The Importance of Clinical Pharmaceutical Drug Trials

Posted on September 30, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

To Trust the Drugs We Take

[By Luke S.]

It’s a subject that most people will be aware of but may not know much about [except doctors]; and one which constantly raises questions of morality and ethics – the matter of the clinical drug trial. As long as there are illnesses requiring medical intervention there will be a need for drug trials; it is essential, therefore, that all parties involved, as well as the general public, familiarize themselves with the processes and reasoning involved to understand clinical trials with more clarity.

The importance of clinical trials

Used widely from the mid-20 th century, clinical trials are essential in the development of new drugs, helping pharmaceutical companies to analyze the effects of new compounds on different people, as well as enabling them to make marked steps forward in the treatment of an array of illnesses and conditions.

Two Concerns

The role of the clinical trial is to answer two very key questions.

Firstly, is the new drug better than similar medications currently available, or at least as good?
Secondly, is it a viable medication for production? It is important to assess whether a drug’s side effects or ineffectiveness rule it out as a medical option.

Essentiality

As long as there are new drugs being developed, clinical trials are essential, giving those working in the pharmaceutical industry an insight into how their medicine performs in a monitored environment. Trials will assess where a drug does and doesn’t work, provide a broad scope of potential results, give an idea of any potential problems or side effects, and provide an overview of a drug’s potential to treat certain symptoms and conditions. This stage of drug development is absolutely essential, identifying negative side effects and a drug’s efficiency before it is distributed for public use.

***

Pharma Responsibility

The clinical trial is a matter of responsibility on the part of pharmaceutical companies; those who are likely to need the drug need to be able to trust that it is safe and that it will help them in the most effective way possible; the fact that their new medication has undergone a rigorous and regulated testing process will be of immense reassurance to a patient.

Human Testing

Testing new drugs on human volunteers, as well as prospective patients further down the line is essential in the manufacturing of all new medications. It enables pharmaceutical companies to assess the effects of their drugs on a broad spectrum of subjects under strict conditions and means that any potential problems can be caught early. As well as upholding the law, clinical trials are essential for the pharmaceutical industry; they help manufacturers to move forward with their development, assist with the analysis of data, and allow new medications to be created, even if the results of a particular trial are unsuccessful.

Investment Potential

Clinical trials also have the potential to win vital investment for pharmaceutical companies, based on the outcome of particular tests. This will in turn lead to better resources becoming available; in short, drugs testing can help potential backers to assess the drugs market and make financial decisions. This can only be a positive thing in the development of new drugs.

Trial Successes and Failures

As with any process, clinical trials are subject to successes and failures that will ultimately decide the fate of the medication being tested. It was recently revealed that only one in ten new drugs tested between early 2003 and late 2011 were actually approved; a relatively low success rate that meant nine in ten drugs were rejected at the trial stage. While it may be a shocking statistic, it does emphasize just how important the clinical trial is. Another interesting fact is that this statistic is down from the one in five or six drugs that were successfully trialed in previous periods; this shows a marked advancement in drug creation.

***

The Failures

There are a number of reasons that a new drug may fail during the trialing process. These include a lack of research or detailed analysis during early development, the potential for dangerous side effects becoming apparent, instances of the drug affecting test subjects in too varying ways, or very diverse results that can provide no solid conclusions. A drug may also prove a failure if too many external factors are seen to alter its effectiveness. Food and drink, other medications, or existing medical conditions can all affect a drug and must be carefully considered during the trial process. One thing is for sure, a new drug will be barred from further development if the clinical trial fails; these trials have to be strict, and more drugs will fail than pass at this vital stage of development.

Extreme Disappointments

There have been some extreme, albeit limited, examples of clinical trials going wrong, with instances of a drug causing adverse reactions that have put the volunteers lives and health at risk. This includes the “Elephant Man Trial”, which was conducted in the UK in 2006. During a trial of the drug TGN1412, six healthy male volunteers suffered severe and life-threatening reactions and now live with the knowledge that they are at an increased risk of developing cancers or autoimmune diseases.

Failures such as that are luckily few and far between and emphasize the importance of clinical trials; it would be ethically and morally wrong to allow drugs to enter the distribution phase without any idea of the damage they could do. The risks associated with drug trials are often outweighed by the benefits of developing a new drug that could be used to treat a multitude of serious illnesses and conditions.

Review and Distribution from Trial to Pharmacy

The process of taking a new drug from development to distribution is a long one. Following a lengthy and rigorously monitored trial period, all data will be collated and analyzed and, if successful, further development of the drug, with new investment and resources, can then begin. If, after all trials are complete, a drug has been found to be effective and safe, as well as marketable, an application for new drug status will be made. It is then, and only then, that the new drug can be manufactured and made available to patients, either via their healthcare provider, pharmacy, or an online pharmacy.

***

Assessment

This prolonged process emphasizes just how far a drug must go before it can be deemed safe and effective. This reinforces the trust that patients should, and can, have in their medication.

More:

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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Filed under: Drugs and Pharma | Tagged: Clinical Pharmaceutical Drug Trials, Drugs and Pharma | 3 Comments »

Twelve Reasons Why Patients Still Come FIRST in Healthcare

Posted on September 29, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

More on Patient Engagement

[By Innovation Health]

After a 3 day-long virtual brainstorming session, contributors to the Innovation Health Jam shared their conclusions on why patient engagement remains a top healthcare concern.

Assessment

Click through this link for an infographic summarizing the findings:

12 reasons why patients still come first in healthcare

Conclusion

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Filed under: Ethics, Practice Management | Tagged: Innovation Health, Patient engagement, why patients come first in healthcare | 2 Comments »

Divorcing your EHR Sytem [A How to Approach]

Posted on September 28, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Planning for an Escape Hatch

[By Shahid N. Shah MS]

As a doctor, or physician executive, you will spend weeks or months in the “sales and demo cycle” for selecting an EMR. If you’re lucky you will have time to consider all workflows; if you’re even luckier you will test drive the UI and make sure training goes smoothly.

