crisis, easy credit and poor government policy.

The Federal Government as Champion

For decades governments have championed making a college education affordable for all, just as they did home ownership. Since some segments of society couldn’t afford an education or a house, the answer was to encourage lenders to make loans they wouldn’t normally have made. This was done by guaranteeing lenders that if the loans went bad; the government would take them over.

Dual Results

There were two results of this seemingly noble policy. First, with easy credit available, almost any jobless teenager could borrow up to $250,000 for a college degree without a worry in the world of paying it back until graduation.

Easy credit drives up prices, as the increased demand exceeds supply. Colleges increased tuition at a dizzying rate, simply because they could easily fill classes with students who could easily pay the tuition by painless borrowing. Normal market forces were thwarted, and prices rose exponentially and consistently. Four years of tuition that cost $50,000 in 1985 costs $200,000 today.

The second result is a replay of the housing crisis. According to an article by Malcolm Harris in the September/October 2011 issue of Utne Reader, students now owe more than $800 billion in outstanding student debt, of which only 40% is in active repayment. The majority of student loans are in default or deferment. Since these debts are guaranteed to the lenders,U.S. taxpayers are on the hook for them.

Unintended Consequences

The government’s artificially gaming markets to give credit to those the market would normally deny, while well intended, causes unintended consequences. The distortions create a new set of problems, sometimes as bad as or worse than those that inspired the attempted fix in the first place. More often than not, most of the parties to the transaction ultimately lose.

The Students

Among the losers are the students themselves. Few take the time to calculate the overt cost of obtaining their education with the corresponding salary it prepares them to earn. But, Laurence Kotikoff, professor of economics at Boston University, describes the hidden costs in the September 2, 2011, InvestmentNews. These include the time spent learning rather than earning, plus the progressive income tax which taxes annual earnings rather than lifetime earnings. According to a recent study by economists Stacy Dale and Alan Krueger, going to more selective colleges and universities makes little difference to future income.

Of Doctors and Plumbers

Kotikoff compares two students, neither of whom borrows for their education. One becomes a doctor and the other a plumber. The doctor spends 11 years of her life in school in order to earn $185,895 annually. The plumber spends two years and earns $71,685. The bottom line is that the plumber’s sustainable spending is equal to the doctor’s.

Re-Gaining Affordability

If the government stopped guaranteeing college loans, the initial result would be significantly less demand for a college education. Tuition rates would plummet, eventually becoming affordable once again as the source of easy credit dries up.

Assessment

Without easy borrowing as an option, parents and students would be encouraged to begin college saving early. Students would have new incentive to earn money for college and also do well in high school to qualify for scholarships. The result would be more students graduating without debt and feeling less pressure to take the first job available. Then, the money that today’s grads apply to student loans could instead be invested in retirement plans.

The Author

Rick Kahler, Certified Financial Planner®, MS, ChFC, CCIM, is the founder and president of Kahler Financial Group in Rapid City, South Dakota. In 2009 his firm was named by Wealth Manager as the largest financial planning firm in a seven-state area. A pioneer in the evolution of integrating financial psychology with traditional financial planning profession, Rick is a co-founder of the five-day intensive Healing Money Issues Workshop offered by Onsite Workshops of Nashville, Tennessee. He is one of only a handful of planners nationwide who partner with professional coaches and financial therapists to deliver financial coaching and therapy to his clients. Learn more at KahlerFinancial.com

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Healthcare Videos Worth Watching for 2011 [A Parody]

At Least According to … FierceHealthcare.com

By Staff Reporters

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What do “Top Gun,” “The Terminator” and “West Side Story” all have in common with the healthcare industry? Each is parodied in videos that make the HealthcareFinance 2011 list of must-watch YouTube clips from the medical realm.

(Check out our previous must-watch list of healthcare videos)

Deeper Value

Although each video–five in all–clearly has high entertainment value (for example, you’ll never be able to listen to Johnny Cash’s “Ring of Fire” in the same way again), some do have messages that go beyond the wackiness portrayed on the parody surface … to reveal a deeper more insightful truth or value!

Link: Click here to get started

Assessment of the Parody

“Many a true word is spoken in jest” and “Some truths, too painful or too likely to provoke, can be spoken only when the listener has been disarmed by laughter” are proverbial truths.

The idea appears to have been recorded first by Geoffrey Chaucer with the line, “A man may seye full sooth (truth) in game and pley” in his “The Canterbury Tales” (circa 1387).

In “King Lear” (1605), William Shakespeare wrote,”Jesters do oft prove prophets”; and some years later, the modern version was rendered in the “Roxburghe Ballad” (circa 1665): “Many a true word hath been spoken in jest.”

