CEO Compensation is Down

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NO, IT’S UP – YOU BETTER JUDGE FOR YOURSELF        

ArtBy Arthur Chalekian GEPC

[Financial Consultant]

The New York Times reported the 200 most-highly-paid CEOs in the United States collectively experienced a pay cut last year!

CEOs’ average compensation – all CEOs compensation added together and then divided by 200 – fell by 15 percent from 2014 to 2015.

Of course, you know what they say about lies and statistics

Equilar, the company responsible for the study, reported CEO pay grew modestly in 2015. They looked at median CEO pay – the number in the middle. It was $16.6 million for fiscal 2015. That’s up 5 percent from the previous year.

No matter how you interpret the results, not one CEO earned more than $100 million. CEOs in the technology industry had the highest median pay while those in basic materials (which includes oil and gas companies) had the lowest, according to Equilar.

Many people have argued company performance should inform CEO pay, but there wasn’t much evidence this was the case. Although there may have been a basis for CEO pay changes, there was no clear correlation to shareholder returns or company revenues.

For instance:

  • A 702 percent increase in pay was awarded when total shareholder return was down 5 percent, and company revenues were down 1 percent.
  • A 286 percent increase in pay was awarded when total shareholder return was up 16 percent, and company revenues were up 9 percent.
  • A 48 percent reduction in pay occurred when total shareholder return was up 25 percent, and company revenues were up 4 percent.

Assessment

The portion of 2015 corporate budgets allotted to pay hikes for employees increased by 2.8 percent, on average, according to Mercer. The report said, “… the highest-performing employees received average base pay increases of 4.8 percent in 2015 compared to 2.7 percent for average performers and 0.2 percent for the lowest performers …”

Conclusion

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American Society of Appraisers 2016-17 Election Results

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NEW ASA OFFICERS

[By Jennifer M. Aguilar]

Marketing and Communications Assistant

American Society of Appraisers

11107 Sunset Hills, Suite 310, Reston, VA 20190

Direct (703) 733-2120 | Fax (703) 742-8471 | jaguilar@appraisers.org

Hello ME-P Readers and Subscribers,

The  ASA is pleased to announce the results of ASA’s 2016-17 elections for the new International Officers, Board of Governors and Discipline Committee Officers and Members At-Large. Those elected will officially take office on July 1, 2016.

To learn more please see this PR attachment: ASA Election Results

Thank you in advance for sharing this information.

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Cost Drivers of Healthcare

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A Survey

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$100-K Hearst Health Prize Call for Submissions

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$100-K Hearst Health Prize Call for Submissions! 

We are excited to announce that we are now accepting applications for the 2017 Hearst Health Prize for Excellence in Population Health. The winner will receive a $100,000 cash prize in recognition of outstanding achievement in managing or improving population health.

The Hearst Health Prize, in partnership with the Jefferson College of Population Health (JCPH), was created to help identify and promote promising new ideas in the field that will help to improve health outcomes. The goal is to discover, support and showcase the work of an individual, group, or institution that has successfully implemented a population health program or intervention that has made a measurable difference.

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The deadline to apply is August 26, 2016. To apply or learn more about the Hearst Health Prize, click here.

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Auto Rental Insurance Warnings!

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Rick Kahler MS CFPBy Rick Kahler MS CFP®

Doctors and many other travelers, including me, rarely purchase the insurance offered by the car rental company. The daily charge of $20-$40 is expensive, and the coverage often unnecessarily duplicates that provided by your credit cards and personal auto policy.

No Assumptions!

Before you assume you don’t need the rental insurance, though, it’s wise to take a closer look at where you’ll be traveling and whether your existing coverage will take care of all potential costs. There are times that taking the insurance can alleviate some nasty surprises.

The insurance can be a good idea if you rent a car outside of the US. As I’ve discovered first-hand, being in a country where roads double as paths for livestock, or one where people drive on the “wrong” side of the road, can increase your risk of minor accidents. While in some countries my US policy will cover damage, I don’t enjoy the prospect of spending countless frustrating hours as an intermediary between the foreign rental company and my US insurance carrier. I am happy to pay for the insurance and avoid heated arguments with the rental company over whether any damage was pre-existing, much less the hassle of negotiating repair bills.

It is important, though, to buy insurance carefully. On a recent trip to South Africa I rented a car and purchased the insurance online. When I returned the car, the agent said I had scratched the paint. Not wanting to waste time arguing, I pointed out I had purchased their insurance, thinking that was the end of the discussion. It wasn’t. The insurance offered on the site where I rented the car was a third party policy, not one offered by the car rental company. That meant the car rental company would charge me for the alleged damage. Then it was up to me to slug it out with the third party insurer. This left me taking pictures of the alleged damage, filling out damage reports, and arguing with the rental company agent. By the time I checked in for my flight home, I was tense and stressed: exactly what I intended to avoid by purchasing the insurance.

Beware loss-of-use Charges

Another instance where taking the rental company’s insurance can be beneficial is to avoid loss-of-use charges if you damage a rental vehicle. This is a fee the rental company charges to cover the income it loses while a vehicle is in the repair shop. Companies used to absorb this cost, but in recent years they have begun to charge consumers for it. The catch is that the coverage you have through your regular auto insurance or your credit card may not pay loss-of-use charges.

A few states (Alaska, Connecticut, Louisiana, Minnesota, New York, North Dakota, Rhode Island and Texas) mandate that insurers automatically pay loss-of-use claims. If you don’t live in one of these states, it’s a good idea to verify whether your credit card will cover these fees.

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DEM's Jag XJ-V8-L

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Visa and MasterCard Card?

According to AutoSlash.com, a website focused on helping consumers save money on car rentals, Visa does cover loss-of-use charges. However, it uses “fleet utilization logs” from the car rental company to verify the claim. Obtaining those records can take time and be a hassle.

MasterCard may cover some loss-of-use charges, but check the restrictions. American Express offers a separate car rental protection policy; the premium is likely to be cheaper than the premium charged by a car rental company.

Assessment

Never buying car rental insurance isn’t necessarily a wiser choice than always buying it. As the consumer, it’s up to you to do enough research to decide whether the insurance is a product you need.