You will also try to ensure that deployment will be easy.

However, another thing not to forget is to plan how to get out of an application or system after it’s been installed for a while.

It’s Harder to Get Out – Than Get in

Why is getting out important? Every application looks better in a demo than in a working environment and every solution becomes “legacy” sooner or later. Every system will be replaced or augmented at some point in time. The cost of acquisition (“barrier to entry”) is well understood now as something we need to calculate. But the “barrier to exit” or switching cost is something you must calculate at the time you decide what systems to purchase.

If you can’t answer the “how, in 6, 18, or 24 months, will I be able to move on to the next-better technology or system?” question then you’ve not completed your due diligence in the sales cycle. Vendor sales staff are quite reticent to answer the “how do I leave your system” question; you will need to press hard and ask for a plan before signing any contracts.

Some Vendor Queries

When preparing an RFI or RFP, ask vendors specific questions about how easy it is to get out of their technology (rather than just how easy to it is to deploy and interoperate). Put in specific test cases and have your folks consider this fact when they are looking at all new purchases.

Here are some specific factors to consider:

Do you own your data or does the vendor? If you don’t have crystal clear statements in writing that the data is yours and that you can do whatever you want with it, don’t sign the contract. Look for a new vendor.
Is the database structure and all data easily accessible to you without involving the vendor? If only your vendor can see the data, you’re locked in so be very wary. Find out what database the vendor is using and make sure you can get to the database directly without needing their permission.
Are the data formats that the system uses to communicate with other vendors open? If not, you don’t own your data. Be sure that at least CCR and CCD formats are available and that all document data is accessible in standard PDF or MS Office friendly formats. Discrete data should be extractable in XML or HL7.
How much of the technology stack is based on industry standards? The more proprietary the tech, the more you’re locked in.
Are all the programming APIs open, documented, and available without paying royalties or license costs? If not, when you try to get out you’ll pay dearly.

***

More:

Book Chapter:

Chapter 13: IT, eMRs & GroupWare

Conclusion

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Chapter 13: IT, eMRs & GroupWare

Filed under: Information Technology, Practice Management | Tagged: Divorcing your EHR Sytem, EHRs, electronic medical recrods, HI-TECH Act, HIT, Shahid N. Shah MS | 3 Comments »

Update on US Health Insurance Coverage

Posted on September 27, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Census Bureau 2013 Data

By http://www.MCOL.com

Conclusion

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Is Medical Licensing Really Necessary?

Posted on September 26, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Licensing Doctors – Do Economists Agree?

[By Staff Reporters]

In the US, the various state medical boards dictate the rules for physician licensure and discipline. Would-be physicians must complete an approved medical training program and pass a standardized test.

Scope-of-practice laws prohibit other health professionals from offering similar services.

***

[Google School of Medicine]

***

Given the resources involved in licensing doctors, taxpayers might be surprised to learn that the link between licensing and service quality is tenuous at best.

In fact, some economists like Shirley Svorny PhD, who’ve examined the market for physician services, may view medical licensing as a constraint on the efficient combination of inputs and a drag on innovations in health care and medical education.

Assessment

https://medicalexecutivepost.com/wp-content/uploads/2013/06/2004-08-svorny-reach_concl.pdf

More:

Will Future Doctors Need a Medical License?

Conclusion

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Filed under: Ethics, Health Economics | Tagged: medical degrees, medical license, Shirley Svorny PhD, state medical boards | 8 Comments »

Today is “World Pharmacist” Day

Posted on September 25, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Brainchild of the International Pharmaceutical Federation [IPF]

[By Dr. David Edward Marcinko MBA CMP™]

World Pharmacists Day was the brainchild of the International Pharmaceutical Federation (IPF), with the council of this organization voting to establish the event in the late 2000s during a conference they staged in Istanbul, Turkey.

The aim of the day is to bring attention to pharmacies and the positive benefits they offer when it comes to health and FIP encourages all its members to get involved to make the event a success.

***

Each year the organization announces a different theme so that associations and individuals in the pharmaceutical industry can put together national campaigns or local projects to showcase the good work they do in helping to improve the health of people around the world. This can include giving lectures, holding exhibitions, or organizing an activity day for adults and kids to demonstrate the many ways that a pharmacy can help them.

Link: http://worldpharmacistsday.org/

Conclusion

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Filed under: Drugs and Pharma | Tagged: DEA, Dr. David Edward Marcinko MBA CMP™, http://worldpharmacistsday.org/, International Pharmaceutical Federation, PharmD, World Pharmacists Day | 1 Comment »

Is the Financial Services Industry All F***ed Up?

Posted on September 24, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

More on the Fiduciary Problem

By Rick Kahler MS CFP® http://www.KahlerFinancial.com

If you consult an attorney or a doctor, you don’t have to ask whether their advice is intended to serve your best interests.

It’s understood they have a responsibility to put your welfare first.

The Financial Services Sector

There is no such understanding when it comes to financial services. Some financial advisors have a fiduciary duty requiring them to act in your best interest. Others do not. Even more confusing, the same professional can be held to a fiduciary standard at some times but not others. It’s hard for consumers to know the difference.

My Talk

Last week I promised a “five-minute” solution to clear up this confusion. Here it is: Before engaging any financial advisors, ask them to sign a written statement that they are fiduciaries, that you are a client, and that either the advisor receives no income from commissions or any commission income is trivial (with “trivial” clearly defined).

If advisors sign such statements, you can be assured they have a fiduciary duty to you as a client. If not, you then understand you are a customer and “caveat emptor” (buyer beware) applies.

