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Succeed with the “Business of Medical Practice” Textbook

21 Responses

1. Ann Miller RN MHA, on January 15, 2011 at 2:24 PM said:

   Praise for the previous edition:

   “This comprehensive multi-authored text contains over 450 pages of highly specific and well-documented information that will be interest to physicians in private practice, academics, and in medical management. . . [Chapters are] readable, concise yet complete, and well developed. I could have used a book like this in the past, I will certainly refer to it frequently now.”
   – 4 stars

   Carol EH Scott-Conner, MD, PhD, MBA
   [American College of Physician Executives]

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2. Hope R. Hetico RN MHA, on February 1, 2011 at 11:18 AM said:

   Are independent medical practices an endangered species?

   Writing for Time – journalist Bonnie Rochman divulged the ramifications of patients sharing information and tips online, an “empowerment movement” she calls “Patient 2.0.” And, in an investigative report, she profiled the newly created Society for Participatory Medicine, which “encourages patients to learn as much as they can about their condition to help doctors support them on their data-intensive quest”.

   Moreover, the NEJM recently said that 50% of physicians will leave medicine within five years because of ObamaCare [Patient Protection and Affordable Care Act].

   YET – BE NOT AFRAID!

   Join us and re-engineer your medical practice to succeed as a participatory physician in the modern era.

   Hope R. Hetico RN MHA
   http://www.BusinessofMedicalPractice.com
   [Managing Editor]

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3. Dr. David Edward Marcinko MBA, on February 2, 2011 at 11:34 AM said:

   More about the Business of Medical Practice [3rd edition]

   In this third edition, we update and extend the traditional content of both prior editions, and pragmatically offer, answer and/or re-frame significant questions about health 2.0 like:

   • How do medical office, financial and cost accounting mechanisms work; and how does transparent business information and reimbursement data impact the modern competitive healthcare scene?

   • Where does the marketing hype over social networks and patient generated content end; and fruitful advertising and ROI augmentation reality begin?

   • How are medical practices, clinics and physicians evolving as a result of rapid health and non-health related technology changes?

   • Does transparent quality information affect the private practice ecosystem?

   • How are health 2.0 technologies like online patient communities, podcasts, wikis, blogs, micro-blogs and grid mash-ups, changing the face of medical practice and physician-patient encounters?

   • What about eMRs and meaningful use: fiction versus reality?

   • What health 2.0 policies are in place after recent domestic terrorist attacks?

   • Does health 2.0 enhance or detract from traditional medical care delivery and can private practice business models – absent command control sovereignty – survive?

   Dr. David Edward Marcinko MBA
   http://www.BusinessofMedicalPractice.com
   [Editor-in-Chief]

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4. Dr. David E. Marcinko MBA, on February 4, 2011 at 6:17 PM said:

   Doctors with MBAs

   I guess I was prescient because I earned my MBA in 1996.

   Back then, there was no MHA equivalent just the production-line driven MBA. So, I had to make the translation from the production, to the medical services sector, continually. Most of my classmates thought this strange. I was indeed a novel student and my mother cried when I told her I was going to B-School.

   Since then, I served as a hospital medical staff VP, president of a privately held physician practice management corporation, financial advisor and planer for physicians, and managing partner of an Ambulatory Surgery Center that was sold to a public company.

   In fact, all this led to codification of knowledge and experience in our successful practice management book for physicians, the “Business of Medical Practice”, just released in its’ third edition.

   Good luck to all.
   Dr. David E. Marcinko MBA
   http://www.BusinessofMedicalPractice.com

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5. Philippa Kennealy MD, on March 4, 2011 at 3:03 AM said:

   David,

   I recently purchased it, thank you!
   Warmest wishes.

   Philippa Kennealy; MD MPH CPCC PCC
   [The Entrepreneurial MD]
   http://www.entrepreneurialMD.com
   (424) 229-1820 — Pacific Time

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6. Jan Henderson PhD, on March 14, 2011 at 10:24 AM said:

   You could argue that medicine was never intended to be a business in the way selling cars, cosmetics, and fast food are businesses. Among the differences:

   • There’s an asymmetry in the knowledge available to patients and doctors – a patient can’t possibly be as informed as a doctor about what’s wrong and what’s needed.

