PODCAST: Build a Healthcare Sales Machine

Posted on October 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Eric Bricker MD

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WALGREENS: Pharmacists Walk-Off Job

Posted on October 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Pharmacy employees at Walgreens across the country walked off the job yesterday, citing harsh working conditions created by undersized staff that leave them unable to safely fill prescriptions while meeting the demands of a busy vaccine season. The three-day walkout was organized entirely via social media, as the group lacks a centralized labor union like the WGA and UAW.

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

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Our iMBA e-Book Sales and Service

Posted on October 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

The Institute of Medical Business Advisors is a leading national scope provider of healthcare economics, finance, investing, managerial accounting, policy, management and business administration education and medical practice management textbooks, reports, hand-books, dictionaries, journals, white-papers, fair-market valuations [FMV] and legal advisory opinions using multi-platform and traditional seminars and channels of knowledge distribution. iMBA helps the nation’s financial, healthcare and education professionals make decisive improvements in their direction and performance by empowering them through unbiased information, consultants and proprietary tools, books, templates and B-school styled case models.A virtuous “win-win” situation for all concerned.

Link: https://medicalexecutivepost.com/me-pr-a-new-feature/

The firm serves universities, medical, business, graduate and nursing schools; physicians, dentists, attorneys and legal societies – accountants, financial service providers, stock brokers, RIAs, wealth and hedge fund managers – emerging entities, hospitals, clinics, outpatient centers, CXOs and their BODs – the press, media and related academic entities.

Link: http://www.MarcinkoAssociates.com

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EDUCATION: Books

AT YOUR SERVICE

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CAREER: Physician Coaching and Development

Posted on October 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

MARCINKO ASSOCIATES, Inc.

SPONSOR: http://www.MarcinkoAssociates.com

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Did you Know?

Experts estimate that it can cost more than $1 million to recruit and train a replacement for a doctor who leaves the profession because of burnout. But, as no broad calculation of burnout costs exists, Dr. Tait Shanafelt [Mayo Clinic researcher and Stanford Medicine’s first Chief Physician Wellness Officer] said Stanford, Harvard Business School, Mayo Clinic and the American Medical Association (AMA) are further cost estimating the issue. Nevertheless, Shanafelt and other researchers have shown that burnout erodes job performance, increases medical errors, and leads doctors to leave a profession they once loved.

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

Fortunately, we can help. From formal coaching to second career opinions, mentoring and advising, we can help with our remediation executive career programs. Regardless of what is happening in your life, it is wonderful to have a non-partial, confidential and informed career coach and sounding board on your side.

CITE: JAMA Internal Medicine [Effect of a Professional Coaching Intervention on the Well-Being and Distress of Physicians].

NCBI: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6686971/

THANK YOU

CONTACT US: https://marcinkoassociates.com/process-what-we-do/

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Citigroup, Moderna and A.I. Referee

Posted on October 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Citigroup announced a major reorganization aimed at eliminating unnecessary management layers. It will involve layoffs, but the bank didn’t say how many.

Bank Types: https://marcinkoassociates.com/bank-types/

One day after the CDC recommended that everyone above six months old get the new Covid booster, Moderna stock shot up. But it was mostly because the company showed it’s got a future beyond the virus with encouraging flu-shot trial results.

Elon Musk called for a regulator to ensure that AI development proceeds safely following a closed-door meeting with US lawmakers that also included Alphabet CEO Sundar Pichai and Meta’s Mark Zuckerberg—which was probably an awkward run-in for Musk.

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NOT SECURE: e-Dental Records?

Posted on October 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Darrell Pruitt DDS

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Less than a week after the American Dental Association pushed dentists to adopt electronic dental records, Infosecurity Magazine announced “Record Numbers of Ransomware Victims Named on Leak Sites.”

So whom does the ADA protect? It’s not dentists and their patients.

READ: https://www.infosecurity-magazine.com/news/ransomware-victims-leak-sites/

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Comments appreciated

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STRIKE: Kaiser Permanente Strikes

Posted on October 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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More than 75,000 workers employed by Kaiser Permanente, one of the largest nonprofit healthcare providers in the US, plan to walk off the job for three days—starting today.