Conclusion

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The Mayo Clinic and the Free Market

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Source: Michel Accad MD

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pill mill

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The Mayo Clinic and the Free Market

About

Dr. Michel Accad is a practicing cardiologist who blogs for a medical audience at alertandoriented.com

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Government Medicine is Killing Us!

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By Bob Murphy

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skeleton

Bob Murphy: Government Medicine is Killing Us

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About

Bob Murphy is our re-posting guest today as he wraps up a three-part series on the anti-market healthcare system in the US.

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The Most Costly Medical Conditions

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Top Five [5] for 2013

By http://www.MCOL.com

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Conclusion

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Retiree Health Insurance Trends

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By http://www.MCOL.com

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Penthouse Interviews Murray Rothbard

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Source: A Re-Post by MICHEL ACCAD, MD

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Penthouse Interviews Murray Rothbard

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[PRIVATE MEDICAL PRACTICE BUSINESS MANAGEMENT TEXTBOOK – 3rd.  Edition]

Product DetailsProduct Details

  [Foreword Dr. Hashem MD PhD] *** [Foreword Dr. Silva MD MBA]

***

A Health Un-Insurance Snapshot

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Snapshot for 2016

By http://www.MCOL.com

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The Physician Certification Business?

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Let’s Get Government Out of the Physician Certification Business

Accad

By  MD

Are all certification outfits created the same?

Should the government impose free market features?

Any pro-market health economists out there?

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diploma

Should the government impose its own standards for certification for physicians?

The short answer is “no.”

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Let’s Get Government Out of the Physician Certification Business

Conclusion

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For Investors – Discovering Truth Takes Time

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Discovering Truth Takes Time

vitaly
By Vitaliy Katsenelson, CFA Institutional Investor Magazine
The Roman philosopher, playwright, statesman and occasional satirist Lucius Annaeus Seneca wasn’t talking about the stock market when he wrote that “time discovers truth,” but he could have been.

In the long run a stock price will reflect a company’s (true) intrinsic value. In the short run the pricing is basically random.

Here are two real-life examples:

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For Investors, Discovering Truth Takes Time

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Conclusion

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***

My Interview Request from The American College of Financial Services

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By Gary Arnesto

RE: Interview Request from The American College of Financial Services

Dr. Marcinko,

I work for the content marketing company Media Shower, and I’m writing on behalf of The American College of Financial Services, a school that offers education in the financial planning field, specifically to help students achieve professional designations such as: Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), RICP (Retirement Income Certified Professional), and Financial Services Certified Professional (FSCP).

We’re starting a new Expert Interview series with important people in the financial professional industry, and we’d love to do an email interview with you to run on The American College blog!

We’ll send you a few interview questions, and we’ll turn your responses into a great article for our audience with a link back to The American College. All we ask for in return is a link posted on your site that promotes the interview to your audience.

You can see our website here: http://www.theamericancollege.edu/

If you’d like to discuss the program with someone at the company directly, feel free to contact Xand Griffin at: xgriffin@stratusinteractive.com.

Please let me know if you’d be interested in doing the email interview with us, and we’ll get moving on it right away!

Thank you,

Gary Arnesto

Assessment and RSVP

Many thanks for the invitation Gary, and yes I accept. My opinions may not always be correct; but I am never equivocal.

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DEM tie

David Edward Marcinko MBBS DPM MBA CMP®

http://www.CertifiedMedicalPlanner.org

cmp-logo16

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A Free Market Repudiation of Evidence-Based Medicine

Michel AccadIn a recent article entitled “A Hayekian Defense of Evidence-Based Medicine” Andrew Foy makes a thoughtful attempt to rebut my article on “The Devolution of Evidence-Based Medicine.”  I am grateful for his interest in my work and for the the kind compliment that he extended in his article.  Having also become familiar with his fine writing, I return it with all sincerity.  I am also grateful to the THCB staff for allowing me to respond to Andrew’s article.

Andrew views EBM as a positive development away from the era of anecdotal, and often misleading medical practices:  “Arguing for a return to small data and physician judgment based on personal experience is, in my opinion, the worst thing we could be promoting.”  Andrew’s main concern is that my views may amount to “throwing the baby with the bath water.”

On those counts, I must plead guilty as charged.  I have been trying to sink that baby for a number of years now, attacking it from a variety of angles.  I have made a special plea in favor of small data and I have even questioned the intellectual sanity of EBM.  On the question of the coexistence between EBM and clinical judgment, I have been decidedly intolerant, relegating EBM to second class citizen status.  In other words, I’m an unapologetic EBM-denialist which, as I found out yesterday on Twitter, puts me in the same category as climate change skeptics.

My main concern today, however, is to address the relationship between EBM and the free-market, and to reject Andrew’s point that EBM is somehow compatible with it.  First, though, let me say that in no way do I deny the notion that American medicine has, for decades, harbored practices of highly doubtful benefit to benefit to patients, and that many such practices may, in fact, have been dangerous or harmful.  I am fully on board with any effort to eradicate “eminence-based medicine.”

But before we reach out for an EBM solution to that problem, perhaps we should first wonder about causes.  What keeps the errors of eminence-based medicine persisting for so long?  Why do patients and doctors remain so wedded to a course of therapy as to blithely engage in unbeneficial or even harmful care?

If I read Andrew correctly, he seems to believe that these errors persist because outcome uncertainties are inherent to clinical care, hence the need for EBM. But that cannot be the fundamental reason.  Why would patients continue to pursue a treatment for which they have neither objective nor subjective tangible benefit?  Why wouldn’t they refuse to go along?  After all, many of them do exercise their ability to be non-compliant in the case of treatments deemed beneficial to them according to the truths of EBM!

Outcome uncertainty, then cannot be the reason why futile or harmful treatments persist, and if outcome uncertainty is not the reason, reducing it by way of EBM may not be the answer either.

What eludes Andrews is that eminence-based medicine is not simply the result of individual doctors exercising judgment with limited knowledge. Rather, eminence-based medicine happens when doctors apply their own pet theories and disregard the needs and wants of the patient at hand.

By missing that point, Andrew misses that eminence-based medicine is precisely minimized by the free-market and, on the contrary, encouraged by government intervention.  The history of American medicine provides ample examples to make that point.