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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How to Select a Property and Casualty Insurance Agent

Eschewing Conventional Wisdom

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

In my travels, and various consulting engagements, I am often asked how to select a good PC agent. As a former insurance agent myself, I know what is required for my medical colleagues. And, there is no doubt that a good property and casualty (P&C) agent is needed to protect the physicians’ home and medical practice business entity, etc.

No Dedicated Agents

The P&C agent should not be dedicated to a single company, but have an array of carriers with which the home or practice can be placed.  I opine thusly even though most insurance companies will offer a discount if you place multiple coverage with them.

Select “Best of Breed”

However, this may not be as beneficial as insuring each need with a specialist. So, do not hesitate to place different types of coverage with different insurers. Selecting the “best of breed” may be more work; but it also may be more beneficial when a claim is made.

Assessment

Remember, by agency law, and definition, P&C agents are not fiduciaries.

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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What is a Forensic Investigator?

Think – CSI on TV

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According to WiseGeek.com, a forensic [medical] investigator works with police and [health] departments to solve crimes. Becoming a forensic investigator usually requires a bachelor’s degree in biology, chemistry, or a related field.

Expert Witness Work

When a forensic investigator is not investigating crime scenes, s/he may be found filling out paperwork or testifying in court. The work of a forensic investigator is often done as part of a team, especially in larger police departments. Smaller departments might share one or two forensic investigators among themselves.

Source: www.forensicsciencecolleges.org/organization_files/277/employmentwagesgraphs-investigator.png

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Celebrating Our Four-Year Anniversary

Be Sure to Opt-In, Too!

Dr. David Edward Marcinko MBA CMP™

Professor Hope Rachel Hetico RN MHA

Ann Miller RN MHA

[ME-P Executive Staff]

This month is the four year blogaversary of the ME-P. We had a big bash planned but canceled it because it really isn’t worth a lot of e-hoopla.

But, we do wish to thank a few classes of people, if not those folks individually.

So, we’ll thank all briefly, and then move on with today’s post.

Our Successful Network

We share the success of this blog with our readers, subscribers and guests – all of whom have contributed first rate posts and comments. We also have an informal network of support behind the scenes; these are individuals to whom we go with questions about technical issues, seek writing advice, and/or a few kind souls who listen or try out rough-drafts of new ideas.

Our ME-P Reach

We are also grateful for the internet recognition that has helped elevate the relevance and extend the reach of this publication and the ideas expressed in it. So, many thanks to other supporters for their links, advertisements, experts and sponsors!

Assessment

And finally, thanks to the readers of this blog who have helped us make it what it is. Had no one showed up to read and receive the ME-P, we’d have stopped publishing long ago. We also receive good comments and references from readers. A few of you have proven so valuable that we’ve become e-mail correspondents to facilitate the sharing of ideas. To you all – many thanks!

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, please congratulate us by opting-in and subscribe to the ME-P. It is fast, free and secure.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Let’s Meet Dr. Peter Benedek CFA

At Your Service as Our Newest ME-P “Thought-Leader”

By Ann Miller RN MHA

[Executive-Director]

www.retirementaction.com

Peter Benedek retired in 2002, after almost thirty years working as an engineer, manager and then executive in telecommunications Research and Development. While having a PhD in Electrical Engineering, he was always also interested in the financial world.

Enabling Others to Control their Destinies

However, due to work and family pressures, he had the opportunity to delve deeply in a formal finance related study only after retirement. The collapse of telecom industry, coincidental with retirement, reinforced his interest in financial related matters – not just as an intellectual pursuit – but also as a means to better understand how to manage his own personal financial affairs, and assist others to better manage their affairs in order to achieve some level of control over their destinies.

What Peter Brings to the ME-P Ecosystem

Dr. Benedek is no novice however. In the summer of 2006 he successfully completed the three levels of study toward the Chartered Financial Analyst designation offered by the CFA Institute®. He is thus a CFA charter-holder.

Assessment 

In addition to authoring his pro bono website, he started providing research and consulting services to investment management firms in 2009.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, 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 – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Are Health 2.0 and Financial Services 2.0 Organizationally Related?

Similar Business Models Emerging!

By David K. Luke, MIM

Investment Advisor

http://networthadvice.com

Defining Health 2.0

Health 2.0 is healthcare with the full involvement of the patient and the doctor. New web technologies, enabled by information, software, and social networking help increase participation and openness between the players. This will permit health care professionals to work in a more suitable “patient-centric” demand driven environment. Health 2.0 is evolving fast as the technology evolves.