   • Patients can’t predict when they’ll need medical care and often seek care when their health is threatened and when decisions must be made quickly.

   • Unlike consumers of other goods and services, it’s the supplier – the doctor – who determines what the patient needs.

   • Unlike other suppliers, the medical ethic assumes doctors will not sacrifice the medical needs of a patient to make a profit.

   • Unlike other businesses, there’s a very steep entry cost to becoming a doctor.

   • The health care market is basically not price competitive – a patient contemplating brain surgery is not going to be tempted by a surgeon offering a deep discount.

   • What’s at stake in health care – the consequences of making a mistake – is death and disability, not simply a case of buyer’s remorse.

   And yet, in the United States, health care has become a for-profit business. The story of how this happened is complex, but decisive elements include the advent of Medicaid and Medicare in 1966 and the widespread availability of employer-sponsored health insurance, which started during World War II. Once patients no longer needed to know the true cost of health care, business interests were free to create what Dr. Arnold Relman called the “medical-industrial complex.”

   Regardless of how and why it happened, we now accept that medicine in the US is a profit-generating business, where many segments of the “industry” aim to reward investors, not patients. As a result, health care has become too expensive for many patients, for employers, and for the government. Everyone agrees this is a serious problem, but – with so many competing economic interests – the solution is extremely elusive.

   Jan Henderson PhD
   http://www.TheHealthCulture.com
   http://www.thehealthculture.com/2011/03/from-md-to-mba-the-business-of-primary-care/

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7. Hope Hetico RN MHA, on April 19, 2011 at 10:07 AM said:

   Small Business Jobs Act Provisions for Medical Practices

   • Business equipment: The new law increases the limit of first-year deductions for equipment purchases to $500,000 for both 2010 and 2011, an increase from $250,000 under prior law. Moreover, leasehold improvements up to $250,000 may qualify for this tax benefit.

   • Cellphones: The law removes a provision that has required anyone receiving an employer-provided cellphone to keep records of calls and pay tax on personal use.

   Hope Hetico RN MHA
   [Managing Editor]

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8. Ken, on July 20, 2011 at 12:25 PM said:

   From MD to MBA
   [The Business of Primary Care]

   Good blog and book, Dr. Marcinko.

   But, one could argue that medicine was never meant to become a for-profit business the way selling cars, cosmetics, and fast food are businesses.

   Read about the differences between being a patient and being a consumer of non-medical goods and services:

   http://www.consultantlive.com/blog/how-health-happened/display/article/10162/1825792

   Ken

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9. Ann Miller RN MHA, on August 18, 2011 at 9:41 AM said:

   Doc-Office PPI Rises 0.3% in July

   Preliminary physician office wholesale prices climbed 0.3% in July after holding steady the month before.

   In July 2010, the physician office Producer Price Index(PPI) increased 0.2%. For the 12-month period ended last month, wholesale physician office prices increased 1.3%. The figure is also preliminary. A year ago, the index showed a 2.5% rise in physician office wholesale prices.

   Source: Melanie Evans, Modern Healthcare [8/17/11]

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10. Dr. Gary, on September 6, 2011 at 6:23 PM said:

    Back by popular demand with new [third editon social media] content!

    Dr. Marcinko – I was [and am] always looking for ways to make my practice more profitable and boost my efficiency. So, I am pleased to report that your new book was very helpful in this regard. It was obviously designed with physicians’ needs in mind, with practical advice on the most vital traditional, and health 2.0, topics.

    Many thanks.

    Dr. Gary Smith

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11. Dr. David Edward Marcinko MBA, on September 11, 2011 at 12:55 PM said:

    Docs – Wake Up Before It’s Too Late

    According to colleague Hal Scherz, MD who recently wrote:

    “It never ceases to astonish me how ill informed my colleagues are about what is currently going on in healthcare. I recently sat in a board meeting of a physician- hospital organization and the topic being discussed was accountable care organizations (ACOs)”.