In the late nineteenth century, healthcare in the United States was uniquely unregulated.  Yet, contrary to common belief or fabricated myths, care was improving by leaps and bounds, getting at once better, cheaper—and more scientific.  It is during that time that some of the finest medical institutions emerged, including the Mayo Clinic and the Johns Hopkins Hospital.  Sure, there were snake oil salesmen, but these were by-and-large being driven out of business by a growing community of serious, well-trained, and effective physicians.  And competition among these practitioners kept them humble and at the service of patients.

All of this changed in the 1910’s when, following the Flexner reforms, state licensing laws were enacted.  It is in the heels of these laws that medical paternalism emerged.

As an illustration, consider this passage excerpted from an official report published soon after the enactment of licensing laws:

The physician is the outstanding practitioner of medicine.  The need and the value of his service sets him above all others.  He alone, of all types of medical practitioners in the United States, is permitted by law to diagnose and treat all diseases and conditions and to use (with certain minor exceptions) any form of diagnostic or therapeutic technique which he considers necessary, desirable, and within his professional skill.  (Report of the Committee on the Cost of Medical Care, 1928, p. 195)

From that point onward, medical abuses of privilege became much more widespread than they had been.

Furthermore, as Kenneth Ludmerer has pointed out, this elevation of the physician to the status of demi-God by government fiat went hand-in-hand with the rise of the academic ivory tower, since academic medical schools were producing the “cream of the crop” among doctors.  Academic ivory towers, naturally, become common sources of practices founded on eminence.

Of course, licensing laws and the emergence of the ivory towers are not the only factors to consider.  Other government interventions soon followed to bring about systems of third-party payment for medical care—health insurance.  Without these government interventions, and without the existence of licensing laws, it is unlikely that health insurance would have emerged from the free market.  By unmooring medical decisions from any financial constraints, health insurance contributes immensely to the perpetuation of eminence-based practice.

It is this regulatory context, then, that is at the root of eminence-based medicine, and not the uncertainties of clinical care which, in a profound way, are inherent to the medical encounter.

Andrew believes that EBM discovery is akin to price setting on the free market.  I strongly disagree with that analogy.  As Andrew himself has noted, prices set in the free market convey consumer values and are the end results of myriad decisions made on the basis of dispersed knowledge.

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The-Psychology-of-Analytics-When-Working-is-Not-Working

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EBM results, on the other hand, are statistical relationships between interventions and outcomes which are carefully selected by investigators in highly contrived experimental settings.  In these settings, the choices and preferences of doctors and patients are ignored or neutered by design in order to isolate the relationship of interest.  Any value obtained as a result of an EBM experiment is primarily imputable to the investigators or sponsors, and only secondarily (and statistically) of benefit to patients.

EBM is no free market phenomenon.  EBM is an academic invention incubated in Canada, a country with a single-payer healthcare system!  As I described in my article, this invention has spun out of control and has turned EBM into a weapon wielded with equal vigor by the pharmaceutical industry, by regulators, and by those who aim to equalize the historical excesses of eminence-based medicine through the dubious doctrine of “Less-Is-More.”  None of these movements, it seems, are motivated by a desire to advance a genuine human science that is meaningful to individual patients.  In fact, to the extent that is a pet theory which standardizes care for entire populations, EBM is eminence-based medicine on steroids.

But if EBM is by no means a product of the free market, can the free market address our need to improve therapeutic predictions or will it set us back to a clinical stone age?

So long as narrowing clinical outcome expectations is truly desired by doctors and patients—and there is no reason to doubt that it is—then the free market is demonstrably the optimal environment that can allow human ingenuity to devise clever ways and methods to achieve that goal.  But what shape or form would those methods take and how closely would they resemble what we now take to be evidence-based science, I have no idea.  If I believed I held that knowledge, I would be repudiating Hayek.

Assessment

EBM Systems Engineering Vision MARCINKO

An FA Hayekian Defense of Evidence Based Medicine

About

Michel Accad is a cardiologist who practices in San Francisco.  He blogs at Alert and Oriented and can be followed on Twitter @michelaccad

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Top Ten States for Hospital Safety

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Hospital Safety

By http://www.MCOL.com

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safety

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Conclusion

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

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***

An FA Hayekian Defense of Evidence Based Medicine

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A Reprint by Andrew Foy MD

A Hayekian Defense of Evidence-Based Medicine

***

FA Hayek

[F.A. Hayek]

http://thehealthcareblog.com/blog/2016/05/11/a-hayekian-defense-of-evidence-based-medicine/

ABOUT

Andrew Foy is an academic cardiologist who is taking up blogging, again, for the instant gratification it brings while his real research is under peer-review. His Twitter account is @AndrewFoy82.

Conclusion

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Are you in the American middle class?

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Find out with this income calculator

[By Staff reporters]

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family

http://tinyurl.com/jyjoyy2

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Life Expectancy Income Disparities

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By http://www.MCOL.com

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Product DetailsProduct DetailsProduct Details

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R.I.P. Jack Lawrence Treynor

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[By Staff Reporters]

Jack Treynor Pioneered Modern Investment Theory; Dead at 86

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Jack Lawrence Treynor (February 21, 1930 – May 11, 2016) was the President of Treynor Capital Management, Palos Verdes Estates, CA. He was a Senior Editor and Advisory Board member of the Journal of Investment Management, and was a Senior Fellow of the Institute for Quantitative Research in Finance. He served for many years as the editor of the CFA Institute‘s Financial Analysts Journal.

More: http://www.bloomberg.com/news/articles/2016-05-12/jack-treynor-who-pioneered-modern-investment-theory-dies-at-86

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Managing Your 401(k)

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MANAGING YOUR 401(k)

By Dan Timotic CFA

More than 73 million Americans actively participate in employer-sponsored defined-contribution plans such as 401(k), 403(b), and 457 plans.

If you are among this group, you’ve taken a big step on the road to retirement, but as with all investing, it’s important to understand your plan and what it can do for you.

Here are a few ways to make the most of this workplace benefit.