Defining Financial Services 2.0

The same technology deployment changes and increased public involvement are prevalent with Financial Services 2.0, including a quickly morphing investor driven landscape creating a more “investor-centric” atmosphere.

Tribulations and Detractors on Both Sides

The move to 2.0 in healthcare and financial services is proving to be beneficial to all parties, but not without tribulations and some detractors.

In Healthcare

Within healthcare, from the patient’s perspective, the ability for patients to have ready access to their medical records, review doctor’s notes, and engage in the process is refreshing and liberating. Older doctors may be unwilling to adapt their practices, however. Many practices are not equipped as strategic business units, which is required now to deal with the patient and is becoming the new norm. Practices will need to evolve and healthcare providers will need to adapt.

For example, nearly 7 out of 10 physicians in a recent study by The MEDSTAT Group and JD Power and Associates considered themselves “anti-managed care” indicating unhappiness with the financial reimbursement system. Some physicians are packing their bags and moving out of practice, into more lucrative business ventures and other pursuits. One criticism of the new Health 2.0 is that it is one more paradigm, one more monkey on the backs of already exhausted physicians.

Another criticism is that some patients are not equipped with the knowledge or experience to interpret correctly all the newly available information, making it difficult for physicians to implement a proper course of action with the patient.

Nonetheless, early adopting physicians to Health 2.0 are having success and utilize e-mail office visits, video-conference appointments, and matching online patient visits with convenient neighborhood locations. The wise physician realizes that Health 2.0 is here to stay, and must be confronted and dealt with.

In Financial Services

Adoption of the new technologies within Financial Services 2.0 has been rapid. The number of Financial Advisors (FA) in the United States has started to shrink as the end investor is increasing access to information and making more decisions without intermediaries. Advisors that are surviving, indeed thriving in this environment are adapting and implementing new technologies. Interactive websites with video, account and investment option access, and reductions in transactions costs while increasing services all seem to benefit the new consumer in Financial Services 2.0. Advisors that are slow to adapt criticize the ease with which investors can now make investment decisions often at their own peril.

Assessment

Some players on both sides of the issue believe that the transaction cost savings touted by new “do it yourself” investing and medical information websites may not be worth the potential [many fold] losses that await the inexperienced investor or patient.

As with physicians and the new realities of Health 2.0, the wise FA is adapting their practice to Financial Services 2.0 not just to cope but also to thrive.

Editor’s Note: David K. Luke is currently enrolled in the online http://www.CertifiedMedicalPlanner.org chartered professional designation program.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Can You Get Cancer From Oral Sex?

Yes Virginia and Virgil – You Can!

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Yes, and the US is seeing a sharp increase in the number of cases of oral and throat cancer especially among young men, caused by HPV infections contracted during oral sex.

Source: The Mount Sinai Medical Centre

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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Of Interest to MD and FA Philanthropists

About The New Center on Philanthropy

By Staff Reporters

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Major philanthropists and those successful doctors [and their patients], and affluent financial advisors [and their clients], about to join their ranks increasingly want information about which organizations with causes matching their interests are receiving large gifts, where their peers are giving and where gaps in funding may exist.

Now, they have a new tool that can help them decide where, when and why to make gifts of $1 million or more.

Last week, Indiana University’s Center on Philanthropy rolled out a searchable database of more than 60,000 large, publicly reported gifts it has compiled since 2000. The Million Dollar List covers gifts from individuals, foundations and corporations.

What it is – How it works

The Center on Philanthropy at the Indiana University is a leading academic center dedicated to increasing the understanding of philanthropy and improving its practice through research, teaching, public service and public affairs. Founded in 1987, the Center is a part of the Indiana University School of Liberal Arts at Indiana University-Purdue University Indianapolis.

The Center was founded as the result of the convergence of two ideas.

First, some people recognized the need to professionalize fundraising and to create a permanent, university-based home for The Fund Raising School. Second, others were interested in building knowledge about the philanthropy field through an inter-disciplinary approach grounded in the liberal arts. These ideas, and the goal of bringing scholars and practitioners together to learn from each other, are the founding principles that remain the bedrock of their mission.

Today, the Center says it boasts a thriving research program that informs the work of nonprofit professionals throughout the world. Academic programs related to philanthropy and nonprofit management are attracting from a diverse group of highly talented students. And, The Fund Raising School continues to be the premier international university-based education and training program for fundraisers.

