Medical Practice as a New Asset Class?

Posted on April 8, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

ORIGINAL RESEACH PUBLICATION SUBMISSION

[Medical Practice as a New Asset Class?]

By Ann Miller RN MHA

Academics and the financial services industry uses Modern Portfolio Theory [MPT] and the Capital Asset Pricing-Model [CAP-M] to make optimal investment allocations of different ‘asset’ classes to achieve a well balanced portfolio; according to some defined risk tolerance level or efficient frontier.

Assets

Equities, fixed income, real-estate, emerging markets, etc., are all asset classes into which investors, mutual, hedge fund or portfolio managers allocate capital. It is quite proper for them to do this as they seek to balance risk and potential returns.

And so, by creating a “new” asset class [medical practice], this concept opens the door to significant capital flows, advisory and management fees; if securitized-OR- at least help dampen portfolio risk for the individual physician executive investor.

Example:

As an example of this emerging new thought leadership, some consider Social Security income an alternate asset class; while others like Paul Merriman [from a [Seattle-based investment advisory firm and Western Washington University’s School of Business and Economics] suggest that it is not an asset class at all. The idea is fundamentally flawed and should not be a part of anyone’s portfolio.

Why? As classically defined, a financial asset is something that can be sold. Since Social Security cannot be sold, it has a market value of zero.

Assessment

However, in as much as a medical practice can be sold, the definition of “asset class” appears corroborated. Thus, the proper valuation and income stream determination for this ‘new” asset class becomes paramount for investment portfolio inclusion.

PROGRESS: Un-gated white paper work-in-progress.

FREE WHITE PAPER [Is Medical Practice a New Asset Class?] from iMBA, Inc.

SUBMISSION: To the Journal of Health Care Finance: Editorial team: J. Cawley, M. Chalkley, M.E. Chernew, D. Cutler, M. Lindeboom and E. Meara, N. Elsevier, NY

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.

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:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Full Disclosure: I was interim editor of the Journal of Health Care Finance during the sabbatical of Founding Editor-in-Chief, James Unland PhD, about a decade ago.

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Filed under: iMBA, Inc., Investing, Research & Development, Touring with Marcinko | 1 Comment »

Prescription Drug Pricing, Spending and Utilization Trends

Posted on April 7, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

US Statistics

By http://www.MCOL.com

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Drugs and Pharma | Tagged: Drug Spending and Utilization Trends, Prescription Drug Pricing, www.MCOL.com | Leave a comment »

Courts Examine Use of Statistical Sampling in False Claims Act Cases

Posted on April 6, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Courts Examine Use of Statistical Sampling in False Claims Act Cases

By Robert James Cimasi MHA CMP™

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The False Claims Act (FCA) continues to grow in strength as the federal government and relators increase their use of the law to recover billions of dollars from companies that violate the Act’s provisions. Developments in the application and interpretation of the FCA, particularly in regard to the issue of statistical sampling in proving damages, may significantly influence the regulatory risk to healthcare enterprises, in light of the significant volume of recoveries received by the government under this law for healthcare fraud and abuse violations.

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In recent months, interpretation of the FCA influenced the outcome of two prominent healthcare fraud and abuse cases: (1) U.S. ex rel. Michaels v. Agape Senior Community (Agape), originating in the U.S. District Court for the District of South Carolina and heard by the U.S. Court of Appeals for the 4th Circuit; and, (2) U.S. ex rel. Ruckh v. Genoa Healthcare Consulting, Inc. (Genoa), in the U.S. District Court for the Middle District of Florida. The cases, both of which explored the utilization of statistical sampling in proving damages under the FCA, leave unclear the standards associated with the admissibility of expert testimony in this context.

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Assessment

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This Health Capital Topics article summarizes the Agape and Genoa cases, and discusses the role that statistical sampling may play in future FCA actions. (Read more…)

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: CMP Program, Ethics, Health Insurance, Risk Management | Tagged: CMP™ Class, false claims act, Robert Cimasi | 3 Comments »

Why Cognizant Shines Brighter as a Stock Pick

Posted on April 5, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Why Cognizant Shines Brighter as a Stock Pick

By Vitaliy Katsenelson, CFA

Originally written for Institutional Investor Magazine

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Investing, Op-Editorials | Tagged: By Vitaliy Katsenelson CFA, Cognizant, Cognizant Shines Brighter as a Stock Pick | Leave a comment »

R.I.P. Richard Wagner JD CFP®

Posted on April 4, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

On the Life of “Dick” Wagner

By Rick Kahler CFP®

The financial planning profession lost one of its most significant figures this past week. Richard Wagner, my friend and mentor, died suddenly.

Dick, a longtime financial planner in Colorado, was one of the pioneers and thought leaders of personal financial planning. His visionary leadership and commentary were closely followed and highly respected by financial planners worldwide.

Dick’s influence on financial planning was profound. He was one of the early leaders to understand the emotional impact that money has on our lives and to believe that financial planning must include that emotional component in order to fully serve clients’ needs. We each have an individual relationship with money, which affects everyone in all facets of our lives. For this reason, Dick called money “the most powerful and pervasive secular force on the planet.”

He served as the President of the Institute of Certified Financial Planners and received the Financial Planning Association’s (FPA) highest honor, the P. Kemp Fain, Jr. He was a co-founder of the Nazrudin Project, a leaderless brain trust of 100 of the more forward-thinking planners, therapists, and coaches in financial planning. From this group emerged many FPA presidents, as well as scores of influential books and white papers. For its size, Nazrudin has had a disproportionate and continuing impact on the financial planning profession.

Dick also served on the founding board of the Financial Therapy Association. His keynote address at the group’s first conference eloquently laid the foundation for this embryonic movement of blending psychology and financial planning.

Dick’s life work, the beloved passion he carried for decades, was to see financial planning become a profession. In fact, he envisioned financial planning as the most important 21st century profession because of its focus on money. He challenged financial planners to give their best to their clients and their profession. Even further, he urged us to build an authentic profession—one he saw as dedicated to helping people manage intangible but essential functions, maintaining a responsibility to put clients’ interest first, and serving not only individuals but humanity and the greater good. One of Dick’s last contributions to the profession was the publication of the book he labored for 20 years to write, Financial Planning 3.0.

Anyone who knew Dick for more than a minute knew that he told it like it was—with gusto, clarity, and passion. He characteristically would sum up the essence of financial planning as:

“Save more, spend less, and don’t do anything stupid.”

Most importantly, I knew him as an immensely caring, passionate, wise, and conscientious soul. He was one of my valued mentors. The scope of his ideas and the depth of his creative vision challenged me to question my assumptions and expand my own views of what my chosen profession could become.

I had the privilege of spending many weekends with Dick as a member of a small group of financial planning pioneers who were trying to make sense of this union of emotions and money. I often equated listening to Dick’s visions of “what could be” to flying a commercial airliner at 45,000 feet. While he was soaring, I would spend most of my time trying to figure out if and where we could land the plane.

Wherever he may be now, I believe Dick is still soaring—once again, far higher and farther than those of us left behind. His passing leaves me shocked and saddened, with a sense of grief not yet eased by the gratitude I feel for having known him. The financial planning profession to which he devoted so much of his life was vastly enriched by his ideas and his work.

Publisher’s Note:

Although I never personally met Dick, I do consider him a friend and colleague. We emailed and spoke on the phone, often. In fact, he contributed to the first edition of our book: Financial Planning Handbook For Physicians And Advisors; now in it’s fourth iteration: Comprehensive Financial Planning Strategies for Doctors …

Rest in peace my friend. Robert Pine said it well when he noted,

“What we have done for ourselves is soon forgotten but what we have done for others remains and is immortal.”

