Dr. David Edward Marcinko MBA MEd CMP™

Why Doctors Must Consider Fees When Building A Retirement Nest Egg

Posted on June 13, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Understanding Mutual Fund Share Classes and Costs

[By Rick Kahler MS CFP® ChFC CCIM]

www.KahlerFinancial.com

Doctors – Do you want to add $500,000 or more to your retirement nest egg? Pay attention to the fees that mutual funds charge you for investing your money. Few physicians or small investors understand that the same mutual fund can charge a wide range of fees, depending on the share class you select.

For many medical professionals and most Americans, the best way to build wealth is to live on less than you make and invest 15% to 35% of your paycheck into mutual funds. It’s essential to find funds that are diversified among five or more asset classes.

The Choice After Mutual Fund Selection

Once you’ve found a mutual fund with a mix of appropriate asset classes, there’s one more choice to make. What class of shares should you buy? The most popular classes are A, B, and I shares; however, many funds offer even more classes like C, F, and R shares.

The difference between the classes has nothing to do with the underlying management or structure of the mutual fund. All share classes own the same stocks or bonds. The difference lies in the fees you pay the mutual fund for their services and for commissions to brokers who sell the funds.

Types of Share Classes

Many A shares and almost all B, C, F, and R shares impose sales commissions, often called “loads,” which are based on the amount you invest. For example, A shares usually charge you a one-time commission ranging from 4.0% to 5.75% of your initial investment. With B shares there is no up-front commission, but they will charge you a stiff penalty to sell the funds in the early years and will impose an additional annual commission often ranging from .25% to 1.00% a year. Some discount brokers will waive the upfront commission on A shares for their customers.

Typically the best shares to purchase are the I class, which don’t have any commissions associated with them and offer the lowest management fees of any other share class. The downside is that I shares often require a minimum investment ranging from $10,000 to $1,000,000. Financial advisors often have relationships with discount brokers that allow them to purchase the shares for clients in smaller amounts.

Fee Comparisons

It pays to compare fees.

For example, a comparison of fees available at the website of the Financial Industry Regulatory Authority (finra.org/fundanalyzer) shows that a $10,000 investment in the Invesco S&P 500 Index fund’s A shares will cost you $129 a year, while the same investment in the C shares will run $163. If instead you invest in the Fidelity Spartan 500 Index fund you will pay just $11.50 annually, which is over 1% less than the Invesco A shares.

The Savings

It’s surprising what a 1% savings means to your retirement nest egg. According to a study by the Vanguard Group reported by Jack Hough in SmartMoney.com, if a 25-year old saves 9% of his pay in a mutual fund, paying .25% a year in expenses versus 1.25% amounts to having an additional $500,000 by age 65.

Assessment

With all that said, most investors don’t have either the knowledge or the time to construct a diversified portfolio of mutual funds that will carry them through to retirement. Paying a fee or commission for advice can ultimately save you a lot of money. There are advisors who will help smaller investors select investments for an hourly or flat fee. Others charge fees based on the size of your portfolio, which normally range from .3% to 1.5%.

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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: Investing, Portfolio Management, Retirement and Benefits | Tagged: discount brokers, Financial Industry Regulatory Authority, FINRA, Index Funds, Invesco, Mutual Fund fees, mutual fund share classes, Mutual Funds, retirement planning, Rick Kahler CFP®, stock-brokers | 4 Comments »

Rating Financial Advisors and Doctors Like Toasters

Posted on June 13, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Finding a Good Physician and Financial Planner in 2012

[By staff reporters]

What happens when patients and clients are able to compare the performance of primary care physicians and financial advisors? Well, for the first time ever, we’re about to find out.

RATING DOCTORS:

Consumer Reports for Doctors

Consumer Reports, best known for rating the nuts and bolts of cars, household appliances and other electronics, is getting into the business of rating primary care doctors.

The magazine is getting ready to mail out ratings for nearly 500 adult, family and pediatric physician practices in Massachusetts, the first step in a multistate project to evaluate doctors the way it has rated consumer products for decades.

RATING FINANCIAL ADVISORS:

AdviceIQ

www.AdviceIQ.com is an online service that educates all consumers about the need to hire a trusted, local financial advisor, while giving all pre-vetted advisors exposure to local investors. Also, their FAs write insightful articles that inform the public about investing and wealth management, and they syndicate them to top-branded media sites around the country.

BrightScope® for Wealth Managers and Plan Sponsors

BrightScope, Inc. is a financial information company that brings transparency to opaque markets. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors.

BrightScope primarily operates in two major segments: Retirement Plans and Wealth Management: http://www.brightscope.com/

Assessment

Ultimately, we hope and believe that the reliability of the data, the credibility of the organizations responsible for the research and reporting, and a process based on collaboration and the desire for continuous improvement, will combine to gain the confidence of clients and patients alike and help advance the cause of patient-centered health care and fiduciary focused financial planning.

www.CertifiedMedicalPlanner.org

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: "Advisors Only", "Doctors Only", Career Development, CMP Program, Ethics | Tagged: AdviceIQ, advisor rating websites, BrightScope, Consumer Reports, financial advisors, http://www.brightscope.com/, physician rating websites, Rating Financial Planners and Doctors Like Cars, www.CertifiedMedicalPlanner.org | 26 Comments »

On the Financial Rain in Spain for Physician Investors

Posted on June 12, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Understanding European Woes and the Global Financial Crisis

By Daniel Minihan

Spain has been the focus of the latest woes in Europe over the past few weeks. And, the key issue surrounding their banks is over lending into a property market that has fallen sharply. So, I thought the chart below best summed up their predicament.

GFC Confidence

In the lead up to the GFC, Spanish confidence was riding high and was directly correlated to retail spending, which is not dissimilar to where the USA was (and currently is).

But, after the property market tanked, so did confidence and with it went the desire to spend. With unemployment in Spain approaching 25% of the workforce, household spending is dropping which perpetuates a cycle of higher unemployment which in turn puts more pressure on the property market and the banks that lent into it

Assessment

The Spanish bank rally fizzled yesterday.

Link: http://money.msn.com/market-news/post.aspx?post=ee6e272d-7247-4e14-b33a-d8e82d337ffa

Not sure where this one will end. How about you?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Investing, Portfolio Management | Tagged: emerging markets, EU, euro, european debt, GFC confidence, Global Financial Crisis | 2 Comments »

Cash May Soon be King in Hospital Care

Posted on June 12, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Forget About Health Insurance, Darling!

Only the little people pay with insurance.

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

www.CertifiedMedicalPlanner.org

Like many other doctors, I remember my dismay when I saw uninsured patients paying full price for their medical care. Insurance companies used their market clout and patient volumes to negotiate discounts for their insureds that have always been unavailable to the uninsured, MSA, HSA participants or individual healthcare consumers.

The Insider Gossip

There is even industry hearsay that some charity-care and non-profit hospitals charge their indigent patients up to four times more than their insured patients in order to have huge write-offs [bad-debt expenses] so as to secure private and public monetary grants. After all; many non-profit CEOs are well paid, indeed.

But, the tide may be turning on the healthcare institutional level as cash becomes king in the new economy and world of healthcare 2.0

Cash Patients Rule – Insured Patients Drool

Of course, we’ve written about direct care, concierge care and cash care medical practice business models before on this ME-P. And, I’ve been ranting and raving, opining and testifying, as well. It is being written about in the blog-o-sphere, on the hospital level, increasingly.

Link: http://www.kevinmd.com/blog/2012/06/hide-health-insurance-status-pay-cash.html

We even have an entire Chapter 29 devoted to the codified topic in our newest book The Business of Medical Practice.

Link: http://businessofmedicalpractice.com/chapter-29/

Source: Austin Frakt PhD’s TIE cartoon via Brad Flansbaum.

The Coming Payment Apocalypse

The days of paying more when paying cash may be coming to an end. Doctors and hospitals are starting to do what every other business has done since the beginning of time – give a discount for cash. States are beginning to require pricing transparency and hospitals and physicians are starting to publish their “cash prices” for all to see.

