Understanding 1031 Exchanges

Posted on April 27, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Ultimate Infographic Guide

In this infographic you will learn how to defer your capital gains taxes utilizing a 1031 exchange, what kinds of properties qualify for 1031, what the basic 1031 rules and time limits are, and how to benefit your heirs by stepping up your basis.

***

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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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: Accounting, Investing, Taxation | Tagged: 1031 Exchange, 1031 Gateway, real-estate | Leave a comment »

Syphilis Is Surging!

Posted on April 26, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Public Health Officials Aren’t Sure Why?

[By Staff Reporters]

Nationwide, the CDC reports that primary and secondary syphilis rates increased by 10 percent between 2012 and 2013—an infection rate more than twice as high as figures from 2001.

Geography

The Atlanta, Baltimore, Detroit, Los Angles, Miami, Orlando, Portland, San Antonio, San Diego and San Francisco metro areas have some of the highest syphilis rates, according to the CDC.

In the San Francisco Bay area, reported cases rose from 438 in 2009 to 814 in 2013. In Washington, D.C., Dr. Raymond C. Martins, senior director of clinical education at Whitman-Walker Health,says that the clinic saw a 32 percent increase in syphilis cases among patients between 2011 and 2014.

And, in recent months, at least 15 cases of ocular syphilis, a serious complication of the disease that can cause blindness, have been reported in California and Washington state, according to an alert released earlier this month by the CDC.

***

Assessment

Most of these infections have occurred among HIV-positive men who have sex with men.

Link: http://www.msn.com/en-us/news/us/syphilis-is-surging-and-us-public-health-officials-arent-sure-why/ar-AAb3qBf?ocid=iehp

More:

Even More: Antibiotic Shortages on the Rise in US

http://www.msn.com/en-us/health/medical/antibiotic-shortages-on-the-rise-in-us/ar-AAbzrH0?ocid=iehp

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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, iMBA | Tagged: Dr. Raymond C. Martins, HIV, Syphilis Is Surging, syphilis rates | 1 Comment »

Fatigue and its Effect on Doctor’s & Prescriptions

Posted on April 26, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Fatigue Matters

[By Staff Reporters]

First we had slow medicine, then fast medicine, and now it’s … fatigued medicine.

According to Aaron Carroll MD; fatigue matters even when it comes to doctors … especially when it comes to doctors.

Here is the data link in Healthcare Triage News.

http://theincidentaleconomist.com/wordpress/healthcare-triage-fatigue-and-its-effect-on-doctors-prescriptions/

Assessment

For those of you who want to read more, here is the paper we’re discussing!

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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: Career Development, Ethics, Practice Management | Tagged: Aaron Carroll MD, fatigued medicine, Healthcare Triage News | 3 Comments »

Developing New Medical Practice 2.0 “People” Skills

Posted on April 25, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Times are Changing in …. 2015 and Beyond

[By Render S. Davis MHA CHE]

[By Dr. David Edward Marcinko MBA CMP™]

Medical practice today is vastly different from a generation ago, and physicians need new skills to be successful, and reduce liability risks while improving care delivery at lower costs.

In order to balance their obligations to both individual patients and to larger groups, physicians now must become more than competent clinicians.

Bedside Manner?

Traditionally, the physician was viewed as the “captain of the ship,” in charge of nearly all the medical decisions, but this changed with the dynamics of managed care and the health reform of the PP-ACA.

Today, the physician’s role may be more akin to the ship’s navigator, utilizing his or her clinical skills and knowledge of the health care environment to chart the patient’s course through a confusing morass of insurance requirements, care choices, and regulations to achieve the best attainable outcome.

Some of these new 2.0 “People” skills include:

Negotiation – working to optimize the patient’s access to appropriate services and facilities;
Being a team player – working in concert with other care givers, from generalist and specialist physicians, to nurses and therapists, to coordinate care delivery within a clinically appropriate and cost-effective framework;
Working within the limits of professional competence – avoiding the pitfalls of payer arrangements that may restrict access to specialty physicians and facilities, by clearly acknowledging when the symptoms or manifestations of a patient’s illness require this higher degree of service; then working on behalf of the patient to seek access to them;
Respecting different cultures and values – inherent in the support of the Principle of Autonomy is acceptance of values that may differ from one’s own. As the United States becomes a more culturally heterogeneous nation, health care providers are called upon to work within and respect the socio-cultural and/or spiritual framework of patients and their families;
Seeking clarity on what constitutes marginal care – within a system of finite resources, physicians will be called upon to carefully and openly communicate with patients regarding access to marginal and/or futile treatments. Addressing the many needs of patients and families at the end of life will be an increasingly important challenge in both communications and delivery of appropriate, yet compassionate care;
Supporting evidence-based practice – physicians should utilize outcomes data to reduce variation in treatments and achieve higher efficiencies and effectiveness of care delivery;
Fostering transparency and openness in communications – physicians should be willing and prepared to discuss all aspects of care and treatment, especially when disclosing problems or issues that may arise;
Exercising decision-making flexibility – treatment algorithms and clinical pathways are extremely useful tools when used within their scope, but physicians must follow the case managed patient closely and have the authority to adjust the plan if clinical circumstances warrant;
Fostering “patient and family centered care – whenever possible, medical treatments should be undertaken in a way that respects the patient’s values and preferences, and recognizes the important role to be played by family in supporting the patient’s care and well-being. For details on engaging families in this process, visit the website for the Institute for Family-Centered Care at www.familycenteredcare.org.;
Becoming skilled in the art of listening and interpreting — In her ground-breaking book, Narrative Ethics: Honoring the Stories of Illness, Rita Charon, MD Ph.D., a professor of Clinical Medicine at Columbia University’s College of Physicians and Surgeons, writes of the extraordinary value of utilizing the patient’s narrative, or personal story, in the care and treatment process. She notes that, “medicine practiced with narrative competence will more ably recognize patients and diseases, convey knowledge and regard, join humbly with colleagues, and accompany patients and their families through ordeals of illness.” In many ways, attention to narrative returns medicine full circle to the compassionate and caring foundations of the patient-physician relationship.

***

[The Masks of Change]

Courtesy SplitShire

***

Assessment

These represent only a handful of examples to illustrate the myriad of new skills that today’s savvy physicians must master in order to meet their timeless professional obligation of compassionate patient care; coupled with risk avoidance, assumption, transference and reduction mechanisms.

*NOTE: Health 2.0 is information exchange plus technology. It employs user-generated content, social networks and decision support tools to address the problems of inaccessible, fragmentary or unusable health care information. Healthcare 2.0 connects users to new kinds of information, fundamentally changing the consumer experience (e.g., buying insurance or deciding on/managing treatment), clinical decision-making (e.g., risk identification or use of best practices) and business processes (e.g., supply-chain management or business analytics.

About the Author

Render Davis was a Certified Healthcare Executive, now retired from Crawford Long Hospital at Emory University, in Atlanta, GA He served as Assistant Administrator for General Services, Policy Development, and Regulatory Affairs from 1977-95. He is a founding board member of the Health Care Ethics Consortium of Georgia and served on the consortium’s Executive Committee, Advisory Board, Futility Task Force, Strategic Planning Committee, and chaired the Annual Conference Planning Committee, for many years.

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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

* 8

Filed under: Ethics, Practice Management | Tagged: bedside manner, healthcare 2.0, Negotiation skills, Render Davis, Rita Charon MD | 1 Comment »

On Medical Provider Network Referral Leakage

Posted on April 24, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Understanding the Referral Relationship

[By Dr. David Edward Marcinko MBA]

[By http://www.MCOL.com]

Developing and cultivating a steady stream of referrals involves good planning, an investment of time and energy in the referral relationship, and a keen understanding of referring physicians’ needs and priorities.

Enhancing the referral relationship is a step-by-step process, not unlike the clinical process, that begins by identifying target physicians and their needs, prioritizing the list of referral contacts and then determining the best way to reach them.

A physician may routinely refer patients to a particular specialist because he or she has an outstanding reputation for medical expertise and competence, is more accessible than comparable practitioners or has a convenient location for the referring physician’s patients. The physician may have a relationship with the specialist because of marketing by a local hospital or the specialist’s own practice. And, in some cases the two physicians have a social relationship. Once again, there are many ways to create and maintain the relationship. Physicians should choose the approach that works best for them, put together a plan and stay consistent. Look for ways to make the relationship a win-win for both practices or for the referring hospital or outpatient facility.

If you are not comfortable with developing referral relationships for your practice, seek out partners, office staff or hospital partners who can appropriately assist, train or support you in this effort. Many hospitals have staff focused on physician sales and service.

The Society for Healthcare Strategy and Market Development (SHSMD) recently reported that 41% of hospitals had dedicated sales staff support, with more than half of those using their sales staff to support cardiology and radiology.[i] Often, hospitals are seeking physician speakers for community seminars, wellness programs and other outreach efforts. Ask about participating in these venues. Offer to write articles for newsletters, the Web site or local media outlets. All of these expose the physician and the practice to referral sources as well as the public.

Six Root Causes of Leakage

***

Communication is Key

It really comes down to the age-old golden rule of doing unto others as you would want them to do unto you. Not surprisingly, referral relationships are built on mutual respect, trust and courtesy. Focusing on the needs of the referring physician is the best way for both relationships to thrive.

Communication is especially important in not only nurturing the referral relationship, but also improving the quality of care.

A recent study that examines the attitudes primary care physicians have regarding communication with hospitalists found that 3% of primary care physicians reported being involved in discussions about discharge and 17% to 20% reported always being notified about discharges.[ii]

The study suggests that delayed or inaccurate communication at discharge may negatively effect continuity of care and contribute to adverse events. Communication tools such as computer-generated summaries and standardized formats may result in a more timely transfer of information, making discharge summaries more consistently available during follow-up care.

Many physicians indicate a preference for quick voice mail updates on patients they’ve referred supported by the electronic or faxed record. This type of proactive communication is the basis of a strong and lasting referral relationship. In fact, the relationship can be further strengthened by tailoring communication to individual primary care doctors, according to their preferences.

Indeed, the most responsive specialists ask the referring physician how best to stay in touch because one size does not fit all. Some physicians prefer face-to-face contact, others phone or facsimile and still others e-mail. The use of electronic medical records and other electronic communication devices can help the physician enhance the consistency, speed and real time level of their physician-to-physician communication.

Primary care doctors want to work with specialists who recognize their role in treating the patient on an ongoing basis. Many want frequent communication about the plan of care and status. At the very least, tertiary specialists should always pay the courtesy of discharge communication—a phone call, e-mail, timely letter or fax when they return the patient to the community physician. The specialist should include the diagnosis, any issues that he or she may have identified; any changes in treatment and medication, follow-up recommendations and a phone or pager number if the referring physician has questions or concerns.

Both sides should keep each other informed of changes within their respective practice including new partnerships, expanded services, staff changes and insurance plan participation. Paying close attention to these relationship and communication basics builds trust and respect among colleagues and improves care to patients.

***

Systems Can Help With Communication

A cardiac surgeon in the Northeast with a very busy practice dictates immediately following each case, and then at the end of the day calls to update the referring physician even if he just leaves a voice mail with his pager number. The referring physician has 24/7 access to the cardiac surgeon, who, two weeks later, has his practice administrator send a thank-you note for the referral. At a conference of specialists who were questioning their own ability to commit to this level of time, he simply stated “how can you not afford to pay attention to this part of your practice?”

Another example involves a large specialty practice that was challenged with communication back to the referring physician. They hired a clinician to support them as patient/practice case manager, with a primary job focus on communicating about the patient, ensuring discharge information was forwarded and conducting a personal office call with the referring physician. This ensured it was received, understood and if not, helping the referring physician to gain quick access to the specialist.

Citations:

[i] “By the Numbers, 2008.” Society for Healthcare Strategy and Market Development of the American Hospital Association.

[ii] Sunil Kripalani, M.D., et al., “Deficits in Communication and Information Transfer Between Hospital-Based and Primary Care Physicians,” The Journal of the American Medical Association, Feb. 28 2007, 297; 831-841.

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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, Practice Management | Tagged: david marcinko, Doctor Referrals, Medical Provider Network Referral Leakage, patient referrals, SHSMD, Society for Healthcare Strategy and Market Development | 2 Comments »

On Domestic Healthcare Access Disparities

Posted on April 24, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Most Populous US States

By http://www.MCOL.com

***

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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 Insurance | Tagged: Healthcare Access Disparities, Healthcare Disparities | 2 Comments »

On Getting Health Insurance [A Personal Journey]

Posted on April 23, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

A Former Teacher Engages Reality

[By Jeffrey M. Hartman]

In late 2014, I did something many teachers never have to consider doing. I sought my own health insurance. After leaving my teaching career, I opted to work for myself. My plan was to live off my savings while getting started. This meant I was going to have to buy insurance rather than rely on a school to provide it. The misadventure that unfolded provided unsurprising but unsettling insights.