-Dr. David Marcinko MBA

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Financial Planning, iMBA, Inc., Op-Editorials | Tagged: financial planning association, financial planning for doctors, Nazrudin project, Richard Wagner, Rick Kahler MS CFP® | Leave a comment »

First [Medical] Impressions Matter

Posted on April 3, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Driving Consumer Engagement

http://www.MCOL.com

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Information Technology, Marketing & Advertising | Tagged: Driving Consumer Engagement, First [Medical] Impressions Matter, www.MCOL.com | Leave a comment »

On digital health accelerator and corporate start-up programs

Posted on April 2, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Most digital health accelerator and corporate start-up programs must refocus to survive

By Markus Pohl

Berlin, March 29, 2017

The hype around programs that connect start-ups with corporates and investors in digital health has peaked.

For two years running, the number of new accelerator programs has decreased. A lot of accelerator programs are having problems in attracting enough high quality start-ups to justifying budgets from their partner or parent companies. Many digital health accelerator programs will have to change along four dimensions to survive.

Update 2017

At the beginning of 2017 there were over 340 early stage investors; i.e. accelerators and incubators investing in healthcare start-ups. The growth rate of new accelerators and incubators entering the market has slowed substantially over the last two years. Nearly all of these programs target digital business models.

There are over 15,000 start-ups based on a mobile app business model. This means that there are less than 50 mobile health app start-ups per accelerator! There are just not enough start-ups out there to cater for the demand of 340+ accelerators and incubators. Especially for the rather small and unknown accelerators, which are overshadowed by the regionally well-known programs such as Plug and Play, StartUp Health and Rockstart. The number of targeted digital health start-ups per accelerator is insufficient for most accelerators to build up a high-quality selection funnel.

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While it is true, that most start-ups will apply for multiple accelerator programs, usually accelerators need to go through several hundred of applications before they can find a candidate that fits to their program.

Assessment

After talking to many digital health accelerators in preparation for this year’s mHealth App Developer Economics Survey (now live: click here), one common problem that stood out was that accelerators struggle to build up a high-quality selection funnel. With the majority of accelerators somewhat struggling for good quality applicants, how is it going to be possible for these programs to survive?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Information Technology | Tagged: digital health accelerator and corporate start-up programs, Markus Pohl | 2 Comments »

Pharmaceutical Stocks in the Post-Trump Era?

Posted on March 31, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Vitaliy Katsenelson CFA

Trumps Hates Them – We Love Them

Originally written for Institutional Investor Magazine

A few weeks after Donald Trump was elected president of the United States, he was asked about pharmaceuticals prices. With typical rhetorical gusto, he declared, “Pharmaceutical companies are getting away with murder.” Well, my firm has been increasing our allocation to those “murderers,” and despite Mr. Trump’s comments, we are very comfortable with our positions in the long run (which lies beyond what may end up being a very volatile short run).

Big Pharma

Pharmaceuticals companies check off a lot of boxes in our quality and growth dimensions. They are usually monopolies or oligopolies when it comes to their specific drugs; they have high recurrence of revenue; their business is not cyclic and thus marches to its own drummer; they have strong balance sheets and a high return on capital, and generate a lot of cash flow; they benefit from a significant growth tailwind as the global population ages (I aged just while writing this); and they enjoy pricing power (more on that later). Yet the pharmaceuticals sector as a whole has been decimated over the past eight months due to perceived political risk — first by pharma pricing critic Hillary Clinton’s “It’s in the bag” expectation of victory and then by Trump’s “They get away with murder” comments. We view the carnage created by the political risk as an opportunity to increase our exposure to this sector. Here is why.

President Trump mentioned that he wants the U.S. government — mainly, its Medicare program — to negotiate directly with drug-makers on price. His remark may create the impression that pharmaceuticals companies today charge the government whatever prices they want. That is not the case. Medicare covers prescription drug costs through a program known as Medicare Part D. Medicare basically outsources the negotiation of drug prices to pharmacy benefit management (PBM) companies such as CVS, Express Scripts, and UnitedHealth Group (a health insurance company that owns its own PBM). In fact, less than a handful of PBMs control this market and so exercise tremendous pricing power; thus the government is already negotiating with pharmaceuticals companies.

The Stats

Here are some useful stats about this market: As of the end of 2015, 290 million Americans had health insurance. Among them, 214 million had private insurance and 52 million were insured by Medicare. Medicare insures a lot of people; however, UnitedHealth — a company whose business model relies on paying as little as possible for prescriptions — insures 70 million Americans and thus already has greater bargaining power than Medicare.

But let’s say President Trump gets his wish, the law is changed, and the government bypasses PBMs and starts bargaining with Gilead Sciences, Amgen, and Allergan directly — the Trump take-no-prisoners approach. Let’s even assume that President Trump’s ingenious negotiating techniques result in a 20 percent concession on price. Since Medicare represents only 18 percent of the total insured population, the net impact on pharmaceuticals companies’ revenue would be 3.6 percent. That’s a small pimple that they’d be able to cover up by raising prices 4 percent on the remaining 82 percent of payers.

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drugs

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Europeans and Canadians

The reality is that the reason Europeans and Canadians are paying much lower prices for their prescriptions is that they have a single-payer system, and thus pharmaceuticals companies are bargaining not with four or five entities but with one: the government. At this stage, however, it is very unlikely that a Republican president and Republican-controlled Congress will move this country to a single-payer system.

If the U.S. starts allowing re-importation of pharmaceuticals from Canada and Europe — another threat made by our president — then American companies will simply start raising prices outside of the United States.

Finally, let’s remember an important but often forgotten fact: Donald Trump is the president of the U.S.; he is not its king and doesn’t have the powers of one. Although we expect his tweets and other remarks to create additional volatility, they will not necessarily have a symmetrical impact on pharmaceuticals companies or whatever other businesses he tweets about.

Assessment

We have taken advantage of price weakness and added to our positions in Amgen (analysis here), Allergan (analysis here), and Gilead (analysis here). We also bought some new positions. Stay tuned for next week, when I’ll reveal those names.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Drugs and Pharma, Op-Editorials | Tagged: CVs, Express Scripts, Pharmaceutical Stocks in the Post-Trump Era, UnitedHealth Group, Vitaliy Katsenelson CFA | 1 Comment »

“What’s wrong with income inequality?”

Posted on March 29, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

“What’s wrong with income inequality?”

By Rick Kahler MS CFP®,

Do you think there’s nothing emotional about money?

If so, I dare you to stand up in a town hall meeting anywhere in the US and ask, “What’s wrong with income inequality?” There is a high probability that the responses that follow may have some emotion.

Emotional

Make no mistake, money is highly emotional. That emotion isn’t about the inanimate object, the pieces of printed paper that we carry in our wallets. It’s what we project onto money that makes it intensely emotional. And usually what we project isn’t about the money at all.

Consider, for example, envy and jealousy. On the surface, these emotions seem to signify we are not grateful for what we have and that the cure is to focus on what we do have. There’s an element of truth to that, but telling yourself to stop being jealous and instead be grateful probably doesn’t work for long. If you are like most of us, the jealousy is soon back.

The reason is that envy and jealousy are not about what we have, but rather about what we don’t have or we fear losing. Underneath envy is fear that I won’t get something I desire which is enjoyed by another. Suppose I am envious of a friend who lives in a bigger house. Underlying that is fear, perhaps a fear that I am failing my family by not providing enough space for them to live comfortably.

Underneath jealousy is also fear, but this fear is often masked by anger that someone else is getting something that is rightfully yours. I may be jealous of a coworker because they got a job promotion that I felt I deserved. Underlying my resentment of my coworker’s success is fear that my contributions to the company are not valued and that my job isn’t secure.