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 investing

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The World Experiments with Negative Interest Rates

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Below Zero

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By Dan Timotic CFA

As of late April 2016, six central banks in Europe and Asia have adopted negative interest rates in an effort to stimulate their national economies. The experiment began in Denmark in 2012, but the big step came in June 2014 when the European Central Bank (ECB) dropped its benchmark rate below zero. Sweden and Switzerland soon followed, and Japan and Hungary went negative in early 2016. Taken together, these economies represent about one-fourth of global economic output.1–2

Although the Federal Reserve remains committed to raising the federal funds target rate, the Fed is watching the efforts of foreign central banks with an eye toward expanding its tools in the event of an economic downturn. On a more immediate level, the overseas experiment is affecting the dollar and helping to suppress interest rates in the United States.3–4

Reverse Economics

Central banks lower interest rates for two fundamental reasons: (1) to encourage business investing and consumer spending by making it cheaper to borrow and less lucrative to hold onto cash; and (2) to lower the value of the national currency in order to make exports more appealing and create an expectation of future inflation, which may further stimulate current spending.

The push into negative territory reflects the same goals, but it reverses traditional economic concepts by turning borrowers into creditors and creditors into borrowers. Although specifics vary, the central banks are pulling rates downward by assessing a negative interest rate on certain short-term deposits from commercial banks. These banks actually lose money on their deposits, which in theory should stimulate the banks to lend money to other banks, businesses, and consumers.

The greatest fear regarding negative rates is a mass exodus from the banking system. The experiments in Europe and Japan are still new and the rates relatively moderate, but so far banks and their customers seem to be weathering the transition, albeit with lower margins and additional fees.5 Deposits in eurozone banks grew by $327 billion from June 2014 (when negative rates were implemented) through October 2015.6 Some banks assess negative rates on large commercial customers, but they have been hesitant to do so with retail customers. One small Swiss bank instituted a charge of 0.125% on savings accounts and gained more customers than it lost.7

These early responses suggest that businesses and consumers may be willing to pay a premium to deposit cash assets safely in a bank. Keeping large amounts of cash outside of a bank can be expensive, requiring guards, safes, and other security measures. Average consumers might keep cash under a mattress, but it is difficult to pay bills — or buy merchandise over the Internet — with cash. This cost-benefit balance may change if rates continue to decline.

Bonds and Mortgage Rates

By April 2016, more than $8 trillion of government bonds in Europe and Japan were trading at negative interest rates.8 As with banking, this suggests that some investors are willing to accept a loss in return for the security of government bonds. However, negative or very low yields may put pressure on pension plans and insurance companies, which depend on low-risk, fixed-rate investments.9

Low rates have driven housing prices up in Denmark and Sweden, creating fears of a “bubble.” Some Danish homeowners have even seen the monthly interest on their adjustable-rate mortgages turn into monthly credits due to negative rates.10

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WA_16051_Experiment_Interest_Rate

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Currency Competition

After the ECB instituted negative rates, the euro dropped sharply against the U.S. dollar and was still down about 17% in April 2016.11 A strong dollar stimulates European exports at the expense of U.S. exports and makes it more difficult to raise U.S. interest rates, which would only make the dollar more appealing for foreign investors.

Denmark, Sweden, Switzerland, and Hungary all dropped rates in large part to keep their currencies competitive with the euro.12 Denmark’s experience, the longest-running experiment, suggests that negative rates may be effective when the primary goal is to control currency but less effective as a stimulus to growth.13 On the other hand, Japan’s initial efforts have seen the yen rise unexpectedly against the dollar, unsettling markets.14

How Low Can They Go?

Early eurozone results are tepid but encouraging. Annual GDP growth improved to 1.5% in 2015 versus 0.9% in 2014, and lending by eurozone banks (which had been decreasing) increased slightly by 0.6% in 2015.15 It’s unclear how much worse the European situation might be without negative rates.

Assessment

After a tentative beginning, central banks have become more aggressive. In March 2016, the ECB dropped its deposit rate to –0.40%, and the Swiss National Bank rate was –0.75%.16 It remains to be seen how banks and consumers will respond to even lower rates, and whether reverse economics will strengthen the global economy or create new challenges.

All investments are subject to market fluctuation, risk, and loss of principal. Investments, when sold, may be worth more or less than their original cost. Investing internationally carries additional risks, such as differences in financial reporting and currency exchange risk as well as economic and political risk unique to a specific country. This may result in greater investment price volatility.

References

1, 5, 9, 16) International Monetary Fund, 2016 2, 12) Reuters, April 10, 2016 3) The New York Times, March 5, 2016 4, 11) European Central Bank, 2016 6) The New York Times, December 3, 2015 7–8, 10, 14) The Wall Street Journal, April 14, 2016 13) Bloomberg, February 15, 2016 15) The Wall Street Journal, February 28, 2016

Conclusion

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

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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

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

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On Pregnancy Ultra-Sound Price Variations

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By http://www.MCOL.com

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ultrasound

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Conclusion

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

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***

EXPRESSING YOUR WISHES IN ADVANCE

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dan

By Dan Dan Timotic CFA

EXPRESSING YOUR WISHES IN ADVANCE

 

It’s not pleasant to think about the possibility of being unable to make your own medical or financial decisions; even for doctors and financial advisors.

That may explain why many people don’t take the time to draw up appropriate documents expressing their wishes.

THINK: Prince.

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death

[NOT today … Death!]

READ MORE

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Pharmacists in the Healthcare System

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Changing Roles

By http://www.MCOL.com

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Top 40 Medical Technology Trends

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Changing Technology Trends

Bertalan Meskó, MD, PhD

By Bertalan Meskó MD PhD

How The Top 40 Medical Technology Trends Changed In 3 Years

Free Guide And Infographic http://bit.ly/1XxSA3g

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Specialty Medication Cost Trends

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FOR 2015

By http://www.MCOL.com

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ImageProxy

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Identity Management in Health Care

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Importance in Health Care

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On the DOL’s New Fiduciary Rule

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By Rick Kahler MSFS CFP®

Rick Kahler MS CFPThe Department of Labor’s groundbreaking new Fiduciary Rule may change the legal responsibilities of advisors who sell financial products for consumers’ retirement accounts.

Financial services industry pundits aren’t sure whether the new rule is a giant step in the right direction or a successful dodging of a bullet by Wall Street.

Original Intent

The original intent was to require those selling financial products for retirement plans to act as fiduciaries—advisors required to put clients’ interests ahead of their own.

One proposed provision was a “restricted asset list” which would have banned the sale of high-commission products like private REITs and annuities to IRAs and other retirement plans. Wall Street brokers were “expecting a punch in the face that would force a dramatic overhaul of how they dealt with their customers,” notes Joshua Brown, CEO of Ritholtz Wealth Management, in an April 6 article at Fortune.com.