Assessment

So, give em’ a click, and tell us what you think?

http://www.philanthropy.iupui.edu/About/center_overview.aspx

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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About Healthcare Financials.com

WELCOME ALL HEALTH 2.0 COLLEAGUES

[An Open Invitation]

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All hospitals and healthcare organizations, both emerging and mature, face a daunting financial scenario in today’s volatile healthcare reimbursement environment.  Decreasing revenues, increasing costs, and high consumer expectations present a complex challenge for CEOs, CFOs, physicians and nurse executives, administrators, financial advisors and department managers who must not only lead in today’s climate, but also position their organizations for tomorrow’s financial tumult and potential political changes of the Obama Administration.

Produced by a team of leading doctors, physician executives, nurses, medical professionals, economists, administrators, lawyers, and accountants, skilled business leaders and IT consultants, among many others; Healthcare Organizations [Journal of Financial Management Strategies] on CD-ROM, or SaaS, looks at ways to manage assets, costs, human resources and healthcare claims.  Everything – from inventory management to hybrid and activity based cost analysis in order to accelerate the cash conversion cycle – is scrutinized.  And, modern health economic themes like competitive strategy, workplace violence and financial benchmarks, for both public and private entities, are included.

We also examine contemporaneous topics such as the lessons learned from the corporate healthcare market competition and the PPMC imbroglio of the early 2000’s, and the domestic financial meltdown of 2009. This includes current methods for achieving hospital objectives, negotiating and analyzing cost-volume-profit contracts, and understanding the financial impact of regulatory requirements under HIPAA, STARK I-III, OSHA, the US Patriot Acts, the Deficit Reduction Act [DRA], the often contentious Sarbanes-Oxley Act, ARRA and HITECH Acts, and the Fair and Accurate Credit Transactions [FACT] Act.

In addition, information technology issues like electronic medical records (eMRs), RFID controls, RSS feeds and blogs, Health 2.0 initiatives and computerized physician order entry (CPOE) systems are examined in detail. Virtually no  operational, strategic business, health economics, or financial management topic is omitted.

“This wide-ranging examination of the fiscal

management scene for hospitals, healthcare

organizations, clinics and outpatient centers 

includes case models, extensive appendices, 

and detailed checklists and templates that

step the reader through a review of main

issues for each chapter.”

Health Care Organizations [Journal of Financial Management Strategies] on CD-ROM, or SaaS, is dedicated to meeting the administrative needs of our nation’s healthcare organizations in order to help them maintain a competitive edge in the markets they serve; and to take advantage of emerging business opportunities. We therefore invite you to be the first health economics cynosure in your hospital, facility, or healthcare system to join us for the journey.

Let Health Care Organizations [Journal of Financial Management Strategies] be your guide. 

Subscribe today … Succeed tomorrow!

Dr. David Edward Marcinko MBA, CMP

[Founder, CEO and Editor-in-Chief]

iMBA Inc – Suite #5901 Wilbanks Drive

Norcross, GA 30092-1141

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Why I Rue the Hospital “Team-Based Medicine” Approach to In-Patient Care

Join Our Mailing List

Or, Whose Patient is it – Anyway?

By Dr. David Edward Marcinko MBA, CMP™

www.CertifiedMedicalPlanner.org

[ME-P Publisher-in-Chief]

Ok, I admit it; I may be an aging curmudgeon [just ask my wife and daughter] who has not regularly seen patients in the office for the last decade. A consult here, Independent Medical Examination [IME] there, or a surgical assist when needed has been the extent of my patient experience since my transition out of direct care medicine in 2000-01.

Moreover, I admit to not being an ardent fan of hospital-based medicine [with all due respect to colleague and uber-hospitalist Robert Wachter MD, who I admire and have frequently mentioned in my books, white papers, speaking engagements and here on this Medical-Executive Post].

I am also not completely in favor of the many new-fangled “specialties” and medical business models.  And, as recent models and linguistic evolution occurred, the nomenclature designation of hospitalist was followed by that of hospital-intensivist, hospital-proceduralist and hospital-nocturnalist, etc [http://medinnovationblog.blogspot.com and personal communication Richard L. Reece MD].

Enter the Team-Based Hospital Doctors

And now – for the last five years or so on my radar – there is a new term to add to the lexicon: team-based hospital medicine [practice], or similar. But, I ask, whose patient is it? Who is accountable? Where does the buck of responsibility stop?

The Quintessential Example

On Friday, May 9, 2003, a 5-year-old boy was undergoing diagnostic testing for his epilepsy at Children’s Hospital in Boston when he suffered a massive seizure. Two days later, on Mother’s Day, he died. Despite the fact that he was in intensive care at one of the world’s leading pediatric hospitals, none of the physicians caring for him ordered the treatment that could have saved his life.