And, why not when it can take up to two years to be reimbursed a fraction of the billed amount from Medicaid and Medicare payers, and CMS, etc? Now, don’t get me started on some highly discounted private payers and managed care plans.

Assessment

What do you think of this trend as a healthcare provider; Financial Advisor, medical management consultant or patient? Are you in favor of this private business arrangement; or do you favor the proposed public Obama Care business model? Is it even legal? How about keeping the status-quo?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Health Economics, Health Insurance, Op-Editorials, Touring with Marcinko | Tagged: cash care, concierge medicine, david marcinko, direct care, discount medicine, Dr. Marcinko, wholesale medicine | 11 Comments »

CBO Director Elmendorf on Debt and Taxes

Posted on June 11, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A CBO Political Review

By Children’s Home Society of Florida Foundation

The nonpartisan Congressional Budget Office (CBO) is responsible for providing Congress with financial estimates for future budget and tax policies. CBO Director Douglas Elmendorf testified before the Budget Committee of the House of Representatives on June 6.

Elmendorf started by noting that the public federal debt for the past 40 years has averaged 38% of the economy. At the end of 2008, the public debt was 40% of gross domestic product (GDP). By the end of 2012, the public debt will be 70% of GDP.

Elmendorf pointed out that there are two major trends that will substantially impact the federal budget. First, there are 78 million baby boomers that will be retiring and receiving benefits from Social Security and Medicare. Second, the cost of healthcare for the past decade has been increasing more rapidly than the general inflation rate. He suggests that this increasing cost for healthcare is going to continue for the foreseeable future.

Elmendorf then offered two scenarios for the future. He called these the “baseline scenario” and the “alternative scenario.”

Baseline Scenario

The baseline scenario assumes that the current law will be applicable. On January 1, 2013, the existing tax cuts will expire. In addition to higher tax rates, many individuals will be subject to alternative minimum tax. Finally, the 3.8% tax under the Affordable Care Act will apply starting in 2013.

With the substantial tax increases under the baseline scenario, federal tax revenue increases to 24% of the economy by the year 2037. Elmendorf noted that this would be the highest level of taxation since World War II. Under this scenario, the increasing tax revenue permits debt to be reduced from the current 70% to 53% of GDP by 2037.

The alternative scenario assumes that Congress will follow the pattern of the past four years. The tax cuts enacted in 2001 and 2003 will be extended. The alternative minimum tax exemptions will be indexed. The $5.12 million applicable exclusion amount for gift and estate taxes will continue (with indexed increases in future years). Medicare payment rates for physicians will continue to increase. This last provision has been called the “Doc Fix” in Washington. Finally, federal budgets will continue with the same general provisions that exist today.

Under the alternative scenario, the increasing deficits lead to public debt of 90% of GDP by 2022. With the rising expenditures for the baby boom generation, the public debt increases to 200% of GDP by 2037.

Elmendorf Opines

Elmendorf noted that many economists believe that this large debt may lead to creation of fewer new jobs. He suggested that it will be necessary to increase revenue and decrease spending substantially from projected levels to avoid a large increase in the national debt. He did not specify how this should be accomplished.

Assessment

Chairman of the Federal Reserve Ben Bernanke also testified before Congress this week. He pointed out that January 1 is a “fiscal cliff” that could have great impact on the nation. Bernanke believes that the scheduled increase in taxes and reduction in spending should be spaced out over time to avoid a dramatic impact in January. However, he also declined to offer any advice on specific ways to increase taxes or cut spending.

Editor’s Note: These discussions in Congress are preparations for the legislative session that will occur following the November election. Congress is debating the combination of tax increases and budget cuts to pass this year. In addition, preparations are being made for a major tax reform act in 2013.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Accounting, Taxation | Tagged: "Doc Fix", ACA, Affordable Care Act., Ben Bernanke, CBO, CBO Director Elmendorf on Debt and Taxes, COngressional Budget Office, GDP, SGR | 3 Comments »

About the Occupy Wall Street Healthcare Movement

Posted on June 11, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Working together for change

By Staff Reporters

No; not Occupy Wall Street … It’s Occupy Healthcare.

Occupy Healthcare is a new website created to help spawn a movement. Of course, it has always been the right time to take on the issue of healthcare, but now they have the tools, the ability to organize and the knowledge to make a difference.

The OHC Community

The website is a location where the community can come to discuss healthcare, and a place where meaningful healthcare issues can be raised, critiqued and worked on together.

Assessment

Healthcare is evolving at a rapid pace, and within this evolution, the voice of the community needs to be heard. It must be heard. So, give them a click, and tell us what you think?

www.OccupyHealthcare.net

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

LEXICONS: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Filed under: Breaking News, Career Development, Information Technology | Tagged: About Occupy Healthcare, OWS, www.OccupyHealthcare.net | 5 Comments »

A Video Exploring Better Ways to Pay for Health Care?

Posted on June 10, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A YouTube Encore Presentation

Harold Luft, Director, Palo Alto Medical Foundation Research Institute; Professor Emeritus of Health Policy and Health Economics explores ways to pay for healthcare.

Video: http://www.youtube.com/watch?v=FfcVtglVM54

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Health Economics, Health Law & Policy, LifeStyle, Videos | Tagged: Better Ways to Pay for Health Care?, Harold Luft, Palo Alto Medical Foundation Research Institute | 2 Comments »

Send Us Your Healthcare and Financial Announcements

Posted on June 9, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

We Want to Know

By Staff Reporters

Hired someone new and exciting? Promoted a rising star? Started your own RIA, medical clinic, private practice or ASC? Finally solved that hard-to-fill spot? Share the news with us and we’ll share with it others.

Don’t be Shy

That’s right. Send us your announcements and we’ll find a home for them. Don’t be shy doctors, financial advisors and management consultants. Everyone wants to know who is coming and going, especially with all the layoffs, ACA and stock market malaise.

Assessment

Despite the downsizing, and managed care economy, there is career movement. Promote your professional career – and let us congratulate you! [terms and conditions apply].

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Alerts Sign-Up, Career Development, Marketing & Advertising | Tagged: financial advisors, financial career management, medical career management | Leave a comment »

A Resource For Financial Planners Who Advise Doctors and Medical Professionals

Posted on June 8, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Emerging Education Network with Professional CMP™ Designation

Wealth managers, CPAs, JDs, MBAs, MDs, RNs, CFPs, RIAs and financial advisors etc., with an interest in physician clients, the healthcare space, ecoonomics, practice management and medical social media, can now indulge their tastes in all with a new venture by the Institute of Medical Business Advisors, Inc.

Education and Certification: www.CertifiedMedicalPlanner.org

Professional Network: www.MedicalExecutivePost.com

Invitation to Matriculate: Letterhead CMP

Assessment

CERTIFIED MEDICAL PLANNER™ – Entering a niche market, with focused advice from educated advisors and consultants, is the ‘win-win’ business model of the future.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Advisors Only", "Doctors Only", Career Development, CMP Program, iMBA, Inc. | Tagged: certified medical planner, CMP, physician career change, www.CertifiedfMedicalPlanner.org | 5 Comments »

Is 2012 a Good Year to Buy a House?

Posted on June 8, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Doctors Appreciating the Reasons of Home Ownership

[By staff reporters]

There may be several reasons for a medical professional to buy a home. For example, you’re ready to practice and commit to a certain area and call it home. You’re ready to make a financial investment, or housing prices have dropped to an affordable level and the market is highly favorable for home buyers.

Rule of Thumb

But, how do you tell if it’s a buyer’s market? In a buyer’s market, the price of a home will be under 20 times a year’s worth of rent for an equivalent home. If the price of a home is more than 20 times the annual rent, it’s generally better to rent.

Current Climate

Today’s housing climate is better for home buyers. The average price of homes for sale in the US is currently around 19 times the average annual rent. The general housing climate is much friendlier than a few years ago, but still fluctuates greatly depending on your specific location. Some of the buyer’s markets in 2011 were Charlotte, Inland Empire, Phoenix, Raleigh, Sacramento, San Diego and San Jose.