Similarly, I may feel jealous of someone who earns much more than I do. I may be resentful that they enjoy privileges, a lifestyle, or security that I rightfully deserve. Or I may believe that the money they have accumulated was wrongfully taken from others and that if they continue to accumulate wealth, mine may be next. I may fear for my very survival.

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The “one-percenters”

Such fears may drive a good portion of the anger toward the so-called “one-percenters.” If my physical and emotional needs are satisfied and I am happy with my life, do I care if someone else has more? Probably not.

But if my physical needs are not met, I am unhappy, and I feel that the money I am entitled to has been taken from me by those that have money, I care a lot. In fact, I can be rage-ful and jealous.

According to a January 17. 2017 article by Amanda Hirsh at unstuck.com, envy and jealousy can be a gift, a trailhead of sorts that can lead us to an unconscious fear. Once we uncover the fear we can often take concrete steps to resolve it, rather than wasting precious energy being stuck in anger and rage toward others.

Hirsh suggests that, the next time you feel yourself becoming envious or jealous, you consider it an opportunity to ask yourself three questions:

What am I afraid of?
What do I really want?
Why do I want that?

Assessment

These are not easy questions to answer. It may be best not to consider them when you are already triggered and consumed by the emotion, but to wait until you are calmer and in a more reflective place. Then the answers may help you move past the jealousy and shift your focus to your own options.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: iMBA, Inc. | Tagged: Income Inequality, money emotions, Rick Kahler CFP® | Leave a comment »

Birth of “Addiction Medicine” as a New Discipline

Posted on March 28, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

The Need for an in Utero Diagnostic Assessment Prior to Delivery

By Michael Lawrence Langan MD

One thing is for certain.

When society gives power of diagnosis and treatment to individuals within a group schooled in just one uncompromising model of addiction with the majority attributing their very own sobriety to that model, they will exercise that power to diagnose and treat anyone and everyone according to that model.

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Carl Sagan’s Baloney Detection Kit and the Birth of “Addiction Medicine” as a New Discipline: The Need for an in Utero Diagnostic Assessment Prior to Delivery — Disrupted Physician

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Drugs and Pharma, Risk Management | Tagged: Birth of “Addiction Medicine”, Michael Lawrence Langan MD | 2 Comments »

Prescription Drug Pricing and Research

Posted on March 27, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

http://www.MCOL.com

For 15 Companies that Sell the Top 20 Drugs in the US

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Drugs and Pharma | Tagged: Prescription Drug Pricing, Prescription Drug Research | Leave a comment »

Nursing Shortage in the USA

Posted on March 24, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

And … Surplus in the USA

By http://www.MCOL.com

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Practice Management | Tagged: Nursing Shortage in the USA, Nursing Surplus in the USA | Leave a comment »

Big Pharma Quietly Enlists Leading Professors to Justify $1,000-Per-Day Drugs

Posted on March 23, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

THE LONG CON

By Michael Lawrence Langan MD

Ya gotta spend money to make money, am I right?

The payoffs required are enormous, but once they get in, they make tons of money, and jacking the price of drugs to boot.

President Trump promised that he would take care of that and make a deal to roll back drug prices, but then he met with […]

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businessman-fashion-man-person-1

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The long con: Big Pharma Quietly Enlists Leading Professors to Justify $1,000-Per-Day Drugs — Later On

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Drugs and Pharma | Tagged: Big Pharma Quietly Enlists Leading Professors, Michael Lawrence Langan MD, Professors Justify Drugs — | 3 Comments »

Unrecognized Corporate Psychopathy in the Medical Profession

Posted on March 22, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Michael Lawrence Langan MD

In his book Without Conscience, Dr. Robert Hare notes: “If we can’t spot them, we are doomed to be their victims, both as individuals and as a society. ”

Dr. Clive Boddy in Corporate Psychopaths observes that “unethical leaders create unethical followers, which in turn create unethical companies and society suffers as a result.”

And more […]

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Snakes in Smocks: Unrecognized Corporate Psychopathy in the Medical Profession — Disrupted Physician

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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Filed under: Ethics, Health Law & Policy, Op-Editorials | Tagged: Michael Lawrence Langan MD, Psychopathy in the Medical Profession | Leave a comment »

Tell us About the Issues Affecting your Physician Focused Financial Advisory Practice

Posted on March 20, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By staff reporters

Tell us about the issues affecting your physician-focused financial advisory or financial planning practice in 2020.

We are conducting a brief survey to learn more about the key issues affecting your practice, and how they impact your outlook for the coming year.

← Back

Thank you for your response. ✨

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: "Advisors Only", "Ask-an-Advisor", Career Development, Practice Management | Tagged: Physician Focused Financial Advice, Tell us About your Financial Advisory Practice | Leave a comment »

Physician Health Programs are NOT Above the Law

Posted on March 19, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Originally posted on Disrupted Physician

Are Physician Health Programs (PHPs) above the Law?

By Michael Lawrence Langan MD

Unable to get law enforcement to take cognizance of reported abuse, many doctors I have spoken with believe that the actors involved are impervious to criminal liability.

***

***

Physician Health Programs (PHPs) are not above the law; They just think they are — Disrupted Physician

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Ethics, Health Law & Policy, Risk Management | Tagged: Michael Lawrence Langan MD, physician health programs | Leave a comment »

Health Insurance Fund Usage

Posted on March 16, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By http://www.MCOL.com

A Breakdown and Allocation List

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Insurance | Tagged: Health Insurance Fund Usage | 2 Comments »

On Competent, Ethical and Fair Legal Representation for Doctors?

Posted on March 15, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Langan MD

By Michael Lawrence Langan MD

A Possible New Niche area for Lawyers

***

The attorney pool is currently over-served by those serving two clients and most of those outside simply do not know enough about the “physician health” legal issues related to doctors.

When they appear before the board it is as if they are a deer in the headlights.

It is a new terrain where all due process and […]

***

Competent, Ethical and Fair Legal Representation for Doctors —A Possible New Niche area for Lawyers. — Disrupted Physician

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Law & Policy, Risk Management | Tagged: Competent, Ethical and Fair Legal Representation for Doctors, health law, Michael Lawrence Langan MD | Leave a comment »

The Apartment Rent vs Home Buy Decision

Posted on March 14, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

***

5-mt-juliet

***

Lately and frequently, the topic of homeownership has been popping up in my life.

I don’t know if this is a result of my age or current economic trends, but I figured I might as well organize my thoughts on the subject.

Generally, the renting vs buying debate goes something like this: renting is essentially […]

Economics #7: Rent vs Buy — Wiser Daily

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Financial Planning | Tagged: The Apartment Rent vs Home Buy Decision | 2 Comments »

DR. MARCINKO SEEKING UNIVERSITY FACULTY APPOINTMENT

Posted on March 13, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Crowd Sourcing My Job Search – An Academic Social Media Experiment?

Dr. David Edward Marcinko MBBS DPM MBA MEd BSc CMP®

Any New Year typically brings to mind the passage of Father Time.

And, as a former endowed chairman and distinguished Business School professor of capitalism, health economics, policy and management; it’s hard to believe that I’ll be finishing up my current visiting scholar-on-sabbatical tenure after this Spring semester.

So, I am crowd-sourcing my next university job search as an emerging trend. It’s the career development equivalent of my just launched WIKI health dictionary project.

HDS

HEALTH INSURANCE, MANAGED CARE, ECONOMICS, FINANCE AND HEALTH INFORMATION TECHNOLOGY COMPANION DICTIONARY SET

http://www.HealthDictionarySeries.org

Regardless of the job search, check it out and tell me what you think!