Healthcare workers across the industry are experiencing challenges, which Kaiser acknowledged in response to the looming strike. According to a statement by the company, up to two-thirds of healthcare staff everywhere are burnt out. That’s exacerbated by the issues Kaiser employee unions say they’re striking over, including:

  • Acute staffing shortages: Short-staffing is a common problem in healthcare, but union members say that it has worsened between the pandemic and the Great Resignation—and patient safety is in danger.
  • Wage increases: The union wants what it describes as competitive compensation that accounts for the increased cost of living: a $25/hour wage floor and increases between 6.25% and 7% over the next four years.

Kaiser insists it pays a decent and denied claims of being short-staffed, saying it hired 22,000 people already this year.

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PODCAST: Medical Unions in Healthcare

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Physicians, hospitals, and emergency rooms will not be impacted, but some facilities will have reduced staff for nursing and support roles.

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OCTOBER 4th: National “Emergency Alert” Day

Posted on October 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

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On Wednesday at 11:20 am and 2:20 pm 2023, Eastern, most Americans will simultaneously feel their cellphones vibrate, hear them make a loud sound and see a push alert pop up on their screens. Most radio and television stations will broadcast an alert at the same time for about one minute.

It’s a test of the national emergency alert systems, which are designed to let the government reach hundreds of millions of people in the United States immediately if there is a disaster affecting the entire country. The Federal Emergency Management Agency and the Federal Communications Commission are conducting the coordinated test to see if the technology is working as designed and if any improvements are needed.

The sound is a unique tone that probably will interrupt classes and meetings, reveal the locations of hidden phones, and jar anyone not expecting it. The test itself is already leading to baseless conspiracy theories about how the powerful communication tool could be abused.

There is no national emergency, no reason to panic and nothing you need to do about the alerts.

It is, as the text will say, just a test.

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Become a Board CERTIFIED MEDICAL PLANNER™ and Thrive

Posted on October 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Think Different – Be Different  – Thrive

[By Ann Miller RN MHA]

Letterhead CMP

http://www.CertifiedMedicalPlanner.org

Dear Physician Focused Financial Advisors

Did you know that desperate doctors of all ages are turning to knowledgeable financial advisors and medical management consultants for help? Symbiotically too, generalist advisors are finding that the mutual need for knowledge and extreme niche synergy is obvious.

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planning

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But, there was no established curriculum or educational program; no corpus of knowledge or codifying terms-of-art; no academic gravitas or fiduciary accountability; and certainly no identifying professional designation that demonstrated integrated subject matter expertise for the increasingly unique healthcare focused financial advisory niche … Until Now! 

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CMP logo

http://www.CertifiedMedicalPlanner.org

Enter the CMPs

“The informed voice of a new generation of fiduciary advisors for healthcare”

Think Different

 [Think Different – Be Different – Thrive]

InfoGraphic

http://e.infogr.am/enter_the_certified_medical_planner?src=embed

CMP logo

http://www.CertifiedMedicalPlanner.org

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So, if you are looking to supplement your knowledge, income and designations; and find other qualified professionals you may want to consider the CMP® program.

Enter the Certified Medical Planner™ charter professional designation. And, CMPs™ are FIDUCIARIES, 24/7.

Channel Surfing the ME-P

Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these topics is dependent upon your input. Please take a minute to visit. And, to prevent that annoying spam, we ask that you register. It is fast, free and secure.

Conclusion

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

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Become a CMP

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

 Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)* 8

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2023 NOBEL PRIZE: MEDICINE Katalin Karikó and Drew Weissman PHYSICS Pierre Agostini, Ferenc Krausz and Anne L’Huillier

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICINE: By Staff Reporters

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Dr. Katalin Karikó and Drew Weissman MD PhD just received the Nobel Prize in medicine. Their study of mRNA led to the development of the Covid-19 vaccine.