    The doctor sitting next to me leaned over and asked me what an ACO was. This is a board member representing 800 physicians in contract negotiations with insurance companies!

    http://www.physiciansnews.com/2011/09/06/doctors-will-remain-a-target-until-they-wake-up/

    Dr. David Edward Marcinko MBA
    http://www.BusinessofMedicalPractice.com

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12. Julius, on September 19, 2011 at 11:50 PM said:

    A place for business in medical school

    A recent article in the New York Times business section discusses an increase in the number of doctors getting M.B.A.’s in addition to their M.D. degree.

    In fact, there have even been many new programs that combine getting both of these degrees together. The article emphasizes the importance of seeing that “healing is an art, medicine is a profession and health care is a business.”

    http://www.kevinmd.com/blog/2011/09/place-business-medical-school.html

    Julius

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13. David K. Luke MIM, on August 8, 2012 at 10:20 AM said:

    The “Bible”

    This is the practice “Bible” for all physician owners and physician financial advisors.

    With thirty seven chapters and over 700 pages this is mandatory reading on the topics related to all major topics covering the qualitative and quantitative aspects of the business side of today’s medical practice written by experts in the field. The evolution in health care has created even a greater need for business savvy physicians and has also created a entire niche of financial advisors that focus on advising these business owners physicians.

    This text fills the gap left by Medical Schools and MBA programs that do not cover this subject matter with any degree of competency.

    As a physician financial advisor I found the information about various aspects of medical practice management very useful in understanding and advising my physician clients concerning their practices.

    David K. Luke MIM
    Certified Medical Planner candidate
    http://www.CertifiedMedicalPlanner.org

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14. Morris, on December 17, 2012 at 11:34 PM said:

    Rising Patient Deductibles May Mean Trouble for Doctors

    Health plan deductibles are rising, and patient self-pay of deductibles is typically difficult for doctors to collect, meaning that increasingly more doctors may lose money on patient deductibles.

    And, beware the January 2013 re-start.

    Morris

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15. D. Baag, on March 8, 2013 at 10:07 AM said:

    Essential reading
    [Format: Kindle Edition]

    A very important reading for today’s physician. It’s not perfect however. Chapters and sub chapters seem disorganized and without logical flow.

    Nevertheless, it is the best book out there now and I’ve read quite a few already.

    D. Baag

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16. Hope R. Hetico RN MHA, on March 29, 2013 at 2:50 PM said:

    Most Physicians Concerned About Future of Profession

    Nearly 6 in 10 physicians in a Deloitte Center for Health Solutions survey said they are concerned about the future of medicine, pointing to declining clinical autonomy and income. Pessimism among physicians resulted in nearly 75% agreeing that “the best and brightest” may avoid a career in medicine. That number increased from 69% the year before.

    Still, 7 in 10 physicians reported they were satisfied with their careers. The most satisfied groups were the non-surgical specialists (67%) and physicians aged 25 to 39 (80%). Primary care physicians were the least satisfied division, at 59%.

    Source: Marcia Frellick, Medscape News [3/28/13]

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17. Ann Miller RN MHA, on September 13, 2013 at 11:28 AM said:

    Physician Recruiters See “Demise of Private Practice”

    The American physician is evolving from self-employed practitioner to somebody’s employee, and nobody [supposedly] knows that trend better than headhunting companies such as Merritt Hawkins. The company’s latest annual review of recruiting trends, released last week, said its findings suggest that “the independent, private practice model is becoming an anachronism.”

    Merritt Hawkins reported that 64% of physician search assignments from April 1, 2012, to March 31, 2013, came from hospitals looking to hire. In 2004, hospitals generated just 11% of physician searches. Back then, the majority of assignments came from group practices, physician partnerships, and solo practitioners, according to Merritt Hawkins.

