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Insurance and Risk Management Strategies for Physicians and Advisors
Conclusion
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TESTIMONIAL
Physicians are all too familiar with the risks and liabilities inherent in the clinical practice of medicine. An exploding scientific literature, increasing sub-specialization, and a public awareness of “quality healthcare” have challenged conventional practice. Some of our colleagues have a very personal understanding of issues like illness, divorce and disability that accompany these professional challenges. Physician executives perceive even greater threats arising not only from the innumerable personal and professional issues of a singular practice, but also the complexities associated with operating a healthcare organization including personnel agreements, conflict mediation, and asset protection.
Understanding the risks associated with these very divergent areas and providing useful information to protect the physician from liability are the primary aims of Dr. David Marcinko’s latest book, Insurance and Risk Management Strategies For Physicians and Advisors.
This book is an excellent primer for physicians of all levels and interests providing important personal and professional advice. It is “must reading” for all medical students who need a fundamental understanding of the current healthcare environment and is equally important to the established physician executive looking for a reference on topics like capitation or the Health Insurance Portability and Accountability Act (HIPAA).
The book begins with a discussion of personal issues for the physician including life, homeowner’s and disability insurance as well as the financial and professional risks associated with divorce. Next the physician’s practice is considered with clear and concise coverage of issues ranging from documentation to business operations. Of importance, the book extends beyond the first layer of practice management to address important topics like sexual harassment and workplace violence.
Dr. David E. Marcinko and his twenty authors from http://www.MedicalBusinessAdvisors.com are all knowledgeable contributors. They have prepared a product that is excellent in its content and organization. The book is organized in a way that is highly useful for a busy practitioner. Topics are introduced without the overuse of jargon and more than adequately explained. There are numerous subheadings and bulleted lists to assist the reader with moving through the text or highlighting a particular topic. Robust examples throughout the book provide the reader with an applied knowledge that complements the didactic sections. The book is well referenced for more in-depth reading on a particular topic with materials from both the written and electronic media.
Of its few limitations, Insurance and Risk Management Strategies For Physicians and Advisors ambitiously attempts to briefly cover a large number of topics. For the most part, this is accomplished well. However, some of the topics were unexpected by the book’s title. While the physician executive will still require a financial or insurance advisor after reading this book, this well written text assists in providing the necessary background on what type of assistance is needed. As a result, physician executives will be in a better position to address insurance, risk management, and financial decisions for themselves, their families, their practices or the organizations they lead.
David C. Stockwell, MD
Anthony D. Slonim, MD, MPH
ORDER HERE
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Filed under: "Advisors Only", "Doctors Only", iMBA, Professional Liability, Risk Management | Tagged: Dr. David Edward Marcinko MBA |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Book Review
This is an excellent book edited by Dr. David E. Marcinko; MBA, CMP® to assist health care administrators, physicians and their advisors with the complex issues of insurance and risk management. It is a multi authored book that contains detail information and comprehensive views on a broad range of strategies.
The fifteen chapters cover a broad range of topics, from insuring physicians, their property and practice to covering such complex topics as medical records and health care compliance. Furthermore, the book addresses other important issues like sexual harassment, workplace violence and risk management in the modern medical practice.
This book is well written and precise. In addition to addressing the topics mentioned above, various authors enlighten us abut medical malpractice and tort reforms issues and promotes the so-called “Capitation Liability Theory.” The innovative CLT approach suggests that fixed rate reimbursement systems reduce the incidence of malpractice liability.
Assisting medical professionals in these tumultuous times, advisors need to sharpen their skills on the unique items affecting physician clients. The book is comprehensive and informative and an excellent source of information that provided me a better understanding and perspective on insurance and risk management – not only from the perspective of a Certified Financial Planner®, but also how it correlates to most physician’s unique situations.
Amaury Cifuentes
CERTIFIED FINANCIAL PLANNER®
Certified Medical Planner® candidate
3878 Sheridan Street
Hollywood Fl 33021
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Excellent Handbooks,
As a financial advisor, with a physician focused pratice, I found this book invaluable. The companion book by Dr. Marcinko, Financial Planning for Physicians and Advisors, was very helpful as well.
It seems there is a vast difference between medical professionals and laymen when it comes to planning, risk management and investing; etc. And, I was impressed.
Arthur
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House Proposal Would Reform Medical Liability
The House Judiciary Committee has approved a proposal that includes earlier-passed medical liability reform legislation as a way to find savings to avoid arbitrary, across-the-board cuts to federal programs next year.
Just last month, the House passed a budget bill that also requested six House committees—including Judiciary — to find areas of savings in a so-called reconciliation process to replace sequestration that is scheduled to begin in January.
Sequestration refers to the automatic across-the-board budget cuts that will kick in January 2013 under the Budget Control Act of 2011 if Congress can’t agree on how to achieve $1.2 trillion in cuts or added revenue over the next decade.
The tort reform measure would create a $250,000 cap on non-economic damages of any malpractice suit in the country. Meanwhile, any punitive damages awarded would be as much as $250,000 or as much as two times the amount of economic damages awarded, whichever is greater.