Source: www.SeaHomes.com

Assessment

The decision to buy or rent also depends on your lifestyle and long-term goals. 2011 saw a resurgence in buyer’s markets across the country and that trend is likely to continue for the foreseeable future. It’s true that housing markets will fluctuate from year-to-year, but owning property usually remains a wise investment over time.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Funding Basics, Mortgage Electronic Registry System | Tagged: home ownership, home sales, home values, Is 2012 a Good Year to Buy a House?, mortgages, reverse mortgages, underwater mortgages | 3 Comments »

Who Should Share The Presidential Ticket With Mitt Romney as Best for all Healthcare Stakeholders?

Posted on June 7, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Voting Opinion Poll

By ME-P Staff

The 2012 Election for President of the United States [POTUS]

The ME-P is conducting an important election year poll. With Mitt Romney now positioned to receive the GOP nomination for president of the United States, who would you like to see as his Vice Presidential running mate?

The results of the poll will be available to you after you submit your vote and we’ll also share the poll results with major media outlets across the country. Thousands will vote, so take a moment right now to stand up and be counted. Your opinion matters!

Vote today!

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Breaking News, Health Law & Policy, Voting Polls | Tagged: barack obama, GOP, Mitt Romnry, Who Should Share The Ticket With Mitt Romney? | 4 Comments »

Physician’s Understanding Payroll Tax Deductions

Posted on June 7, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Doctor as Employer or Employee [A Primer]

The Payroll and Tax Deductions infographic from Paycor takes an unbelievably dry topic and makes it interesting by visually walking someone through their paycheck. The design allows them to understand all of the different things that may come out prior to the final amount that makes it to their bank account.

Are We Un-Aware

Some American healthcare workers aren’t aware of the factors that determine how much is deducted from their paychecks, yet it’s important to have that understanding so you can speak up about any errors.

Typical Deductions

So what exactly is that payroll software deducting from your paycheck? Typical deductions include federal income tax, OASDI, Medicare tax, disability and state income tax. Your tax bracket will range from 10% to 35% depending on your amount of taxable income. Medicare tax rates will be different depending on whether you work for a hospital or medical company; or are self-employed in private practice.

State Level

At the state level, individual states handle taxes differently, with seven states charging all residents a flat tax rate and nine other states not collecting any income taxes at all.

Assessment

Use this calculator to help determine the impact of changing your payroll deductions. You can enter your current payroll information and deductions, and then compare them to your proposed deductions. Try changing your withholdings, filing status or retirement savings and let the payroll deduction calculator show you the [approximate] impact on your take home pay.

Link: Payroll Tax Calculator http://www.bankrate.com/calculators/tax-planning/401k-deduction-calculator-taxes.aspx#ixzz1x3EbwgTf

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Accounting, Taxation | Tagged: disability and state income tax., income tax, Medicare Tax, OASDI, tax deductions, Understanding Payroll Tax Deductions | Leave a comment »

Euro Currency in the Cross Hairs? [Video]

Posted on June 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

How We Got There – A Review for Physician Investors

By Jonathan Reyes

It’s been two decades since the dream of a unified Europe inched toward a reality. But, as crises have taken hold and bail-outs have become commonplace, how has the continent’s shared currency weathered the storms?

Video Link: http://www.infographicsarchive.com/economics/video-infographic-the-euro-in-the-crosshairs-how-we-got-here

Source: Video infographic made for Bloomberg TV.

Assessment

Important information for all medical professsionals and retail physician investors interested in emerging markets or international investing.

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: Investing, Portfolio Management, Videos | Tagged: Bloomberg TV, emerging markets, euro, Euro in the Cross Hairs?, European Union, international investing, Jonathan Reyes | 10 Comments »

A Review of Healthcare Spending in Developed Countries

Posted on June 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Selected Graphical Health Economics Comparison

Assessment

Domestic healthcare spending in the USA is now 17% of GDP.

Link: Money supply as a percentage of domestic GDP: https://medicalexecutivepost.com/2012/06/05/understanding-the-money-supply-as-a-percentage-of-gdp/

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Health Economics | Tagged: Healthcare Spending in Developed Countries | 2 Comments »

Some Ways to Lower the Cost of Higher Education

Posted on June 5, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Exploring Solutions to the College Tuition Bubble

By Rick Kahler MS CFP® ChFC CCIM www.KahlerFinancial.com

My daughter is a high-school sophomore, so any essay on the cost of college is uncomfortably personal for me.

Nevertheless, let’s take a look at some possible solutions to the problem of high college costs.

Some Possible Solutions to the High Cost of College

1. Don’t just hope for scholarships, pursue them.

The most important college-saving strategy a student can have may be focusing on getting top grades in high school in order to qualify for scholarships. Even straight-A students, however, shouldn’t sit passively and wait for scholarship offers to roll in.

Instead, actively go after them. Research online and through your high school to find out what is available. Many organizations, individuals, and institutions offer small, specialized scholarships. Most of these are only a few hundred dollars, but they are well worth trying for. Surprisingly often, there are few applicants for these awards because people don’t take the time to research them and apply. One warning: don’t pay a service to find scholarships. Even if a so-called agency isn’t a scam, the service is unnecessary since the information is readily available.

2. Explore career options early.

Volunteering, summer jobs, internships, and shadowing programs are all valuable ways to find out more about careers a student might be interested in. I know my first job, cleaning cages at a veterinarian’s office, was enough to prove to me that animal medicine wasn’t my career niche. If schools don’t offer career shadowing opportunities, many professionals would be glad to let a student follow them around for a day or two. It’s important to make sure students are interested in the career a given degree prepares them for, not just the subject area of the degree itself.

3. Summer jobs.

If your children have summer jobs, require them to save half their earnings for college. Be wary of letting kids overdo it with part-time jobs during the school year. If their grades and scholarship opportunities suffer as a result, the job may cost more than it’s worth in the long term.

4. Shop for value.

Find out whether neighboring states offer reciprocal in-state tuition rates. Compare tuition costs, fees, housing and travel costs, class sizes, and career placement numbers. Don’t just assume a big-name school offers more opportunities. Depending on the career field, a degree from a state institution may be a far better value than one from an Ivy League school.

5. Two or Four years.

Remember that “higher education” doesn’t have to mean “four-year college”. Don’t overlook other options such as vocational schools or apprenticeship programs. Careers such as massage therapy, welding, and medical technology can pay very well without requiring a four-year degree. Compare values here, as well. Some for-profit technical schools can be more expensive than state universities. Also investigate jobs in high-demand fields that may offer on-the-job training or tuition reimbursement.

6. Postpone college.

Consider encouraging your kids to work for a year or two and postpone college until they know what their career goals are. The risk with this approach, of course, is that they may end up not going to college at all.

7. Plan.

Have a five-year plan, or even six or seven. There’s no rule that says a student has to graduate in four years. One option is to “pay as you go” as much as possible by taking fewer classes and working part-time or even full-time. Even if it takes longer, graduating with much less debt can still mean starting out ahead.

Assessment

Although some of the ideas above may be anathema to some highly educated and well-heeled doctors, lawyers and accountants, we all realize that education certainly is an important way to invest in higher earnings and career success. Planning ahead and doing plenty of homework before classes start is a good way to make sure that investment is a wise one.

Conclusion

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Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Financial Planning, Funding Basics, iMBA, Inc. | Tagged: college loans, college tuition costs, Rick Kahler CFP®, Some Ways to Lower the Cost of Higher Education, www.KahlerFinancial.com | 9 Comments »

Understanding the Money Supply as a Percentage of GDP

Posted on June 5, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

By Country for our Domestic and International ME-P Readers

By Staff Reporters

There’s a lot of money in the world, but not all of it can be easily defined as “money.” Just where the money is and who has it is a complicated issue. The wad of money in your pocket is one form of money, but the money supply is hardly limited to that. So, where is the money and what exactly is it?