Bubble-Boy

I lived in a bubble during my teaching career. The comforts my job afforded me affected my perspective. How did people in other fields work so late each day? Why did anyone agree to work during the summer? I had a salary that kept me more than comfortable and health insurance that most people would have envied. Although I frequently reminded myself how fortunate I was, I still took too much of my situation for granted. When I decided to up and leave, reality poured into my bubble.

Great Coverage

Health insurance had never concerned me. Working in schools my entire adult life, I didn’t fret over having coverage. It was a given; an amount taken out of each check. If anything, I felt guilty for having such great coverage. I rarely used it. I happened to be a healthy person and I infrequently visited my doctor. Being so cavalier about my coverage while other people suffered without it made me feel like some kind of heel. My wife used it occasionally, so it wasn’t completely wasted.

A Career Abandoned

By abandoning my career, I forced myself to face a sudden and real need for coverage. I’ll admit resenting the need to have something I wasn’t likely to use, but I accepted the situation and proceeded. I had left other teaching jobs. After each departure, I replaced the job quickly, moving to a better job each time. This was another example of my chosen field distorting reality. Not many people enjoy that kind of mobility. Benefits had come along with each new job. With no intention of taking a new job last fall and no immediate income from working for myself, I was on deck to try HealthCare.gov.

****

Enter HealthCare.gov

Prior to any of this, most of my experience in dealing with health insurance involved my mother. I helped her get Supplemental Security Income and Medical Assistance. The process was arduous, but after an appeal, she got what she needed. More recently, I assisted my grandmother in connecting with a home health care aide through her insurance. This was tricky as well, but perseverance paid off. Having to deal with these systems gave me a notion of what to expect when navigating a massive health insurance bureaucracy.

Experienced as I was, working through HealthCare.gov tested my patience. The site achieved infamy in early 2014 following its beleaguered launch. I expected the site administrators to have fixed most of the bugs for the second year. Perhaps they had. What I found was convoluted, nonetheless. I managed, but not without incident.

Registration

The first hiccup came during registration. I followed the directions on the screen and provided the requested information, but the site couldn’t verify my identification. I’d never had a problem like this registering for anything else. It prompted me to upload registration documents, but I found no way to do this. I called customer service and a helpful but disaffected person verified my identification simply by asking for my address and Social Security number.

I completed the application and was eager to see my results. Before I registered, I had investigated what coverage might be available. I expected to be eligible for one of several seemingly suitable plans. Upon seeing my results, I was shocked to find my wife and I only qualified for Medicaid. Nothing else was available. I knew Medicaid had a resource limit in my state. I also knew my savings were approximately thirty times that limit. The site never asked about resources. It only asked for income, which was zero at the time. My wife’s income didn’t put us over the Medicaid income limit, but this was irrelevant.

I realized my situation was an anomaly. Most people don’t go from my former income to nothing by choice while not having any solid replacement. At the time, I was paying a high premium for continuing coverage from my former employer. I was determined to get something less costly through the Marketplace for the start of 2015. My state was going to deny me Medicaid. I had to appeal.

Non-Appeals

I couldn’t find a way to appeal online, at least not in my state. I had to mail the completed appeal form. After several weeks, I got no response. The deadline approached for having coverage by the first of the year. I called customer service. The representative told me I’d have to apply for Medicaid and get rejected before appealing. This was going to take too long. I called my state Department of Health and Welfare. A representative confirmed I’d be denied. He urged me to call HealthCare.gov again and simply state I’d been denied instead of going through the process. I did. I handled the appeal over the phone. An hour later, I had new insurance. I had even paid my first premium, which definitely stung.

Over the next month, HealthCare.gov sent me three letters and called me twice to remind me my identification had yet to be verified and my appeal had been denied. I politely informed them I had handled each issue. No one I spoke with could tell that I had, nor could they tell I’d selected and paid for coverage, even though I had.

****

New Coverage

Dealing with the new coverage was almost comical. I’d selected the same provider I had while teaching, but a different plan. My wife and I selected the same physicians we had seen for years. Despite our history with each, making appointments or filling prescriptions required us to provide detailed proof of our existence and needs through phone calls, faxes, and emails. This was necessary for the first several interactions. Inquiries and referrals were much more tedious than what we had known. Over four months, the provider sent us a total of ten new insurance cards. All the inefficiency with both systems prompted some reflection.

One could expect such confusion within large systems. However, I’ve thought of what difficulty others users might face. I’d like to think I’m relatively literate, tech-savvy, and patient. I have family members who would have been stumped after the first few screens of the on-line HealthCare.gov site. The parents of some of the students I taught would have had similar difficulty. People in such situations might have the greatest need for coverage. The complicated and buggy nature of Healthcare.gov requires a small army of customer service operators to help befuddled applicants through problems. I shiver thinking about the resources spent maintaining this backup system in lieu of having a more functional interface, but I guess this creates jobs. Similarly, my actual provider requires a maddening degree of redundancy that might strain the coping skills of needy clients. I wonder how many people just give up when pursing complicated but necessary claims.

Assessment

Perhaps by 2016 HealthCare.gov will be streamlined and smart enough to not confound its users. My provider might be as streamlined and smart as it’s going to get. I’ve rarely seen such bloated systems. Maybe I’ve been ignorant to what other people endure. Having outstanding coverage handed to me while teaching and being healthy my whole life kept me out of touch. My new experiences were mild inconveniences, but I fear how similar complications could stifle those really needing help. I suppose I’ve emerged from my bubble.

More:

ABOUT

Jeffrey M. Hartman is a former teacher who blogs at http://jeffreymhartman.com/

Conclusion

Your thoughts and comments on this ME-P are appreciated. Tell us YOUR story. 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.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
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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, Health Law & Policy, Op-Editorials | Tagged: Getting Health Care, Health Insurance, Jeffrey Hartman | Leave a comment »

Death in the Digital Age

Posted on April 23, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

On Digital Assets

By co-operativefuneralcare.co.uk

An infographic to show the key statistics from our recent report which highlights how the growing use of digital channels in our daily lives can cause additional stress for bereaved loved ones.

***

Filed under: Estate Planning, Risk Management | Tagged: Death in the Digital Age, digital assets | 2 Comments »

Enter the ROBO Financial & Medical Advisors

Posted on April 22, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Machines will Rule … Soonest?

[By Dr. David Edward Marcinko MBA CMP™]

Machines beat humans at chess. Machines can pilot airplanes to land at O’Hare; or on Mars. There is now a machine that beats the best of us at Jeopardy.

And, many predict that an Artificial Intelligent medical clinician is ten years away.

Just think tele-medicine and tele-health.

And, no one will use a biological doctor in twenty five years. Then, of course, enter the singularity*.

Innovation

I’m not sure who said it first, but this quote has been floating around Twitter lately:

“In 2015 Uber, the world’s largest taxi company owns no vehicles, Facebook the world’s most popular media owner creates no content, Alibaba, the most valuable retailer has no inventory, and Airbnb, the world’s largest accommodation provider owns no real estate.”

Assessment

Fundamental assumptions about what is needed to be a successful doctor, financial advisor, or other business has changed in just the last few years.

So – I ask MD and FA colleagues – will you keep up professionally, or fall behind? What are the ethical implications of these technology innovations; if any?

***

[Vanguard’s “Robo Advisor” – Good for Clients but Bad for Advisors?]

***

More:

Even More:

Human–Cyborg Relations: Coming Soon to a Medical School Near You

Note: From Wikipedia, the free encyclopedia.

The Singularity

The technological singularity is the hypothesis that accelerating progress in technologies will cause a runaway effect wherein artificial intelligence will exceed human intellectual capacity and control, thus radically changing civilization in an event called “the singularity”.^[1] Because the capabilities of such an intelligence may be impossible for a human to comprehend, the technological singularity is an occurrence beyond which events may become unpredictable, unfavorable, or even unfathomable.^[2]

The first use of the term “singularity” in this context was by mathematician John von Neumann. In 1958, regarding a summary of a conversation with von Neumann, Stanislaw Ulam described “ever accelerating progress of technology and changes in the mode of human life, which gives the appearance of approaching some essential singularity in the history of the race beyond which human affairs, as we know them, could not continue”.^[3] The term was popularized by science fiction writer Vernor Vinge, who argues that artificial intelligence, human biological enhancement, or brain–computer interfaces could be possible causes of the singularity.^[4] Futurist Ray Kurzweil cited von Neumann’s use of the term in a foreword to von Neumann’s classic The Computer and the Brain.

Proponents of the singularity typically postulate an “intelligence explosion”,^[5]^[6] where superintelligences design successive generations of increasingly powerful minds, that might occur very quickly and might not stop until the agent’s cognitive abilities greatly surpass that of any human.

Kurzweil predicts the singularity to occur around 2045^[7] whereas Vinge predicts some time before 2030.^[8] At the 2012 Singularity Summit, Stuart Armstrong did a study of artificial general intelligence (AGI) predictions by experts and found a wide range of predicted dates, with a median value of 2040. Discussing the level of uncertainty in AGI estimates, Armstrong said in 2012, “It’s not fully formalized, but my current 80% estimate is something like five to 100 years.”^[9]

***

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
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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: Career Development, Ethics, iMBA, Information Technology | Tagged: robo advisors | 16 Comments »

Taxing the Rich … and Doctors?

Posted on April 21, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Effect of Taxing America’s Wealthy

By blog.turbotax.intuit.com.

The wealth difference between states demonstrates that certain states had much stronger increases in affluent taxpayers.

For example, Warren Buffett recently called to raise tax rates on taxpayers making more than $1 million and proposed an additional increase on taxpayers whose income exceeds $10 million.

So, where do the “super-rich live and what would it look like if they were given additional taxes?”

***

[Click to Enlarge]

Assessment

But, what about the “rich” doctors? Are they even rich, merely affluent or new members of the holloi polloi working class? Do tell.

More:

Even More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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: Accounting, Taxation | Tagged: doctor income, physician salary, rich doctors, Taxing America’s Wealthy | 2 Comments »

The Best National Public Health Weeks Ever!

Posted on April 20, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Georges C. Benjamin MD
[APHA Executive Director]

Dear David,

Thank you! This was one of the best National Public Health Weeks ever! Millions of people around the country were involved and learned about Healthiest Nation 2030. More people celebrated the benefits of public health, read about public health, attended events, sent letters to Congress or interacted on social media than we’ve seen in years.

To cap it off, the U.S. Senate passed a resolution supporting our vision of creating the healthiest nation in one generation!

Let’s build on the momentum!

We need everyone to understand the challenges we face in creating the healthiest nation and the role we all play in getting there. Please, let’s all take one more step to keep the conversation going.

View and share the webcast “Raising the Grade”
View a recording of APHA President Shiriki Kumanyika, Dr. Gail Christopher and our panel of experts as they discuss opportunities that exist and challenges we need to overcome to create the healthiest nation.

Share the healthiest nation infographic
Do your friends and family know that the U.S. is far from the best in most measures of health when compared to other high-income countries? We’ve created a simple infographic that shows our challenges and what we all need to do to improve it. Share it today!

Now’s the time to submit your NPHW news to The Nation’s Health!
We know that held great events during National Public Health Week 2015. So how about letting the rest of the nation know?

The Nation’s Health will feature coverage of events held around the nation in its July issue, and your news and photos could be part of it. See The Nation’s Health website for full submission details. The deadline has been extended to April 20. Don’t delay!

Inspire people to take action
Are you doing something to help create the healthiest nation? Enter our “We Can Do Better” contest. Show us what you are doing to create the healthiest nation with a photo, video, meme or just describing an activity. You can win $100, and we’ll share your entries on APHA’s website to inspire others.

Lead by example
Thousands of people have taken the first step on the path to the healthiest nation by pledging to “create a healthier me” and “create a healthier we.” Have you signed the healthiest nation pledge yet? Have you shared it family, friends and colleagues?

To be successful, we need to focus on the social determinants of health, form broader partnerships and build a movement for change. Together, we can become the healthiest nation!

Sincerely,
Georges C. Benjamin MD

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 | Leave a comment »

Cost of average U.S. hospital stay $33,079

Posted on April 19, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

A Healthcare Financial Infographic

By FaceThe factsUSA.org.

The cost of the average American hospital stay nearly doubled from 2000 to 2010 while average stay length declined. The decade was a period of low inflation, but some sectors of the economy didn’t get the memo. Charges for a hospitalization soared from an average $17,390 in 2000 to $33,079 in 2010.

In the U.S. we spend almost three times as much on a hospital stay as other industrialized countries, even though their average stay tends to be longer.

***

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, Healthcare Finance | Tagged: Cost of hospital stay, FaceThe factsUSA.org, hospital expenses | 1 Comment »

Are You A Top Performing Financial Advisor?

Posted on April 19, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

An Infographic

[By Gabriel Lalonde]

To gain a better understanding of how today’s investment advisor’s are running their practices, Maximizer Software commissioned an original study based on surveys with 903 financial advisers from Canada and the United States.

