What is the “Endowment” Effect?

The “Endowment” Effect

[By staff reporters]

In psychology and behavioral economics, the endowment effect (also known as divestiture aversion and related to the mere ownership effect in social psychology) is the hypothesis that people ascribe more value to things merely because they own them.

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MORE: https://www.interaction-design.org/literature/topics/endowment-effect

MORE: What is the “Butterfly” Effect?

Assessment: Your thoughts are appreciated.

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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REMINDER TONIGHT: Daylight Savings Time Ends

The clocks change at 2 a.m. to create the least disruption for early workers.

By Staff Reporters

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People who don’t have a digital clock that changes automatically will often switch their watches on Saturday night before bed. This year, Daylight Saving Time began on March 13, 2022, and ends on November 6, 2022.

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When you wake up tomorrow morning, you’ll be well rested and smacked with a pocketful of sunshine: In 48 states and DC, daylight saving time is ending overnight Sunday, which means a 25-hour day tomorrow and, going forward, darker evenings and sun-splashed mornings. And, when our clocks change every six months, it inevitably sparks debate about why we participate in this curious tradition in the first place, and whether we should just pick one time system and stick with it.

The arguments for abolishing daylight saving time

Most experts on sleep and circadian rhythms argue that tomorrow should be the last time we ever switch our clocks. They claim that, by artificially pushing the sun to set later in the evening, daylight saving time disrupts our internal clock’s natural alignment with the sun (for example, by discouraging the production of sleep-inducing hormones like melatonin). That can lead to negative impacts on our physical and mental health. Other proponents of permanent standard time point to research that shows how adopting it would reduce crime, energy costs, and car crashes. A study published Wednesday found that brighter work commutes due to permanent standard time would save about $1.2 billion in collision costs from drivers hitting deer—and prevent 37,000 deer from being killed in the process.

Congress and Politics

This March, the Senate passed the Sunshine Protection Act, which intends to, uh, protect sunshine by making daylight saving time permanent. Senators say their constituents have been flooding their phones with requests for more daylight in the evenings—to enjoy the outdoors, yes, but also to squeeze in more time to farm.

But the US has tried that before, in 1974, and it flopped miserably. Just four months after Congress approved permanent daylight standard time, it was scrapped following public backlash.

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What is the PROPINQUITY Effect and FELICIFIC Calculus?

The MIT Westgate Studies

By Prasad Nilanth

The “P” theory was first crafted by psychologists Leon Festinger, Stanley Schachter, and Kurt Back in what came to be called the Westgate Studies conducted at MIT.

The study investigated how friendships developed among students at the new Westgate Complex at MIT. The results clearly showed the role of proximity in the formation of friendships. The strongest friendships developed between students who lived next to each other on the same floor. Where friendships developed between students who lived on different floors, one of those students tended to live near the stairways.

CITE: https://www.r2library.com/Resource/Title/082610254

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In social psychology, propinquity (/prəˈpɪŋkwɪtiː/; from Latin propinquitas, “nearness”) is one of the main factors leading to interpersonal attraction. It refers to the physical or psychological proximity between people. Propinquity can mean physical proximity, a kinship between people, or a similarity in nature between things (“like-attracts-like”).

Two people living on the same floor of a building, for example, have a higher propinquity than those living on different floors, just as two people with similar political beliefs possess a higher propinquity than those whose beliefs strongly differ.

Propinquity is also one of the factors, set out by Jeremy Bentham, used to measure the amount of (utilitarian) pleasure in a method known as felicific calculus.

MORE: https://en.wikipedia.org/wiki/Felicific_calculus

Conclusion

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CRYPTO.com and Celebrity Endorsements?

AFFINITY MARKETING!

Physicians and All Investors Beware!

By Staff Reporters

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Celebrity Matt Damon’s infamous “fortune favors the brave” Crypto.com commercial premiered one year ago today, and its timing couldn’t have been worse. Had you been inspired to buy $1,000 worth of bitcoin on that day (the token was then worth $60,608, near its peak price) you would have just ~$340 now.

Fortune isn’t exactly what’s favored Crypto.com in the year since the ad debuted. The price of bitcoin has plunged ~70%, the company reportedly slashed about 40% of its workforce this summer, and the YouTube version of the Damon commercial has been set to private.

Today, the coin has been pretty stable since mid-June, 2022 and hovering at around $20,000.

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SECOND OPINIONS: Physician Financial Planning, Investing, Medical Practice Management and Business Valuations; etc!

BY DR. DAVID EDWARD MARCINKO MBA CMP

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Financial Planning for Medical Professionals

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CONTACT: Ann Miller RN MHA

770-448-0769

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MEDICAL BILLING: Down and Up Coding?

By Staff Reporters

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DEFINITION

Upcoding is a type of fraud where healthcare providers submit inaccurate billing codes to insurance companies in order to receive inflated reimbursements. These false “current procedural technology” (CPT) submissions indicate that doctors provided patients with treatments that were more complex, costly, and time-consuming than what they actually received. This unlawful scheme is a violation of the False Claims Act (FCA) because it defrauds federal programs including Medicare, Medicaid, and Tricare.

CITE: https://www.r2library.com/Resource/Title/082610254

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There are nearly 7,800 CPT codes used by healthcare providers. Collectively, these codes represent all of the procedures, conditions, and drugs that are currently reimbursable by the health insurance industry. Each one of them has an associated cost for individuals and insurance companies, based upon the urgency of the issue and the complexity of the decision-making required of the healthcare provider. Medicaid and Medicare reimburse providers based on this system.
For example, a five-minute consultation with a nurse for a minor medical question would receive a different, less expensive CPT than the one for a full examination by a doctor lasting 45-minutes. However, if the physician charges the federal programs for the more expensive 45-minute examination when the five-minute consultation is what actually occurred, this would constitute upcoding.

Unbundling

Unbundling is another common form of upcoding. This fraudulent scheme involves billing for individual procedures that are usually performed and billed together under a single CPT code. In some cases, the billing codes for complicated medical operations have associated components built into their CPTs. For example, a hip replacement surgery may factor in the costs of the surgeon’s as well as the use of the operating room. Unbundling occurs when a healthcare provider submits each component within a CPT to Medicare or Medicaid separately. This creates a cost redundancy where wrongdoers can unlawfully seek reimbursement for the same procedure several times over.

CMS: https://www.cms.gov/Outreach-and-Education/Medicare-Learning-Network-MLN/MLNProducts/Downloads/Fraud-Abuse-MLN4649244.pdf

What Is Downcoding?

Downcoding is the opposite of upcoding. If you perform a service but record the CPT for a lower-level service, that is downcoding. Downcoding also leaves you vulnerable to an audit, which is never good. But, it can also cost a practice thousands of dollars a year in lost revenue because you’re not getting the higher rate of pay that you would if you had recorded the service properly.

According to the National Correct Coding Initiative (NCCI): “Physicians must avoid downcoding. If an HCPCS/CPT code exists that describes the services performed, the physician must report this code rather than report a less comprehensive code with other codes describing the services not included in the less comprehensive code.”

MORE: https://zeemedicalbilling.com/what-is-upcoding-and-downcoding-in-medical-billing/

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HERE: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8649706/

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