Finding Out

To find out what Broad Money, Money Zero Maturity, the Monetary Base, and Money and Close Substitutes mean, take a look at the graphic for an explanation. You’ll see that there is a lot more to money than you may have realized. The cash you use from day to day is M0, but there are also MB, M1, M2, M3 and more.

What Is Quasi Money?

If you want to measure how much money a country has, there is much more to consider than just how much printed money is within that country. If you think about how much money you have, it’s likely a lot more than just the cash you have on hand. You have bank accounts, checks and other forms of money that factor into how much money you have. The same is true for countries.

By Country

How much money a country can get pretty complicated, but there is a way to figure out each country’s quasi money. No, this doesn’t mean fake money or “sort of” money, like the name may imply. Quasi money may also sound like our paychecks these days, but what it refers to is actually a pretty neat assessment of the money that a country really has.

The money supply of every single country can be measured accurately by looking at a number of different things. To find out exactly what goes into the money that a country has, take a look at the graphic.

How Does Your Country Stack Up?

How does your country compare to other countries in terms of money? The amount of quasi money in each country when measured as a percentage of a country’s Gross Domestic Product (GDP) is pretty telling. Check out the graphic to see how your country rates and whether it makes the top 10, the bottom 10 or falls somewhere in the middle. If you know someone from a country on the top or bottom lists, forward the graphic to them and let them know about it. Depending on where their country falls, it may be time to gloat or to pretend not to be jealous.

Where are the top and bottom countries located?

Are they countries that are typically thought of as being rich and poor, or do they come straight out of left field for a sneak attack? There are certainly some countries in there that will surprise you as well as some that won’t. Take a look for yourself and see where the wealth of the world lies.

Conclusion

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Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Financial Planning | Tagged: GDP, GNP, macro-economics, money supply, Money Supply as a Percent of GDP | 3 Comments »

The Increased Competition of Ambulatory Surgery Centers (ASCs) to US Hospitals

Posted on June 4, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

The Competition Heats Up!

By Dr. David Edward Marcinko MBA CMP™

www.CertifiedMedicalPlanner.org

[Editor-in-Chief]

Over the last 10 years, Ambulatory Surgery Centers’ (ASCs) footprints have increased dramatically.

As hospitals and health systems accelerate towards population health/ global payment models, such as Accountable Care Organizations (ACOs), lower priced ASCs will become more critical competitors to hospitals.

Assessment

I acquired the Certificate-of-Need [CON], co-founded and operated an ASC for 15 years before sale in 2000 to a public company. My local hospital fought me tooth and nail. I likely would not do so, again, today!

Conclusion

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PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Career Development, Health Economics, Research & Development | Tagged: ACA, ACAs, Accountable Care Organizations, Ambulatory Surgery Centers, ASCs, ASCs versus Hospitals, healthcare competition, PP-ACA | 10 Comments »

What If Broccoli Were Like Buying Health Insurance?

Posted on June 4, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Some Food for Thought

Source: Jen Sorensen via Austin Frakt PhD of the Incidental Economist.

Assessment

Many a true word hath been spoke in jest. [c 1665 in Roxburghe Ballads (1890) VII. 366].

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Pre-Order Now!

http://www.crcpress.com/product/isbn/9781439879900

Filed under: Health Insurance, Jokes and Puns | Tagged: Austin Frakt PhD, If Broccoli Were Like Buying Health Insurance, incidental economist, Jen Sorensen, SlowPoke | 1 Comment »

Physician’s Update on Flexible Spending Accounts [FSAs]

Posted on June 3, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Proposed $500 Bonus

[By Children’s Home Society of Florida Foundation]

House Ways and Means Committee Chair, Dave Camp, recently proposed an amendment on May 30 2012 that would permit new pliability for flexible health spending accounts. His amendment to the Health Flexible Spending Arrangements Improvement Act of 2012 permits employees who have a balance of up to $500 at the end of a year to receive a taxable payment of that amount.

Current Rules

Under current rules, employees are permitted to use salary reductions to allocate funds to a healthcare flexible spending account. The funds in the account may then be used for payment of qualified healthcare expenses.

However, the funds allocated to the account are forfeited back to the employer at the end of the year. Therefore, the accounts are frequently described as a “use it or lose it” plan.

Oversight Committee

Ways and Means Oversight Subcommittee Chair, Charles Boustany, Jr. (R-LA), proposed that the unspent money could be distributed to the employee as taxable income at the end of the year. Chairman Camp would permit the distribution, but only up to a maximum of $500.

Assessment

The proposed change in flexible spending accounts will cost the government about $4 billion over the next 10 years according to the Congressional Joint Committee on Taxation.

And so, as more and more medical professionals become employees, FSA rules should be monitored closely by doctors and their FAs.

Editor’s Note: If the House passes this change, the Senate would also need to take action. With the fall elections growing closer, it is becoming progressively more difficult to move forward on additional tax bills. If the change does not pass this year, it could quite possibly be included in the anticipated major tax reform expected for 2013.

Conclusion

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Filed under: Career Development, Health Law & Policy, Retirement and Benefits, Taxation | Tagged: Charles Boustany, Congressional Joint Committee on Taxation., Dave Camp, Flexible Spending Accounts, FSAs, House Ways and Means Committee Chair, Update on Flexible Spending Accounts | 2 Comments »

Events Planner: June 2012

Posted on June 2, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

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Events-Planner: JUNE 2012

By Staff Writers

“Keeping track of important health economics and financial industry meetings, conferences and summits”

Welcome to this issue of the Medical Executive-Post and our Events-Planner. It contains the latest information on conferences, news, and relevant resources in healthcare finance, economics, research and development, business management, pharmaceutical pricing, and physician/entity reimbursement! Watch for a new Events-Planner each month.

First, a little about us! The Medical Executive-Post is still a relative newcomer. But today, we have almost 175,000 visitors and readers each month from all over the country, in addition to our growing subscriber base. We have been a successful collaborative effort, thanks to your contributions. As a result, we are adding new resources daily. And, we hope the website continues to provide the best place to go for journals, books, conferences, educational resources, tools, and other things you need to establish the value your healthcare consulting and financial advisory intervention.

So, enjoy the Medical Executive-Post and this monthly Events-Planner with our compliments.

A Look Ahead this Month – And now, the important dates:

June 05-06: Health DataPalooza, Wahington, DC
June 06-08: Pershing Institute Meeting, Hollywood, FLA
June 07-08: Perfection ED Operations, Washington, DC
June 20-22: Morningstar Investing Conference, Chicago, Ill

Please send in your meetings and dates for listing in the next issue of our Events-Planner.

MarcinkoAdvisors@msn.com

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

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Filed under: Events-Planner | Tagged: Events-Planner, medical executive post | Leave a comment »

The Future of eMRs

Posted on June 1, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Truth or Consequences?

Assessment

Truth or consequences; let ME-P readers and subscribers decide.

Conclusion

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ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Information Technology | Tagged: eDRs, EHRs, electronic health records, electronic medical records, EMRs, The Future of eMRs | 6 Comments »

How Doctors and Advisors are Defending Themselves Online

Posted on May 31, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

About www.Reputation.com

Medical professionals, financial advisors and management consultants can now get instant results and find out about their reputation on the Internet.

Why?

Patients, people and clients are posting new content on the Internet every day. Keeping tabs on a personal or professional reputation, with this Internet monitoring service, may be vital to your reputation and practice success.

Why you may need Internet Monitoring

Finds existing posts about YOU online
Sends alerts whenever new posts appear
Finds exposed personal info in databases
Identifies and alerts you to damaging posts

Assessment

No one asks for job references, patient or client referrals, or background information anymore; they ask Google. And so, if your name turns up negatively in news or CRD reports, patient complaints, messy divorces, bankruptcies, legal filings, embarrassing photos or other questionable material, you’re likely to get passed over.

Check out www.Reputation.com and tell us what you think?