Oiginally from Hungary, Kariko joined the University of Pennsylvania as a research assistant professor in 1989 to study mRNA. Her grant proposals were constantly rejected, while the rest of the scientific community was slow to catch on to her groundbreaking research. She was never paid more than $60,000 a year. And it was only through a chance encounter at the photocopier that she began to work with Weissman, currently the director of the Penn Institute for RNA Innovation.

The two made the discovery of a lifetime in 2005—that mRNA can be manipulated and injected into the body to activate an immune response. The major academic journals Science and Nature rejected their paper, which received little fanfare even after being published in a less prestigious journal.

So, in 2013, Karikó left Penn for a job at BioNTech where she still works today. And, of course, their breakthrough came in handy during the global pandemic.

Thanks largely to Karikó and Weissman, mRNA vaccine technology, Moderna and BioNTech are working on mRNA vaccines for RSV, HIV, Zika, malaria, shingles, flu, and cancer.

RSV Tests: https://medicalexecutivepost.com/2023/09/25/rsv-vaccine-cdc-oks-pfizer-maternal-shots/

DNA: Testing: https://wordpress.com/post/medicalexecutivepost.com/395273

DANGER: DNA Self-Testing: https://medicalexecutivepost.com/2021/04/25/the-potential-dangers-of-testing-your-own-dna/

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PHYSICS: By Staff Reporters

And, three scientists won the Nobel Prize in physics yesterday for their work on how electrons move around the atom during the tiniest fractions of seconds, a field that could one day lead to better electronics or disease diagnoses.

The award went to Pierre Agostini, Ferenc Krausz and Anne L’Huillier for their study of the tiny part of each atom that races around the center and that is fundamental to virtually everything: chemistry, physics, our bodies and our gadgets.

The movements of electrons inside atoms and molecules are so rapid that they are measured in attoseconds – an almost incomprehensibly short unit of time. “An attosecond is to one second as one second is to the age of the universe,” the committee explained.

“They were able to, in a sense, provide an illumination tool that allows us to watch the assembly of molecules: how things come together to make a molecule,” Bob Rosner, president of the American Physical Society and a professor at the University of Chicago, told CNN.

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What is GAAP?

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

HOW IT WORKS

By Dr. David E. Marcinko MBA CMP®

http://www.MarcinkoAssociates.com

CMP logo

SPONSOR: http://www.CertifiedMedicalPlanner.org

Generally Accepted Accounting Principles

As a new physician investor, it’s important to know the distinctions between like measurements because the market allows firms to advertise their numbers in ways not otherwise regulated. Often companies will publicize their numbers using either GAAP or non-GAAP measures. GAAP, or generally accepted accounting principles, outlines rules and conventions for reporting financial information. It is a means to standardize financial statements and ensure consistency in reporting.

When a company publicizes its earnings and includes non-GAAP figures, it means it wants to provide investors with an arguably more accurate depiction of the company’s health (for instance, by removing one-time items to smooth out earnings). However, the further a company deviates from GAAP standards, the more room is allocated for some creative accounting and manipulation.

When looking at a company that is publishing non-GAAP numbers, new physician investors should be wary of these pro forma statements, because they may differ greatly from what GAAP deems acceptable.

CITE: https://www.r2library.com/Resource/Title/0826102549

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The Core GAAP Principles

GAAP is set forth in 10 primary principles, as follows:

  1. Principle of consistency: This principle ensures that consistent standards are followed in financial reporting from period to period.
  2. Principle of permanent methods: Closely related to the previous principle is that of consistent procedures and practices being applied in accounting and financial reporting to allow comparison.
  3. Principle of non-compensation: This principle states that all aspects of an organization’s performance, whether positive or negative, are to be reported. In other words, it should not compensate (offset) a debt with an asset.
  4. Principle of prudence: All reporting of financial data is to be factual, reasonable, and not speculative.
  5. Principle of regularity: This principle means that all accountants are to consistently abide by the GAAP.
  6. Principle of sincerity: Accountants should perform and report with basic honesty and accuracy.
  7. Principle of good faith: Similar to the previous principle, this principle asserts that anyone involved in financial reporting is expected to be acting honestly and in good faith.
  8. Principle of materiality: All financial reporting should clearly disclose the organization’s genuine financial position.
  9. Principle of continuity: This principle states that all asset valuations in financial reporting are based on the assumption that the business or other entity will continue to operate going forward.
  10. Principle of periodicity: This principle refers to entities abiding by commonly accepted financial reporting periods, such as quarterly or annually.