The Conundrum

Now – a little background on the confusion. It exists largely because of the influence that large financial institutions (who earn revenue through the sale of financial products) have on legislators.

The IAA of 1940

For example, the Investment Advisors Act of 1940 requires that anyone giving investment advice must be acting in a fiduciary capacity. The intent was to separate the financial salespeople, who had significant conflicts of interest, from the investment advisors, who had few to none.

If you know very little about financial products, would you rather be educated as the customer of a commissioned salesperson or the client of a fee-for-service advisor? Hands down, you’d want the fee-for-service advisor.

******

Financial Product Sales

Of course, the financial institutions selling products understood this. They were able to influence the drafting of the 1940 Investment Advisors Act, to exclude “any broker or dealer whose performance of such [advisory] services is solely incidental to the conduct of his business as a broker or dealer.” So if salespeople just happen to give some financial advice that is “incidental” to the sale of a product, they and their companies are not held to the fiduciary standard. Congress allows financial companies to advertise as if they are fiduciaries while their sales forces are not held to a fiduciary standard.

Certified Financial Planner® Designation Conflict

The same conflict arises in some professional designations, like the Certified Financial Planner® designation conferred by the CFP® Board. The designation initially certified the completion of training in financial planning. In 2008 the Board added a fiduciary requirement to the designation.

The Caveat

However, CFP®’s are only held to a fiduciary requirement when they are doing what the CFP® Board defines as financial planning. If a CFP® professional is giving advice to a client, the fiduciary standard applies. Yet the same professional can sell the same client an annuity with high fees and high commissions, even if the product may not be in the client’s best interest, as long as no “financial planning” is part of the transaction. The result is significant confusion for consumers.

My Suggestion

The bottom line is this: when you look for financial advice or financial products, don’t assume the advisor is looking out for you. It’s your responsibility to find out whether any financial professional owes you a fiduciary duty.

Assessment

So, I suggest you ask directly, “Am I a customer or a client?” The answer is almost always “a client,” as most financial services salespeople honestly don’t know the difference. After you explain that difference, ask them to verify their fiduciary duty in writing. That five-minute solution may have a lasting impact on your financial well-being.

Link: http://www.CertifiedMedicalPlanner.org

More:

Conclusion

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TEXT BOOK

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Filed under: Ethics, Experts Invited, Financial Planning | Tagged: Ben Aikin, Centre for Fiduciary Excellence, fiduciary accountability, Rick Kahler CFP® | 4 Comments »

ICD-10 Could Bolster Ebola Bio-Surveillance?

Posted on September 23, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Forgetting ICD-9 … Moving on to ICD-10

[By Staff Reporters]

According to Tom Sullivan, there is no specific code for the Ebola virus under ICD-9?

And no, this is not a joke: There isn’t a specific one. Instead code number # 078.89 refers to multiple viral diseases. Under ICD-10, however, there is one. It’s A98.4.

***

The Proponent

That’s according to the Coalition for ICD-10 which, of course, is a proponent of moving to the new code set without further delay.

Assessment

The coalition’s main point is that specific codes can help public health officials better manage bio-surveillance. Do you agree?

Link: Infographic: ICD-10 could bolster Ebola biosurveillance

More: Ascel Bio on Forecasting Infectious Disease Outbreaks

Conclusion

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Filed under: Ethics, Information Technology | Tagged: Ebola virus, ICD-10 | 4 Comments »

Income Tax Brackets and Rates for 2014

Posted on September 20, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

An ME-P Update

[By Internal Revenue Service]

***

More:

Conclusion

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TEXTBOOK

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Filed under: Accounting, Taxation | Tagged: Income Tax Brackets and Rates 2014, IRS, tax brackets., tax rates | 5 Comments »

On Mobile Health App Privacy Policies

Posted on September 18, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

About Availability and Quality

By http://www.MCOL.com

More:

Conclusion

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Filed under: Information Technology | Tagged: EHR privacy, m-Health, m-Health Apps, Mobile Health, mobile health privacy | 7 Comments »

Physician Creditor Protection for IRAs, Annuities and Insurance for 2014-15

Posted on September 17, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

A SPECIAL ME-P REPORT

###

Asset Protection Planning for Qualified and Non-Qualified Retirement Plans, IRAs, 403(b)s, Education IRAs (Coverdell ESAs), 529 Plans, UTMA Accounts, Health/Medical Savings Accounts (MSA/HSAs), Qualified and Non-Qualified Annuities, Long-Term Care Insurance, Disability Insurance and Group, Individual and Business Life Insurance [Ohio Focus]

By Edwin P. Morrow III; JD LLM MBA CFP® RFC®

EDITOR’S NOTE:

Hi Ann,

A couple years ago you posted an earlier version of the attached Asset Protection Outline. I updated it to include quite a bit more discussion of different protection levels for various kinds of accounts, and included more discussion of states other than Ohio, including a 50 state chart with IRA/403b protections.

So please delete the old one and replace with this one which contains more topics, including some substantial discussion of issues regarding current class action litigation jeopardizing asset protection for Schwab and Merrill Lynch IRAs.

Regards
Ed

###

The Importance of Asset Protection as Part of Financial and Estate Planning for Doctor’s and Medical Professionals

Asset Protection has become a ubiquitous buzz-word in the legal and financial community. It often means different things to different people. It may encompass anything from buying umbrella liability insurance to funding offshore trusts.

What is most likely to wipe out a client’s entire net worth? An investment scam, investment losses, a lawsuit, divorce or long-term health care expenses? “Asset Protection” may be construed to address all of these scenarios, but this outline will cover risk from non-spousal creditors as opposed to risk from bad investments, divorce, medical bills or excessive spending. Prudent business practice and limited liability entity use (LP, LLP, LLC, Corporation, etc) is the first line of defense against such risks. Similarly, good liability insurance and umbrella insurance coverage is paramount.