Comprehensive Curriculum Vitae

http://www.DavidEdwardMarcinko.com

***

Filed under: Breaking News, Career Development, iMBA, Inc., Touring with Marcinko | Tagged: David Edward Marcinko, health dictionary series | 1 Comment »

WEBINAR on Medical Office Sexual Harassment Issues

Posted on March 11, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

MentorHealth, the sponsor of this webinar, is a comprehensive training source for healthcare professionals that is high on value, but not on cost. MentorHealth is the right training solution for physicians and healthcare professionals. With MentorHealth webinars, doctors can make the best use of time, talent and treasure to benefit their continuing professional education needs.

***

Romantic Patient Advances

***

Presented By

Professor David Edward Marcinko

March 13, 2017

Romantic Patient Advances

***

Overview: Within the medical practice, clinic, hospital or university setting, faculty and supervisors exercise significant power and authority over others. Therefore, primary responsibility for maintaining high standards of conduct resides especially with those in faculty and supervisor positions. Members of the medical faculty and staff, including graduate assistants, are prohibited from having “Amorous Relationships” with students over whom they have “Supervisory Responsibilities.” “Supervisory Responsibilities” are defined as teaching, evaluating, tutoring, advocating, counseling and/or advising duties performed currently and directly, whether within or outside the office, clinic or hospital setting by a faculty, staff member or graduate assistant, with respect to a medical, nursing or healthcare professional student. Such responsibilities include the administration, provision or supervision of all academic, co-curricular or extra- curricular services and activities, opportunities, awards or benefits offered by or through the health entity or its personnel in their official capacity.

Employees are prohibited from having “Amorous Relationships” with employees whom they supervise, evaluate or in any other way directly affect the terms and conditions of the others’ employment, even in cases where there is, or appears to be, mutual consent.

Date : Monday, March 13, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

Romantic Patient Advances

Areas Covered in the Session:

Consensual Amorous Relationships Defined
Handling Patient Advances
Signs of Flirtatious Behavior and Discouragement
Sexual Harassment Defined
Preferential Treatment
Un Reasonable Interference with Performance
Two-Pronged Test Approach
Offensive Behavior
Gender Based Animosity
Same Sex Harassment
Employer Liability
Disciplinary Actions
Tangible Employment Actions
Punitive Damages
Financial and Economic Costs

Who Will Benefit:

Physicians
Dentists
Podiatrists
Osteopaths
Pharmacists
Nurse Practitioners
Physician Assistants
All Clinical and Allied Healthcare Providers
Attorneys
Risk and Medical Compliance Managers
Health Insurance Agents

SIGN-UP HERE

Romantic Patient Advances

REGISTRATION

***

WEBINAR NOTE: These are online interactive training courses using which, professionals from any part of the world have the opportunity to listen to and converse with some of the best-known experts in the HR Industry. These are offered in live & recorded format for single & multiple users (corporate plans ). Under recorded format each user gets unlimited access for six months. Corporate plans give you the best return on your investment as we do not have upper limit on the number of participants who can take part in webinar.

***

Filed under: iMBA, Inc., Risk Management, Touring with Marcinko, Videos | Tagged: Amorous Relationships Relationships, david marcinko, MentorHealth, Romantic Patient Advances, Sexual Harassment Issues | Leave a comment »

Just Because You’re Rich, It Doesn’t Mean You Deserve to Be … Rich!

Posted on March 10, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Uneasy Money – a repost

Recently Brad DeLong expounded on the extent to which the earnings that accrue to individuals do not correspond to the contributions total output that can be ascribed to the personal efforts of tho…

***

Wherein Hayek Agrees with DeLong that Just Because You’re Rich, It Doesn’t Mean You Deserve to Be

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: iMBA, Inc. | Tagged: Brad DeLong, Hayek, Just Because You're Rich, You Deserve to Be Rich | 1 Comment »

The impact of illegitimate authority on regulation of the medical profession

Posted on March 9, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

The overdue need for critical analysis

Langan MD

By Michael Lawrence Langan MD

It is not wisdom but Authority that makes a law—Thomas Hobbes

In Questions of science, the authority of a thousand is not worth the humble reasoning of a single individual— Galileo Galilei

Regulatory Decisions and Public Policy Making

***

***

The impact of illegitimate authority on regulation of the medical profession: The overdue need for critical analsysis — Disrupted Physician

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Ethics, Experts Invited, Risk Management | Tagged: Michael Lawrence Langan MD, regulation of the medical profession | Leave a comment »

The American Health Care Act [just read it]

Posted on March 8, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Just Released – Read it!

By staff reporters

***

http://www.ReadtheBill.gop

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance | Tagged: The American Health Care Act, www.ReadtheBill.gop | 6 Comments »

How Health Plans Impact Revenue Performance?

Posted on March 7, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By http://www.MCOL.com

And … Improve Quality Outcomes

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Quality Initiatives | Tagged: How Health Plans Impact Revenue Performance | Leave a comment »

On Extreme Poverty

Posted on March 6, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Known / Unknown to Health Professionals?

By Rick Kahler MS CFP®

Do you think the world is getting better, or worse, or neither?

Based on a recent survey by Max Roser of the University of Oxford, you probably said “worse.” That was the answer from about 95% of the survey respondents, who were from Sweden, Germany, and the US.

To be fair, it might have been good to put a time frame in that question. How would you have answered if the time frame was the last 70 years, 40 years, or 10 years? I suspect if people were asked if the world is getting better based on how it was 200 years ago, there may have been more positive answers.

The data time-line

In a recent article on ourworldindata.org, Roser noted that in 1820 only a miniscule slice of the elite enjoyed higher standards of living. Over 99% of people lived in extreme poverty, which the researchers measured as earning less than $1.90 a day. That number is adjusted for inflation, different price levels in countries, and currency differences.

Things really improved over the next 130 years. In 1950 (nearly 70 years ago) only 75% of the world was living in extreme poverty. In 1981 (nearly 40 years ago) that number was down to 44%. In the last ten years, the number of those living in extreme poverty dropped from 21% to 10%. That is amazing, especially when we consider that two-thirds of those in the US think extreme poverty has almost doubled in recent years.

As surprising as this data is, Roser adds another factor: the fall in extreme poverty is even more notable when we consider that the world population increased seven-fold in the last 200 years. Conventional wisdom may have assume such an increase in population would have had the opposite effect.

Change

What changed globally to produce such an incredible increase in the global standard of living in the light of exploding population growth? The world experienced an unprecedented period of economic growth and increasing productivity.

What was behind the economic growth?

My guess is that an experiment in democracy and free markets begun about 250 years ago with the founding of the United States had a lot to do with it.

It’s interesting that we’ve seen nothing about this trend in the media or from politicians. Wouldn’t a headline reading, “Extreme Poverty Rate Falls 50% in Ten Years” be noteworthy? Or how about “130,000 Fewer People A Day Are In Extreme Poverty Since 1990?”

During the same 200 year period illiteracy dropped from 88% to 15%. Global child mortality decreased from 42% to 4%. The number of those living in democratic societies rose from 1% to 53%. Even global income inequality as measured by the Gini coefficient, while still very high, fell by 5% between 2003 and 2013.

We have heard nothing about any of that. Our news and our politicians do not emphasize how the world is changing but rather what is wrong in the world. Roser notes that, “The media focuses on single events and single events are often bad.” Most of us know intellectually that sensationalism sells and a steady diet of sensationalism can cause us to lose perspective.