As adopted, the final rule allows financial salespeople to still sell all the controversial illiquid high-commissioned products they currently sell, as long as the brokerage firm can document the product is in the client’s best interest. Brown says this amounts to a “love tap.”

The Pundits

Bob Veres, editor of Inside Information, sees the new Fiduciary Rule as still a big win for consumers and fiduciary advisors. In an April 8 column, he writes, “professional financial planners and advisors have achieved a victory, and the Wall Street and independent broker-dealer service models have been dealt a blow.”

Veres argues that the new fiduciary duty to act in the client’s best interest will by itself preclude financial salespeople from justifying the sale of high-commissioned products in IRAs. He also points out that salespeople will no longer be allowed to receive “fat commissions” for recommending annuities and non-traded REITS, and therefore are unlikely to recommend these products.

Financial planner and writer Michael Kitces [a friend of this ME-P and advocate of iMBA’s online Certified Medical Planner® fiduciary focused professional charter education certification program] suggests the DOL’s concession allowing the current questionable financial products to still be purchased by IRAs may be “a brilliantly executed strategy of conceding to the financial services industry the exact parts that didn’t actually matter in the long run . . . yet keeping the key components that mattered the most,” the fiduciary duty to the client.

MORE: http://www.CertifiedMedicalPlanner.org

Brown believes salespeople will continue recommending higher-cost products “so long as a justification can be made for their being recommended (quality, performance, etc.).”

He adds, “Advisors will still be able to sell the proprietary products of their own firm so long as they can enunciate the reason why these products are in their customers’ “best interests” – a hurdle whose height will probably be adjusted on a case-by-case basis as no one really knows what it means yet.”

Kitces contends the new law will ultimately give the consumer the power through the courts to define what is and isn’t in their best interests. He points out:

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“In other words, while the DOL fiduciary rule didn’t outright regulate what Wall Street can and cannot do, it did change the legal standard by which those actions will be judged and ensure that eventually the courts will have the opportunity to rule on these fiduciary conflicts.”

While the new rule only applies to retirement assets, Veres and Brown see it as a step toward requiring a fiduciary standard for all investment advice. I tend to agree.

Assessment

Since so many small investors hold retirement accounts, applying a fiduciary standard to those investments may help more consumers understand the difference between fiduciary advisors and product salespeople. As the industry moves toward full compliance with the rule by the April 2017 deadline, we may see an increase in consumer demand for financial advisors who put clients’ interests first.

Conclusion

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

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Does the FED REALLY Matter?

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Does the Fed REALLY matter?

eric

By Erik Kobayashi-Solomon

[intelligent option investor]

Does the Fed REALLY matter?

This is an update to research done in the fall of 2015.

Common wisdom holds that Federal Reserve interest rate policy changes have a large effect on equity returns. The Fed represents, many believe, the ultimate market traffic light.

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NY Fed Reserve Bank

[FEDERAL RESERVE BANK OF NEW YORK]

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And, everyone takes this mental model for granted, but is it really true?

Read more

Was the 2008 Financial Crisis Caused by the Big Banks?

Assessment

The conclusions should be compelling to all ME-P readers, physician-executives and intelligent investors!

Conclusion

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

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It’s Still Harder to Become a Hairdresser than a Financial Adviser?

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How Come and Why?

[By Jason Zweig]

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The great journalist H.L. Mencken wrote decades ago
,

“The essence of a genuine professional man is that he cannot be bought.”

And that, in turn, can spring only from a culture of exhaustive training and the highest standards of conduct.

Professions like accounting, law and medicine took decades, often centuries, to advance to the point of requiring rigorous education and licensing for all their members.

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vintage-beauty-salon-equipment-9

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Assessment

The field of investment advice remains a long way from being able to call itself a profession.

More: http://blogs.wsj.com/moneybeat/2016/04/08/how-come-its-still-harder-to-become-a-hairdresser-than-a-financial-adviser/

On Wall Street’s Suitability, Prudence and Fiduciary Accountability

Conclusion

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

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CMS Announces New Random Payment Generator

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Center for Medicare & Medicaid Innovation

By CMS and CMMI

CMS JUST ANNOUNCED a new Innovation Model from the Center for Medicare & Medicaid Innovation, the Random Payment Generator, which will launch as a demonstration in January 2017.

“We’re pleased to add an eighth category of Innovation Models to our innovation portfolio,”

says CMMI spokesperson Dr. Emmett Brown.

“We felt that with the wide range of models developed to date, we needed to develop a ‘placebo’ initiative that could be measured against the various concepts we have been testing. We’ll be able to better determine if simply taking random actions while facing the formidable challenges in purchasing and coordinating healthcare services yields any different results than the complex models we have undertaken.”

The Random Payment Generator will simply randomize payment amounts to be paid for billed services, based on an algorithm that has programmed into repurposed surplus portable equipment being distributed to Medicare Administrative Contractors. Doctor Brown explained that the older equipment has no Internet connectivity and thus is not susceptible to breaches from outside hackers.

CMS is seeking hospital and medical group applicants to participate in the one-year Medicare trial in which they may render services and submit billings without being subject to most provider program requirements, but will accept whatever payment amount is assigned by the Random Payment Generator as payment in full.

“A number of provider participants in our other models have complained that they can’t understand or find any logic in how they are getting paid, and the basis for payment under this new model will certainly be easier to communicate and understand,”

Doctor Brown continued.

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ImageProxy

[A Random Payment Generator being shipped to Medicare Administrative Contractors]

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Leader Of The Healthcare REIT Industry?

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About Ventas, Inc

tim

By Timothy McIntosh MBA MPH CFP® CMP™ [Hon]

Ventas, Inc. is a real estate investment trust (REIT). The Company has a portfolio of seniors housing and healthcare properties located throughout the United States, Canada and the United Kingdom.

The Company operates through three segments: triple-net leased properties, senior living operations and MOB operations. The triple-net leased properties segment invests in seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses.

The senior living operations segment invests in seniors housing communities throughout the United States and Canada and engages independent operators, such as Atria and Sunrise, to manage those communities. The MOB operations segment, acquires, owns, develops, leases, and manages MOBs throughout the United States. It invests in seniors housing and healthcare properties.