However, there is a palpable fear among many of frivolous lawsuits and rogue juries [especially among physicians and medical professionals]. Damages may exceed coverage limits. Moreover, insurance policies often have large gaps in coverage (e.g. intentional torts, “gross” negligence, asbestos or mold claims, sexual harassment).

As many doctors in Ohio know all too well, malpractice insurance companies can fail, too. Just as we advise clients regarding legal ways to legitimately avoid income and estate taxes or qualify for benefits, so we advise how to protect family assets from creditors. Ask your clients, “What level of asset protection do you want for yourself?

For the inheritance you leave to your family?” Do any clients answer “none” or “low”? Trusts that are mere beneficiary designation form or POD/TOD substitutes are going out of style in favor of “beneficiary-controlled trusts”, “inheritance trusts” and the like.

Table of Contents

While effort is made to ensure the material is accurate, this material is not intended as legal advice and no one may rely on it as such. Sections II(d), II(i), V, VI and XI were updated Feb 2012, but much of the material and citations have not been verified since 2010. Permission to reprint and share with fellow bar members is granted, but please contact author for updates if more than a year old.

T.O.C. [Page Number]

I. Importance of Asset Protection 2

II. State and Federal Protections Outside ERISA or Bankruptcy 4

a. Non-ERISA Qualified Plans: SEP, SIMPLE IRAs 5

b. Traditional and Roth IRAs, “Deemed IRAs” 7

c. Life Insurance 9

d. Long-Term Care, Accident/Disability Insurance 13

e. Non-Qualified Annuities 13

f. Education IRAs (now Coverdell ESAs) 16

g. 529 Plans 17

h. Miscellaneous State and Federal Benefits 18

i. HSAs, MSAs, FSAs, HRAs 18

III. Federal ERISA Protection Outside Bankruptcy 20

IV. Federal Bankruptcy Scheme of Creditor Protection 26

V. Non-Qualified Deferred Comp – Defying Easy Categorization 30

VI. Breaking the Plan – How Owners Can Lose Protection 32

(incl Prohibited Transactions and Schwab/Merrill Lynch IRA problems) 35

VII. Post-Mortem – Protections for a Decedent’s Estate 51

VIII. Post-Mortem – State Law Protections for Beneficiaries 52

IX. Post-Mortem – Bankruptcy Protections for Beneficiaries 54

X. Dangers and Advantages of Inheriting Through Trusts 56

XI. Piercing UTMA/UGMA and Other Third Party Created Trusts 59

XII. Exceptions for Spouses, Ex-Spouses and Dependents 61

XIII. Exceptions when the Federal Government (IRS) is Creditor 62

XIV. Fraudulent Transfer (UFTA) and Other Exceptions 68

XV. Disclaimer Issues – Why Ohio is Unique 69

XVI. Medicaid/Government Benefit Issues 71

XVII. Liability for Advisors 72

XVIII. Conflicts of Law – Multistate Issues 73

XIX. Conclusions 75

Appendices

A. Ohio exemptions – R.C. §2329.66 (excerpt), §3911.10, §3923.19 78

B. Bankruptcy exemptions – 11 U.S.C. § 522 excerpts 80

C. Florida IRA exemption – Fla Stat. § 222.21 (note-may be outdated) 85

D. Sal LaMendola’s Inherited IRA Win/Loss Case Chart 86

E. Multistate Statutory Debtor Exemption Chart 88

###

Assessment

This outline will discuss the sometimes substantial difference in legal treatment and protection for various investment vehicles and retirement accounts, with some further discussion of important issues to consider when trusts receive such assets.

Beware of general observations like: “retirement plans, insurance, IRAs and annuities are protected assets” – that may often be true, but Murphy’s law will make your client the exception to the general rules. The better part of this outline is pointing out those exceptions.

2012 WHITE PAPER LINK:

Creditor Protection for IRAs Annuities Insurance Nov 19 2010 WC CLE Feb 2012 update

***

2014 WHITE PAPER LINK UPDATE:

Optimal Basis Increase Trust Aug 2014

***

ABOUT THE AUTHOR:

Mr. Edwin P. Morrow III, a friend of the Medical Executive-Post, is a Wealth Specialist and Manager, Wealth Strategies Communications Ohio State Bar Association Certified Specialist, Estate Planning, Probate and Trust Law Key Private Bank Wealth Advisory Services. 10 W. Second St., 27th Floor Dayton, OH 45402. He is an ME-P “thought leader”.

Constructive criticism or other comments welcome.

Conclusion

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

Filed under: Estate Planning, Experts Invited, Financial Planning, Health Insurance, Insurance Matters, Portfolio Management, Risk Management | Tagged: 403(b) plans, 529 plans, Annuities and Insurance, anuities, asset protection, Creditor Protection Working White-Paper for IRAs, disability insurance, Education IRAs, Edwin P. Morrow III JD, Estate Planning, Financial Planning, HSA, insurance planning, IRAs, LTCI, MSA, Non-Qualified Retirement Plans, Qualified Retirement Plans, Risk Management, UTMA, Wealth Specialist | 5 Comments »

More on Medical Professional Job Hunting Expenses

Posted on September 16, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

How to deduct some job hunting costs?

By Andrew Schwartz, CPA

Many people change their job in the mid to late summer; especially doctors, nurses and medical professionals.

So, if you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs.