***

Assessment

The stories we hear of how financial well-being is in decline are not true. Such misinformation could be one of the biggest global threats we face. Believing that the poor are getting poorer and the rich growing richer on the backs of the poor polarizes and divides us. If the truth of the progress we’ve made became common knowledge, it could provide a foundation of collaboration and hope which would serve to unite us to continue the progress.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Financial Planning, LifeStyle | Tagged: Extreme Poverty, Max Roser, ourworldindata.org, poverty, Rick Kahler MS CFP® | Leave a comment »

On Financial Product Sales Commissions

Posted on March 5, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Rick Kahler MS CFP®

What’s wrong with earning a commission from the sale of a financial product?

Nothing. It isn’t any more inappropriate than a car salesperson earning a commission when you buy a vehicle.

Yet there’s one important difference. When you buy a car the roles are clear. You know going in that the salesperson is there to sell you their product. You understand it’s your responsibility to do your homework and know what you need and can afford.

Role Confusion

That clarity of roles is purposely clouded in the financial services industry. The “salespeople” are rarely referred to as such. Instead they call themselves creatively contrived variations like “financial advisor,” “financial planner,” “financial consultant,” or “financial representative.” The only advice a financial salesperson gives is in conjunction with the sales pitch to buy their product, where the incentive for them is receiving a commission.

This pretense that salespeople are working for the customer rather than the financial firm that employs them creates an inherent conflict of interest. The salesperson’s financial rewards come from pushing products versus giving client-oriented, comprehensive financial advice.

Conflict of interest

The conflict of interest resulted in many brokerage and insurance firms in the 1980’s providing incentives for their salespeople to push high commission products while hiding the high fees.

Examples:

Just one of many examples was described in a 1993 article in the Los Angeles Times. Prudential allowed salespeople to cheat customers out of $3 billion of losses invested into 700 Prudential limited partnerships that were high-risk and “rife with misconduct” while telling investors they were “safe, high-yield investments comparable to bank certificates of deposit.” The company finally agreed to a fine of $371 million, representing about 12% of what investors lost.

You might think that, 24 years later, things have changed and large financial firms selling products have changed. They haven’t.

One recent example was the $185 million fine paid by Wells Fargo over charging their customers fees for financial products they didn’t authorize.
Also, two years ago JPMorgan was fined $307 million for product pushing. Last year they were fined $264 million for their part in a vast foreign bribery scheme.
In 2015, one of the top JPMorgan representatives, Johnny Burris, who has been in the business for more than 25 years, refused to steer clients into proprietary JPMorgan funds that he felt had become rife with high fees. As reported in Financial Planning magazine, he was let go by the company.

But wait, that’s not all.

If you think Wells Fargo and JPMorgan’s fines were notable, think again. According to the Columbus Dispatch, Bank of America has paid $76.6 billion in 31 settlements from 2009 to 2016. During the same period, Chase Bank paid $38 billion in 22 settlements and Citigroup paid $15.8 billion in 15 settlement cases.

With a track record like this, you might think that consumers would be demanding wholesale changes in the way we regulate financial advice. They probably would be if they were personally aware of how hidden costs and fees cost the average investor thousands of dollars a year. No wonder that big financial firms can afford to pay billions in fines as a cost of doing business.

***

Assessment

Other countries, including Australia, Canada, and the UK, have required a distinct separation of financial advice from financial sales. Hopefully the US won’t let another 24 years go by with no changes in the way we regulate companies that sell financial products. For those changes to be driven by consumer demand, more investors need to learn about the costs they pay and to realize that sellers of financial products are not that different from sellers of cars.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: "Ask-an-Advisor", Ethics, Financial Planning, Investing | Tagged: On financial product sales commissions, Rick Kahler CFP® | 2 Comments »

C-Suite Executive Concerns about Health Policy

Posted on March 2, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

And … Priorities for 2017

By http://www.MCOL.com

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Law & Policy | Tagged: C-Suite Executive Concerns about Health Policy in 2017, CXO Concerns about Health Policy 2017 | Leave a comment »

Q&A with Futurist Martine Rothblatt

Posted on February 27, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

[By MIT Technology Review]

Whether machines and artificial intelligence will ever become conscious is an eternally debated topic, but Martine Rothblatt thinks it shouldn’t be.

We talked with Rothblatt about why she thinks denying that machines will become conscious is similar to denying evolution, and why society must prepare to grant rights to the virtual beings of the future.

***

*******

Q&A with Futurist Martine Rothblatt

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

http://www.BusinessofMedicalPractice.com

Filed under: Information Technology | Tagged: AI, artificial intelligence, MIT Technology Review, QAs with Futurist Martine Rothblatt, syngularity | 5 Comments »

What Health Plans Should Know About Marketing Costs

Posted on February 26, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By http://www.MCOL.com

***

More

How Much Money Should a Medical Practice Spend on a Marketing Campaign?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Practice Management | Tagged: What Health Plans Know About Marketing Costs?, www.MCOL.com | 1 Comment »

Against the Rising Tide: Looking for Biostatisticians and Epidemiologists to help shape Drug-Testing Policy to be more Evidence-Based

Posted on February 25, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

More on Evidence-Based Medicine

[A Special ME-P Report]

By Michael Lawrence Langan MD

Against the Rising Tide: Looking for Biostatisticians and Epidemiologists to help shape Drug-Testing Policy to be more Evidence-Based.

More:

Integrity and Accountability [The Declining State of Physician Health and the Urgent Need for Ethical and Evidence-Based Leadership]

About the Author

Dr. Langan graduated from Oregon Health Sciences University School Of Medicine, Portland Oregon with an MD 21 years ago. He had his residency training of Geriatric Medicine-Internal Medicine at Beth Israel Deaconess Medicine Center and Internal Medicine at St Vincent Hospital Medicine Center.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: Drugs and Pharma, Experts Invited, Quality Initiatives | Tagged: Biostatisticians, Drug-Testing Policy, Epidemiology, evidence based medicine, Michael Lawrence Langan | 1 Comment »

Policy and Regulatory Decision Making in the Medical Profession

Posted on February 24, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

A Framework to Identify the influence of Special Interest Groups and “Bent” Science

A SPECIAL ME-P REPORT

By Michael Lawrence Langan MD

***

Policy and Regulatory Decision Making in the Medical Profession: A Framework to Identify the influence of Special Interest Groups and “Bent” Science.

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.

More:

In Bending Science: How Special Interests Corrupt Public Health Research ¹Thomas McGarity and Wendy Wagner describe how special interest groups scheme to advance their own economic or ideological goals by using distorted or “bent” science to influence legal, regulatory and public health policy.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

* 8

Filed under: Book Reviews, Career Development, Health Law & Policy | Tagged: Bending Science:, Policy and Regulatory Decision Making in the Medical Profession, Thomas McGarity, Wendy Wagner | 2 Comments »

Healthcare Policy on Health and Ethics

Posted on February 23, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Ben’s Bitter Blog

Healthcare Policy on Health and Ethics Healthcare policy is defined as “decisions, plans, and actions that are undertaken to achieve specific health care goals within a society” (WHO, 2016).

Do you believe that your life is affected by healthcare policy?