Ventas: Leader Of The Healthcare REIT Industry

house

Conclusion

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

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

***

“We Can Never Know About The Days [FINANCIAL MARKETS] To Come”

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AS CARLY SIMON USED TO SING …

ArtBy Arthur Chalekian GEPC

[Financial Consultant]

However, that doesn’t stop anyone from making educated guesses about the future of companies, financial markets, and economies.

So, as we enter the second quarter, investment and business professionals have been offering their insights:

  • McKinsey & Company’s March Economic Conditions Snapshot indicated 80 percent of surveyed executives “… expect demand for their companies’ products and services will grow or stay the same in the coming months, and a majority believe (as they have in every survey since 2011) their companies’ profits will increase.” However, they are not as optimistic about the global economy as they were in December. About one-half of executives in developed and emerging markets said economic conditions globally are worse than they were six months ago
  • The Wall Street Journal’s April 2016 Economic Forecasting Survey, which queries 60 economists, reported three-of-four survey participants expect a Fed rate hike in June. Few expect a recession during the next 12 months, putting the odds at 19 percent. Almost one-half stated global risks were the greatest threat to the U.S. economy, followed by financial conditions, a slowdown in consumer spending, falling corporate profits, and U.S. politics.
  • PIMCO’s Cyclical Outlook predicts China’s gross domestic product (GDP) growth may be in the 5.5 to 6.5 percent range. The target is 6.5 percent. In addition, a gradual devaluation of the yuan is possible, although China’s currency policy often produces unexpected twists and turns.
  • BlackRock Investment Institute’s second quarter outlook centered on three themes. First, returns are likely to remain muted in the future. Second, monetary policies appear to be less divergent, which could be a positive for some markets. Third, volatility may persist as the Federal Reserve normalizes monetary policy. Diversity and careful asset selection are likely to be critical in this environment.

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Photo of hands of businesspeople during discussing

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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.

While it’s interesting to read experts’ predictions and expectations for coming months and years, it’s important to remember forecasts are not always accurate. An organization that tracked forecasting results through 2012 found forecasts were correct about 47 percent of the time.

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

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DOL’s Fiduciary Rule Brings Good News

The DOL and Your Retirement Account

 
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By Michael Zhuang,

[Principal of MZ Capital Management]
Contributor to Morningstar and Physicians Practice
Michael Zhuang
 
Recently the Department of Labor issued a fiduciary rule that requires financial advisors who manage retirement accounts to act in clients’ best interests.
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Here is the quote from a Wall Street Journal report … 

About $14 trillion in retirement savings could be affected by the rule, which requires stockbrokers providing retirement advice to act as “fiduciaries” who will serve their clients’ “best interest.” That is stricter than the current standard, which only says they need to offer “suitable” recommendations, a standard that critics say has encouraged some advisers to charge excessive fees or favor investments that offer hidden commissions.

Still, reflecting intense lobbying from the financial industry, which has fought the regulation since it was first proposed six years ago, the final version includes a number of modifications. 

This might come as a surprise to many physician-executives and people that financial advisors do not need to act in clients’ best interests up until this day.  

Alas, as I explained in this article, there are really two types of financial advisors: those who have a broker license (series 7) and those who have a registered investment advisor license (series 65).

Here is the kicker:

93% of all financial advisors are licensed brokers. These are advisors from major Wall Street brokerages like Merrill Lynch, Morgan Stanley and etc., as well as many independent broker-dealers. By law, they do NOT need to act in clients’ best interests. 

Those who have a registered investment advisor license have always been required by law to act in clients’ best interests, but they account for only 7% of all financial advisors. 

The financial industry benefits tremendously from not needing to act in clients’ best interests, for instance, by selling clients high hidden cost financial products. That’s why they fight the fiduciary rule tooth and nail, and with the help of many Senators and Congressmen.

It’s better late than never. I am glad that seven years after the financial crisis that nearly brought the country to its knees, something is finally done to address the rampant conflict of interests in the financial industry. 

There is a caveat though. The fiduciary rule only applies to retirement accounts. So if you have a brokerage account and an IRA account with Merrill Lynch. Your Merrill Lynch broker needs to act in your best interests with your IRA account, but needs NOT with your brokerage account! 

Assessment 

The best way to check whether your financial advisor is a broker is to ask “Do you have a series 7 license?” If the answer is “Yes.” You need a second opinion review. Chances are good that it will find many hidden costs and bad investments.

More: The DOL’s Final Fiduciary Rule: What’s in it and what does it mean for advisors?

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:

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

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Inviting Patients to Read Their Doctors’ Notes

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OVER HEARD IN THE DOCTOR’S LOUNGE

DEM white shirt

By Dr. David E. Marcinko MBA CMP™

In an OpenNotes study, researchers examined the impact on patients and doctors when patients were allowed access to their doctors’ notes via a secure Internet portal.

Through the use of surveys, patients’ benefits, concerns, and behaviors, as well as physicians workload, were measured.

The Study

Beth Israel Deaconess Medical Center (BIDMC) in Boston, Geisinger Health System (GHS) in Pennsylvania, and Harborview Medical Center (HMC) in Seattle were selected for this quasi-experimental year-long study.

The study included 105 physicians and 13,564 of their patients. Patients were notified when their notes were available, but whether or not to open the note was at their own discretion. The authors analyzed both pre- and post-intervention surveys from the physicians who completed the study; 99 physicians submitted both pre- and post-intervention surveys. Of the patients who viewed at least one note, 41 percent completed post-intervention surveys.

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Physician Executive

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Almost 99 percent of patients at BIDMC, GHS, and HMC wanted to have continued access to their visit notes at the completion of the study; no physician elected to end this practice.

Assessment

Although a limited geographic area was represented, the positive feedback and clinically relevant benefits demonstrate the potential for a widespread adoption of OpenNotes.

Moreover, it may be a powerful tool in helping improve the lives of patients.

Citation: Inviting Patients to Read Their Doctors’ Notes: Author(s): Delbanco, T; Walker, J; Bell, SK and Darrer, JD et al: American College of Physicians, Annals of Internal Medicine, October 2012

Open Notes, a grantee of the Robert Wood Johnson Foundation, was developed to demonstrate and evaluate the impact on both patients and clinicians of fully sharing (through an electronic patient portal) all encounter notes between patients and their primary care providers.