Key Facts

Here are some key tax facts you should know about if you search for a new job:

Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation.
Résumé Costs. You can deduct the cost of preparing and mailing your résumé.
Travel Expenses. If you travel to look for a new job, you may be able to deduct the cost of the trip. To deduct the cost of the travel to and from the area, the trip must be mainly to look for a new job. You may still be able to deduct some costs if looking for a job is not the main purpose of the trip.
Placement Agency. You can deduct some job placement agency fees you pay to look for a job.
First Job. You can’t deduct job search expenses if you’re looking for a job for the first time.
Work-Search Break. You can’t deduct job search expenses if there was a long break between the end of your last job and the time you began looking for a new one.
Reimbursed Costs. Reimbursed expenses are not deductible.
Schedule A. You usually deduct your job search expenses on Schedule A, Itemized Deductions. You’ll claim them as a miscellaneous deduction. You can deduct the total miscellaneous deductions that are more than two percent of your adjusted gross income.
Premium Tax Credit. If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

***

More:

For more on job hunting refer to Publication 529, Miscellaneous Deductions on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to get it by mail.

IRS YouTube Videos:

Job Search Expenses – English | Spanish | ASL
What If – English | Spanish | ASL
Premium Tax Credit: Changes in Circumstances – English | Spanish | ASL
Premium Tax Credit – English | Spanish | ASL

IRS Podcasts:

Premium Tax Credit Changes in Circumstances – English | Spanish
Premium Tax Credit – English | Spanish

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Link: http://www.CertifiedMedicalPlanner.org

NEW BOOK:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Filed under: Accounting, Practice Management, Taxation | Tagged: Andrew Schwartz, CPA, Job Hunting Expenses | Leave a comment »

PP-ACA Premium Percent Changes from 2014-2015-2017

Posted on September 15, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

For the Silver Plan

[By Kaiser Family Foundation]

Premiums for the silver insurance premium plan that is used to benchmark tax credits under the Affordable Care Act (ACA) will fall by an average .8% in 2015, according to a new study.

Meanwhile, premiums for the lowest-cost bronze option available through the ACA’s healthcare exchanges will increase by an average of 3.3%.

Silver plans were chosen by 65% of exchange enrollees in 2014, and bronze plans were chosen by about 20% of enrollees, according a report from the U.S. Department of Health and Human Services.

***

Reference: http://medicaleconomics.modernmedicine.com/medical-economics/news/aca-exchanges-silver-premiums-decrease-average-8-2015

More:

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Health Insurance | Tagged: ACA, Accountable Care Act, Kaiser Family Foundation, PP-ACA | 12 Comments »

How Banks’ Fee Bonanza Dries Up

Posted on September 14, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Changes in rules and customer behaviors are squeezing what was for decades a key source of revenue

[By Dr. Carey via FDIC]

***

Assessment

http://online.wsj.com/articles/banks-fee-bonanza-dries-up-1409699980

More:

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Investing | Tagged: bank fees, banks, FDIC | 6 Comments »

ACOs Defined

Posted on September 13, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

What it is – How it works?

By NPC

More:

CONCLUSION

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Glossary Terms, Practice Management | Tagged: Accountable Care Organizations, ACOs | 12 Comments »

State Uninsured Patient Rate Reductions

Posted on September 12, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Five State with Highest Percentage Change for 2013-14

By http://www.MCOL.com

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Health Insurance | Tagged: ACA, Health Insurance, ObamaCare, PP-ACA, Uninsured Patient Rates | 2 Comments »

Where is Wealth in the US?

Posted on September 10, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Most Americans own less than they did in 2005

[By US Census]

How hard has this ‘wealth drain’ hit the middle class?

There are two ways to measure how people are doing financially: How much they earn, and how much they own.

The second category gets less attention, but it can be just as important. And, it’s very likely that you own a lot less than you did before the Great Recession.

In fact, odds are roughly 50/50 that you own less than you did in the year 2000, according to the latest Census data. That’s stunning.

***

And, it’s another reason you might feel restless.

Assessment

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Financial Planning | Tagged: ‘wealth drain’, household net worth, Where is the Wealth? | 2 Comments »

ALERT – Phone Call Scammers Claiming to be IRS Agents

Posted on September 9, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Doctors – Beware!

By Andrew Schwartz, CPA

Yikes! I got the call.

As I’ve noted before; identity theft in connection with federal tax filings is on the rise.

One specific fraud involves people receiving phone calls from scammers posing as IRS agents and then being aggressively instructed to wire money directly to the scammer to pay off a fictitious tax debt.

The Transcript

Here is a transcript of the automated voicemail message left on my home phone last month by someone trying to commit this fraud on me:

You received this message. I need you or your retained attorney to return this call. The issue at hand is extremely time sensitive. I’m officer Hannah Gray from the Internal Revenue Service and the hot line to my position is 415-251-9813. I repeat, it’s 415-251-9813. Don’t disregard this message and return this call before we take any legal allegation against you. Goodbye and take care.

If I weren’t aware that this scam existed, my initial reaction would have been to call the number left by the scammer as soon as possible. But remember, the IRS does not send e-mails or make phone calls like these to taxpayers. Instead, the IRS is continually warning taxpayers about scams like this; including the following press release issued last Halloween:

IRS Warns of Pervasive Telephone Scam

IR-2013-84, Oct. 31, 2013

WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country.

Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting.

“This scam has hit taxpayers in nearly every state in the country. We want to educate taxpayers so they can help protect themselves. Rest assured, we do not and will not ask for credit card numbers over the phone, nor request a pre-paid debit card or wire transfer,” says IRS Acting Commissioner Danny Werfel. “If someone unexpectedly calls claiming to be from the IRS and threatens police arrest, deportation or license revocation if you don’t pay immediately, that is a sign that it really isn’t the IRS calling.” Werfel noted that the first IRS contact with taxpayers on a tax issue is likely to occur via mail.