YES. The policy directs which doctor you can see, which hospital you can visit, and […]

***

dc7jRLqc9

Healthcare Policy on Health and Ethics

***

WHITE PAPER: Ethics Dr. Marcinko

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Ethics, Health Law & Policy | Tagged: Ben's Bitter Blog, Health and Ethics, WHO | 4 Comments »

Some Behavioral Finance Publications to Review

Posted on February 22, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Selected Classic Readings of Interest

[By ME-P Staff Reporters]

Asset Bubbles (2012)

Behavioral revolution in finance (2010)

The crisis of 2008 and financial reform (2010)

What can behavioral finance teach us (2010)

Behavioral fiannce, quo vadis (2008)

Investor psychology and seasonality (2006)

Global macroarbitrage (2005)

Style momentum within the S&P-500 index (2004)

The values and beliefs of European investors (2004)

A psychological portrait of the individual investor in Europe (2002)

Discussion of “Competing theories of financial anomalies” (2002)

Woord vooraf: Na de bubble (2002)

Bubble psychology (2002)

Perceiving risk and return (2002)

The psychology of underreaction and overreaction in world equity markets (2000)

Contrarian and momentum strategies in Germany (1999)

R&D budgets and corporate earnings targets (1998)

A portrait of the individual investor (1998)

Herding behavior and stock returns: An exploratory investigation (1997)

Financial decision-making in markets and firms: A behavioral perspective (1995)

Investor psychology and the dynamics of security prices (1995)

Real estate cycles and animal spirits (1995)

Market volatility: A psychological perspective (1994)

The role of the capital markets as leading indicators: Evidence from 12 OECD Countries (1993)

Betting on trends: Intuitive forecasts of financial risk and return (1993)

Non-linear puzzles in asset returns (1993)

Is the stock market rational? A money manager’s guide to 25 years of efficient markets research (1993)

Inflation forecast errors and time variation in term premia (1992)

Earnings forecasts and share price reversals (1992)

Security analysts: A definition (1992)

What do economists know about the stock market? (1991)

What are investment advisors paid for? The Shefrin-Statman and competing views (1991)

Is economic efficiency the driving force behind mergers? (1991)

Do security analysts overreact? (1990)

Psychologie en efficiente prijsvorming op de beurs (1990)

The role of the capital markets as leading indicators: Evidence from the United States since 1869 (1990)

A mean-reverting walk down Wall Street (1989)

Stock price reversals and overreaction to news events: A survey of theory and evidence (1989)

Throwing good money after bad? Nuclear power plant investment decisions and the relevance of sunk costs (1989)

Further evidence on investor overreaction and stock market seasonality (1987)

Does the stock market overreact? (1985)

[iMBA Inc., PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT TEXTBOOK SET]

8 8

I worked with a Certified Medical Planner™ on several occasions in the past, and will do so again in the future. This book codified the vast body of knowledge that helped in all facets of my financial life and professional medical practice.

Dr. James E. Williams DABPS [Foot and Ankle Surgeon, Conyers, Georgia]

There is a constantly changing field for rules, regulations, taxes, insurance, compliance, and investments. This book assists readers, and their financial advisors, in keeping up with what’s going on in the healthcare field that all doctors need to know.

Patricia Raskob CFP^® EA ATA [Raskob Kambourian Financial Advisors, Tucson, Arizona]

Filed under: Book Reviews, Ethics, Research & Development, Risk Management | Tagged: behavioral finance | 3 Comments »

WEBINAR on Medical Workplace Violence Issues

Posted on February 20, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

Medical Workplace Violence Issues

[Its Growing Recognition and Impact]

***

Presented By

Professor David Edward Marcinko

February 22, 2017

Medical Workplace Violence Issues

Violence Pillai Thesis MPH

***

Overview: Violence in hospitals usually results from patients, and occasionally family members, who feel frustrated, vulnerable, and out of control. Transporting patients, long waits for service, inadequate security, poor environmental design, and unrestricted movement of the public are associated with increased risk of assault in hospitals and may be significant factors in social services workplaces as well. A lack of staff training and the absence of violence prevention programming are also associated with the elevated risk of assault in hospitals. Although anyone working in a hospital may become a victim of violence, nurses and aides who have the most direct contact with patients are at higher risk.

Date : Wednesday, February 22, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

Areas Covered in the Session:

Definition and Types of WPV
Contributing Factors and Risk Analysis
Effects and Outcomes
Financial and Economic Costs
Dealing with WPV
Prevention Plan Creation
The Haddon Matrix
Establishing WPV Prevention Guidelines

Who Will Benefit:

Physicians
Dentists
Podiatrists
Osteopaths
Pharmacists
Nurses
Nurses Aids
Nurse Practitioners
Physician Assistants
All Clinical Mental and Allied Healthcare Providers
Attorneys
Risk and Medical Compliance Managers
Health Insurance Agents

SIGN-UP HERE

Medical Workplace Violence Issues

REGISTRATION

***

Filed under: Risk Management, Touring with Marcinko, Videos | Tagged: david marcinko, Medical Workplace Violence Issues, MentorHealth | Leave a comment »

Top High Yield Dividend Stocks in the Financial Industry

Posted on February 19, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

The Financial Sector Yields

tim

By TIMOTHY J. McINTOSH; MBA, MPH, CFP®, CMP™ [Hon]

The financial sector is a somewhat broad sector, although many of the industries within the sectors tend to move together.

In the last twelve months, the Financial Select Sector SPDR ETF (NYSE: XLF) increased 32%. This compared to an increase of 25% of the S&P 500 index. On a year to date basis, the sector is flat.

***

Continue reading Top High Yield Dividend Stocks in the Financial Industry

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: CMP Program, Investing | Tagged: CMP, CMP Program, Financial Select Sector SPDR ETF, TIMOTHY J. McINTOSH; MBA, Top High Yield Dividend Stocks | 2 Comments »

State Well-Being Rankings

Posted on February 16, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

The Highs and Lows for 2016

By http://www.MCOL.com

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Economics, Health Insurance, Healthcare Finance | Tagged: depression, diabetes, obesity, State well being rankings | Leave a comment »

Seniors – Arranging to Entrust Financial Affairs

Posted on February 15, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Rick Kahler CFP®

For seniors, arranging to entrust financial affairs to someone else is an important part of preparing for old age. Once you have chosen a surrogate and dealt with some of the details; one question remains.

How will the transition occur?

Here are some suggestions, based on the work of Carolyn McClanahan MD CFP®.

Simplify

A good first step is to simplify your finances. For example, consolidate checking, savings, and retirement accounts. Reduce check-writing by using credit cards wherever possible and paying off the balances every month. Reduce credit cards to three: one to use in public, one only for automatic bill paying, and one for other online purchases. Not only does this simplify record-keeping, but it minimizes the disruption when one is stolen. (Believe me, it happens. It’s happened to me several times.) As McClanahan points out,

“The easier it is, the longer independence can be maintained.”

Inform

Your surrogate needs to know about all your assets. Not only does this include common liquid assets like bank accounts and securities held in taxable and retirement accounts, it also means more obscure liquid assets. Some examples include variable and fixed annuities, structured notes, collectibles, mineral rights, and cash value life insurance.

Provide access

It’s helpful to have the person who will take control of your finances begin by periodically monitoring your accounts. This will require them to have access to your financial records. If your affairs are relatively simple and your surrogate is local, you can authorize them to access your accounts and receive statements. Another good way to share information, especially if your surrogate lives at a distance, is through a secure online access site where you can share relevant and up-to-date information. Almost every financial planner offers a “client portal,” and so do popular sites like Dropbox and Sharefile.

Observe

McClanahan recommends that your surrogate start with just observing the monthly financial activities. This can mean receiving duplicates of the bills or periodically logging into investment sites. Alerts could be set on various accounts if spending exceeds a certain limit. There are several money management sites, like quicken.com and mint.com, that can also give a surrogate online access to monthly statements and spending alerts.

Participate

The activity of the surrogate can eventually be increased to attending annual meetings with your insurance agent, investment adviser, attorney, and accountant. If you have a financial advisor, it would be helpful to bring your surrogate into your quarterly or annual updates. This way the surrogate can begin to build a relationship with the advisor, which will greatly smooth the transition to the surrogate working conjointly with the advisor in making all your investment decisions.

The surrogate can gradually begin to assist with the monthly bill paying. Eventually, this would culminate in the person taking over all financial decision-making and responsibilities like purchases, bill paying, taxes, and investment decisions.