Thank You

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FINANCE: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

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BUSINESS MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko

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HOSPITALS: https://www.amazon.com/Financial-Management-Strategies-Healthcare-Organizations/dp/1466558733/ref=sr_1_3?ie=UTF8&qid=1380743521&sr=8-3&keywords=david+marcinko

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MEDICARE ADVANTAGE PLANS: Part C Plans Down AS Cigna Pays Up?

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Hospitals are Dropping Medicare Advantage [Part C] Plans – Left and Right

By Dr. David Edward Marcinko MBA

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Hospitals Say Bye-Bye?

Medicare Advantage provides health coverage to more than half of the nation’s seniors, but a growing number of hospitals and health systems nationwide are pushing back and dropping the private plans altogether. Among the most commonly cited reasons are excessive prior authorization denial rates and slow payments from insurers. Some systems have noted that most MA carriers have faced allegations of billing fraud from the federal government and are being probed by lawmakers over their high denial rates.

“It’s become a game of delay, deny and not pay,” Chris Van Gorder, president and CEO of San Diego-based Scripps Health, told Becker’s. “Providers are going to have to get out of full-risk capitation because it just doesn’t work — we’re the bottom of the food chain, and the food chain is not being fed.” Van Gorder said the health system is facing a loss of $75 million this year on the MA contracts, which will end December 31st for patients covered by UnitedHealthcare, Anthem Blue Cross, Blue Shield of California, Centene’s Health Net and a few more smaller carriers.

Source: Becker’s Hospital Review [9/27/23]

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Cigna to Pay $172M Over Alleged Medicare Advantage Fraud

The Cigna Group will pay $172.3 million to resolve allegations that it violated the False Claims Act by submitting incorrect Medicare Advantage patient data to CMS to receive higher payments from the agency. The U.S. Attorney’s Office for the Eastern District of Pennsylvania alleged Sept. 30 that Cigna also falsely certified that the submitted data was accurate, failed to withdraw the “untruthful” data, and did not repay CMS.

Cigna will use $135.3 million from the settlement to resolve the allegations from the Justice Department. The remaining $37 million will resolve allegations related to unsupported diagnoses for Medicare Advantage enrollees that received in-home services from Cigna. As part of the settlement, Cigna has entered into a five-year accountability and auditing agreement with HHS’ Office of Inspector General, which will require company executives and board members to certify Cigna’s compliance moving forward. The payer must also conduct annual risk assessments and submit to independent risk adjustment audits.

Source: Jakob Emerson, Becker’s Payer Issues [10/2/23]

Thank You

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What is EBITDA? It is Not GAAP

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

SPONSOR: http://www.MARCINKOASSOCIATES.com

Earnings before interest, taxes, depreciation, and amortization

A company’s earnings before interest, taxes, depreciation, and amortization is an accounting measure calculated using a company’s earnings, before interest expenses, taxes, depreciation, and amortization are subtracted, as a proxy for a company’s current operating profitability. Though often shown on an income statement, it is not considered part of the Generally Accepted Accounting Principles by the SEC.

Citation: https://www.r2library.com/Resource/Title/0826102549

EBITDA Formula | Calculator (Examples with Excel Template)

READ: https://www.investopedia.com/terms/e/ebitda.asp

Your thoughts and comments are appreciated.

THANK YOU

ORDER: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

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HOSPITALS: Price Discrepancies Exposed!

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Health Capital Consultants, LLC

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On September 18, 2023, the Journal of the American Medical Association (JAMA) published a study comparing online hospital pricing and pricing given over the telephone for shoppable hospital services. Hospitals in the U.S. are required to post pricing online for specified services, but it was unknown whether or not hospitals quoted the same prices to telephone callers as they posted online.

This Health Capital Topics article will discuss the topic of price discrepancy and the difficulties with cost comparison. (Read more…) 

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What’s in a Medical Practice Professional Name?