The death was tragic, but even more troubling from an organizational perspective was the series of events that led up to it. The Massachusetts Department of Public Health investigated the death, and The Boston Globe reported on the results that, “the investigation portrays a situation where lines of authority were deeply tangled, and where no one person had accountability for the patient. Each of the doctors who initially worked on the case–two at the bedside and one consulting by phone–told investigators that they thought one of the others was in charge.” In the end, no one was in charge.

This is a striking example of how even the most talented clinicians in one of the world’s best hospitals can fail not only to provide adequate care, but to save a savable life—all because the lines of authority were unclear. The lack of clarity resulted in this team’s inability to collaborate effectively at a time when the stakes couldn’t have been higher.

Here are two other benign, but more personal, examples circa 2011.

My Personal Experiences

My Sister

This past summer, my sister was in a VA hospital [extremity injuries, nothing serious] for about a week. She was seen by 13 different physicians who were on her “team”; not to mention the plethora of other allied healthcare “team-members”. Me, my wife [RN], and/or her boyfriend [Army Medic and a PA] were at her bedside at least 12-15 hours each day. She was rarely left alone, by design, as we all recalled the admonition of former AMA President Tom R. Reardon MD, to always have a bedside advocate while in the hospital.

Yet, she was offered the wrong medications on one occasion, personally mis-identified twice, and it was obvious that her team-members rarely communicated or discussed her case [by their own admission], or even reviewed her electronic medical records [vistA system] before rounds. Here, the “system is down” was cited as causative: https://medicalexecutivepost.com/2009/09/21/what-is-a-client-server-system

My Dad

Now, later this same year and under the same patient advocate approach, my dad was in two different hospitals sequentially, both using the “team-based” care model. In each, members did not know, or were loathe acknowledging, who was in charge of his case! Malpractice phobia was apparent despite the coterie of, no doubt brilliant, MD/PhD interns, residents and fellows making daily rounds by starring at their shoes. One physician even cited her hectic return from vacation as the reason she examined my dad – for the first time – without reading his paper chart. “Doctors need vacations, too”, was her flippant response when challenged.

Outcomes

Fortunately, our insider knowledge and – shall we say – “charming swagger” was helpful in avoiding major complications with the continuity-of-care in the above two examples. But, most patients are not so blessed!

Our Newest Book

These stories reflect just one of many difficult collaboration challenges in healthcare, today.

In her textbook chapter, Collaborating to Improve Operating Performance in a Changing Healthcare Landscape [Opportunities for Improvement Widespread], contributing author Jennifer Tomasik MS, Principal at CFAR [Center For Applied Research Inc, in Cambridge, MA], focuses on the increasing need for collaboration among physicians, clinicians, hospital executives, and administrative leaders in the dynamic, complex healthcare environment. She looks specifically at collaboration along three different dimensions, including

  • inter-professional teams,
  • institution to institution, and
  • physicians and administrators.

In each instance, she describes useful tools that can be applied to improve collaboration and overall institutional performance—all in the service of providing better patient care.

Assessment

To me, it seems pretty obvious that “hospital team-based” medical care is an oxy-moron. On one hand, it appears to reduce risk, but on the other hand, it appears to reduce quality care as well. Moreover, it also seems to be an invoice generating machine, and revenue enhancing mechanism

And so, beyond this individual ME-P, and its’ tragic and trivial examples, it is important for hospitals and healthcare organizations to improve collaboration. Our patients depend on us to get the philosophy of “hospital team-based” care right, if it is to continue. Otherwise, it will become another good intention, gone awry, in the changing hospital ecosystem that is domestic health care.

Pre-Order Here:

“Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies]

In-Process, 425 pages, est., from (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

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Conclusion

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CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

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Is it Time for Level Life Insurance Commissions? [A Voting and Opinion Poll]

Ending the Churn-em’ and Burn-em’ Ethos 

By Staff Reporters

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Some insurance agents are currently noting that life insurance ownership is almost at an all time low because of the economy. And, some have even prompted suggestions that a “level commissions” payout would reverse the trend.

The argument goes something like this:

If agents were compensated 10% a year over a 10-year period rather than 100% in year one, annual reviews would increase substantially. The long-standing current method is not geared toward ongoing service, but to “churning” and “flipping”. Clients get better service from their property/casualty agents and wealth advisors because these practitioners have a financial inventive for their clients’ continued allegiance.

What do you think? Please vote and be sure to add your comments below.

Conclusion

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On Health Insurance in America

Just how bad is it –  economically?

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QUESTION: How bad is the health insurance problem in America?