The goal of the survey was to identify specific issues and trends that make investment advisers more successful.

***

[Click to Enlarge]

***

Unique

The infographic above illustrates what sets top investment advisers apart from the rest of their peers.

Assessment

To find out how your practice can become a top performer take a look at our report!

More:

Why and How to Become a Certified Medical Planner™

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, Practice Management, Risk Management | Tagged: Maximizer Software, Top Performing Financial Advisers | 1 Comment »

Tax Day and “Tax Freedom Day” is April 15-18, 2015

Posted on April 18, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

More Time … More Pain!

[By Staff Reporters]

You get three extra days to file your taxes this year. They’ll be due this Monday, April 18th.

But, it’s not because of a previously announced processing delay that will prevent people who itemize their taxes from filing before mid- to late February, the IRS said Tuesday.

Instead, the bonus days come thanks to Emancipation Day, a little-known Washington, D.C., holiday that celebrates the freeing of slaves in the district.

***

[Tax Money Pie]

***

What it Is?

In the United States; according to Wikipedia, Tax Day is a colloquial term for the day on which individual income tax returns are due to the federal government.^[1] The term may also refer to the same day for states, even where the tax return due date is a different day.

Since 1955, for those living in the United States, Tax Day has typically fallen on April 15.^[1] For those filing a U.S. tax return but living outside the United States and Puerto Rico, Tax Day has typically fallen on June 15, due to the two-month automatic extension granted to filers by IRS Publication 54.^[2]

Due to Emancipation Day in Washington, D.C. (which is observed on the weekday closest to April 16), when April 15 falls on a Friday, tax returns are due the following Monday; when April 15 falls on a Saturday or Sunday, tax returns are due the following Tuesday.

In 2014, Tax Day was Tuesday, April 15
In 2015, Tax Day was Wednesday, April 15
In 2016, Tax Day will be Monday, April 18
In 2017, Tax Day will be Tuesday, April 18

Assessment

Similarly, April 15th is the deadline for filing Income Tax Returns (ITR) in the Philippines.

“Tax Freedom” Day with Personal Calculator

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: Taxation | Tagged: Emancipation Day, Tax Day, tax freedom day | 1 Comment »

On The State Licensing Process of Physicians

Posted on April 17, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

By State Medical Boards

By ROBERT JAMES CIMASI; MHA, ASA, FRICS, MCBA, AVA, CM&AA, CMP^™

By TODD A. ZIGRANG; MBA, MHA, ASA, FACHE

A SPECIAL ME-P REPORT

http://www.HealthCapital.com

Every state and the District of Columbia require the licensure of all allopathic (M.D.) and osteopathic (D.O.) physicians [1] Although the specific criteria for licensure vary by state, each state requires candidates to submit proof of completion of the requisite number of years of graduate medical education and passage of examinations verifying that “the physician is ready and able to practice competently and safely in an independent setting [2].

Moral Character

Additionally, a physician applying for licensure is typically required to have “good moral character,” absent his or her involvement in illegal activities [3] Most physicians satisfy the exam requirement by submitting proof of their successful completion of the United States Medical Licensing Examination (USMLE) or the Comprehensive Osteopathic Medical Licensing Examination (COMLEX-USA) to the licensure board [4] However, as some practicing physicians may have been licensed under a previously administered exam, certain state licensing boards may consider a combination of other examinations sufficient to meet licensure requirements, so long as those exams were completed prior to 2000 [5]

Of State Medical Boards

The licensure of physicians is governed by a state medical board, the “primary responsibility” of which board, according to the Federation of State Medical Boards, is to “protect consumers of health care by ensuring that all physicians…are properly licensed and comply with various laws and regulations pertaining to the practice of medicine” [6] To accomplish this goal, state legislatures have delegated certain powers to the state’s medical board, including the power to grant, suspend, and revoke licenses; conduct investigations into complaints against physicians; and, release guidelines related to best medical practices [7] State medical boards have traditionally consisted solely of physicians; however, there has recently been an increase in the number of non-physician board members on state medical boards [8].

History

Over the last 50 years, state medical boards have faced intense scrutiny regarding their commitment to disciplining physicians based on quality concerns [9] In 1960, the American Medical Association (AMA) heard “sobering” facts from the Federation of State Medical Boards that “much confusion over the definitions and objectives exists” related to state medical board enforcement of medical standards [10] From 1963 to 1967, 0.06% of all physicians were subject to discipline, while in 1981, 0.14% of all physicians were subject to discipline, due in large part to the problems identified by the AMA [11] Although the rate of physician discipline rose eightfold by the mid-1990s, to date, there are continuing concerns regarding state medical board enforcement of quality standards.

A March 2011 report by advocacy group Public Citizen found that over 55% of physicians who faced clinical privilege disciplines by hospitals from 1990 to 2009 did not have a corresponding action from a state medical board [12] Additionally, in 2011, state medical boards imposed 3.06 “serious disciplinary actions” (e.g., revocations, surrenders, suspensions, and probations of medical licenses) per 1,000 physicians, an increase from the 2010 rate of 2.97 per 1,000, but a decrease from the 2004 rate of 3.72 per 1,000 [13] Numerous reasons have been offered to explain the disparity in quality enforcement by state medical boards, the most prominent being that physicians are loath to report fellow physicians for major disciplinary actions such as licensure revocation[14]

***

Assessment

Other reasons include a focus by state medical boards on “character-related misconduct” over clinical quality standards [15] as well as a lack of resources to investigate and enforce quality standards, which forces state medical boards to rely on physicians and hospitals to “police” themselves [16].

More:

Channel Surfing the ME-P

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

REFERENCES

[1] “State Medical Boards: Future Challenges for Regulation and Quality Enhancement of Medical Care,” By James N. Thompson, Journal of Legal Medicine, Vol. 33, No. 9 (January-March 2012).

[2] “State Medical Boards: Future Challenges for Regulation and Quality Enhancement of Medical Care,” By James N. Thompson, Journal of Legal Medicine, Vol. 33, No. 9 (January-March 2012); “Healthcare Valuation: The Four Pillars of Healthcare Value,” By Robert James Cimasi, MHA, ASA, FRICS, MCBA, AVA, CM&AA, Hoboken, NJ: John Wiley & Sons, Inc., 2014, p. 449-450.

[3] “Medical Practice: Education and Licensure,” in “Legal Medicine,” By S. Sandy Sanbar et al., 6th Ed., Mosby, 2004, p. 81.

[4] “Medical Licensure,” American Medical Association, 2014, http://www.ama-assn.org/ama/pub/education-careers/becoming-physician/medical-licensure.page, (Accessed 12/19/14); “COMLEX-USA,” National Board of Osteopathic Medical Examiners, 2014, http://www.nbome.org/exams-faq.asp (Accessed 12/19/14).

[5] “Medical Licensure,” American Medical Association, 2014, http://www.ama-assn.org/ama/pub/education-careers/becoming-physician/medical-licensure.page, (Accessed on 12/19/14); “Healthcare Valuation: The Four Pillars of Healthcare Value,” By Robert James Cimasi, MHA, ASA, FRICS, MCBA, AVA, CM&AA, Hoboken, NJ: John Wiley & Sons, Inc., 2014, p. 450.

[6] “What is a State Medical Board?” Federation of State Medical Boards, 2014, http://www.fsmb.org/policy/what-is-a-smb-faq (Accessed 12/19/14).

[7] “What is a State Medical Board?” Federation of State Medical Boards, 2014, http://www.fsmb.org/policy/what-is-a-smb-faq (Accessed 12/19/14).

[8] “What is a State Medical Board?” Federation of State Medical Boards, 2014, http://www.fsmb.org/policy/what-is-a-smb-faq (Accessed 12/19/14); “Character, Competence, and the Principles of Medical Discipline,” By Nadia N. Sawicki, Journal of Health Care Law & Policy, Vol. 13, No. 1, 2010, p. 291.

[9] “Character, Competence, and the Principles of Medical Discipline,” By Nadia N. Sawicki, Journal of Health Care Law & Policy, Vol. 13, No. 1, 2010, p. 287, n. 7; “To Err is Human: Building a Safer Health System – Summary,” Institute of Medicine, 2000, http://www.iom.edu/~/media/Files/Report%20Files/1999/To-Err-is-Human/To%20Err%20is%20Human%201999%20%20report%20brief.pdf (Accessed 12/19/14).

[10] “Medical Licensure Statistics for 1960,” Journal of the American Medical Association, Vol. 176, No. 8 (May 27, 1961), p. 694.

[11] “Medical Licensing Board Characteristics and Physician Discipline: An Empirical Analysis,” By Mark T. Law & Zeynep K. Hansen, Journal of Health Politics, Policy and Law, Vol. 35, No. 1 (February 2010), p. 66.

[12] “State Medical Boards Fail to Discipline Doctors with Hospital Actions Against Them,” By Alan Levine et al., Public Citizen, March 2011, http://www.citizen.org/documents/1937.pdf (Accessed 12/19/14).

[13] “Public Citizen’s Health Research Group Ranking of the Rate of State Medical Boards’ Serious Disciplinary Actions, 2009-2011,” By Sidney M. Wolfe, M.D., et al., Public Citizen, May 17, 2012, http://www.citizen.org/documents/2034.pdf (Accessed 12/19/14).

[14] “Medical Boards are Too Lax, Critics Claim,” By Wayne J. Guglielmo, MA, MedScape, October 17, 2014, http://www.medscape.com/viewarticle/833141 (Accessed 12/3/14);

[15] “Character, Competence, and the Principles of Medical Discipline,” By Nadia N. Sawicki, Journal of Health Care Law & Policy, Vol. 13, No. 1, 2010, p. 287.

[16] “Medical Licensing Board Characteristics and Physician Discipline: An Empirical Analysis,” By Mark T. Law & Zeynep K. Hansen, Journal of Health Politics, Policy and Law, Vol. 35, No. 1 (February 2010), p. 90; “Medical Licensure Statistics for 1960,” Journal of the American Medical Association, Vol. 176, No. 8, May 27, 1961, p. 694.

NC Update: H543v2 – 04152015

* 8

Filed under: Career Development, Ethics, Health Law & Policy, Risk Management | Tagged: Health Capital Consultants, LLC, robert james cimasi, State Licensing of Physicians, state medical boards, TODD A. ZIGRANG | 3 Comments »

The “Doc-Fix” Taxpayer Calculator

Posted on April 15, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Determining you Financial Share on “TAX DAY”

[By Staff Reporters]

One of the most-onerous votes in recent years on Capitol Hill is the so-called “doc fix.” That’s the patch Congress re-ups periodically to make sure that seniors on Medicare continue to receive medical care.

If Congress doesn’t cough up a chunk of change for the doc fix, doctors who treat Medicare recipients could experience an abrupt 21 percent reduction in their federal reimbursement – and would likely stop taking those patients.

In late March, the House approved a permanent replacement for the doc fix.

***

Click here to see your share of the Medicare doc fix

***

A solution has eluded lawmakers for years

In fact lawmakers tinkered with this particular Medicare payment method some 17 times since 1997. That’s when the amount of money the federal government had available to pay doctors started to dip into the red. So in order to make sure physicians were paid and seniors didn’t lose benefits, Congress engineered a short-term –but expensive– Band-Aid to cover the difference.

Assessment

Hence the name, the “doc fix.”

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: Breaking News, Career Development, Health Economics | Tagged: "Doc Fix", “Doc-Fix” Taxpayer Calculator, SGR | 2 Comments »

3 Technologies That Are Revolutionizing the Driving Experience

Posted on April 15, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Update for Doctors and Medical Professionals

[By Dr. David Edward Marcinko MBA]

[By Nalley Lexus Roswell, GA]

Auto manufacturers have always been at the forefront when it comes to new technology. In a very competitive market, being able to develop new gadgets and capabilities is critical when it comes to selling new cars.

While new car models feature the latest developments, engineers are already working on the ‘next big thing.’ So what will be the next big developments in technology to revolutionize the driving experience?

The Ideas

Here are three ideas for doctors and medical colleagues. All from a guy who used to change his own oil.

Cars that can communicate with each other

One of the biggest challenges in road safety comes from the independence that one vehicle has over another. Car drivers are almost entirely insulated from each other and the outside world until disaster strikes. One technology that is trying to address this problem is called Vehicle-to-Vehicle communication – or V2V. V2V technology is now being used by manufacturers as potential technology for future cars.

V2V sends wireless signals about a car’s location, speed, and direction. These signals are, in turn, received by other cars, which interpret this information and make appropriate conclusions. That may be simply to warn the driver, or it could mean applying the brakes. A logical progression from V2V is V2I – Vehicle-to-Infrastructure. This would allow cars to talk to traffic signals and other technology to help further control traffic and speeds.