Conclusion

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PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Career Development, Information Technology, Insurance Matters, Risk Management | Tagged: EO insurance, MDs and FAs Defending Themselves Online, medical risk management, risk management for physicians and advisors, www.Reputation.com | 7 Comments »

Increasing Operating Room Efficiency and Flow-Thru Logistics

Posted on May 30, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Achieving Better Prep, Execution, and Discharge in the OR

By Denice Soyring Higman

By Adam Higman

By Dragana Gough

http://www.soyringconsulting.com

Pre-Operative Phase

The OR should run like a well-oiled machine with patients moving through each stage seamlessly as the slightest factor can have lasting negative effects. As with most things, the process of improvement must start at the beginning with Pre-admission Preparation. Ensuring that patient files have an up-to-date History and Physical (H&P) and Laboratory and Radiology reports, as well as financial clearance will aid in the improvement process.

Some Vital Queries

One of the keys to improving preoperative performance is involving physicians. Assess where things stand by asking these questions:

Is Anesthesia involved in team decision making?
Are Medical Staff taking an active role in throughput?
Is your Anesthesia staff reviewing patient charts for the next day?
Anesthesia staff should assess a scheduled patient when the health history suggests potential problems

Holding Area or Not?

It depends. Most hospitals do not use holding areas for all patients, even though the areas may exist. Typical uses for holding areas include inpatient surgery patients and anesthesia services for line insertions, etc. For smoother transitions in the OR, you should consider elimination of multiple stops for outpatients.

Operative Phase

Operative throughput should start with an assessment of your instrument and supplies. This begins with a review of your case cart readiness, including the number of trays and instruments, used and unused. The goal of this review is to eliminate any additional unneeded instrument counting/processing. To avoid case delays, ensure that all materials and supplies pulled for the case are correct and your preference cards are updated. As with any procedure, make sure that the equipment is functioning correctly and that all personnel are fully trained for the job. Perform proper maintenance checks ahead of time and review storage and organization procedures to ensure that the equipment is readily available for the next case start time. Unreliable items that frequently break/malfunction can have a huge effect on turnover.

Team Approach to Operating Room Turnover

It is imperative that the OR staff be ready to start on time and every person in surgery should have a part of the turnover process. Surgeons can set the stage for expectations, especially if they are present during turnover/set-up. Do not let them perform a disappearing act. Work with surgeon’s office staff on scheduling issues if there continues to be a problem. For Anesthesia, Scrub, and Circulator staff, create buy-in for quick turnover time, utilize specialty teams, if possible, publicize turnover results (monthly), and celebrate improvements. Anesthesia can help transport patients from Holding/Day Surgery to OR and housekeeping needs to be readily available to assist with cleanup. Nursing staff can assist with cleanup of rooms and patient transport. The bottom line, everyone needs to pitch in whether it is in their “job description” or not.

Post-Operative Phase

To continue the momentum, make strides in post-op procedures starting with discharging from the post-anesthesia care unit (PACU). Acute care facilities should consider discharging select, low acuity patients directly from PACU.

Pre-Order Now

We are now preparing the next edition of our book: “Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies]. In-Process from: (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

Conclusion

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Filed under: Experts Invited, iMBA, Inc., Quality Initiatives, Recommended Books, Research & Development | Tagged: Adam Higman, Denice Soyring Higman, Dragana Gough, Flow-Thru Logistics, http://www.soyringconsulting.com, Operating Room Efficiency | 7 Comments »

The High Cost of College Loans

Posted on May 29, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Slowing Down the Speeding Train of Educational Debt

By Rick Kahler MS CFP® ChFC CCIM

www.KahlerFinancial.com

Trying to improve on the free market system almost always ends badly. Take medical school or college tuition as an example. It’s an important segment of our economy, since for most a college education is a door to higher wages and a better lifestyle.

Tuition Due in Cash

In the days before college loans were as ubiquitous as mountain pine beetles in the Black Hills of SD, college costs were like any other service. They were due in cash. Students and their parents had to save money or pay tuition out of their earnings. Many students worked their way through college. Those whose parents didn’t save, who couldn’t or didn’t want to work, or who didn’t have high enough grades to get scholarships didn’t go to college.

Supply and Demand Basics

Since colleges competed for students, of course, schools had to keep a close watch on their tuition rates. Raising tuition too much resulted in fewer students. Fewer students meant falling revenues. The two forces of supply (college capacity) and demand (the ability to pay the tuition) kept college costs in check.

Political Fiat

Understandably, getting a loan to pay for college tuition was difficult. What sane bank or investor would make a loan to an unemployed teenager with no collateral to speak of? If you could find someone willing to make such a risky loan, the interest rate was more like the high rates charged by credit card companies.

Well-intended politicians decided it wasn’t fair that those who didn’t have the means to pay the tuition were denied college educations. They decided the solution would be to require the taxpayers to loan unemployed teenagers the money they needed to pay their tuition, sometimes at interest rates lower than what the most creditworthy could obtain.

Easy Money

With tuition money easy to obtain through loans, demand for a college education increased. With the increased demand came higher tuition costs. This easy money is the primary reason that college tuition costs have far outpaced inflation and gone up twice as fast as medical costs since 1985.

Unfortunately, one consequence of loaning money to someone the private sector deems a poor risk is that many of those borrowers will be unable to repay the debt. That’s why the private sector took a pass on making the loans in the first place. It should come as no surprise that 60% of all student loans are currently in default. According to The Kiplinger Letter, December 2, 2011, that default rate will only get worse, as the unemployment rate of those aged 20 to 24 is around 14%. Today, taxpayers are on the hook for over 70% of the $1 trillion in outstanding student loans.

Rising Appetites

And the appetite for loans continues to rise. This year we will add another $100 billion in college debt to the books. Today, the average student graduates with over $27,000 of debt owed to institutions or the government and another $7,000 owed to parents. It isn’t uncommon for a medical student to amass over $200,000 of student loan debt.

College Loan Debt

The more college loan debt that graduates take into the workplace, the less they have to spend for vehicles, rent, and consumer goods. The 60% who are in default on their debt will also mar their credit ratings, so their purchasing power will suffer for years to come.

Assessment

If taxpayers ever decide to quit footing the bill, many colleges’ tuition rates will fall. They may crash as hard as housing prices did in Florida, Arizona, and California. It will be a buyer’s market. But, that day could be years away. In the meantime, savvy students will do whatever they can to minimize their college tuition and graduate debt-free.

Conclusion

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Career Development, Financial Planning, Funding Basics, iMBA, Inc. | Tagged: college costs, college loan debt, college loans, medical student debt, Rick Kahler CFP®, student debt, The High Cost of College Loans | 11 Comments »

Emergency Room Doctor Pet Peeves [A Humorous Video]

Posted on May 27, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

An Insider’s Look Around

[By Staff Reporters]

Are you tired of those long Emergency Room wait times and the overcrowding once inside? The ERs are usually jammed on weekends, and holidays, right?

***

Assessment

Well – This video is an example of the many issues an emergency department will unlikely be able to help you with this Memorial day weekend. But, those medical personnel, and ME-P readers, who work in the EMS or ER setting can hopefully relate to this encounter. A word to the …wise!

Video Link: http://www.youtube.com/watch?v=1KYmcwVGo9w&feature=related

Conclusion

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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

Hospitals & Healthcare Organizations: Management Strategies, Operational Techniques, Tools, Templates and Case Studies

Filed under: Career Development, Health Insurance, Practice Management, Videos | Tagged: ED, emergency room, Emergency Room Doctor Pet Peeves, EMS, ER | 5 Comments »

Reasons Why Doctors Should Get New Automobile Tires

Posted on May 27, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

My Diatribe on Saving Lives

By Dr. David Edward Marcinko MBA

[Editor-in-Chief]

Even though the price of crude oil, and hence gasoline is down of late, we’ve had an excellent response from doctor readers regarding our recent ME-Ps on automobiles, car insurance, driving costs, and fuel efficiency, etc. So, while not a forum for auto enthusiasts – it is Memorial Day weekend after all – I’ll try to give our readers what they want with this personal essay.