ANSWER: 4% of Americans are uninsured with many more under-insured, 75% of all bankruptcies are from the result of medical bills and 60% of insured individuals are in debt from health related expenses.

The cost of healthcare is no longer affordable to many middle class families, even with health insurance, so some would say it is pretty bad.

But, are these figures correct?

Assessment

Brought to you by: lowcosthealthinsurance.com

Conclusion

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

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Attacking the Home Mortgage Tax Deduction?

On Tax Reform

By Children’s Home Society of Florida Foundation

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Senate Finance Committee Chairman Max Baucus (D-MT) has been holding a series of hearings on major tax reform. The hearings focus on potential changes in itemized deductions. If itemized deductions for medical care, mortgage interest, state and local taxes or charitable gifts are reduced, then it may be possible to lower the overall tax rates.

The “Big Four” Tax Decuctions

These four deductions are termed “tax expenditures” and are all currently under review. At the October 6th hearing of the Senate Finance Committee, witnesses discussed changes in home mortgage deductions.

Sen. Baucus stated, “As we work to improve and simplify the tax code, we need to make sure tax incentives are structured to encourage certainty and stability, not booms and busts in the housing market. And as we reduce the deficit, we need to insure every dollar in tax expenditures is spent wisely – and spent efficiently.”

Orrin Hatch Speaks

The senior Republican Senator on the committee is Orrin Hatch (R-UT). He expressed concern about changing the mortgage deduction and noted, “Given the still precarious status of the nation’s housing markets and past mistakes made by government to prop up these markets, it is fair to say that Congress needs to tread carefully when addressing policies that affect real estate.”

John Breaux Speaks

Former Sen. John Breaux was a Co-Chair of the President’s Advisory Panel on Federal Tax Reform in 2005. This panel started by reviewing the ability of taxpayers to deduct interest payments on up to “$1.1 million of housing debt on first and second homes.” They suggested that this benefit is primarily helpful to those with larger incomes who itemize deductions. The panel proposed that the mortgage deduction should be changed to a credit of 15% of mortgage payments on loans up to $412,000. In recognition of the major impact of this change on homeowners, Sen. Breaux recommended that the change would be phased in gradually over five years.

Home Builders Speak

Representatives of the home building industry also testified before the panel. Gregory Nelson, Vice President for homebuilder PulteGroup, Inc. stated, “Eliminating the mortgage interest deduction would quickly turn that fear into reality and send us into another negative feedback loop of falling house prices, hundreds of thousands of mortgages sinking under water and more house foreclosures hitting banks balance sheets and the resale market.”

Editor’s Note: Sen. Baucus will continue to hold hearings on major tax reform. Your editor and this organization take no specific position on any of the proposals. This information is offered as a service to our readers.

Conclusion

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Healthcare Organizations: www.HealthcareFinancials.com

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About NoMoreClipboard.com

Another New PHR Company

By Staff Reporters

Even though Google Inc. has given up on the business of electronic personal health records [PHRs], Fort Wayne-based NoMoreClipboard.com is launching a new service it thinks will crack open the market.

cc:ME

The company’s latest service, called cc:Me, gives patients a free and secure web-based account that can receive their electronic medical records from any other system and also can receive new records from any electronic medical record system their doctor or hospital happens to use.

Assessment

So, take a look and tell us what you think:

www.NoMoreClipboard.com

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, 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 – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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“Purpose over Pay” for Financial Advisors? [A Voting and Opinion Poll]

Salary versus a “Seat at the Table”
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Currently, there is much buzz in healthcare about physicians looking to take on greater leadership roles and move beyond traditional patient care responsibilities. And, there are many doctors with the inclination and ability to rise to the occasion; despite diminished salaries, fringe benefits and other financial incentives going forward in the era of health care reform.

The Financial Services Industry

But, is this the case in the [reforming] financial services sector in the era of Dodd-Frank, etc? Of course, physicians are a special class of “learned” professionals, and Registered Representatives [RRs], stock-brokers and/or related financial advisors [FAs]; not so much!

And so, do you think FAs are willing to delay immediate compensation gratification for a “seat at the leadership” table in their respective industry sub-sectors?

IOW: Are FAs willing to accept “purpose-over-pay” like some doctors and physician executives, today?

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Ode to Steve Jobs

Timeline of a Life Well Spent

[By Staff Reporters]

Apple has lost both a product visionary and outspoken leader. And, healthcare has lost an eHR and HIT advocate.

This timeline is an ode to the ideas and words of perhaps the greatest technological revolutionary of the past century.