Airbags that prevent collisions

The airbag is almost certainly one of the greatest car safety gadgets and has saved countless lives since the technology was first developed. Airbags are a great example of a passive safety feature, which means that they reduce the risk of death or injury in the event of an accident. The technology could be used, however, as an active safety feature, which could actually help prevent accidents.

Manufacturers are now experimenting with air bags, which would deploy beneath a vehicle in the event that a potential collision was about to occur. A special coating would help slow the car down, helping the driver to stop much more quickly. By lifting the car up, these bags would also reduce the risk of injury from passengers slipping under seat belts and would lessen any potential damage or injury from bumper-to-bumper impact.

Cars that can drive themselves

The ultimate new technology must surely be one that removes the need for a car to have a driver. Any kind of independent driving technology would, of course, ensure that rules were always adhered to and would remove the margin for human error that almost certainly costs many lives every year. The technology giant Google has invested heavily in the self-driving car to date, although the big manufacturers are also likely to adopt this technology. Who knows whether it will be possible to purchase a self-driving production car within ten years?

[My 2000 Jaguar XJ-V8 Luxury Touring Sedan]

Assessment

I covered the ER for more than a decade. If any one of these innovations can save a life; then I am all for it.

***

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: LifeStyle, Touring with Marcinko | Tagged: Dr. David Marcinko, Jaguar | 1 Comment »

Do You Have These Horrible Investments in Your Portfolio?

Posted on April 14, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Beware Structured Products and Annuities

By Michael Zhuang

Principal of MZ Capital Management

[Contributor to Morningstar and Physicians Practice]

Recently, I had a new client. As part of the on-boarding process, I examined her old portfolio and found some things I didn’t recognize.

***

Cusip	Symbol	Description	Return
25190A104	N/A	Deutsche Bk AG London BRH Ret Opt Secs Lkd Ishare MSCI Mexico Capped	-21.15%
25190A203	N/A	Deutsche Bk AG London BRH Ret Opt Secs Lkd Ishare Euro STOXX 50 Idx	-26.60%
90273L815	N/A	USB AG London BRH Notes Five 15	-22.30%

***

Structured Products

What these products have in common is they don’t have a ticker symbol, meaning they are not publicly traded securities. They also have weird descriptions and they all lost a lot of money.

I called Fidelity (my custodian firm) to find out what they were and how I could get rid of them. I was told that they are structured products created by the bank(s) to shove into their clients’ accounts (The managing “advisor” works for UBS).

That rang a bell! My very first job was a financial engineer for a French bank – Societe Generale. My job was to create structured products that had appealing features and made the bank a lot of profits. Now, that I finally see them in action from, the client side of the equation; I am not proud.

Annuities

But, these structured products are not nearly as bad as an Allianz annuity that a client bought from an insurance agent “friend” a while back. He bought the annuity eleven years ago for $150-k, and over the years, saw it steadily increases in value to $189-k.

Then, there came a time when he needed the money. So, he called to cash out and was shocked to discover there was a $62-k surrender charge. In other words, he was able to get $127-k back. I subsequently called Allianz on his behalf to find out when the surrender charge would end and was told there was no end! In other words, there would always be a huge surrender charge.

***

What the Heck!

So, what in the heck does that value of $189-k really mean, when every time you want to take out the “value”, you have to pay a hefty ⅓ surrender charge?

Alas, Allianz explained the client can annuitize and take the amount out over ten years (or twenty years,) during which no interest will be accrued. So, they will take your principal -or- they will take your interest, either way they screw you.

More:

Assessment

Do you have structured products or annuities in your portfolio? Don’t know – Find out, now!

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, Insurance Matters, Investing, Risk Management | Tagged: Allianz, Michael Zhuang, Societe Generale, Structured Products | 1 Comment »

Emotional Intelligence [EQ] in Medicine

Posted on April 13, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Five Basic Non-Cognitive Competencies

[By Render S. Davis MHA CHE]

[By Dr. David Edward Marcinko MBA]

Many of us have encountered a person who may intellectually be at upper levels, but whose ability to interact with others appears to that of one who is highly immature.

This is the individual who is prone to becoming angry easily, verbally attacks co-workers, is perceived as lacking in compassion and empathy, and cannot understand why it is difficult to get others to cooperate with them and their agendas

[THINK: Sheldon Cooper PhD D.Sc MA BA of the The Big Bank Theory TV show].

Enter Daniel Goleman

The concept of Emotional Intelligence [EQ] was brought into the public domain when Daniel Goleman authored a book entitled, Emotional Intelligence.”

According to Goleman, emotional intelligence consists of four basic non-cognitive competencies: self awareness, social awareness, self management and social skills. These are skills which influence the manner in which people handle themselves and their relationships with others. Goleman’s position was that these competencies play a bigger role than cognitive intelligence in determining success in life and in the workplace.

***

Five Domains

He and others contend that emotional intelligence involves abilities that may be categorized into five domains:

Self awareness: Observing and recognizing a feeling as it happens.
Managing emotions: Handling feelings so that they are appropriate; realizing what is behind a feeling; finding ways to handle fears and anxieties, anger and sadness.
Motivating oneself; Channeling emotions in the service of a goal; emotional self control; delaying gratification and stifling impulses.
Empathy: Sensitivity to others’ feelings and concerns and taking their perspective appreciating the differences in how people feel about things.
Handling relationships: Managing emotions in others; social competence and social skills.

Source: Emotional Intelligence: what is and why it matters” – Cary Cherniss, PhD, presented at the annual conference of the Society of Industrial and Organizational Psychology, April 2000.

The Importance of Emotional Intelligence in the Workplace

Mike Poskey, in “The Importance of Emotional Intelligence in the Workplace.” continued his definition by stating that emotional intelligence is considered to involve emotional empathy; attention to, and discrimination of one’s emotions; accurate recognition of one’s own and others’ moods; mood management or control over emotions; response with appropriate emotions and behaviors in various life situations (especially to stress and difficult situations); and balancing of honest expression of emotions against courtesy, consideration, and respect.

***

A Set of Competencies

In 1995, Goleman then expanded on the works of Howard Gardner, Peter Salovey and John Mayer. He further defined Emotional Intelligence as a set of competencies demonstrating the ability one has to recognize his or her behaviors, moods and impulses and to manage them best, according to the situation.

Channel Surfing the ME-P

More:

***

Assessment

So, how does all this relate to medical practice today? Please … do tell us!

Conclusion

About the Co-Author

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: Ethics, Recommended Books, Research & Development, Risk Management | Tagged: Cary Cherniss, Daniel Goleman, David E. Marcinko, Emotional Intelligence in Medicine, EQ, Howard Gardner, John Mayer, Mike Poskey, Peter Salovey, Render S. Davis | Leave a comment »

Do You Consider Yourself a Fiduciary – Are You?

Posted on April 12, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

2015 IBD Report Card

By Diana Britton of WealthManagement

Why and How to Become a Certified Medical Planner™

***

Link: http://wealthmanagement.com/ibd-report-card

How This Survey Was Conducted: Between Jan. 14 and Feb. 25, 2015, REP. magazine emailed invitations to participate in an online survey to print subscribers and advisors in the Meridian-IQ database at over 80 independent broker/dealers. By Feb. 25, a total of 2,069 completed responses were received. Brokers rated their current employers on several items related to their satisfaction. Ratings are based on a 1-to-10 scale, with 10 representing the highest satisfaction level.

Note: Large IBDs, over 2,000 advisors: Cambridge, Cetera Advisor Networks, Commonwealth, LPL, Raymond James Financial Services, Securities America and Voya. Small IBDs, fewer than 2,000 advisors: CUNA Brokerage Services, Independent Financial Group, Investacorp, Investors Capital, NFP, Securities Service Network, Sigma, Signator, Summit, The Investment Center, United Planners and VSR.

More:

Read even 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: Experts Invited | Tagged: "The Wall Street Casino", Diana Britton., fiduciary | Leave a comment »

Ethical Implications of “Mystery Patient Shoppers” and Secretly Recording Conversations With Physicians

Posted on April 10, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

[By Staff Reporters]

CONVERSATIONS RECORDED WITH PHYSICIANS

With recent advances in technology, smart phones can become recording devices with the touch of a button. This technological capability gives patients and their families the ability to easily and surreptitiously record conversations with physicians. The frequency of such recordings or whether they even occur is unknown. The ubiquity of smart phones, however, suggests the potential for secret recordings to occur.

Link: http://jama.jamanetwork.com/article.aspx?articleID=2204226#jvp150030r8

As of January 2014, 58% of Americans owned a smart phone, including 83% of young adults. Although recording conversations with physicians may provide some benefit for patients and their families, secret recordings can undermine patient-physician relationships and ultimately affect the provision of health care.

Source: Michelle Rodriguez, JD; Jason Morrow, MD, PhD; Ali Seifi, MD. JAMA March 12, 2015. doi:10.1001/jama.2015.2424

***

“MYSTERY PATIENT SHOPPER” RISKS

In 2014, the Department of Health and Human Services proposed a “mystery shopper” program to gauge primary-care physicians’ timeliness in accepting new patients, according to a notice in the Federal Register. The plan calls for contacting 4,185 primary-care physicians—465 in each of nine as-yet-unnamed states—twice, once by someone pretending to be a new patient who has private insurance and once by someone pretending to be a publicly insured patient.

Link: https://www.fiercehealthcare.com/practices/more-patients-are-recording-doctor-visits

Scenarios will involve patients with both urgent medical concerns and those requesting a routine medical exam. The purpose of this program is to assess the timeliness with which primary-care services could be provided, gain insight into reasons why availability is lacking, and provide current information on primary-care availability and accessibility.

***

Assessment

Ethical or NOT?

Now, what about doctors recording patients?

Link: https://www.kevinmd.com/blog/2016/06/doctors-patients-secretly-record.html

VA Update: https://www.research.va.gov/currents/0318-Mystery-shopper-model-being-used-to-boost-VA-care.cfm

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

***

Invite Dr. Marcinko

Filed under: Ethics, Risk Management | Tagged: "Mystery Patient Shoppers", Jason Morrow MD, Michelle Rodriguez, Secretly Recording Conversations With Physicians | 3 Comments »

Sign the pledge to create the healthiest nation in one generation

Posted on April 9, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Healthiest Nation Pledge

By Susan L. Polan PhD
[Associate Executive Director]
Public Affairs and Advocacy

Dear Dr. David E. Marcinko,

Study after study consistently confirms an unpleasant fact: Americans live shorter lives and suffer more health issues than people in other high-income countries.

We live up to four years less than our peers.
We suffer more chronic disease, such as diabetes, cancer and heart disease.
We have higher infant mortality rates.
Within the U.S., there is as much as a 15-year difference in life expectancy depending on where you live, your race, your income and how educated you are.

In truth, the U.S. trails other high-income countries in these and most other measures of health.

Hope and Change

How do we change this? We need to make healthy lifestyle choices both as individuals and as a society. Our health is affected by a complex web of social and environmental factors that are often outside of our individual control. The homes we live in, our access to healthy food, the quality of our schools, clean air and water – these and other factors directly affect our health. And for many people, they limit their ability to make healthy choices.

Together We Can

Together we can change this. If we join together, we can demand that our leaders consider health in all their decisions. We can create communities that have a positive influence on our health – communities where it is easy for us all to make healthy choices.

***

Assessment

Take the first step. Sign the pledge to create the healthiest nation in one generation. Ask your colleagues, friends and family to sign also. The more people who sign, the more influence we can wield. And the more momentum we can build for change.

Sincerely,

Susan Polan

****

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 Economics | Tagged: American Public Health Association, APHA, Healthiest Nation Pledge, NPHW.org;, Susan L. Polan PhD | 2 Comments »

The Resurgence of Prescription Drug Price Increases‏

Posted on April 9, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Trends 2006-2014

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: Drugs and Pharma, Health Economics | Tagged: Drug price Trends 2006-2014, Prescription Drug Prices, prescription drugs | 1 Comment »

Curing By Numbers

Posted on April 5, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Taking Cloud Computing to a New Level

[By GE Healthcare IT]

American healthcare has by far the most expensive system in the world, but few would argue that it’s also the most efficient. A study published in the Journal of American Medical Association found that almost 40 percent of patients are misdiagnosed in primary care¹. Another report by the American College of Physicians discovered that unnecessary testing and medical procedures, and extra days in the hospital caused by wrong diagnosis could add up to $800 billion per year².

That’s close to a third of all U.S. healthcare costs. “There is a lot of waste in the system,” says Jeanine Banks, general manager of marketing at GE Healthcare IT. “We want to help rein in the costs and make the system far more efficient.”

That’s not just talk. Engineers at GE Healthcare IT are developing a new “cloud imaging” solution that will allow doctors to create a professional profile, store patient images and data together in one place, view 3D images from anywhere, and access intuitive analytics. “It’s like LinkedIn professional networking meets diagnostic imaging,” Banks says. “It’s all about virtually limitless computing, storage and collaboration on tough cases to help healthcare teams make more informed decisions.”