Tires

Regardless of how well you care for your tires, the time will come when you must replace them. Safety as well as convenience is at stake. You don’t want a flat tire, but driving with worn tires also makes your car more difficult to control, especially in bad weather. Although many doctors get so busy they forget to check their tires, others do not know how to tell when they need to replace their tires. The following pointers will help you learn how:

Tread Depth

As tires roll over highways, the friction between them and the road wear down their treads. When tires have inadequate tread depth, they will not grip the road well and can lead to unsafe driving conditions, especially in the rain. The National Highway Transportation Safety Administration says the minimum safe depth of a tread is 1/32 of an inch. You may not have a ruler handy to measure your tread, but a simple technique makes checking your treads easy.

Take a penny and insert it into the tread groove with Lincoln’s head pointed downward toward the center of the wheel, facing outward. If you can see Lincoln’s forehead, the tire still has useful life. If you can see Lincoln’s hair on top of his head, you will soon need a replacement. Finally, if you can see the top of Lincoln’s head or the empty space above it, you should replace the tire as soon as possible.

Tire Inflation

tires

Wear Indicators

In the United States, tires have wear bars that provide a visual signal when they need replacement. Wear bars are shorter than healthy treads, so they are not noticeable to most drivers. When treads wear, the wear bars become visible and look like bridges across the tread grooves. When this happens, you need to buy new tires. Some doctors have trouble identifying wear bars at first, so if you can’t see them on your tires, ask a service technician or your local mechanic to show you.

***

Age

Tires lose their integrity with age. Heat, sunlight, chemicals from the road, and gases from the air cause tires to corrode and oxidize, making them unsafe for use. This problem can especially affect spare tires which often sit in trunks unnoticed and unused for prolonged periods. Develop a replacement plan for any cars you own that get little use and for your spare tires. Tires wear at different rates depending on how often the car is driven and how many miles are put on it each year, so there is no exact time frame for tire replacement.

Other Signs of Wear

Not all tires wear evenly, so all medical professionals should periodically inspect every part of their tires. Look for uneven wear and flat spots on the edge of the tread. Replace tires that bulge on the sides. Visible wires signal that a tire has gone too far. The wires you see come from the metal belts that strengthen tires; manufacturers do not intend for this part of a tire to contact the road.

To avoid problems with your tires, inspect them regularly or have your mechanic or dealership inspect them anytime you go in for service or an appointment. Try adding a reminder to your task list, calendar, or schedule to make sure your tires never leave you stranded or put you or your car in danger.

My Tires

My own luxury weekend “fun” vehicle is a vintage European, pearl white, touring Jaguar XJ -V8- LWB. I love the control, precision and feel of my high-performance Pirelli P6 tires. It’s how I roll.

GOMER [Get Out of My Emergency Room]

I covered the emergency room for more than a decade; auto accidents due to poor tire tread are endemic especially at night and in the rain. So, please check your tires, and replace them if needed; today. We want our ME-P readership to grow. The life you save may be your own.

Assessment

This ME-P is a follow-up, by reader request, of a prior popular essay of mine. How Smart Doctors Can Save Big at the Pump I appreciate your interest.

More photos: https://medicalexecutivepost.com/wp-content/uploads/2012/04/dems-jaguar.pdf

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: Funding Basics, Risk Management, Touring with Marcinko | Tagged: auto tire safety, Doctors - Please Get New Automobile Tires, Dr. Marcinko, Jaguar XJ-8, National Highway Transportation Safety Administration, NHTSA, tire treads | 10 Comments »

Celebrating Geek Pride Day

Posted on May 25, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Not for Doctors … Only

This glorious 25 May is once again upon us, towels are being folded correctly and thousands of voices are suddenly crying out in pain as they discover another little tweak to a certain film that was first released 35 years ago today. If that isn’t enough for you to celebrate, today is also once again Geek Pride Day. Last year IT recruitment agency Modis commissioned a survey of 1,000 Americans on their opinions around the term geek, and they’ve run it again this year to see how things have changed.

Smart Geeks

Looking through the results it seems that Geeks are becoming even more acceptable than last year, with 54% of respondents rating Geeks as “extremely intelligent” (up from 45% last year). 71% reckon we’re the people to go for technology advice (up from 56%), and more than half of Americans (51%) define Geeks as professionally successful – like medical professionals and ME-P readers – a huge leap from the 31% in last year’s survey. Around two-thirds of respondents defined a “Geek” as someone who is addicted to technology and who spends more time online than offline, yet when given a list of items and asked which they would have trouble living without, 71% of the “Geeks” put a pen and paper above technology and gadgets such as a computer (58%), smartphone (41%), or MP3 player (25 %). The non-geeks listed their cars as the thing they couldn’t live without!

Results

The results show that our addiction to our smartphones is still increasing with 45% of “Geeks” admitting to using their phones whilst driving – but it’s not clear if this is simply for sat-nav or musical reasons, or whether Angry Birds on the go is really taking off. (Note: please don’t be among this number – it’s a really silly, and illegal, thing to do). Slightly less worrying is using them in other inappropriate places such and weddings, funerals, on a date or, in 3% of respondents’ cases, at a job interview! Bet that went down well.

Surprises

One result we find surprising is that 60% of “Geeks” would find it more stressful to lose the data from their hard drives than to go through a relationship breakup. All we can say to that is that the pool of respondents couldn’t have contained too many GeekDr.Dads and GeekDr.Moms because; a) we would definitely miss our other halves more than a bit of data, and b) we’d have all that data backed up securely. Then again, the docs do seem to love their mobile aps.

Assessment

In several different locations, the ME-P and Modis is also running a little “GeekStakes” competition in conjunction with our friends at ThinkGeek over on their Facebook page until June 1st, where you can win some more gadgets to distract you from doing the thing that you’re supposed to be doing right now!

And so we ask – Doctors – Geeks, Nerds or NOT?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Doctors Only", Alerts Sign-Up, Information Technology | Tagged: are doctors nerds?, Celebrating Geek Pride Day, doctor geeks, doctor nerds, ME-P geeks, Modis, nerd pride day, physician geeks | 1 Comment »

How Much Money Do Americans [Doctors] Really Save?

Posted on May 25, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Not Nealry Enough – Much More Needed

This infographic from BillShrink.com displays the average savings accounts of typical Americans.

The Averages

It begins by showng the median household income, minus taxes, plus tax returns, which equals about $40,500 per year. The average American spends 94% of their disposable income, leading only $2,400 to be saved each year by this “average American,” but only 41% actually put that money into savings. That said, 43% of Americans spend more than they earn, leaving them in debt. When compared to the rest of the world, Americans save far less, with China saving 30% of their income on average.

Reasons for Not Saving

After displaying this staggering data, the infographic goes into a list of reasons by Americans can’t save money. These reasons include the following:

Lifestyle maintenace
Instant gratification
Credit cards don’t feel like real money
Avoiding the truth about their bank account
Egotism
Keeping up with the Jones’, other doctors’, etc.

Assessment

For anyone who has a problem saving, this infographic could be eye opening. If we as Americans could come to terms with the 5 reasons it’s hard to save, we could likely overcome these and start saving more. But, what about medical professionals?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Financial Planning, Funding Basics | Tagged: How Much to Americans [Doctors] Save?, savings rate | 2 Comments »

On the Emotional and Financial Returns of Paying Off the Mortgage

Posted on May 24, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

The ROI of Sudden Money

By Rick Kahler MS CFP® ChFC CCIM www.KahlerFinancial.com

Suppose you’ve come into some extra cash, doctor. You decide to use it prudently in one of three ways: keeping it in cash, putting it into your retirement plan, or paying off your home mortgage. Which is the better option?

A Personal Decision

I usually find the answer, for most medical professioanls, isn’t just about the money. Paul Thorstenson, an accountant with Ketel Thorstenson, agrees. He calls paying off a home loan “as much a personal decision as an investment one.”