    Other organizations than hospitals also want to hire MDs and DOs – Merritt Hawkins is conducting more and more searches on behalf of retail clinics, urgent care centers, free-standing emergency departments, and community health centers.

    Merritt Hawkins further opined that in all, between 85% and 90% of all search assignments involve some form of physician employment compared with 30% in 2004. “It’s a complete flip-flop in business”

    Yet, Dr. David Edward Marcinko, MBA Editor-in-Chief of this ME-P states: “We’re seeing the demise of private practice; in certain areas – But, the pendulum will change back to solo, small or larger group practice and the free enterprise system. Who wants to be an employee, anyway”
    http://www.BusinessofMedicalPractice.com

    For the seventh year in a row, primary care tops the list of the most recruited medical fields, with first place belonging to family physicians and second to general internists. Rounding out the top ten are hospitalist, psychiatry, emergency medicine, pediatrics, OB/GYN, general surgery, neurology and nurse practitioner.

    Your thoughts?

    Ann Miller RN MHA
    http://www.CertifiedMedicalPlanner.org

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18. Hope R. Hetico RN MHA, on February 18, 2014 at 6:38 PM said:

    Healthcare Organization’s Implementation of Business Intelligence Systems

    More than half of all healthcare organizations have yet to implement a business intelligence (BI) system. Fifty-eight percent of those surveyed indicated that their organization has not implemented a BI system. This number includes the 36 percent that simply do not have a BI system, 15 percent that do not have such a system but plan to implement one in the next 12-24 months and 7 percent that have a BI system but have yet to implement it. Forty-two percent of respondents have implemented and are currently using a BI system.

    Finance, operations and clinical care top areas for planned use. Nearly three-quarters of respondents indicated they expected a BI system to be widely used in finance (76 percent), operations (75 percent) and clinical care (71 percent). Interestingly, about half (53 percent), expected it to be widely used for compliance.

    Source: TEKsystems

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19. Hope R. Hetico RN MHA, on March 2, 2014 at 5:32 AM said:

    Maybe medicine isn’t really a business after all

    According to Geoffrey L. Fey MD:

    I work a job where I am the boss, sort of, where I can tell technologists what to do, but I don’t employ them. So I can’t hire good ones and I can’t fire bad ones. I am the expert on what is best for the patient, but I don’t make a lot of the important decisions. I am paid for the work I do, but I am expected to provide a cost-effective, minimalist approach (crazy, right?). I am required to provide care, even if the patient can’t pay for the service. Oh, and the doctors who are on the medical staff must serve on the various committees, but they don’t get paid for the time, other than potentially in political capital.

    http://www.kevinmd.com/blog/2014/03/medicine-business.html

    Hope R. Hetico RN MHA

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20. Dr. David Edward Marcinko MBA, on September 11, 2014 at 7:52 PM said:

    Is Healthcare a Business?

    In the United States, the question has been asked time and again but never satisfactorily answered.

    By virtue of publically financed healthcare systems, the rest of the developed world has decided, to a greater or lesser extent, that medicine and healthcare are not pure businesses—that citizens have a right to care, even when they can’t pay all associated costs.

    It’s starting to look like Americans won’t be able to duck the question for much longer.

    http://thehealthcareblog.com/blog/2014/09/09/the-squeeze-is-on-for-u-s-hospitals/

    EDMUND BILLINGS, MD

    +++++++++++++++++++++++++++++++++++++++++++++++++==

    Ed,

    Of course it’s a business.

    Respectfully,
    Dr. David Edward Marcinko MBA

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21. David B. Lumsden MD MS MA, on June 26, 2015 at 2:38 AM said:

    AN EXCELLENT TEXTBOOK

    “This is an excellent book on medical practice management for physicians and health professionals. It is all inclusive yet very easy to read with much valuable information.

    And, I have been expanding my business knowledge with all of Dr. Marcinko’s prior books. I highly recommend this one, too. It is a fine educational tool for all doctors”.

    Dr. David B. Lumsden MD MS MA
    Orthopedic Surgeon
    [Baltimore, Maryland]

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