***

Banks says that the information physicians need to make diagnoses is often fragmented and sits in siloes. The new platform, GE’s Cloud Imaging solution, allows doctors to exchange images and use social digital tools to share cases with each other over a network instead of distributing CDs, as common practice now. “They can open their browser, click on a link and share quickly,” she says.

Banks says that GE intends to give hospitals the flexibility to host the system on their own servers, as a private cloud, or through GE’s public cloud environment. “We are committed to using industry standards to make it easy to connect medical devices, link with existing PACS (picture archiving and communication systems) and EMR (electronic medical records environments), and enable consistent access to a flourishing ecosystem of apps,” she says. “Providers don’t need more silos of data.” GE’s first Cloud Imaging pilot site is the Kadlec Health System in Washington State. Kadlec is helping evaluate the platform ahead of plans to demonstrate the new solution during the annual meeting of the Radiological Society of North America in December. “It’s an opportunity for them to use it inside their health system and give us feedback,” Banks says.

***

For Banks, this is the beginning of a new healthcare revolution. “What if together with industry we could help physicians reduce waste?” she asks. “We could process that information, learn from past diagnostic decisions and store the data all in the cloud to inform future decisions. One day, we could tap into knowledge based on cases from around the world.”

Assessment

That’s just brilliant.

Citations:

¹ Journal of American Medical Association 2012

² Reuter’s, citing study by American College of Physicians

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, Information Technology | Tagged: Cloud Imaging, EMRs, GE Healthcare, Jeanine Banks, PACS, Taking Cloud Computing to a New Level | 1 Comment »

Emerging New-Wave Cloud Technology for HIPAA

Posted on April 4, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Securing Electronic Communication in the Cloud

[By Carol S. Miller BSN MBA PMP]

To help hospitals and health systems comply with burdens of the Health Insurance Portability and Accountability Act [HIPAA] regulations, best practices are emerging for securing all electronic communication – cloud, wireless, and texting – of protected health information.

These new technologies will continually be evolving with hospitals, providers and patients move to new means of communication.

And so, below is a very brief description of one: cloud solutions.

Cloud Solutions

Cloud solutions are becoming a needed commodity in treating patients today but also present a risk to privacy and security violation. Despite the advantages of cloud computing, organizations are often hesitant to use it because of concerns about security and compliance.

Specifically, they fear potential unauthorized access to patient data and the accompanying liability and reputation damage resulting from the need to report HIPAA breaches. While these concerns are understandable, a review of data on HIPAA breaches published by the HHS shows that these concerns are misplaced.

In fact, by using a cloud-based service with an appropriate security and compliance infrastructure, a facility can significantly reduce its compliance risk.

***

[A.I. and the “SINGULARITY”]*

***

Because HIPAA compliance involves stringent privacy and security protections for electronic protected health information (PHI), many cloud providers are balking at signing new Business-Associate agreements.

Most cloud-technology providers, such as Box and Dropbox, do not include the built-in privacy protections that guarantee HIPAA compliance. Because many cloud storage companies store plaintext data on their servers, PHI is especially vulnerable to breaches and compliance violations.

Note:

The SINGULARITY is that hypothetical moment in time when Artificial Intelligence [AI] will have progressed to the point of a greater-than-human intelligence.

Channel Surfing the ME-P

ABOUT THE AUTHOR

Carol S. Miller; BSN, MBA, PMP
ACT IAC Executive Committee Vice Chair at-Large
HIMSS NCA Board Member
President – Miller Consulting Group
7344 Hooking Road
McLean, VA 22101
Phone: 703-407-4704
Fax: 703-790-3257
email: millerconsultgroup@gmail.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, Information Technology, Risk Management | Tagged: Box, Carol Miller RN, cloud computing, Dropbox, HIPAA, PHI, protected health information | 1 Comment »

The Economics of Electronic Healthcare Transactions

Posted on April 3, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

For FY 2013

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: Ethics, Health Economics | Tagged: Economics of HIE Transactions, Healthcare Information Exchanges, HIE's | Leave a comment »

The Medical Painting Gallery of HCC, LLC

Posted on April 3, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

A Digital Medical Painting Gallery GOOD FRIDAY Review

Courtesy Robert James Cimasi; MHA ASA FRICs MCBA AVA CM&AA CMP™

[Health Capital Consultants, LLC]

***

OK; I was never much of a liberal arts guy in my younger days; despite my Jesuit education at Loyola University. Always more of a modified STEM scientist.

Still, I remember the first time I learned of this famous painting in college, then medical school [a requirement of all anatomy students, worldwide]. So, imagine how blessed I felt when I viewed the original when I visited Amsterdam … chilling!

And, this painting and entire gallery seems an appropriate ME-P for Good Friday 2015.

David Edward Marcinko

***

The Anatomy Lesson of Dr. Nicolaes Tulp

Rembrandt (1606–1669)

[1632: commissioned by Chirurgijnsgilde, Amsterdam]

***

CLICK FOR MORE:

http://www.healthcapital.com/resources/medical-painting-gallery

Assessment

Paintings are part of the collection of the U.S. National Library of Medicine.

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, LifeStyle | Tagged: anatomy, Anatomy Lesson, Dr. Nicolaes Tulp, Human Dissection, robert james cimasi | Leave a comment »

Human error causes alarming rise in data breaches

Posted on April 2, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

For the Insurance, Healthcare, Education, and Financial Services Sectors

[By Egress Software Technologies]

http://www.egress.com

Human error causes alarming rise in the number of data breaches and resulting monetary penalties, according to ICO FOI request carried out by Egress Software Technologies.

***

[Blame Human Error – Not Hardware Bugs]

***

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: iMBA | 3 Comments »

Drug Poisoning Deaths Involving Heroin

Posted on March 31, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

US 2000-2013 [Quadrupled]

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: Drugs and Pharma, Health Law & Policy | Tagged: Drug Poisoning Deaths, Heroin deaths | 3 Comments »

Seeking Authors by “Crowd-Sourcing” our Proposed Medical Marketing TextBook

Posted on March 29, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Seeking Authors by “Crowd-Sourcing” our Proposed Medical Marketing TextBook

MEDICAL PRACTICE MARKETING MANAGEMENT, ADVERTISING, SALES, COMMUNICATION AND SOCIAL MEDIA SKILLS

[New-Wave Success Strategies for Savvy Doctors]

← Back

Thank you for your response. ✨

Filed under: Experts Invited, iMBA, Practice Management | Tagged: experts invited, MEDICAL PRACTICE ADVERTISING, medical practice management, medical practice marketing, Practice Management | Leave a comment »

NPCs Info-Graphic on Comparative Effectiveness Research

Posted on March 28, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

National Pharmaceutical Council

[By Staff Reporters]

The National Pharmaceutical Council’s fourth annual survey of health care stakeholders sheds some light on the environment for comparative effectiveness research (CER) and health care decision-making.

***

Questions

How important is CER?
Which organizations play key roles in the CER effort?
How long will it take to see the impact of CER on decision making?

Assessment

Find the answers to these questions and more in this info graphic. (Source: National Pharmaceutical Council, 2014)

Channel Surfing the ME-P

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: Ethics, Research & Development, Risk Management | Tagged: CER, comparative effective research, National Pharmaceutical Council | 1 Comment »

18 Financial Planning Tips For Physicians from a DR-CPA

Posted on March 27, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

For Personal and Medical Practice Management Modernity

By Dr. Gary L. Bode CPA MSA CMP™ [Hon] PA

http://garybodecpa.com/

http://www.CertifiedMedicalPlanner.org

1. Consider establishing an employee stock ownership plan (ESOP).

If you own a clinic or medical practice or business and need to diversify your investment portfolio, consider establishing an ESOP. ESOP’s are the most common form of employee ownership in the U.S. and are used by companies for several purposes, among them motivating and rewarding employees and being able to borrow money to acquire new assets in pretax dollars. In addition, a properly funded ESOP provides you with a mechanism for selling your shares with no current tax liability. Consult a specialist in this area to learn about additional benefits.

2. Make sure there is a succession plan in place.

Have you provided for a succession plan for both management and ownership of your medical practice, clinic or business in the event of your death or incapacity? Many business owners or physician-executives wait too long to recognize the benefits of making a succession plan. These benefits include ensuring an orderly transition at the lowest possible tax cost. Waiting too long can be expensive from a financial perspective (covering gift and income taxes, life insurance premiums, appraiser fees, and legal and accounting fees) and a non-financial perspective (intra-family and intra-company squabbles).

3. Consider the limited liability company (LLC) and limited liability partnership (LLP) forms of ownership.

These entity forms should be considered for both tax and non-tax reasons.

4. Avoid nondeductible compensation.

Compensation can only be deducted if it is reasonable. Recent court-decisions have allowed physician executives or business owners to deduct compensation when (1) the corporation’s success was due to the shareholder-employee, (2) the bonus policy was consistent, and (3) the corporation did not provide unusual corporate prerequisites and fringe benefits.

5. Purchase corporate owned life insurance (COLI).

COLI can be a tax-effective tool for funding deferred executive compensation, funding clinic or company redemption of stock as part of a succession plan, and providing many employees with life insurance in a highly leveraged program. Consult your insurance and tax advisers when considering this technique.

6. Consider establishing a SIMPLE retirement plan.

If you have no more than 100 employees and no other qualified plan, you may set up a Savings Incentive Match Plan for Employees (SIMPLE) into which an employee may contribute up to $12,500 per year if you’re under 50 years old and $15,500 a year if you’re over 50 in 2015. As an employer, you are required to make matching contributions. Talk with a benefits specialist to fully understand the rules and advantages and disadvantages of these accounts.

***

7. Establish a Keogh retirement plan before December 31st.

If you are self-employed and want to deduct contributions to a new Keogh retirement plan for this tax year, you must establish the plan by December 31st. You don’t actually have to put the money into your Keogh(s) until the due date of your tax return. Consult with a specialist in this area to ensure that you establish the Keogh or Keoghs that maximize your flexibility and your annual contributions.

8. Section 179 expensing.

Businesses and medical practices may be able to expense up to $25,000 in 2015 for equipment purchases of qualifying property placed in service during the filing year, instead of depreciating the expenditures over a longer time period. The limit is reduced by the amount by which the cost of Section 179 property placed in service during the tax year 2015 exceeds $200,000.

9. Don’t forget deductions for health insurance premiums.

If you are self-employed (or are a partner or a 2-percent S corporation shareholder-employee) you may deduct 100 percent of your medical insurance premiums for yourself and your family as an adjustment to gross income. The adjustment does not reduce net earnings subject to self-employment taxes, and it cannot exceed the earned income from the business under which the plan was established. You may not deduct premiums paid during a calendar month in which you or your spouse is eligible for employer-paid health benefits.

10. Review whether compensation may be subject to self-employment taxes.

If you are a sole proprietor, an active partner in a partnership, or a manager in a limited liability company, the net earned income you receive from the entity may be subject to self-employment taxes.

11. Don’t overlook minimum distributions at age 70½ and rack up a 50 percent penalty.

Minimum distributions from qualified retirement plans and IRAs must begin by April 1 of the year after the year in which you reach age 70½. The amount of the minimum distribution is calculated based on your life expectancy or the joint and last survivor life expectancy of you and your designated beneficiary. If the amount distributed is less than the minimum required amount, an excise tax equal to 50 percent of the amount of the shortfall is imposed.

12. Don’t double up your first minimum distributions and pay unnecessary income and excise taxes.

Minimum distributions are generally required at age seventy and one-half, but you are allowed to delay the first distribution until April 1 of the year following the year you reach age seventy and one-half. In subsequent years, the required distribution must be made by the end of the calendar year. This creates the potential to double up in distributions in the year after you reach age 70½. This double-up may push you into higher tax rates than normal. In many cases, this pitfall can be avoided by simply taking the first distribution in the year in which you reach age 70½.

***

13. Don’t forget filing requirements for household employees.

Employers of household employees must withhold and pay social security taxes annually if they paid a domestic employee more than $1,900 a year in 2015 (same as 2014). Federal employment taxes for household employees are reported on your individual income tax return (Form 1040, Schedule H). To avoid underpayment of estimated tax penalties, employers will be required to pay these taxes for domestic employees by increasing their own wage withholding or quarterly estimated tax payments. Although the federal filing is now required annually, many states still have quarterly filing requirements.

14. Consider funding a nondeductible regular or Roth IRA.

Although nondeductible IRAs are not as advantageous as deductible IRAs, you still receive the benefits of tax-deferred income. Note, the income thresholds to qualify for making deductible IRA contributions, even if you or your spouse is an active participant in a employer plan, are increasing.

The $100,000 income test for converting a traditional IRA to a ROTH IRA was permanently eliminated in 2010, allowing anyone to complete the conversion.

You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. If properly (and timely) rolled over, the 10 percent additional tax on early distributions will not apply. However, a part or all of the distribution from your traditional IRA may be included in gross income and subjected to ordinary income tax.