Factors for Doctors to Consider

The first factor to consider is investment return. Thorstenson suggests you think of paying off debt as a risk-free investment. “Because the interest is fully deductible if you itemize, your paydown of the debt is exactly equivalent to making a risk-free investment (like a CD) that pays you a taxable yield equivalent to your interest rate.”

If your interest rate is 4.5%, that’s the return you will earn on the money you invest in paying off your mortgage. If this is difficult to visualize, think of it this way. When you pay off your debt, you are actually buying your loan from your bank much like banks sell loans to one another. You continue to make payments, only now the payments go to you instead of the bank. The money you invested in “buying” (paying off) the mortgage is now earning 4.5% for you instead of your bank.

Paying down (investing) your own debt – for most medical professionals – is usually much better than keeping your funds in a money market, savings account, or certificate of deposit where they earn .5% to 2%.

Invest or Pay Off Debt?

A trickier decision is whether to invest the funds rather than pay debt. While investing always carries some risk, a diversified portfolio with 60% stocks and alternative investments (real estate, commodities, managed futures) and 40% bonds will typically return 6% to 8% over ten or more years.

If you can use your extra cash to maximize a contribution to a retirement account like an IRA or 401(k) or 403(b), you will earn 6% to 8% tax deferred (or tax free with a Roth IRA) which is better than paying off a debt yielding 4.5%. The younger you are, the more sense it makes to contribute the funds to a retirement account.

Non-Retirement Accounts

If the investments are not in a retirement account, then you must compare the after-tax return to get an equivalent comparison. For example, if you are in a 25% tax bracket and will earn 6% on your investment, your after-tax return is 4.5%, exactly equal to what you would earn in our example of paying down the debt. In this case, I would usually take the “guaranteed” investment of paying down the debt.

Mortgage Reduction Tax Benefits

In deciding whether to pay off a home mortgage, there are some additional tax and emotional considerations. Thorstenson notes that there are currently no limitations on the deductibility of loan interest, even by high income taxpayers. The “phaseouts” which expired two years ago will come back again in 2013 when (and if) the Bush tax cuts expire. “With the phaseout you will lose 3% of every dollar of deduction for every dollar of income that exceeds about $150,000.” For most taxpayers, this won’t be a major factor.

Emotional Benefits

Probably more important than the investment and tax considerations are the emotional benefits of paying off home mortgage debt. Thorstenson says, “It gives one a sense of freedom in that you are not handcuffed to a mortgage. I’ve never once seen a client -or doctor- who had a paid off house leverage it back up and buy a mutual fund.”

Assessment

Like finishing medical school, paying off a home is a great emotional accomplishment. And, that sense of accomplishment may be the most important investment return you can have.

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Financial Planning, Funding Basics | Tagged: behavioral economics, mortgage pay off, On the Emotional and Financial Returns of Paying Off the Mortgage, Paul Thorstenson, rick kahler, sudden money | 2 Comments »

A Look at Some Famous IPOs [Including WebMD]

Posted on May 24, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Where Are They Now?

Assessment

With all the FB hoopla recently, we thought it would be fun to look at some other famous IPOs.

Link: http://marketday.msnbc.msn.com/_news/2012/05/23/11830823-facebooks-dream-ipo-is-starting-to-look-like-a-nightmare?lite

Channel Surfing the ME-P

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

Conclusion

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, Investing, Portfolio Management | Tagged: Facebook, Famous IPOs [Including WebMD], FB, initial public offerings, IPOs, WebMD | 1 Comment »

Introducing the ProPublica Patient Harm Community

Posted on May 23, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

By Daniel Victor and Marshall Allen
ProPublica, May 21, 2012, 2:32 p.m.

On Facebook

You could fill a baseball stadium many times with the people who experts say die each year from an error [1], injury or infection [2] suffered while undergoing medical treatment. Many more are harmed.

Using Facebook, we’ve created a space to bring together those who have been harmed and others concerned about the problem. Join the community or follow the conversation here. [3]

Shared Stories

Group members have already shared stories of personal disability or the death of a loved one due to surgical mistakes, becoming infected with deadly drug-resistant bacteria and dental mishaps — including cases they claim were not properly addressed by health care providers.

For example, some of ProPublica’s past health-care reporting focused on gaps in nursing oversight [4], drug company payments to doctors [5] and abuses at psychiatric facilities [6]. With Facebook, we want to build a community of people — patients as well as doctors, nurses, regulators and health-care executives and others — who are interested in discussing patient harm, its causes and solutions. Among other things, we’ll post Q&As with experts and provide links to the latest reports, research and policy proposals. Your suggestions are welcome along the way.

Please Join Us

Share your story, ask questions and provide your perspective with other members. Your contribution may help shape our reporting.

The community is moderated by ProPublica reporters Marshall Allen [7] and Olga Pierce [8].

Marshall has covered patient harm since 2006. While at the Las Vegas Sun, Marshall’s series, “Do No Harm: Hospital Care in Las Vegas,” [9] won a Goldsmith Prize for Investigative Journalism and was a Pulitzer Prize finalist.

Assessment

Olga specializes in health policy, insurance issues and data journalism. She is a graduate of the Stabile Investigative Journalism Seminar at Columbia University and a finalist for the 2011 Livingston Awards.

Daniel Victor [10] and Blair Hickman [11], ProPublica’s social media team, try to also keep an eye on things.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Professional Liability, Risk Management | Tagged: Daniel Victor, HAIs, health inspectors, Introducing the ProPublica Patient Harm Community, Marshall Allen, medical negligence, ProPublica | Leave a comment »

More on the Art of “Slow” Medicine

Posted on May 22, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

And … Slow Dentistry, too!

By Ann Miller RN MHA

[ME-P Executive-Director]

BOOK REVIEW

We don’t know exactly when, but the practice of medicine has morphed into the delivery of health care.

Of course, if healthcare has become big business, we at the ME-P through our publication, text and handbooks, advertisers and sponsors, as well as speaking and consulting engagements may be partially to blame. But, hopefully not to the extreme it has become in some cases.

For example, did you know that Medicare has a CPT® medical payment code for a ten minute “treadmill” office visit?

God’s Hotel – The Book

So, if you aren’t sure – or are too young to know – of what’s happening today, the new book “God’s Hotel” is for you. It’s an engaging book by Dr. Victoria Sweet, a general internist from Laguna Honda Hospital that chronicles her perspectives from the last almshouse in the United States.

IOW: She is off the insurance grid and has discovered a way to benefit patients, not necessarily medical providers, by practicing something called “slow” medicine.

THINK: Marcus Welby MD

Slow Dentistry

Of course, our own ME-P investigative reporter Darrell K. Pruitt DDS, has been commenting and opining on this issue vis-a-vie the dental insurance industry treadmill of “fast” production line oral care.

For example, he often asks his colleagues: Are you fed up with successfully doing intricate handwork to exacting tolerances in mouths of anxious patients and then having to fight to get the patients’ insurance company to pay what they rightfully owe THEIR CLIENT.

IOW: Working faster and faster, for less and less compensation.

Assessment

“God’s Hotel”: A Doctor, a Hospital, and a Pilgrimage to the Heart of Medicine

Link: http://www.amazon.com/Gods-Hotel-Hospital-Pilgrimage-Medicine/dp/1594488436/ref=sr_1_1?ie=UTF8&qid=1337177871&sr=8-1

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: "Doctors Only", Book Reviews, Ethics, Practice Management | Tagged: business of medicine, Darrell Pruitt, delta dentall, dental managed care, God’s Hotel, managed medical care, medical ethics, slow medicine, victoria sweet | 4 Comments »

Understanding Health Insurance Plan Coverage [A Video]

Posted on May 22, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Knowing Managed Care Terminology, too!

In this YouTube encore video presentation, Ricki Hasou from the MD Anderson Cancer Center talks about knowing your health insurance plan coverage and knowing the terminology behind managed care.