 

Assessment

More on AppleUniversity: http://www.infographicsarchive.com/tech-and-gadgets/apple-university-apple-with-without-steve-jobs/

Brought to you by columnfivemedia.com

Conclusion

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Taxing the [not so] Rich [doctors]

The Effect of Taxing America’s Wealthy

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Did you know that the wealth difference between the states, demonstrates that certain states have had much stronger increases in affluent taxpayers, the last few years?

Individuals

Warren Buffett recently called to raise tax rates on taxpayers making more than $1 million and proposed an additional increase on taxpayers whose income exceeds $10 million.

How many doctors do you think this would affect? Where do the “super-rich live and what would it look like if they were given additional taxes?”

Assessment

Brought to you by blog.turbotax.intuit.com

Conclusion

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About Our Aging Domestic [Patient and Client] Population

Important Demographic Information for MDs and FAs

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The oldest members of the Baby Boom generation are just hitting 65. That means a much larger percentage than ever before are soon-to-be seniors.

So, what does this trend mean to doctors and their financial advisors?

Assessment

Brought to you by allassistedlivinghomes.com

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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What are the Prospects for US Recession? [A Voting and Opinion Poll]

Is Wall Street Driving Main Street?

By Staff Reporters

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Concern is high that the US economy may be close to or entering recession, yet the fundamentals lend little support to such a projection. There has been no decline in jobs, while corporate health is very strong.

So, the recession concerns appear to be driven more by the decline in stock prices than by economic developments.

IOW: Is Wall Street pessimism driving Main Street gloom?

What do you think? Please vote and be sure to add your comments below.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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“Health Care Organizations” [Announcing our Newest Print Book for 2012]

Management Strategies, Operational Techniques, Tools, Templates and Case Studies [in-progress]

By Dr. David Edward Marcinko; MBA CMP

By Prof. Hope Rachel Hetico; RN MHA CMP

Price:  $69.95 est.
Cat. #:  K13750
ISBN:  9781439879900
ISBN 10:  1439879907
Publication Date:  April 15, 2012 est.
Number of Pages:  400 est.
Binding(s):  Hardback

TABLE OF CONTENTS [tentative] 

  1. Market Competition in Healthcare [Understanding the Current Strategic Eco-System]
  2. Medical Career Development [Transformation of Next-Generation Physician Executives and Leaders]
  3. Medical Process Strategic Improvement [Tracking Care with Outcomes Reporting] 
  4. Capital Formation Strategies for Hospitals [Institutional Types, Essentiality and Governance]
  5. Hospital Revenue Cycle Management [Strategic Monitoring and Augmentation] 
  6. Managing Health Information Technology [Exchanging Patient Data – The Benefits and Rewards]
  7. Strategies for Health Information Technology Security and Privacy [Understanding the Rules, Regulations, Penalties and Recovery Efforts]
  8. Lean Six Sigma Healthcare Operations [Improving Healthcare Quality]
  9. Strategic Financial Management Implications of the USA PATRIOT and Sarbanes-Oxley Acts [Health Policy for Affected Hospitals and Healthcare Organizations] 
  10. Collaboration to Improve Operating Performance [Opportunities are Widespread] 
  11. Healthcare Supply Chain Inventory Management [Data Capture, Just-in-Time Strategies and Economic Order Quantity Analysis]
  12. Improving Hospital Flow Through Efficiency, Operations and Logistics [Seeking Leaner and Faster Organizations with Sustainable Improvements]

Pre-Order Now

In-Process from: (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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The Ins and Outs of Selling Your Business

Cost-Benefit Analysis and FMV for Entrepreneurs

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There comes a time in (almost) every entrepreneur’s life when the question of whether to sell his/her business inevitably arises.

So, if you need a proper cost-benefit analysis, take a look at the info-graphic below.

Assessment

Brought to you by contactme.com in collaboration with Column Five

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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My Future Vision of eHRs and Medical Professionalism

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From Good Products … to Diminished  Physician Autonomy

Dr. David Edward Marcinko MBA

[Certified Medical Planner™]

Over time, I’m convinced that successful eHR products, and the doctors and medical professionals that use them, will eventually become commodities or commodity-like, much like the PC [hardware] is today.

Of course, getting the product “right” will cause the cost of eHRs to plunge, but it will also mean a slash in physician prestige, professionalism, esteem, social stature, employment prospects and salary. Here’s a few hints why and how this might someday [soon] occur? IMHO.