Caution: You must roll over into the Roth IRA the same property you received from the traditional IRA. You can roll over part of the withdrawal into a Roth IRA and keep the rest of it. However, the amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions) and may be subject to the 10 percent additional tax on early distributions.

15. Calculate your tax liability as if filing jointly and separately.

In certain situations, filing separately may save money for a married couple. If you or your spouse is in a lower tax bracket or if one of you has large itemized deductions, filing separately may lower your total taxes. Filing separately may also lower the phase out of itemized deductions and personal exemptions, which are based on adjusted gross income. When choosing your filing status, you should also factor in the state tax implications.

16. Avoid the hobby loss rules.

If you choose self-employment over a second job to earn additional income, avoid the hobby loss rules if you incur a loss. The IRS looks at a number of tests, not just the elements of personal pleasure or recreation involved in the activity.

17. Review your will and plan ahead for post-mortem tax strategies.

A number of tax planning strategies can be implemented soon after death. Some of these, such as disclaimers, must be implemented within a certain period of time after death. A number of special elections are also available on a decedent’s final individual income tax return. Also, review your will as the estate tax laws are influx and your will may have been written with differing limits in effect. In 2015, estates of $5,430,000 (up from $5,340,000 in 2014) are exempt from the estate tax with a 40 percent maximum tax rate (made permanent starting in tax year 2013).

18. Check to see if you qualify for the Child Tax Credit.

A $1,000 tax credit is available for each dependent child (including stepchildren and eligible foster children) under the age of 17 at the end of the taxable year. The child credit generally is available only to the extent of a taxpayer’s regular income tax liability. However, for a taxpayer with three or more children, this limitation is increased by the excess of Social Security taxes paid over the sum of other nonrefundable credits and any earned income tax credit allowed to the taxpayer. For 2015 (as in previous years), the income threshold is $3,000.

For more information concerning these financial planning ideas, please call or email us.

More: Enter the CMPs

ABOUT DR. GARY L. BODE MSA CPA CMP™ [Hon]

Dr. Gary L. Bode was Chief Executive Officer of Comprehensive Practice Accounting, Inc., a firm specializing in providing tax solutions to medical professionals. Originally, he was a board certified podiatrist and managing partner of a multi-office medical practice for a decade before earning his Master of Science degree in Accounting from the University of North Carolina. He then served as Chief Financial Officer [CFO] for a private mental healthcare facility. Today, Dr. Bode is a nationally known Certified Public Accountant, financial author, educator, and speaker. Areas of expertise include producing customized managerial accounting reports, practice appraisals and valuations, restructurings, and innovative financial accounting as well as proactive tax positioning and tax return preparation for healthcare facilities. He has been quoted in Newsweek.

Channel Surfing the ME-P

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: Accounting, CMP Program, Events-Planner, Financial Planning, Practice Management, Taxation | Tagged: certified medical planner, Child Tax Credit, corporate owned life insurance, ESOP, financial planning for MDs, Gary Bode, medical practice management, Roth IRA, Section 179 expensing, SIMPLE retirement plan | 1 Comment »

Take the Geneia “Joy of Medicine” Challenge

Posted on March 26, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Submit your Ideas – Today!

Bryan Vartabedian, MD's avatar By Bryan Vartabedian MD

It’s a fact, there’s not a lot of joy out there among today’s physicians. 84 % of you report that ‘quality patient time’ may be a thing of the past. And, 67 % of you know a colleague who’s actually thinking about giving it all up.

Timeline

about 2 months until voting ends on Wednesday, May 13th, 2015 at 7:00 PM

***

VOTING LINK HERE:

https://medstro.com/groups/joy

***

Assessment

At Geneia,we’re working hard to find the answers. And; we need a second opinion — yours. Submit your ideas to the Geneia Joy of Medicine Challenge today!

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Conclusion

ABOUT

Dr. Bryan Vartabedian is considered one of health care’s most influential voices on technology and medicine. His insight and thought leadership has made him a sought after keynote speaker in the area of medicine and new media. Dr. V has developed unique expertise in understanding how new media can be leveraged by organizations and individual stakeholders in health care. He consequently has served on the advisory board of Stanford’s Medicine X conference and currently serves on the External Advisory Board of the Mayo Clinic Center for Social Media. Dr Vartabedian currently serves as a founding advisor to the Health Care Track at the SXSW Interactive Festival. You can find him quoted in outlets such as The Wall Street Journal, The New York Times, US News and World Report and CNN.

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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, Voting Polls | Tagged: Bryan Vartabedian MD, Geneia, Joy of Medicine Challenge | Leave a comment »

Women Retirement Confidence

Posted on March 25, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Financial Preparation

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

When it comes to being financially prepared for retirement, Chinese women are the most confident women in the world. In fact, they are almost twice as confident as their US counterparts.

The Survery

This conclusion comes from a 2014 global survey, the Aegon Retirement Readiness Index. It found that the percentage of women saying they are very confident or extremely confident about retirement is 42% in China, 35% in India, 29% in Brazil, 22% in the US, and 18% in Canada.

The survey included responses from 16,000 employees and retirees in 15 countries, half of whom were women. About 62% of the women were married, 52% had some higher education, and 80% took an active role in managing the household finances.

The Insights

Several aspects of this survey really caught my attention:

I was puzzled that only two developed countries—the US and Canada—made the top five. The first three—China, India, and Brazil—were emerging markets with little or no social safety nets in place.
Even more notable is that, in the US and Canada, the number of women who do not feel prepared to retire (38% in the US and 36% in Canada) is almost twice as high as the number that are confident about retirement.
And more notable yet is that the bottom five includes three developed countries with strong social safety nets. In France, Japan, and Spain, less than 6% of women reported retirement confidence, while 60% or higher said they had no confidence.

It seems puzzling that the countries with large social safety nets spawned less retirement confidence than did developed countries with little or no safety net. Why isn’t it the opposite? Why aren’t women in countries where government plays a big part in retirement income more confident?

The Answer?

Therein may lay the answer. Possibly because of the lack of government retirement programs, people in the emerging market countries like China, India, and Brazil realize they cannot count on anyone but themselves in retirement. They know they must begin saving a significant amount of their income, starting early in life, to be able to sustain themselves in retirement. A failure to do so will result in them literally being “thrown out onto the street” or into the “poor house.” As harsh as that may sound to our Western ears, the reality must be a powerful motivator.

***

The Reality

This reality was brought home to me by two people I met on visits to China and India. One Chinese woman in her 20’s told me she saved a third of her income. She said, “People in America don’t need to save. China doesn’t have the social safety nets you have.” Part of surviving in their society is to learn money skills and how to save early in life for emergencies and retirement. A man I met in India told me much the same story; he had his retirement fully funded by age 45.

In the US and most other developed countries, government programs like Social Security have become the retirement plan of the masses. Yet the majority of women in developed countries don’t seem to find comfort in those programs.

However, neither do they save like their emerging market counterparts. In fact, 56% of Americans live hand to mouth, according to a 2005 survey of retirement savings for baby boomers and others, by Sharon A. Devaney and Sophia T. Chiremba, reported at the US Bureau of Labor Statistics [USBLS].

Assessment

What might motivate women globally to gain confidence in their retirement preparedness? I don’t know. But based on the results of this survey, the answer won’t be found in more government programs.

Conclusion

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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: Aegon Retirement Readiness Index, rick kahler, Sharon A. Devaney, social security, Sophia T. Chiremba, Women Retirement Confidence | 4 Comments »

Meet Next-Gen Healthcare Powered by the Industrial Internet

Posted on March 24, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

This is Your Body Online

[By GE Healthcare IT]

A couple of years ago, the Kadlec Health System in Washington State started testing a new cloud-based technology that mashes up professional networking and diagnostics. The system allows doctors to create a professional profile, store patient images and data together in one place, view them from anywhere and access intuitive analytics.

“It’s like LinkedIn professional networking meets diagnostic imaging,” said Jeanine Banks, general manager of Commercial Cloud Solutions at GE Healthcare IT, which developed the technology. “There is a lot of waste in the system. We want to help rein in the costs and make the system far more efficient.”

A study published in the Journal of American Medical Association found that almost 40 percent of patients are misdiagnosed in primary care [1]. Another report by the American College of Physicians discovered that unnecessary testing and medical procedures, and extra days in the hospital caused by wrong diagnoses could add up to $800 billion per year, close to one-third of all U.S. healthcare costs [2].

***

At a panel of experts, John Dineen, president and CEO of GE Healthcare, Bill Ruh, who runs GE’s Global Software Center, and Michael Leavitt, the former secretary of U.S. Health and Human Services discussed the state of American healthcare and the ways to improve it with technology. Their panel, which was moderated by technology investor and philanthropist Esther Dyson, was part of GE’s conference focused on IT in healthcare.

Ruh and Dineen reminded everyone that over the last two decades many consumer-facing industries got thoroughly remade and that healthcare won’t be different. “There was an architectural shift of technology,” Ruh said. “We changed how we deliver and interact with music and books.”

Dineen said that the healthcare landscape was also changing “from cost plus to profit and loss. The consumer will start making buying decisions,” Dineen said. “There’s going to be transparency. There is going to be a real focus on productivity and customer satisfaction and that’s going to require tremendous investment …The industry will pivot over the next few years.”

Industrial Internet systems like the GE technology that’s now working at Kadlec will be one driver of change. But, former Sec. Leavitt said collaborative tools that bring together patients, insurers and providers will help distribute the risk associated with healthcare costs.

“Exchanges will allow consumers to make trade-offs,” Leavitt said. “If you stay with me and get your body in a better shape, I’ll give you a better [insurance] price.”

***

Next-generation healthcare will also focus on outcomes. Dineen said that engineers used to be concerned chiefly with building better machines and “taking the technology to the next level.” But, medical systems in the future will have to combine high quality and lower costs with results.

Dineen and Ruh stressed the need to focus on predictive analytics, which has started empowering other industries. Dineen said that in aviation, Industrial Internet systems can already see “a signature of a problem and get it fixed when [the aircraft] comes to a shop and not on a mountain top.”

“It’s not that you get this magic answer that something is going to break,” Ruh said. “You get early indicators. You still need to have experts in the loop.”

Dineen said that right now, the healthcare industry was going through “this clumsy period when the incentives have not kicked in” yet. He listed three stages of the IT revolution in healthcare that need to take place. They include connecting machines and digitizing data, getting data from siloes like primary care providers, as well as the “rich stage,” which involves analysis and learning from the data.

Assessment

Researchers estimate that the majority of healthcare costs stem from preventable chronic health conditions rather than disease prevention and early detection. Dineen called the status quo “unproductive.” The new system will have the rewards and the incentives to change that, he said.

Citations:

¹ Journal of American Medical Association 2012

² Reuter’s, citing study by American College of Physicians

Conclusion

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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: Information Technology | Tagged: Bill Ruh, Centricity LIVE, Esther Dyson, GE Healthcare IT, Jeanine Banks, John Dineen, Kadlec Health System, michael leavitt, Your Body Online | 3 Comments »

Five Most Costly Domestic Surgeries

Posted on March 23, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

USA Aggregate Hospital Stays for 2011

By http://www.MCOL.com

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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 | Tagged: angioplasty, C-Section, CABG, Costly Surgeries, hip replacement, knee arthroscopy, length of stay, LOS, spinal fusion, surgery costs | 1 Comment »

On Physicians and Automobile Leases

Posted on March 22, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Advantages, Disadvantages and Types

[By Dr. David Edward Marcinko MBA CMP™]

The Rites of Spring!

As a former licensed state insurance agent, and financial advisor, I know that leasing a car may have advantages to a physician – and others – such as convenient maintenance, low down and monthly payments, no resale responsibility, and tax savings since you pay sales tax on the lease portion rather than the purchase price of the car.

It might also be worthwhile if the after tax borrowing cost of a home equity loan is less than the lease financing rate.

***

[First Days of Spring 2017]

***

Types of Leases

There are two major types of leases: open and closed ended. In the former type, if the car is worth more than the set price upon expiration of the lease, you are responsible for the underage or coverage. In the more advantages later type, the responsibility of the value of the car is shifted to the leasing company. Other tips on care leasing include:

Inform the lessor how you want the auto equipped; do not accept unwanted options.
Obtain all delivery, and other, charges in advance, including down payment, security.
Deposit, registration fees, interest rates, residual value, rebates and all taxes (sales, personal property, use and gross receipt).
Know the capitalized cost (selling price) of the car
Know annual mileage limits, usually 15-18,000 miles, and all excess use charges.
Avoid maintenance and service contracts, and arrange for your own insurance.
Understand that terms, such as money factor, or interest factor, may be used instead of the term interest rate. In this case, simply multiple the rate by 24 for an estimate of the true interest rate involved.
Read the contract and understand all penalties, especially for premature or late termination, purchase or return terms, and consequences of theft.
Check the lease terms through an independent company, such as First National Lease Systems.