Other characteristics of this scam include:

Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
Scammers may be able to recite the last four digits of a victim’s Social Security Number.
Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.
Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
Victims hear background noise of other calls being conducted to mimic a call site.
After threatening victims with jail time or driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

If you get a phone call from someone claiming to be from the IRS, here’s what you should do:

If you know you owe taxes or you think you might owe taxes, call the IRS at 1.800.829.1040. The IRS employees at that line can help you with a payment issue – if there really is such an issue.
If you know you don’t owe taxes or have no reason to think that you owe any taxes (for example, you’ve never received a bill or the caller made some bogus threats as described above), then call and report the incident to the Treasury Inspector General for Tax Administration at 1.800.366.4484.
If you’ve been targeted by this scam, you should also contact the Federal Trade Commission and use their “FTC Complaint Assistant” at FTC.gov. Please add “IRS Telephone Scam” to the comments of your complaint.

***

Taxpayers should be aware that there are other unrelated scams (such as a lottery sweepstakes) and solicitations (such as debt relief) that fraudulently claim to be from the IRS.

The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts. Recipients should not open any attachments or click on any links contained in the message. Instead, forward the e-mail to phishing@irs.gov.

Assessment

More information on how to report phishing scams involving the IRS is available on the genuine IRS website, IRS.gov.

More:

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

NEW BOOK:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Filed under: Accounting, Taxation | Tagged: Andrew Schwartz, CPA, IRS Agents, Phone Call Scammers, Phone Scammer IRS Agents, tax scams | 7 Comments »

PHYSICIANS RESPONDING TO DIMINISHED PATIENT VOLUME

Posted on September 7, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

J.I.T. AND MEDICAL OFFICE PROCESS EFFICIENCY

[By Dr. David Edward Marcinko FACFAS MBA CMP]

Much of what is done in Just In Time labor control is aimed at reducing the doctor’s wait time (radiographs, accu-check sugar levels, urine cultures, blood tests, injections, cast changes, etc.), the patient’s wait time (check-ins, check-outs, insurance verification, pre-certification, etc.), the move time (procedure set-up time, referrals, transportation, etc.) and quality time (education, emotional support and hand-holding); increasing actual patient physician service treatment time.

This can be expressed as the sum of four parts:

Treatment Time

(+) Wait Time

(+) Move Time

(+) Quality Time

_____________________________

Total Time: (Efficient or Inefficient)

Only the patient’s treatment time (doctor-patient interaction) adds value to the medical service. Wait, move and quality time are all non-value added services and should be eliminated to the extent possible, as they represent needless expenses. All can, and should be performed, by non-physician personnel.

***

Tasks to Delegate

The following represent tasks that the doctor can easily delegate in order to increase his or her office time efficiency:

* Patient scheduling, routine telephone calls, office directions, pre and post operative orders, triage, referral and pre-certification and prior-approval forms and faxes, co-payment recoupment and office visit charges, pharmaceutical representatives and detail people.

* Initial historical review, vital signs, insurance updates, telephone call-backs, and data gathering information on all patients.

* Injections, allergy testing, PAP smears, cultures, blood tests and phlebotomy, , gram stains, specimen preparation and other similar routine procedures.

* Prescription writing, acne medication, dermatological preparations, refills, pharmacy interaction and drug interaction explanations.

* Minor procedure assisting, suture removals, x-rays, casting, pathology and laboratory reports, ultra-sound, physical therapy and bandaging.

***

Tasks Not to Delegate

On the other hand, the following tips to improve physician time management might prove useful:

* Focus on patient and avoid interruptions in the examining room which should not have a telephone or intercom system; a light or sound signaling system might be considered instead. Listen carefully and repeat phrases back to patients in order to enhance communications and reduce errors. Reduce socialization time at work, the office or hospital setting.

* Schedule patient/physician call backs in specific time clusters; and/or consider a car phone or portable telephone or other personal digital assistance electronic device. If you have an open door office policy; keep it closed until all calls are returned. Inform your staff to avoid appearing unfriendly.

* Make a short, intermediate and long terms task list of goals to be accomplished every day. Complete all of the important tasks, and keep track of those yet to be done. Stay flexible. You want to drive the list; not have the list drive you. Avoid an over-achieving mentality. Save something to do tomorrow.

* Make proper time estimations using the Two-and-a half Rule, since it involves allocating an extra amount of time to perform given tasks, caused by interruptions, unplanned events or other minor problems. In this way, your daily priority task list will be more realistic.

* Use stock letters, paragraphs and/or “macros” in your dictation system. The use of computerized charting notes is fine as long as the potential for litigation and defending such “canned assembly-line” notations is considered.

* Avoid practice management, office or business meetings in the evening or after office hours. Rather, hold them before hours in the morning or during lunch time. Have food catered for a staff treat but do not loose the focus and real purpose of the meeting.

* Review the telephone log and the next day’s schedule before departing for home or the hospital.

* Use the Rule of 7’s, and realize that if there are more than seven people involved in a committee or office project, there are probably too many. Also realize that when you are appointing committees for TQI endeavors, remember that 5-7 people will provide the same results as a larger group. If you are a key player, then by all means stay involve. If not, minimize your participation, since the rule reduces some of your non-medical functions. Forget perfection.

* Follow the time efficiency philosophy of professional managers, and “do, delegate or dump” non-medical tasks; and handle paperwork or other chores only once.

* Reduce the number of needless office, hospital or surgery center meetings; speed read non-medical literature and reduce your material (operating assets) office needs.

* Keep your office staff and family informed of your desire for office and time efficiency; do not forget your loved ones, religious affiliation, personal or physical (exercise) needs. Maintain a healthy, happy and psychologically fit lifestyle.

Results of JIT Implementation

When correctly applied, JIT labor and inventory controls may reasonably be expected to yield the following benefits:

1. Greater doctor and employee productivity through improved office physical layout.

2. Reduced treatment and business management time resulting in the potential to see more patients, or the same number of patients with less time urgency and personal stress.