Conclusion

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The Need for Anti-Authoritarians in the Medical Profession

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Question Authority

By Michael Lawrence Langan MD

Anti-authoritarians question whether an authority is a legitimate one before taking that authority seriously.

To evaluate the legitimacy of  an authority it is necessary to do the following:

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Question Authority: The Need for Anti-Authoritarians in the Medical Profession

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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:

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

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Don’t forget 1st. Quarter Estimated Tax

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Andrew Schwartz

By Andrew Schwartz CPA

Doctors –Don’t forget 1st Quarter Estimated Tax payments for 2016; due April 18th.

‘Estimated Tax’

Estimated taxes are usually paid on a quarterly basis. If the estimated taxes that are paid do not equal at least 90% of the taxpayer’s actual tax liability (or 100% or 110% of the taxpayer’s prior-year liability, depending on the level of adjusted gross income), then interest and penalties are assessed against the delinquent amount.

Don’t forget- 1st Quarter Estimated Tax

IRS

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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The Medical Profession under Dictatorship

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327518caf4de6ca81321ea8b469a3d42By Michael Lawrence Langan MD

Revisiting Dr. Leo Alexander’s prescient warnings from 1949

 Dr. Leo Alexander (October 11, 1905 – July 20, 1985) was an American psychiatrist, neurologist, educator, and author, of Austrian-Jewish origin. He was a key medical advisor during the Nuremberg Trials. Alexander wrote part of the Nuremberg Code, which provides legal and ethical principles for scientific experiment on humans.

Source: https://en.wikipedia.org/wiki/Leo_Alexander

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The Medical Profession under Dictatorship–Revisiting Dr. Leo Alexander’s prescient warnings from 1949

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leoalexander

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Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Be a Journalist!

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Be a Journalist!

Via Megan McArdle:

j

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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On Investor Sentiment?

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HOW DO INVESTORS REALLY FEEL ABOUT STOCK MARKETS?         

Art

By Arthur Chalekian GEPC

Individual Investors (AAII) surveys investors weekly about whether they are bullish, bearish, or neutral on stock markets for the next six months.

Last week, the majority of participants indicated they were neutral. There was less bullish sentiment than the previous week, but bulls maintained a slight edge over bears:

The Results

  • Bullish: 27.2 percent
  • Neutral: 47.1 percent
  • Bearish: 25.8 percent

Assessment

The AAII also asked whether participants were better off, worse off, or as well off as they had been eight years ago (early in the Great Recession). More than one-half (54 percent) said they were better off. The remainder was almost evenly split. Twenty-four percent indicated they were not better off, and 23 percent said they were as well off.

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Bear + A Falling Stock Chart[A BEAR Market]

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Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Capitation?

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What Capitation?

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By Ira Nash, MD

By Policy makers who are responsible for shaping how the federal government (the country’s biggest payer of health care services) pays physicians are pushing CMS on a rapid path away from traditional …

Capitation? What Capitation?

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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I’m an APHA Abstract Reviewer for the 2016 Annual Meeting & Expo

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My Invitation Letter with Acceptance

By the APHA Annual Meeting Team

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Dear Dr. David Marcinko,

Thank you for volunteering to review abstracts for the APHA 2016 Annual Meeting & Expo (Oct. 29 – Nov. 2, 2016). Your efforts and expertise are critical to ensuring the meeting is a successful contribution to our goal of making the U.S. the healthiest nation in one generation.

Selection

You have been selected to review abstracts for the Health Administration program. All abstract reviews must be completed no later than Thursday, March 31, 2016.

COIDs

If you have not completed a conflict of interest disclosure form you will be prompted to do so – on the electronic portal – before accessing your assigned abstracts. Once you have completed the disclosure form you will see a list of your abstracts to review. Simply click on the abstract number and hit “go” to begin your reviews.

Criterion

The criterion and rating scale will be provided at the bottom of each abstract. Abstracts without abstracted text are considered incomplete and should not be reviewed.

NOTE: PLEASE DO NOT REVIEW ANY ABSTRACTS THAT YOU YOURSELF HAVE SUBMITTED.

If you have specific questions regarding your assignment or if you are no longer able to review please contact the program planner for your Section, SPIG, Caucus or Forum or Student Assessment

Assessment

Thank you for your contribution in this very important process. We hope that the online abstract review system makes your work easy however, if you see ways in which we can improve this process please let us know.

Acceptance

Yes, I accepted and completed this professional invitation with thanks and all due humility and gravitas.

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APHA2016emailbanner

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Seeking the “Perfect” Investment

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If I only had a crystal ball

Rick Kahler MS CFP

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

“If I only had a crystal ball.” Every investor has probably made this wish from time to time; even physician-executives. We would all like a way to avoid the emotional pain and anxiety that are sure to come when our portfolios lose value due to inevitable market downturns.

The Pain – The Pain

Surely a perfect investment would spare us that pain. Suppose a mutual fund manager with a crystal ball knew which 10% of the 500 largest U. S. stocks would earn the highest returns for each upcoming five-year period. Investing only in those stocks should ensure gain with no pain.

According to an article by Bob Veres, editor of Inside Information, someone has looked back over more than 80 years to track such a hypothetical perfect fund. Alpha Architect, a research company, divided the 500 largest U.S. stocks into deciles and imagined a fund investing in only the 10% known to have the highest returns for the next five years. Beginning January 1, 1927, the hypothetical portfolio was adjusted every five years. If you could have purchased it then and held it to the end of 2009, you would have earned just under 29% a year. Lots of gain, no pain at all, right?

Enter the Bear

Except for the particularly bad bear market that started in 1929, when you would have seen your investment plummet 75.96%. Or the one-year period starting at the end of March 1937, when the fund would have fallen more than 44%.

Or, the nine more times over the years that the fund dropped by 20% or more. It lost 22% in 1974 when the S&P 500 was up 20%. In 2000-2001 you’d have watched it plummet 34% while the S&P 500 was only down 21%. Or how about the 20% drop from the end of September through the end of November 2002, at a time when the S&P 500 was sailing along with a 15% positive return.

Yes, the long-term returns in this “perfect” investment were amazing. The full ride, however, offered many opportunities for anxiety and even terror, when investors would have been strongly tempted to bail.