Source: Jessica Zigmond, Modern Healthcare [4/27/12]
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Results of New Study of Malpractice Claims
According to a new study of medical malpractice, 55.2% of claims that required some defense cost led to litigation.
http://www.medscape.com/viewarticle/763779
However, of the claims that do go to court, most are ultimately decided in the physician’s favor. For physicians, that is the good news. The sobering news is that litigated claims often take months or years to be resolved, according to the study, which was published online May 14th in the Archives of Internal Medicine.
Ann Miller RN MHA
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Book Review
As a physician financial advisor, I highly recommend the “Insurance and Risk Management Strategies” Book for any physician or physician advisor.
The book is a great reference as well as a good read. The chapters are broken down into relevant topics and are even interesting to read! This is quite a feat when considering the topic of risk and insurance.
The risks covered in the book range from malpractice, capitation, divorce, personal financial planning risks to practice management issues. Any physician would benefit from just the review of these risks that we often would prefer to ignore or pretend they don’t exist.
David K Luke MIM
Certified Medical Planner™ candidate
http://www.CertifiedMedicalPlanner.org
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Voters Favor Malpractice Reform – Regardless of Party
The debate over malpractice reform is almost always politically charged, at least when politicians are doing the debating.
http://www.medscape.com/viewarticle/765226
But, a recent poll, conducted on behalf of Common Good, a nonpartisan government-reform coalition, indicates that voters themselves may be far less divided on the issue compared with their elected leaders.
Dr. Bruno
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AMA Wants Higher Medicare Payments and Tort Reform
Days before the U.S. Supreme Court is expected to rule on the constitutionality of the biggest overhaul of federal health care law in five decades, the nation’s most powerful group of physicians said Saturday it may push for major changes – should the reforms land again in the hands of Congress.
http://articles.chicagotribune.com/2012-06-17/news/ct-met-ama-0617-20120617_1_new-medicare-patients-health-care-law-ama-delegate
While the fate of the Affordable Care Act hangs in the balance, American Medical Association President Dr. Peter Carmel argued that higher payments are needed for doctors who treat patients through the federal Medicare program.
So, why did the AMA originally support Obama and the ACA?
James
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Malpractice Rates Drop for Fifth Straight Year
Undermining a talking point of organized medicine about tort reform, premiums for medical malpractice insurance for 3 bellwether specialties dropped for the fifth straight year in 2012, according to a new report published in Medical Liability Monitor (MLM).
Ann Miller RN MHA
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Legal protection for doctors against ACA-inspired lawsuits
The Standard of Care Protection Act in my home state of Georgia would prohibit health system reform provisions from being construed to establish a standard or duty of care owed by a health professional to a patient in any liability case.
A similar version of the bill died in committee at the end of the last Congress. Rep. Phil Gingrey MD (R, Ga.) is the bill’s chief sponsor.
Dr. David Edward Marcinko MBA
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Docs Say Lawyers, Insurance Companies Also to Blame for Health Costs
When it comes to controlling the country’s health care costs, doctors point their fingers at lawyers, insurance companies, drug makers and hospitals.
http://www.physiciansnews.com/2013/07/24/doctors-say-trial-lawyers-insurance-companies-also-to-blame-for-health-costs/?utm_source=Copy+of+7.23.13&utm_campaign=11713&utm_medium=email
But, well over half acknowledge they have at least some responsibility as stewards of health care resources.
Clay
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Recent Medical Malpractice Trends
In 2012, the number of malpractice payments on behalf of doctors (9,379) was the lowest on record, falling for the ninth consecutive year. The value of payments made on behalf of doctors ($3.1 billion) was the lowest on record if adjusted for inflation. In unadjusted dollars, payments fell for the ninth straight year and were at their lowest level since 1998.
More than four-fifths of medical malpractice awards compensated for death, catastrophic harm or serious permanent injuries. Medical malpractice payments’ share of the nation’s health care bill was the lowest on record, falling to about one-tenth of 1 percent (0.11 percent) of national health care costs.
Medical liability insurance premiums fell to 0.36 of 1 percent of health care costs, the lowest level in the past decade.
Source: Public Citizen
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The Malpractice Trial
Here are six [6] thoughts after testifying at a medical malpractice trial by Robert Centor MD.
http://www.kevinmd.com/blog/2013/10/6-thoughts-testifying-medical-malpractice-trial.html
Unfortunately, my experience tracks that of my esteemed colleague.
Dr. Wexlay
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When a Brain Surgeon Becomes a Malpractice Lawyer
Lawrence Schlachter has seen medicine from inside the operating room and the courtroom.
https://www.propublica.org/article/when-a-brain-surgeon-becomes-a-malpractice-lawyer?utm_source=pardot&utm_medium=email&utm_campaign=dailynewsletter
Lots of doctors care about patient safety, he says. “They’re just afraid to come out.”
Dr. David E. Marcinko MBA
http://www.CertifiedMedicalPlanner.org
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