3. Inventories of durable goods are reduced and expensive storage space is made available for revenue generating activities.

4. Patient quality and services are rendered in a cost effective and value added manner.

***

RESPONDING TO DIMINISHED PATIENT VOLUME

The most appropriate response to diminished or declining patient volume is the transformation of as many fixed office costs as possible, to variable costs. This cost reduction strategy does not call for cost cutting per se, but for a change in the relative ratio of fixed to variable costs. It can be accomplished by (1) using temporary staffing, with its associated risks and benefits, (2) outsourcing as much as possible, with its associated risks and benefits, (3) leasing or renting rather equipment rather than buying, and (4) using JIT purchasing and labor.

Assessment

The reviewed time management techniques represent powerful techniques for increasing practice profits in the competitive environment. Implementation will decrease personal stress and assist the efficient physician develop the most economically profitable service and operational flow process possible for the office.

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Practice Management | Tagged: DIMINISHED PATIENT VOLUME, JIT, Just In Time | 3 Comments »

Are All-Time Stock Market Highs Really That Bad?

Posted on September 6, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

The 30th all-time high for the S&P 500 in 2014 alone

By Lon Jefferies MBA CFP®

Last week, the S&P 500 achieved an all-time high, exceeding the 2,000 level for the first time ever during intra-day trading. The index ended the day at 2,001 almost exactly triple the market low of 666 achieved in March of 2009 during the global financial crises. Yesterday, it reached another high; 2,007.

Believe it or not, this was the 30th. all-time high for the S&P 500 in 2014 alone.

Fearing the Phrase

Many investors fear the phrase “all-time high,” believing it implies stocks have already captured the gains available in the market and that there is nowhere for the value of these equities to go but down. However, all-time highs are perfectly normal in the stock market. In fact, since 1950 there have been over 1,100 new all-time closing highs achieved by the S&P 500. That is 6.8% of all trading days or roughly 1 out of every 15 days the market is open that it’s closed at a new high level!

In addition, while it is true the S&P 500 hit a new nominal high, it is still significantly under its high when adjusted for inflation. In fact, Will Hausman, an economics professor at the College of William and Mary, calculates that the S&P 500 hit its true high – its inflation-adjusted high – of 2,120 on January 14, 1999. By that metric, 15 years ago the S&P 500 was 10% higher than it is now. Put that way, it is possible the market could continue to appreciate at its current pace without valuations exceeding their historical peak.

***

Market highs not necessarily bad

My goal is to point out that the phrase “all-time high” isn’t necessarily bad when relating to the stock market.

Now, just because stocks are at all-time high levels certainly doesn’t make them immune to a decline or even a crash. Stocks were at all-time high levels before the tech bubble of 2000 popped, and if by measured by the NASDAQ index, the market still hasn’t fully recovered. However, stocks aren’t required to decline just because they are at levels unattained before.

Assessment

Physicians and all investors don’t need to feel the need to sell their equity investments or not invest new dollars in the market just because the S&P 500 is at a number we haven’t yet seen. My favorite quote regarding the subject comes from financial columnist Nick Murray: “If you think the market is “too high,” wait until you see it 20 years from now.”

http://money.msn.com/business-news/article.aspx?feed=BLOOM&date=20140905&id=17909015

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Investing | Tagged: Lon Jefferies MBA CFP®, Stock Market Highs | 12 Comments »

Site HACKED – HealthCare.Gov

Posted on September 5, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Site Breached

[By Staff Reporters]

Hackers successfully breached HealthCare.gov, but no consumer information was taken from the health insurance website that serves more than 5 million Americans, the Obama administration just disclosed earlier today.

Assessment

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Health Insurance, Information Technology | Tagged: HACKED-HealthCare.Gov, HealthCare.Gov | 10 Comments »

Why Medical Professionals Need a Financial Plan?

Posted on September 4, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

We don’t plan to fail – We fail to plan

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

Our newest textbook COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will shape the physician-focused financial planning landscape for the next-generation of Health 2.0 medical professionals and their financial advisors.

Why Now?

We created this innovative textbook because the healthcare industry is rapidly changing and the financial planning ecosystem has not kept pace. Traditional insurance-commission and sales-driven generic advice is yielding to a new breed of deeply informed fiduciary advisor, and educated consultant, or Certified Medical Planner (CMP™). Internet and social media of the last decade demonstrates that medical providers are becoming accustomed to the need for knowledgeable advice. And so, financial planning is set to be transformed by “market disruptors” that will soon make an impact on the $2.8 trillion healthcare marketplace for those financial advisers serving this sector.

We are at the leading edge of this positive disruption — also known as niche based Financial Planning 2.0 — that over time will see today’s command-controlled financial services industry becomes a wide open academic marketplace. And, a growing cadre of specialty entrants is poised to shake up the industry drawing billions of dollars in revenue from traditional broker-dealer organizations while building lucrative new markets.

For example, an iMBA Inc survey points to the growing need for financial advisors to serve current and future medical professionals thanks to their eagerness to seek premium financial planning solutions from non-traditional sources and providers; like the online Certified Medical Planner™ charter designation program. The industry is ripe for a shakeup and physician focused financial planning will soon have its own new brands. We aim to be among the first-movers and top tier names in the industry.

How We Are Different?

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will change this niche industry sector by following eight important principles.

1. First, we have assembled a world-class editorial advisory board and independent team of contributors and reviewers and asked them to draw on their experiences in contemporaneous healthcare focused financial planning. Like many of their physician and nurse clients, each struggles mightily with the decreasing revenues, increasing costs, automation, SEC scrutiny and higher physician-client expectations in today’s competitive financial advisory and technological landscape. Yet, their practical experience and physician focused education, knowledge and vision is a source of objective information, informed opinion and crucial information to all consultants working with doctors and medical professionals in the financial services field.