Monitor the surrogate

Having a system of checks and balances by appointing someone to monitor the surrogate may help you be more comfortable allowing a surrogate to take over your finances. The monitor might be another family member. It might also be your attorney, accountant, or financial planner, whose fiduciary responsibility would be to you.

***

Assessment

Planning for the transition of our financial caretaking is one more aspect of preparing for old age that we are reluctant to even think about. Yet without it, we must eventually accept options imposed on us by family or the court. This planning is crucial in order to take care of yourself and your finances in the ways you choose.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Retirement and Benefits | Tagged: Arranging to Entrust Financial Affairs, Carolyn McClanahan MD CFP, elder planning, financial caretaking, Rick Kahler CFP® | Leave a comment »

The Retail Retirement Wars

Posted on February 13, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

The Retail Retirement Wars

Although no one is paying much attention to it just yet, there is a battle brewing in financial services to create a next-generation retirement vehicle.

And because the winner stands to inherit the power to redirect $14 trillion dollars of mutual fund assets and disrupt long-standing retirement asset monopolies, this battle is likely to go down as the largest industry duel in the history of commerce – dwarfing the cola and software wars by trillions.

Read the two articles below on order to gain a firm understanding of who will prevail and what it will mean for both conventional financial services as well as FinTech.

Part 1:

The Battle to Launch a Next-Generation Retirement Product & Control $14 Trillion in Investment Direction

Click Here to Read Article

Part 2:

DOL Fiduciary Rule or Not – Why Brokerages will be Distancing Themselves from the Retail Retirement Market

Click Here to Read Article

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Financial Planning, Retirement and Benefits, Risk Management | Tagged: Dara Albright, The Retail Retirement Wars | 1 Comment »

Novartis (NVS) offers slight dividend increase, but future is bright.

Posted on February 12, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By DividendMGR and TIMOTHY J. McINTOSH; MBA, MPH, CFP®, CMP™ [Hon]

Novartis’ (NYSE:NVS) dividend was increased by 1%. Its overall yield is 3.80%. The firm started paying a dividend in 1993. Novartis AG (NYSE:NVS) is a large pharmaceutical firm based in Switzerland.

Its shares trade on the NYSE as an American Depository Receipt, or ADR. The company was created by the merger of Sandoz AG and Ciba-Geigy AG.

***

Continue reading Novartis (NVS) offers slight dividend increase, but future is bright.

A Penny for your Thoughts?

Posted on February 10, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Or, better yet.. would you be willing to help me out for free?

I’ve put together a quick non-academic questionnaire: Click here to take the survey Your response will help me immensely in figuring out which route to take in an upcoming project.

Thanks very much in advance! I appreciate everything you do.

Irrationally Yours,

Dan Ariely PhD

A penny for your thoughts? — Dan Ariely

***

Filed under: Experts Invited, Research & Development | Tagged: A penny for your thoughts?, Dan Ariely PhD | Leave a comment »

On the “Care-Taking” of Your Financial Affairs

Posted on February 9, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By Rick Kahler MS CFP®

One area that few seniors prepare for is arranging for someone else to handle their financial affairs when they can no longer fully care for themselves.

This is easy to put off, for three primary reasons.

First, there are a lot of difficult emotions involved with the thought of losing our cognitive ability and the inherent freedom to financially care for ourselves. This is something we have done for ourselves all our lives, so it’s very hard to imagine not being able to do so.

Second, for many of us the loss of cognitive ability is slow and almost unrecognizable. There isn’t an urgency that suggests we need to do anything soon. Often by the time we do realize we need help, it’s too late for us to arrange for it.

Finally, while we’re in good health we tend not to consider the possibility of a sudden catastrophic health event. Yet such a crisis can leave us without a plan and no way in which to have any say in what happens.

National Association of Personal Financial Advisors

Fortunately, if you are reading this you have time to prepare. The following information is based on the work of Carolyn McClanahan, MD CFP®, particularly a presentation given to the National Association of Personal Financial Advisors in May of 2016.

She suggests the major questions to answer are:

Who will be in charge?
Are the right documents in place?
How will you monitor your decline?
Do you have a written investment policy?
How will the transition occur?

Who will be in charge?

Choosing a trusted third party to take over bill paying, investment management, and financial caretaking is essential. Options include a spouse, a child or other relative, a friend, a professional bookkeeper, or a financial planner. For couples, the odds are that both partners won’t lose their ability to handle financial affairs at the same time. If one spouse handles most of the money matters, it’s important that the noninvolved spouse becomes involved in the bill paying routine and understands the basics of the couple’s finances. If you are the caretaking or surviving spouse, or if you are single, designating a financial caretaker is crucial.

***

Are the right documents in place?

The most important document is your power of attorney that names the person or organization who will be in charge of your finances. If the bulk of your net worth is in retirement accounts, annuities, and jointly owned, another option is to create a living trust, place everything you own individually in it, and identify the successor trustee who is in charge when you can no longer make decisions.

How will you monitor your decline?

It’s important to have some written agreement in place—even if for no one but yourself—that lists the triggering events which will indicate to you the time has come to transfer the control to someone else. It’s up to you to determine what these triggers are and to self-assess every few years.

Do you have a written investment policy?

And is it current? This is a good time to review your investment policy, making sure it’s been updated to reflect your changing cash flow needs and asset allocation. You might also evaluate your ownership of any complicated and illiquid assets like real estate or closely held business interests. It may be wise to simplify and liquidate them while you’re still capable of managing them, before it’s time to pass responsibility to a surrogate.

Assessment

Once you’ve answered these four questions, it’s time to consider the last step that will be addressed in a future ME-P: how the transition should take place?

Five Reasons Families Fight Over Estates

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Estate Planning, Ethics, Financial Planning, Retirement and Benefits | Tagged: Carolyn McClanahan, eldercare, National Association of Personal Financial Advisors, Rick Kahler CFP® | 1 Comment »

Which Costs More: A 10% Tithe or a 1% Account Fee?

Posted on February 8, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Which costs you more?

Giving 10% of your income to charity as a tithe, or paying typical investment fees of 1% to 2% of your portfolio?

***

Which Costs More: A 10% Tithe or a 1% Account Fee?

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Ethics, Investing | Tagged: assets under management, AUMs, Which Costs More: A 10% Tithe or a 1% Account Fee? | 1 Comment »

States with the Worst Medicare Waste?

Posted on February 7, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By http://www.MCOL.com

The Federal Government

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Economics, Health Insurance, Health Law & Policy | Tagged: CMS, Medicare Waste?, www.MCOL.com | 2 Comments »

WEBINAR on a Medical Malpractice Trial for Doctors

Posted on February 6, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

THE MEDICAL MALPRACTICE TRIAL FROM THE DOCTOR’s POV

[From First Service – to Final Verdict and Emotional Relief]

***

Presented By

Professor David Edward Marcinko

February 6, 2017

A Medical Malpractice Trial From The Doctor’s Pov

***

“Even among the sciences, medicine occupies a special position. Its practitioners come into direct and intimate contact with people in their daily lives; they are present at the critical transitional moments of existence.

For many people, they are the only contact with a world that otherwise stands at a forbidding distance. Often in pain, fearful of death, the sick have a special thirst for reassurance and vulnerability to belief.”

[Source: Paul Starr – The Social Transformation of American Medicine, Basic Books].

***

When this trust is violated, whether rooted in factual substance or merely a conclusion lacking in reality, American jurisprudence offers several remedies with the core being civil litigation.