Posted on October 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

NAMING YOUR MEDICAL PRACTICE

By Dr. David Edward Marcinko MBA CMP™

SPONSOR: http://www.MARCINKOASSOCIATES.com

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A medical practice name should be easy to say, hear, spell, and remember-unlike prescription drugs. It should be appealing and resonate with your target patient base. Here are some common naming methods for small to medical medical practices use.

We, and most experts, recommend against naming a new medical practice with your own name because it limits future growth and you may lose the benefits that a more descriptive name would bring. Your business name will likely be incorporated using your practice’s name, although larger (multi-specialty group) practices may use a more general name for the entire enterprise; and then having multiple “dba’s” (”Doing Business As”) for the individual practices under the umbrella.

It is important to discuss these options with an attorney if you believe this arrangement has advantage; others find it confusing. Usually, your medical specialty can be used as a base-name, and then some
descriptor to differentiate it from local competing practices. Selecting a name like “The Medical Allegiance Partners” does not indicate that medicine is your service. On the other hand, naming your practice “Dental Associates of Your Town” won’t be helpful to patients looking for you in the yellow pages, or internet search engines, and finding your practice listed just before “Your Town Dental Partners”. It is therefore good to be cognizant of your competitors’ names when choosing your own.

MORE: https://medicalexecutivepost.com/2022/12/07/how-to-name-your-new-medical-practice/

And, you should select a name that will hopefully grow with you into a larger enterprise.

For example: You are a solo doctor, but are pretty sure you’ll take on one or more partners in the future? Then besides not naming your practice after yourself, you may choose to add “Group” or “Partners” to your name initially even if you’re the only doctor.

Moreover, is there any possibility you’ll open a second office in another town? Naming your medical practice something like the ”Apple Street Internal Medicine Group” may not make sense when your second office is opened on Main Street in a nearby city, in a few years.

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NYSE: Game-On for IPOs

Posted on October 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.CERTIFIEDMEDICALPLANNER.org

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DEFINITION: An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors An IPO is typically underwritten by one or more investment banks who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.

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

After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information.

Cite: Wikipedia

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Now, the NYSE is the world’s largest stock exchange, and for good reason. From thrilling new entries into the public market to a relentless commitment to transformative tech, the NYSE is constantly upping their game.

Related: https://medicalexecutivepost.com/2023/09/19/ipos-more-caution-ahead/

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SEC: New Cyber-Security Regulations

Posted on October 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The SEC’s new cybersecurity regulations went into effect last week. Most companies are “largely ready” to comply, Matt Gorham, senior managing director and leader of PwC’s Cyber & Privacy Innovation Institute, told CFO Brew, “but that doesn’t mean there isn’t work to do.”

As their companies’ finance leaders, CFOs are instrumental in determining whether a cybersecurity incident is material, but they have other roles to play as well. Gorham shared his advice for how CFOs can help their organizations comply with the new regs. Now, aAs a reminder, the regulations consist of what Gorham refers to as three “buckets.” Companies that file with the SEC are required to:

  • Declare any material cybersecurity incidents to the SEC on Item 1.05 of Form 8-K within four business days of determining materiality
  • Disclose information about their cyber risk management and strategy on a new section of the 10-K called Item 1C
  • Disclose information about their boards’ and management’s role in overseeing cybersecurity risk

The first two “buckets,” Gorham said, will likely require the most work to comply with.

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RETAIN A PHYSICIAN COACH: “From Chaos to Calm” in 2023?

Posted on October 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Ann Miller RN MHA

SPONSOR: http://www.MARCINKOASSOCIATES.com

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“FROM CHAOS-TO-CALM”

If you’re looking at this tab, chances are you are fed up, burned out, seeking better work-life balance, looking for a new non-clinical career, thinking of retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical career.

No worries! You may have come to the right place.

LEARN MORE: https://medicalexecutivepost.com/2022/10/24/personal-coaching-dr-marcinko-at-your-service/

COACHING: Careers

THANK YOU

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PODCAST: Hospital CEO Compensation

Posted on October 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Eric Bricker MD

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