2. Second, our writing style allows us to condense a great deal of information into one volume. We integrate bullet points and tables; pithy language, prose and specialty perspectives with real world examples and case models. The result is an oeuvre of integrated financial planning principles vital to all modern physicians and allied healthcare professionals.

3. Third, to the best of our knowledge, this is the first peer-reviewed book of its type, as we seek to follow traditional medical research and journal publishing guidelines for best practices. We present differing viewpoints, divergent and opposing stake-holder perspectives, and informed personal and professional opinions. Each chapter has been reviewed by one to three outside independent reviewers and critical thinkers. We include references and citations, and although we cannot rule out all biases, we do strive to make them transparent to the extent possible.

4. Fourth, our perspective is decidedly from the physician-client side of the equation. More specifically, as consultants to medical professionals, we champion the physician-investor over the financial advisor. And, to the extent that both sides ethically succeed; we hope all concerned “do well – by doing good”. This is unique in the fee and commission driven financial services industry. Much like the emerging patient-centered care initiative in medicine, we call it client-centered advice.

5. Fifth, it is important to note that deep specificity and niche knowledge is needed when advising physicians and healthcare providers. And so, we present information directly from that space, and not by indirect example from other industries, as is the unfortunate norm. Medical case models, healthcare industry examples, and anecdotal insights from the Over Heard in the Doctor’s Lounge, and Over Heard in the Advisor’s Lounge features, are also included. Finally, personalized financial planning for all medical professionals is our core, and only focus.

6. Sixth, this textbook represents an academic template for about 25 percent [125/500 credit hours] of the Certified Medical Planner™ chartered professional online certification program curriculum. It is useful for those studying, auditing, or considering matriculation for this prestigious designation mark.

7. Seventh, we include a glossary-of-terms specific to the text, a list of comprehensive advice sources, and three illustrative physician-specific financial plan examples additionally available by separate order.

8. Finally, as editor, we prefer engaged readers who demand compelling content. According to conventional wisdom, printed texts like this one should be a relic of the past; from an era before instant messaging and high-speed connectivity. Our experience shows just the opposite. Applied physician focused personal financial planning literature, from informed fiduciary sources, is woefully sparse; just as a plethora of generalized internet information makes that material less valuable to doctor clients.

***

A Seminal Work

And so, rest assured that COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will become a seminal book for the advancement of personal financial planning and related personal micro-economic principles in this niche ecosystem.

In the years ahead, we trust these principles will enhance utility and add value to your book. Most importantly, we hope to increase your return on investment by some small increment.

If you have any comments or would like to contribute material or suggest topics for future editions please contact me.

More:

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Filed under: Book Reviews, CMP Program, Financial Planning, iMBA, Inc., Touring with Marcinko | Tagged: certified medical planner, CMP™ Course, david marcinko, Financial Planning | 2 Comments »

Five [5] Essential Tips for Doctors to Remember During an Auto Accident

Posted on September 3, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

In My Dual Experience

[By Dr. David Edward Marcinko MBA CMP™]

[By Nalley Lexus, Roswell GA]

You can’t be sure how you will react in a car accident until you have experienced one.

I should know – I’ve been in accidents, am a doctor who covered the ER, and was a licensed property-casualty insurance agent for a decade.

The Event

Even if you aren’t physically hurt, the trauma during any accident can cause shock or fuzzy thinking at a time when you need to keep your wits. If you ever find yourself in an accident, insurance protection is vital, but it’s also important to remember these five tips:

The Five Tips:

Assess for accident injuries

If possible, assess yourself and any passengers for injuries and immediately call for medical assistance if necessary. Should anyone be seriously injured or unable to move, try not to move them unless there is threat of a fire or they are on the road where they could be hit by another car. Act as a physician, if needed. OR, recall good Samaritan laws in your state?

Safety first

For minor accidents, move both vehicles off the road for protection against moving traffic. If the damage to your vehicle is severe, keep it where it is until the police arrive. Turn on your emergency flashers to alert oncoming traffic.

Stay calm and ask questions

This should not be difficult for physicians. No matter who is at fault during an accident, this is not the time to freak out or become overly emotional. Remain calm and with a clear head assess what happened and be ready to ask questions. Know exactly where your insurance information is located and other identification you’ll need to meet your legal requirements. Write down the names and contact information for all witnesses. If you are not at fault, and the accident wasn’t serious enough to involve a police report, do not let the other driver talk you into letting them mail you a check for the damage to your car. If they claim they don’t have insurance, ask questions about their car registration, name, and contact information, and give them your insurance information. Tell them you will be contacting your own agent to report the accident. If possible, take a photo of both cars showing the damage and license plates.

Admit no fault

Answer no questions about fault with anyone except a police officer or your insurance company. Give no statements to the other driver’s insurance company or your words might be twisted and used against you. You also shouldn’t sign any legal documents from the other insurance company, especially if you feel they are pressuring you for an early settlement that you feel isn’t sufficient to cover your damage.

Immediately report the accident to your insurance company

This is the moment when you’ll finally understand why you pay monthly premiums for insurance protection. Carry your agent’s name and phone number in our car and make the call as soon as possible. The sooner you contact them, the sooner they can help you with your claim. Keep a folder in your car with all your insurance contact information and this tip list. This way you’ll have all the information you need to help you think more clearly if you’re stressed during an accident.

***

More:

Assessment

The summer of 2014 is almost over – be careful out there.

Conclusion

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
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Insurance Matters, LifeStyle, Risk Management, Touring with Marcinko | Tagged: an Auto Accidents, auto accidents, MVA accidents, property casualty insurance | 2 Comments »

Can Doctors Trust the Stock Market [Video]?

Posted on September 2, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

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