1. eHR Use Can Cause Docs’ Skills to Diminish

While electronic health records may lessen physician workloads, save time and improve patient care, adapting to the technology can lead physicians to perform in a more standardized, compartmentalized and routine way, eventually causing them to lose some of their clinical decision making and other skills. 

http://www.fierceemr.com/story/ehr-use-can-cause-docs-skills-diminish/2011-09-29?utm_medium=nl&utm_source=internal

2. Will HIT take MDs Jobs and Salaries?

Faster than you might think, robots are coming after doctors’ jobs, according to a recent article from “Slate.” And those who are most vulnerable to the rise of technology may be surprising, according to author Farhad Manjoo, whose wife is a pathologist. It’s highly trained specialists–those by definition who focus on narrow slices of medicine–who may first find themselves at least partially replaced by machines

http://www.fiercepracticemanagement.com/story/will-technology-take-docs-jobs-salaries/2011-09-28?utm_medium=nl&utm_source=internal

Stopping the Madness … Changing the Paradigm

So, how does one stop this madness? By turning the massive amounts of personal data contained within the eHRs into a [increasingly] valuable item. And, by data mining and analyzing it, and then reselling the aggregated or drilled-down information back to other customers [insurance companies, health plans, or Uncle Sam, etc] in an enhanced form. The worth of the eHR user will be maintained, and the value of eHRs will be geometrically augmented.

From Dead to Alive

In other words, the otherwise depreciating “dead or static” eHR thus becomes an appreciating “living or dynamic” asset. But, of course, not for medical provider end-users if they won’t, don’t or can’t “own” the original raw patient data.

I even see third-party firms springing up to outsource the transfer of huge quantities of raw data, into geo-data, meta-data and more granular data forms, as well as doctors leasing eHRs on a revolving basis from the “cloud” – while never owning the actual product.

Assessment

Again, this is similar to what’s happening in the tech sector with SaaS computing. I am not sure exactly when this all will happen, but current players will either join this revolution or lose out.

Disruption again!

Paradigms will change!

End game for the docs!

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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MRI Visualization in Medicine

What it is –  How it Works

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This graphic is the first in a potential series, looking at the use of visualization in medicine. As a medical service company, we are passionate about advances in technology, and the impact they have on people’s lives.

Assessment

This image is provided as a free resource from Acclarent UK (under a Creative Commons License) for anyone who wishes to use it.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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For Doctors Who Wish to Retire Wealthy [Despite the Economy?]

Financial Planning for Physicians and Advisors

 

Financial Planning Handbook for Physicians and Advisors

 
 

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

 

On Practice-Based Research Networks

In Dentistry – if only it were that easy

By D. Kellus Pruitt DDS

I like the concept of a Practice-Based Research Network for teasing out latent miracles from dentalcare data, but I’m afraid any hope of networking success is limited by insurmountable cost and safety concerns of EDRs that few in the dental industry are yet willing to recognize.

Dr. Schleyer 

Titus Schleyer, DMD, PhD, Associate Professor and Director, Center for Dental Informatics, University of Pittsburgh published “The feasibility of an electronic dental practice-based research network” a few days ago.

“The long-term goal of our research is to use data from EDRs to improve patient care and its outcomes. The objective of this project is to develop a generalizable method for extracting EDR data for practice-based clinical research, using Dentrix as the test system.

In our first specific aim, we will determine the utilization of clinical data elements useful for research by practitioners by mining the electronic dental records of 100 Dentrix users and generating summary statistics about patient documentation patterns by data field.

The second specific aim will develop a technical Infrastructure for extracting data from Dentrix and integrating them with manually collected research data. The main outcome of this project will be the electronic Dental Practice-Based Research Network (ePBRN), a generalizable method for extracting clinical data from EDRs and reusing them for practice-based research. This project is a first step in making the increasing amount of electronic clinical data available for improving research, clinical care and patient outcomes.”

-Abstract: September 30, 2011

http://halley.exp.sis.pitt.edu/comet/presentColloquium.do?col_id=2348

I agree with Dr. Schleyer. However, until dentists perceive value in EDRs instead of liabilities, the dreams that he and I share about real-time, evidence-based research on an internet platform will be nothing more than just a cool-sounding fantasy of a handful of geeky dentists hoping to get a better peek at an obscure healthcare niche.

On Transparency 

Transparency in dentistry, rather than NPI numbers, has a better chance of revealing cost-effective solutions for painful and even life-threatening health problems. In addition, nothing is holding down the cost of HIPAA compliance, and data breaches from healthcare facilities – including dental offices – are only becoming more common.

Assessment 

Sidestep liability. De-identify now. If a dentist’s EDR system is breached, yet it contains no Protected Health Information [PHI], who cares?

Conclusion

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