Rough Rules of Thumb

A rough rule of thumb to determine whether to buy or lease involves multiplying all the payments required by the number of months you will have to pay, and add the down payment to yield the total amount of the purchase. Then, multiply the lease payment by the number of months, and add required up-front costs, as well as residual value (end of lease buyout cost), to determine the total amount to lease. Compare the two figures to determine the most economical deal.

Typically, a cash deal is less expensive in the long run, providing a higher after tax rate of return is not available, as an alternate investment, for the funds.

***

Dis-Advantages

But, there are dis-advantages to auto leasing, too!

Perhaps the worse reason to lease a car is to drive one that you could not otherwise afford to drive. This is because most low monthly payments are only composed of two portions: interest on the note and the prorated cost of auto depreciation. No money is applied to ownership of the vehicle.

Assessment

Finally, beware Spring-Fever and do not likely buy “gap” insurance to cover the difference between what your auto insurer would pay if your car was totaled, and what you would owe the leasing firm. It’s usually too expensive and the risk is minimal.

More:

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Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
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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, Insurance Matters, LifeStyle, Touring with Marcinko | Tagged: auto insurance, Automobile Leases, david marcinko, Jaguar | 4 Comments »

On the FBI’s Medicare Fraud Strike Forces

Posted on March 20, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

$6.5 Billion in Cash

[By Edward Bukstel]

ME-P SPECIAL REPORT

FBI’s Medicare Fraud Strike Forces Strikes $6.5 Billion in Cash.

***

Miami based Home Health Agency owner guilty of Medicare fraud, The Medicare Fraud Strike Force since its inception in March 2007, is now operating in nine cities across the country, has charged nearly 2,100 defendants who have collectively billed the Medicare program for more than $6.5 billion.

***

In addition, the HHS Centers for Medicare & Medicaid Services, working in conjunction with the HHS-OIG, are taking steps to increase accountability and decrease the presence of fraudulent providers.

***

Channel Surfing the ME-P

***

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
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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, Risk Management | Tagged: healthcare fraud, medical fraud, Medicare Fraud Strike | 4 Comments »

More on “Passive Investing” for Physicians

Posted on March 19, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Basic Financial Concepts

By Timothy J. McIntosh; CFP™ MBA MPH CMP [hon]

By Jeffery S. Coons; PhD CFA

By Dr. David E. Marcinko; MBA CMP™

Passive investing is a monetary plan in which an investor invests in accordance with a pre-determined strategy that doesn’t necessitate any forecasting of the economy or an individual company’s prospects.

Premise

The primary premise is to minimize investing fees and to avoid the unpleasant consequences of failing to correctly predict the future. The most accepted method to invest passively is to mimic the performance of a particular index. Investors typically do this today by purchasing one or more ‘index funds’. By tracking an index, an investor will achieve solid diversification with low expenses. Thus, a physician-investor could potentially earn a higher rate of return than an investor paying higher management fees.

Passive management is most widespread in the stock markets. But; with the explosion of exchange traded funds on the major exchanges, index investing has become more popular in other categories of investing. There are now literally hundreds of different index funds.

***

[Domestic Bull Markets – Historical USA]

***

Passive management is based upon the Efficient Market Hypothesis theory. The Efficient Market Hypothesis (EMH) states that securities are fairly priced based on information regarding their underlying cash flows and that investors should not anticipate to consistently out-perform the market over the long-term.

The Efficient Market Hypothesis evolved in the 1960s from the Ph.D. dissertation of Eugene Fama. Fama persuasively made the case that in an active market that includes many well-informed and intelligent investors, securities will be appropriately priced and reflect all available information. If a market is efficient [even emerging and/or world markets], no information or analysis can be expected to result in outperformance of an appropriate benchmark.

***

[USA versus World Index]

***

Channel Surfing the ME-P

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The Author

Timothy J. McIntosh is Chief Investment Officer and founder of SIPCO. As chairman of the firm’s investment committee, he oversees all aspects of major client accounts and serves as lead portfolio manager for the firm’s equity and bond portfolios. Mr. McIntosh was a Professor of Finance at Eckerd College from 1998 to 2008. He is the author of The Bear Market Survival Guide and the The Sector Strategist. He is featured in publications like the Wall Street Journal, New York Times, USA Today, Investment Advisor, Fortune, MD News, Tampa Doctor’s Life, and The St. Petersburg Times. He has been recognized as a Five Star Wealth Manager in Texas Monthly magazine; and continuously named as Medical Economics’ “Best Financial Advisors for Physicians since 2004. And, he is a contributor to SeekingAlpha.com., a premier website of investment opinion. Mr. McIntosh earned a Bachelor of Science Degree in Economics from Florida State University; Master of Business Administration (M.B.A) degree from the University of Sarasota; Master of Public Health Degree (M.P.H) from the University of South Florida and is a CERTIFIED FINANCIAL PLANNER® practitioner. His previous experience includes employment with Blue Cross/Blue Shield of Florida, Enterprise Leasing Company, and the United States Army Military Intelligence.

Conclusion

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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: Investing | Tagged: certified medical planner, David Edward Marcinko, efficient market hypothesis, EMH, ETFs, exchange-traded funds, Jeff Coons PhD CFA, passive investing, Timothy J. McIntosh | 6 Comments »

Understanding State Medical Board Structures

Posted on March 18, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

“The Tale of Two Boards”

[By Eric A. Dover MD]

[By Michael Lawrence Langan MD]

***

The great majority of States have in reality two Medical Boards. All States have a “Board Proper” and all but a handful have an “Administrative Board”.

First Board

The “Board Proper” is, depending on the State, made up of seven to sixteen individuals. There will be a President (Chairperson) and President Elect. The Board Members are “volunteers”, typically placed by the State Governor. The individuals who constitute the Board may vary greatly and are somewhat determined by the medical disciplines overseen by the Medical Board. Oklahoma presently separates Medical Doctors (M.D.) and (D.O.) into two Boards http://www.okmedicalboard.org/

Other Medical Boards may oversee Physician Assistants (P.A.), Midwives, Respiratory Therapists, Podiatrists, Athletic Trainers, etc., who may or may not have direct Board representation. All States have M.D.s on the Board, and some Boards are all M.D.s. Others members of the Board may include D.O.s, P.A.s, Podiatrists, Midwives, Respiratory Therapists, a representative from the Secretary of State’s office, the Commissioner of State Boards or an Educational Director. Many, but not all Medical Boards, will have anywhere from one to three Public Members.

Some States require Public Member(s) come from a specific profession such as a lawyer or hospital administrator. Other States have no such qualifications; therefore the Public Member can be from any profession.

Second Board

The “Administrative Board” is the other Medical Board. They run the operation throughout the year. Their personnel, structure and operation vary widely from State to State.

Most States will have an Executive Director who supervises the Board. Some states, such as New Mexico http://www.nmmb.state.nm.us/ or Indiana http://www.in.gov/pla/3638.htm, use a State Board Director for all boards, and don’t have a specific Executive Director.

Pennsylvania uses a State Administrator in lieu of an Executive Director. Individuals filling these positions are either legally or administratively trained.

http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/Medicine/Pages/default.aspx#.VOO-ZfZ0zIU

Many States have a Medical Director. They are physicians whose tasks, for example, may include working with Investigators, lending medical expertise or working on Board Committees. Many other State Medical Boards, such as Delaware don’t have one. http://dpr.delaware.gov/boards/medicalpractice/members.shtml

Medical Boards are divided regarding in-house Legal Staff. Oregon has in-house legal staff, but also relies upon a single Assistant Attorney General from the State Department of Justice http://www.oregon.gov/OMB/Pages/index.aspx.

In Pennsylvania, all State Boards use the Office of General Council for legally related issues. http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/Medicine/Pages/default.aspx#.VOO-ZfZ0zIU.

***

Assessment

Each State handles their Medical Board investigations differently. Some have in-house investigators. They may be ex-police officers, which are common, but they don’t have to be.

California’s Investigators are called “Peace Officers” and they aren’t typically ex-police http://www.mbc.ca.gov/

In North Dakota, the Board Members act as the investigative staff and will hire outside investigators if necessary https://www.ndbomex.org/

In Delaware, investigations are handled for all Boards by the Division of Professional Regulation http://dpr.delaware.gov/boards/medicalpractice/members.shtml.

About the Authors

Dr. Eric Dover is a board certified family practice and primary care physician in Portland, Oregon. He is a graduate of the University of California at Los Angeles [UCLA] School of Medicine.

Dr. Michael L. Langan graduated from Oregon Health Sciences University School of Medicine, Portland Oregon as a Medical Doctor 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.

Channel Surfing the ME-P

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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: Career Development, Ethics, Risk Management | Tagged: Eric Dover MD, Michael Lawrence Langan MD, Understanding Medical Board | 1 Comment »

Understanding the National Practitioner Data Bank (NPDB)

Posted on March 16, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

What it Is – How it Works?

[By Eric A. Dover MD]

The NPDB, also known as the Data Bank, was written into HCQIA [Health Care Quality Indicators]. It is the national database for all physician reports.

Reporting Entities

Entities that are required to report physicians to this government program are:

Medical malpractice payers
State health care practitioner licensing and certification authorities
Hospitals
Other health care entities with formal peer review (HMOs, group practices, managed care organizations)
Professional societies with formal peer review
Federal and State Government agencies
Health insurance companies
The information collected by the NPDB includes:
Medical malpractice actions against a healthcare provider
Any adverse licensure actions by Medical Boards or peer review entities, including revocation, reprimand, censure, suspension, probation or dismissal or closure of any proceedings by reason of the practitioner surrendering the license or leaving the State or jurisdiction.
Adverse clinical privileging actions
Adverse professional society membership actions
Private accreditation organization negative actions or findings against health care practitioners
Criminal convictions that are health care-related
Exclusions from Federal or State health care programs
Entities that can query the NPDB include:
Hospitals, health care entities and professional societies with formal peer review
State health care practitioner licensing and certification authorities
Agencies or contractors administering Federal health care programs
State agencies administering State health care programs
State Medicaid Fraud Units
U.S. Comptroller General, U.S. Attorney General and other law enforcement
Self query by health care practitioner
Plaintiff’s attorney/pro se plaintiffs, but under limited circumstances
“Quality Improvement Organizations”
Researchers (statistical data only)
Federal and State Government agencies
Health plans
Researchers (Statistical data only)

Source: http://www.npdb.hrsa.gov/

***

***

Physician Reportage

Once a physician is reported to the NPDB, their career, if they still have one, is dramatically changed forever. There is no expungement process to remove defamatory physician reports, whether true or not. The stain is there forever. You have the opportunity to write a rebuttal for what it’s worth. Actions reported to the National Practitioner Data Bank by one entity will most likely trigger cross investigations and actions by other entities.

Source: http://www.drlaw.com/Articles/White-Paper—The-Targeting-of-Physicians—Insigh.aspx

Assessment

It is easy to extrapolate the simplicity of destroying a physician’s career, psyche and family with the untenable protections afforded by HCQIA to those responsible for the destruction.

Channel Surfing the ME-P

About

Dr. Eric Dover is a board certified family practice and primary care physician in Portland, Oregon. He is a graduate of the University of California at Los Angeles [UCLA] School of Medicine.

Conclusion

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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: Ethics, Professional Liability, Risk Management | Tagged: Dr. Eric A. Dover, HCQIA, Health Care Quality Indicators, Medical Boards, medical malpractice, National Practitioner Data Bank, NPDB | 1 Comment »

The Impact of Medical Identity Theft on Health Care

Posted on March 15, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Health Plan Related Breaches Since 2009

By http://www.MCOL.com

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Conclusion

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

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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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Is there a Migration of Patients to Paper-Based Dentists?

Posted on March 13, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Paper Medical Records Become Popular Again?

[By Kellus Pruitt DDS]

Starting long ago, I warned that as more dental patients are notified of data breaches – some more than once – we are likely to witness an event mandate stakeholders said would never happen: A migration of patients to paper-based dentists.

Now, because of the rapidly escalating costs and liabilities, defiant, slow adopters of electronic dental records [EDRs] can not only expect to provide dental care at a lower cost than “paperless practices,” but patients are on course to learn that some dentists do not put their patients at risk of medical identity theft by putting identities on computers.

Just sit back and watch!

The Ponemon Institute

In February, the Ponemon Institute published their “Fifth Annual Study on Medical Identity Theft.”

http://medidfraud.org/2014-fifth-annual-study-on-medical-identity-theft/

“Consumers expect healthcare providers to be proactive in preventing and detecting medical identity theft. Although many respondents are not confident in the security practices of their healthcare provider, 79 percent of respondents say it is important for healthcare providers to ensure the privacy of their health records. Forty-eight percent say they would consider changing healthcare providers if their medical records were lost or stolen. If such a breach occurred, 40 percent say prompt notification by the organization responsible for safeguarding this information is important.”