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Alpha Architect

Alpha Architect concluded that even if God—who presumably doesn’t need a crystal ball to have perfect foresight—were running this mutual fund, He would have lost a lot of investors. During the rough patches, many would have lost faith in His management skill.

Investors who are ultimately successful learn to hang on through thick and thin, knowing that markets eventually recover. Yet even if we could choose a perfect investment, staying with it for the long term is a challenge.

Speed Demons

One of the reasons market declines are so frightening is that they happen much faster than market gains.

Ben Carlson, author of A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan, looked at all the bear markets and bull markets going back to 1928. The bull market rallies averaged 57% returns, while bear markets averaged losses of 24%. The bull markets lasted an average of 474 days. The bear market drops were more intense, compressed into an average of just 232 days before the next upturn.

Even when, by percentage, the gains far outweigh the losses, the more gradual pace of the bull markets doesn’t attract our attention in the same way as the heart-stopping downturns of bear markets.

Assessment

Veres calls the Alpha Architect research “a lesson in humility and patience.” We can’t look into the future with a real crystal ball. However, looking back at market patterns with an imaginary one can help us protect ourselves from our own tendency to bail out in the face of adversity.

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:

[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

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

[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]

Front Matter with Foreword by Jason Dyken MD MBA

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Medication Use in Older Adults

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http://www.MCOL.com

Including Supplements for 2005-2011

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ImageProxy

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Conclusion

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pills+many+colors+mrc

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

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Product DetailsProduct DetailsProduct Details

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An Open Letter from the APHA Government Relations Director

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National Public Health Week

By Don Hoppert
[APHA Government Relations Director]

Dear Dr. David E. Marcinko,

Sen. Tom Udall, D-N.M., and Rep. Lucille Roybal-Allard, D-Calif., are joining the audacious goal of creating the healthiest nation in one generation by introducing resolutions recognizing National Public Health Week and the importance of public health in our daily lives in supporting a strong, healthy nation.

While resolutions, such as the NPHW resolution, do not become laws, they function as statements of intent for Congress. This is an excellent opportunity to encourage your members of Congress to acknowledge the importance of public health, and potentially pave the way for additional support on other public health issues.

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APHA

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Send a message to your senators and representative urging them to support public health and co-sponsor the NPHW resolution!

Assessment

Note that the following representatives have already committed to joining the resolution as original co-sponsors:

•    Rep. Rob Wittman, R-Va.
•    Rep. Gene Green, D-Texas
•    Rep. Jim McGovern, D-Mass.

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:

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

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The Ambulance Drone Defibrillator?

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[By staff reporters]

Ambulance drone delivers help to heart attack victims

An ambulance drone carrying a defibrillator for rapid response to heart attacks has just been unveiled in the Netherlands.

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ambulance-drone

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Source:

Via: Aditi Chopra – HR Admin at Universe Jobs – New Delhi Area, India  Human Resources

Conclusion

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

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Product DetailsProduct DetailsProduct Details

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Why A Global Diversified Portfolio?

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Investing at Home or Away?

Michael ZhuangBy Michael Zhuang

Recently a client asked me why we bother with investing in international markets.  After all, the S&P 500 has done quite well in the last year. Indeed, it has outperformed foreign markets three years in a row, and by a huge margin to boot.

Take 2014 for example-the S&P 500 was up 13%, while the international markets on aggregate were down 5%. So; why then?

Table

Well, let’s look at this table

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The Lost Decade

The decade between 2000 and 2009 is what investors call “The Lost Decade,” but only if you invested solely in the S&P 500. If you had owned a globally diversified portfolio, the decade would not have been lost. In fact, after The Lost Decade, some of my clients asked me “Why bother with investing in US stocks at all?”

Assessment

My answers then and now are the same: because we don’t know what the future will bring and we don’t know which market will do best or worst, so we need a globally diversified portfolio to limit our risk of falling victim to another lost decade.

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:

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

***

Sherlock Health Administration Expense Benchmarks Invitation

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Sherlock Benchmarks – Participation and Licensing

By Douglas B. Sherlock CFA

sherlock@sherlockco.com

thoughtSherlockHello All ME-P Readers and Subscribers:

This email invites your participation and/or licensing of the Sherlock Benchmarks.

A central effect of the Affordable Care Act is to sharply increase the incentive for health plans to minimize their administrative expenses. The Sherlock Benchmarks can be a catalyst to respond to these incentives since they identify and prioritize cost variances.

Use of the Sherlock Benchmarks reflects this:

• At least 40 health plans serving at least 40 million people with health insurance are so far committed as participants in this year’s Sherlock Benchmarking study.

• Of the 36 U.S. – based Blue Cross Blue Shield primary licensees, one-half are participating in this year’s Sherlock Benchmarking Study, either as an enterprise or through a subsidiary.

• Of the 13 members of the Alliance of Community Health Plans that are not focused on public programs or are staff-model plans, 11 are participating in this year’s Sherlock Benchmarking Study for Independent / Provider – Sponsored Health Plans.

• Most of the largest members of the Health Plan Alliance that are not focused on public programs are participating in this year’s Sherlock Benchmarking Study for Independent / Provider – Sponsored Health Plans.

• Health plans serving at least one-half of all insured Americans are licensed users of Sherlock Benchmarks since January 1, 2015.

Licensing and participation is available to all health plans

We have recently launched the Independent / Provider – Sponsored and Blue Cross Blue Shield surveys. There is still time, but the financial metrics survey form must be returned to us by the end of April.

So please contact me immediately if you wish to join these robust panels.

Our universes of Medicaid and Medicare plans will launch in a few months to avoid conflict with your Medicare bid process. If a plurality of your members are in either Medicare or Medicaid, please contact us about participation. Note that all costs are segmented by product as well as by function to assure an apples-to-apples comparison between the plans.

Licensing is available without participation. Licensing costs more but it entails less effort.  The 2016 Sherlock Benchmarks for Blue Cross Blue Shield Plans and Independent / Provider – Sponsored plans will be available beginning in July. The 2016 Sherlock Benchmarks for Medicare plans and Medicaid plans will be available beginning in September. 

Assessment

We look forward to working with you.

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:

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

      Product DetailsProduct DetailsProduct Details

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