For example, we have personally witnessed a spectrum of reasons that prompts a patient to seek the counsel of an attorney. Whether it be an untoward result of treatment or surgery, an outstanding invoice being mailed to a less than happy patient who decides that the doctor did not measure up to expectations, a physician’s wife employed as the office manager charging a patient $50 to complete a medical leave authorization form, or simply a perceived lack of concern on the part of the doctor or personnel, patients can be motivated to seek redress outside the realm of the doctor’s office.

Compound any of the above scenarios with well-meaning friends and family and the proverbial prescription for litigation has been certified. Woven throughout this discourse will be suggestions that might obviate the foregoing. While it is not a panacea, nor a cure-all for medical negligence cases, we believe it to be an effective methodology for resolving those differences that see the growth of a medical malpractice lawsuit …. honest communications.

Date : Monday, February 6, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

MORE: Malpractice Trial

Webinar Covered Topics [60-75 minutes]

Understanding What’s at Stake in Litigation · What every Doctor must Know
Steps to Take after Summon and Service Receipt · Trail Players. Burden of Proof · Types of Trials · The Discovery Process · Depositions · Motions In-Limine
Jury Selection · Opening Statements · Presentation of Evidence · Summation and Final Instructions · Jury Deliberations · The Verdict and … Relief!

Who Should Attend

Physicians, Dentists, Podiatrists, Osteopaths, Pharmacists, Nurse Practitioners, Physician Assistants, and all Clinical and Allied Healthcare Providers. Attorneys, Risk and Medical Compliance Managers, and Health Insurance Agents; etc.

Malpractice Insurance Companies, Law firms, Risk Management Consultants, Hospitals, Medical Practices, Offices and Clinics, Out Patient Treatment and representative from Ambulatory Surgical facilities; etc.

Financial advisors [FAs], Certified Financial Planners® [CFPs], Certified Medical Planners™ [CMP™], Chartered Life Underwriters [CLUs], bankers, health attorneys, and all other risk managers, insurance agents, actuaries and financial intermediaries and consultants of all stripes, degrees and general designations.

Fraternal financial services organizations like the American College of Financial Services in Bryn Mawr, PA; Certified Financial Planner Board of Standards [CFP-BOD] in Washington, DC; the College for Financial Planning [CFP] in Centennial, CO; the Financial Planning Association [FPS] and the National Association of Personal Financial Advisors as well as all US state insurance commissioner offices, etc.

***

Sign-Up Here

A Medical Malpractice Trial From The Doctor’s Pov

REGISTRATION

***

Filed under: Health Law & Policy, iMBA, Inc., Professional Liability, Risk Management, Videos | Tagged: david marcinko, Malpractice Trial Webinar for Doctors, MentorHealth, webinar | Leave a comment »

The Impact of Socio Economic Status and Patient Data

Posted on February 1, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

On Healthcare Outcomes

By http://www.MCOL.com

***

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Economics, Health Insurance, Quality Initiatives | Tagged: Healthcare Outcomes, Socio Economic Status, www.MCOL.com | Leave a comment »

MARCINKO’s Upcoming WEBINARS from MentorHealth

Posted on January 31, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Financial Update on Consumer Driven Healthcare for 2017

Posted on January 30, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

By http://www.MCOL.com

HSA-HDHPs Minimums / Maximums for 2017

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Economics, Health Insurance, Health Law & Policy | Tagged: consumer driven healthcare, HDHPs, health savings accounts, HRAs, HSA, www.MCOL.com | 3 Comments »

On Medicaid and CHIP Enrollment

Posted on January 27, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

And … Renewal Processes

By http://www.MCOL.com

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Health Insurance | Tagged: CHIP Enrollment, Medicaid | 4 Comments »

The Final Financial Round-Up for 2016

Posted on January 26, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

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

You know we are in a long-running bull market when you see people at the gym keeping one eye on their smart phones to see if the Dow Jones Industrial Average has finally breached the 20,000 mark.

With so much uncertainty at this time last year, nobody could have predicted double-digit returns on U.S. stocks at year-end. After all, the US stock market ended 2015 in negative territory and began 2016 with the worst start since 1930, falling 10% in two weeks.

The Markets

The markets eventually bottomed in mid-February and began a long, slow recovery, turning positive by the end of March. However, the going wasn’t easy. Global stock markets suffered a setback with the Brexit vote in the U.K. and endured another hard bump right after the elections.

In the end, the Dow finished 2016 at 19,762.60, a return of 13.4% for the year. International stocks of developed countries did not follow suit, finishing the year down 1.88%.

Related categories

In other categories, real estate investments, as measured by the Wilshire U.S. REIT index, finished up 7.24% for calendar 2016, and commodities, as measured by the S&P GSCI index, gained 27.77%.

The decades-long bond bull market is probably over, as interest rates have begun to rise. Even with the Federal Reserve rate increases, interest rate moves have not exactly been dramatic. Over the past year, rates on 10-year Treasury bonds have risen from 2.25% to 2.44%, while 30-year government bond yields have risen from 3.00% to 3.07%.

***

Unpredictable events in the investment world

As always, there were many unpredictable events in the investment world. Anyone lucky enough to have speculated on the Brazilian Bovespa index—comparable to the U.S. S&P 500—would have reaped a gain of 68.9% this year, despite all the headline drama around the Zika virus and political uncertainties reported on during the Olympic games. Russian stocks were up 51% for the year, despite the recent sanctions from the U.S. government and the lingering international sanctions related to the invasion of the Crimean peninsula.

What’s going to happen in 2017?

It’s clear that Donald Trump wants to accelerate America’s economic growth, but his policy prescription has not always been clear. Some traders expect the economy to respond positively with lower taxes and deregulatory policies.

However, it is helpful to remember that we are entering the ninth year of economic expansion, the fourth longest over the last 125 years. The first two years of a presidential term are not kind to the US stock markets. Since 1941 we have had 30 bear markets with 17 bear market lows occurring in the first year of the presidential term, 12 in the second year, one in the third year, and none in year four (the election year). Every year of this longstanding bull market, we have to look over our shoulders and wonder when and how it will end.

There are many unknowns around the globe

Growth in the U.S. since the financial crisis of 2008 has not exactly been robust; the U.S. GDP has averaged just 2.1% yearly increases. Still, the unemployment rate has slowly dropped from a post-recession peak of 10% to less than 5% currently. China’s economic growth has stalled for the second consecutive year, and a looming banking crisis in Italy could force the country to leave the Eurozone.

Markets always have a way of surprising us

Trying to time the market and get out in anticipation of a downturn is a loser’s game. The history of the markets has been a general upward trend that benefits long-term investors.

Assessment

As always, my advice is to broadly diversify your portfolio, periodically rebalance, and hang on for the long term.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

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The Need for an in Utero Diagnostic Assessment Prior to Delivery

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THE LONG CON

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A Possible New Niche area for Lawyers

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HEALTH INSURANCE, MANAGED CARE, ECONOMICS, FINANCE AND HEALTH INFORMATION TECHNOLOGY COMPANION DICTIONARY SET

Regardless of the job search, check it out and tell me what you think!

Comprehensive Curriculum Vitae

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The overdue need for critical analysis

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More on Evidence-Based Medicine

[A Special ME-P Report]

By Michael Lawrence Langan MD

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A SPECIAL ME-P REPORT

By Michael Lawrence Langan MD

Policy and Regulatory Decision Making in the Medical Profession: A Framework to Identify the influence of Special Interest Groups and “Bent” Science.

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[iMBA Inc., PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT TEXTBOOK SET]

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The Retail Retirement Wars

Part 1:

The Battle to Launch a Next-Generation Retirement Product & Control $14 Trillion in Investment Direction

DOL Fiduciary Rule or Not – Why Brokerages will be Distancing Themselves from the Retail Retirement Market

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Or, better yet.. would you be willing to help me out for free?

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