The Paper-Gold Standard?

So if your patients start asking you not to put their identities – including medical records – on your computers, what will you do, Doc?

Since encryption is a non-starter in dentistry for solid, business reasons, and will make paperless practices even less competitive with paper-based, would you consider employing staff which knows how to use pegboard, ledger cards and lots of carbon paper (The gold standard of security)?

Or, would you prefer not to give up computerization, yet keep your patients safe?

***

More:

Assessment

De-identification of primary electronic dental records is sounding better all the time. Am I right? If patients’ identities are not available, they cannot be hacked.

Channel Surfing the ME-P

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: Information Technology, Practice Management, Pruitt's Platform, Risk Management | Tagged: Are Dentists Satisfied with their EDRs?, D. Kellus Pruitt DDS, De-identification, digital medical records, eDRs | 5 Comments »

Socio Economic Status, Payment Reform and Medical Records

Posted on March 13, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Yet Another Component of the Medical Record?

[Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

Historically, medical records [paper or electronic] were previously used to aid in the quality of medical care.

Now they are also the basis for payment for services, not as a record or reflection of the care that was actually provided, but as a separate justification for billing. The lack of appropriate documentation now no longer threatens just non-payment for services but risks civil money penalties and criminal charges.

Enter S.E.S.

Today, the idea known as Socio Economic Status [SES] is conceptualized as the social standing, or class of an individual or group. It is often measured as a combination of education, income and occupation. Examinations of socioeconomic status often reveal inequities in access to medical resources, plus issues related to privilege, power and control.

Assessment

SES is increasingly being considered as another payment component [CPT® codes] to medical providers, as reflected in the paper medical record, EMR and elsewhere.

***

[Electronic Medical Records]

***

Channel Surfing the ME-P

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

* 8

Filed under: Health Economics, Health Law & Policy, Practice Management | Tagged: CMP Program, EMRs, medical records, Socio Economic Status | 3 Comments »

On Physicians Texting [SMS]

Posted on March 11, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Some Technical Considerations

By Carol Miller BSN RN MBA PMP [Miller Consulting]

Text (SMS = Short Message Service) Messaging has become nearly ubiquitous on mobile devices. According to one survey, approximately 72 percent of mobile phone users send text messages (TMs).

Clinical medical care is not immune from the trend, and in fact physicians appear to be embracing texting on par with the general population. Another survey found that 73 percent of physicians text other physicians about work.

(Source: Journal of AHIMA, “HIPAA Compliance for Clinician Texting”, by Adam Green, April 2012)

Advantages

Texting can offer providers numerous advantages for clinical care. It may be the fastest and most efficient means of sending information in a given situation, especially with factors such as background noise, spotty wireless network coverage, lack of access to a desktop or laptop, and a flood of e-mails clogging inboxes.

Further, texting is device neutral—it will work on personal or provider-supplied devices of all shapes and sizes. Because of these advantages, physicians may utilize texting to communicate clinical information, whether authorized to do so or not.

Risks

All forms of communication involve some level of risk. Text messaging merely represents a different set of risks that, like other communication technologies, needs to be managed appropriately to ensure both privacy and security of the information exchanged.

Text messages, like all digital data, may reside on a mobile device indefinitely, where the information can be exposed to unauthorized third parties due to theft, loss, or recycling of the device. Text messages often can be accessed without any level of authentication, meaning that anyone who has access to the mobile phone may have access to all text messages on the device without the need to enter a password.

***

Texts also are generally not subject to central monitoring by the IT department. Although text messages communicated wirelessly are usually encrypted by the carrier, interception and decryption of such messages can be done with inexpensive equipment and freely available software (although a substantial level of sophistication is needed.

If text messages are used to make decisions about patient care, then they may be subject to the rights of access and amendment. There is a risk of noncompliance with the privacy rule if the covered entity cannot provide patients with access to or amend such text messages.

The Wireless Association

According to 2012 data from CTIA–The Wireless Association, U.S. citizens alone exchange nearly 200 billion text messages every month. So it’s not surprising that an increasing number of clinicians are using text messaging to exchange clinical information, along with a wide range of other modes — smartphones, pagers, computerized physician order entry, emails, etc. Electronic communication is certainly faster, can be more efficient, enhances clinical collaboration and enables clinicians to focus on patient care. But with these benefits comes an increased risk of security breaches.

(Source: Clarifying the Confusion about HIPAA – Compliant Texting, by Megan Hardiman and Terry Edwards, May 2013)

Unfortunately, vendor hype about the Health Insurance Portability and Accountability Act [HIPAA] is causing many hospitals and health systems to implement stop-gap measures that address part — but not all — of a problem. To identify all vulnerabilities, health care leaders need to consider not only text messaging, but all mechanisms by which protected health information in electronic form is transmitted — as well as the security of those mechanisms.

Mobile device-to-mobile device SMS text messages are generally not secure because they lack encryption. The sender does not know with certainty that his or her message is indeed received by the intended recipient. In addition, telecommunications vendor/wireless carrier may store the text messages.

Recent HHS guidance indicates text messaging, as a means of communicating PHI, can be permissible under HIPAA depending in large part on the adequacy of the controls used. A hospital or provider may be approved for texting after performing a risk analysis or implementing a third-party messaging solution that incorporates measures to establish a secure communication platform that will allow texting on approved mobile devices.

***

The Ponemon Institute

A study reported in Computer World in May 2013 by the Ponemon Institute with 577 healthcare and It professional in facilities that ranged from fewer than 100 beds to over 500 beds stated that fifty-one percent of the respondents felt HIPAA compliance requirements can be a barrier to providing effective patient care.

Specifically HIPAA reduces time available for patient care (85% of the respondents), makes access to electronic patient information difficult (79% of the respondents) and restricts the use of electronic mobile communications (56% of the respondents).

The study stated “respondents agreed that the deficient communications tools currently in use decrease productivity and limit the time doctors have to spend with patients. “ They also stated “they recognized the value of implementing smartphones, text messaging and other modern forms of communications, but cited overly restrictive security policies as a primary reason why these technologies were not used.”

Clinicians in the survey stated that only 45% of each workday is spent with patients; the remaining 55% is spent communicating and collaborating with other clinicians and using the electronic medical record and other clinical IT systems.

Several other statements made were:

Because of the need for security, hospitals and other healthcare organizations continue to use older, outdate technology such as pagers, email and facsimile machines. The use of older technology can also delay patient discharges – now taking an average of 102 minutes.
The Ponemon Institute estimated that the lengthy discharge process costs the U.S. hospital industry more than $3.189 billion a year in lost revenue, with another $5 billion lost through decrease doctor productivity and use of outdated technology. Secure text messaging could cut discharge time by 50 minutes.

(Source: Computer World, “HIPAA rules, outdate tech cost U.S. hospitals $3.38 B a year”, by Lucas Mearian, May, 2013)

***

Assessment

Several suggestions offered for these preferred mobile devises are: 1) ensure encryption and access to individuals who need to have access; 2) use secure texting applications; and 3) even consider alerting employees with warnings before they send an email or share files that lets them know they are liable for the information sent

Channel Surfing the ME-P

ABOUT CAROL MILLER; BSN, MBA, PMP millerconsultgroup@gmail.com ACT IAC Executive Committee Vice Chairwoman at-Large HIMSS NCA Board Member [President – Miller Consulting Group] Phone: 703-407-4704 and Fax: 703-790-3257

Ms. Carol S. Miller has an extensive healthcare background in operations, business development and capture in both the public and private sector. Over the last 10 years she has provided management support to projects in the Department of Health and Human Services, Veterans Affairs, and Department of Defense medical programs. In most recent years, Carol has served as Vice President and Senior Account Executive for NCI Information Systems, Inc., Assistant Vice President at SAIC, and Program Manager at MITRE. She has led the successful capture of large IDIQ/GWAC programs, managed the operations of multiple government contracts, interacted with many government key executives, and increased the new account portfolios for each firm she supported. She earned her MBA from Marymount University; BS in Business from Saint Joseph’s College, and BS in Nursing from the University of Pittsburgh. She is a Certified PMI Project Management Professional (PMP) (PMI PMP) and a Certified HIPAA Professional (CHP), with Top Secret Security clearance issued by the DoD in 2006. Ms. Miller is also a HIMSS Fellow.

Conclusion

How does this relate to emails? 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.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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: Career Development, Information Technology, Risk Management | Tagged: Carol Miller RN, Computer World, HHS, HIPAA, PHI, Ponemon Institute, SMS, The Wireless Association | Leave a comment »

PARTICIPATE: An Observational Research Study

Posted on March 9, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

By Patti Peeples; RPh PhD of HealthEconomics.com

The results of this Survey will be distributed in a report to all participants in the HealthEconomics.com Newsletter, and ultimately presented in manuscript form.

Your participation is encouraged and should take no more than 15 minutes to complete.

Link: https://www.surveymonkey.com/r/ObsResSurvey9

The Survey

In collaboration with HealthEconomics.Com, Jeff Trotter of Continuum Clinical is resuming the widely-praised series of Surveys with this all-new edition focused, once again, on the critical subject of Observational Research.

This thought-provoking Survey strives to uncover challenges associated with the design and implementation of Observational Studies, and the important organizational challenges and opportunities.

Who should “drive the bus” in running Observational Studies?
How conclusive are findings from Observational Studies?
What processes are optimal in support of Observational Research?

Your participation will help provide critical insights regarding this important topic, increasing clarity and shared understanding.

Channel Surfing the ME-P

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 | Tagged: Continuum Clinical, HealthEconomics.com, Jeff Trotter, Observational Research Study, Patti Peeples; | Leave a comment »

Mobile-Health or Global Economy?

Posted on March 9, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Boom or Bust?

[By Edward Bukstel]

ME-P SPECIAL REPORT

***

mHealth or Global Economy, Boom or Bust?

***

Channel Surfing the ME-P

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: Experts Invited, Information Technology | Tagged: Edward Bukstel, mHealth; mobile Health, Mobile-Health or Global Economy? | 4 Comments »

UNDERSTANDING SPOUSAL DEBT

Posted on March 7, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

For Doctors and Other Couples

[By Staff Reporters]

The general rule is that spouses are not responsible for each other’s debts, but there are exceptions.

Many states will hold both spouses responsible for a debt incurred by one spouse if the debt constituted a family expense (e.g., child care or groceries).

In addition, community property states will hold one spouse responsible for the other’s debts because both spouses have equal rights to each other’s income.

***

Assessment

Also, you are both responsible for any debt that you have in both names (e.g., mortgage, home equity loan, credit card).

More:

Channel Surfing the ME-P

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: Financial Planning, Risk Management | Tagged: SPOUSE DEBT | Leave a comment »

Un-Insured Adults in the USA

Posted on March 5, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Fall 2014

http://www.MCOL.com

Channel Surfing the ME-P

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: ACA, PP-ACA, Un-Insured Adults in the USA | Leave a comment »

A Medicare Fraud 2.0 Prediction

Posted on March 5, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

More on Healthcare Fraud and Abuse with Video

By Edward Bukstel

ME-P SPECIAL REPORT

***

Medicare Fraud 2.0 Prediction.

***

Channel Surfing the ME-P

More: Submitted by Perry D’Alessio CPA

Census of Actively Licensed Dr

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, Risk Management, Videos | Tagged: Edward Bukstel, health 2.0, medical fraud abuse, Medicare Fraud 2.0 Prediction. | 1 Comment »

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Beware Structured Products and Annuities

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Susan Polan

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The Anatomy Lesson of Dr. Nicolaes Tulp

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MEDICAL PRACTICE MARKETING MANAGEMENT, ADVERTISING, SALES, COMMUNICATION AND SOCIAL MEDIA SKILLS

[New-Wave Success Strategies for Savvy Doctors]

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For Personal and Medical Practice Management Modernity

By Dr. Gary L. Bode CPA MSA CMP™ [Hon] PA

1. Consider establishing an employee stock ownership plan (ESOP).

2. Make sure there is a succession plan in place.

3. Consider the limited liability company (LLC) and limited liability partnership (LLP) forms of ownership.

4. Avoid nondeductible compensation.

5. Purchase corporate owned life insurance (COLI).

6. Consider establishing a SIMPLE retirement plan.

***

7. Establish a Keogh retirement plan before December 31st.

8. Section 179 expensing.

9. Don’t forget deductions for health insurance premiums.

10. Review whether compensation may be subject to self-employment taxes.

11. Don’t overlook minimum distributions at age 70½ and rack up a 50 percent penalty.

12. Don’t double up your first minimum distributions and pay unnecessary income and excise taxes.

***

13. Don’t forget filing requirements for household employees.

14. Consider funding a nondeductible regular or Roth IRA.

15. Calculate your tax liability as if filing jointly and separately.

16. Avoid the hobby loss rules.

17. Review your will and plan ahead for post-mortem tax strategies.

18. Check to see if you qualify for the Child Tax Credit.

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