Link: http://www.youtube.com/watch?v=bDSm6vyHVVE&feature=related

Assessment

It is very important to understand how your health plan works when you sign up, before you begin making plans for cancer or any other type of medical treatment, and especially if you are leaving your designated healthcare service area.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Glossary Terms, Health Insurance, Videos | Tagged: Dictionary Health Insurance Managed Care, glossary managed care, health insurance glossary, health insurance terms, HMO, managd care terminology, MD Anderson, PPO, Ricki Hasou, Understanding your Health Insurance Plan Coverage | 1 Comment »

The Anatomy of a DUI

Posted on May 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Do Not Drink and Drive

Drinking and driving has been one of America’s top issues in recent years. Just ask any emergency room doctor or nurse.

The current generation has been told over and over again about the dangers of drinking and driving. They’ve seen videos, brutal live-action plays, heart-wrenching self testimonies and even real life examples. Although, this infection of automobile alcoholism has managed to decrease fatalities by 5% in the last 3 years, the sheer amount of people who still drink and drive is astounding.

In fact, some universities have escort programs where students volunteer to be a ride home for those under the influence on Friday and Saturday nights.

Assessment

The battle against drunk drivers is one steep uphill treck. Alcohol has always been rooted in American tradition, but luckily taxies are too.

Conclusion

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Filed under: Insurance Matters, Risk Management | Tagged: alcohol on breath, AOB, driving under the influence, ETOH, impaired driving, MVA, The Anatomy of a DUI | 2 Comments »

Why Physicians Should Double-Check Their 2012 Taxes

Posted on May 20, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A New AICPA Service

The American Institute of CPAs (AICPA) is offering a new service on the Total Tax Insights Website.

Surveys by the AICPA show that most Americans do not realize how much they are paying in federal, state and local taxes. AICPA President Barry C. Melancon noted, “Our recent national poll showed that taxpayers do not know the percentage of their income that goes to pay taxes or how many types of tax they pay annually. AICPA’s goal is to make federal, state and local taxes more transparent and the total tax insights calculator does that.”

In AICPA surveys, two-thirds of Americans did not understand the amount of tax that they were paying. Many did not realize that they were paying 10 to 20 different taxes over the course of a year.

The Total Tax Insights Website

AICPA’s website, www.totaltaxinsights.org is designed as a public service to help everyone understand taxes. AICPA believes that understanding taxes will be very helpful to Americans in their monthly financial planning.

The Total Tax Insights calculator enables taxpayers to enter their basic information. This includes their city, marital status, adjusted gross income and number of dependents. The optional entries include medical deductions, property taxes, charitable deductions and similar items.

After entering in your information, the calculator will show your federal income tax, state income tax and 10 to 15 other potential taxes. In addition to the list of potential taxes, there also is a pie-chart that shows the total amount and the percentage of each tax.

Assessment

Your identification is protected on the site. There is no name or identification required. The AICPA offers the educational website and calculator as a public service. So doctors, check it out and tell us what you think?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Doctors Only", Financial Planning, Taxation | Tagged: AICPA. CPAs, American Institute of CPAs, Barry C. Melancon, Financial Planning, Income taxes, IRS, tax, tax planning, Total Tax Insights Website | 1 Comment »

Tips from a Doctor for Optimizing Automobile Fuel Efficiency to Save Money

Posted on May 19, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Here’s How I Can Afford Gasoline for My Vintage Jaguar XJ-8-LWB

Dr. Dr. David Edward Marcinko MBA CMP

[Editor-in-Chief]

Dammit Spock! I’m a doctor – not an auto mechanic!

But, as the cost of fuel increases, more and more physician drivers are thinking about ways to maximize their gas mileage. As well as reducing the cost of fuel in the doctor’s pocket, optimizing fuel efficiency helps reduce the environmental impact of driving and conserves a resource that is only getting scarcer. This is especially true when you drive a luxury European touring sedan that has been said to be one of the finest in the world – like me!

There are a number of different ways drivers can increase their gas mileage. Advice and tips on fuel efficiency fall into a number of key categories.

My Tips and Pearls

1. The car that you drive can make a big difference when it comes to fuel efficiency. Clearly, the larger and more powerful the vehicle is, the lower its gas mileage is likely to be. Car manufacturers are increasingly looking to new technology to help improve fuel efficiency, and if your car is quite old then it might be time to consider switching to a new model. Fuel efficiency statistics are now commonly published and compared on driving websites, and you should consider this before buying a new, or used, car.

2. Ensuring that your car is well-maintained is also a significant factor in the fuel efficiency that you will experience. Something as small and innocuous as spark plugs, for example, can reduce your gas mileage by as much as 12%. Over the course a year, the cost of the gas you waste is likely to be far more than the cost of replacing the part. If you are in doubt, talk to a trusted mechanic about maintenance, and alway have your car serviced at the recommended intervals.

3. Tire pressure can also have a significant impact on fuel efficiency. Low tire pressure can affect the vehicle’s performance, reducing gas mileage markedly. At the same time, it is also worth remembering that having the pressure too high can also have a negative effect. Ensure that you check your tire pressure on a regular basis. Talk to your mechanic if you are unsure about the optimum pressure value for your tires.

4. The way you drive your car also impacts your overall gas mileage. The official U.S. government website for fuel economy recommends that you always observe the speed limit, noting that for each 5 mph that you drive over a 60-mph speed limit, you are likely to paying an additional $0.29 per gallon of gas. Aggressive driving can reduce your gas mileage by as much as 33% on the highway. Carrying unnecessary weight in your car also uses more fuel, and you should always turn off your engine when the car is idle.

5. By changing the way in which you use your car, you can also save money. By combining multiple short trips into single, multi-purpose outings, you can prevent wasted mileage. Commuters can consider car sharing schemes, whereby drivers take it in turns to provide transport for fellow workers, reducing the number of cars on the road. You may even choose to switch to public transport on certain days of the week, to reduce the burden on your car.

6. You can even improve gas mileage by being careful about where and when you purchase fuel. Gas is at its densest during the coolest times of day. That means that by purchasing fuel early in the morning, or after dark, the volume of gas that the pump dispenses per unit will be moderately higher than at other, warmer times of day. Be savvy about prices in your local area too, keeping an eye out for the cheapest gas stations, but don’t go out of your way to purchase fuel. The money that you save at the pump is likely to be wasted on the additional mileage spent driving to the station.

7. As the cost of gas fluctuates on such a frequent basis, learning to optimize your fuel efficiency is a great way to ensure that you get the most out of the money you spend on fuel. Ensure that your vehicle is as efficient as possible, moderate your driving behavior, and moderate the amount of driving that you do to see the biggest improvements in your gas mileage.

Assessment

This ME-P is a follow-up, by reader request, of a prior popular essay of mine. How Smart Doctors Can Save Big at the Pump I appreciate your interest.

More photos: https://medicalexecutivepost.com/wp-content/uploads/2012/04/dems-jaguar.pdf

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Financial Planning, Op-Editorials, Touring with Marcinko | Tagged: car fuel efficiency, David Edward Marcinko, gas mileage, gas prices, Jaguar XJ-8, oil prices, Tips for Optimizing Automobile Fuel Efficiency | 10 Comments »

Mobile Health Solutions Video from AT&T

Posted on May 18, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

From HIMSS 2012 and Physician Nexus

Video Link :http://physiciannexus.com/video/mobile-health-solutions-from-at-t

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Breaking News, Information Technology, Videos | Tagged: ATT, HIMSS, mHealth, mobile apps, mobile devices, Mobile Health, Physician Nexus | 3 Comments »

A Five Minute Treatise on Healthcare Economics 101

Posted on May 18, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

An Encore YouTube Video by Joe Flowers

[Staff Reporters]

Why it costs so much, yet we still don’t get what we want and need—better healthcare that is cheaper.

Video link: http://www.youtube.com/watch?v=4Ry1AkbxRQU

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, Videos | Tagged: Healthcare Economics 101, Healthcare Finance, Joe Flowers | 2 Comments »

Anatomy of Health Insurance

Posted on May 17, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

An Overview

Health insurance is a hotly debated topic in this year’s presidential elections. Obama-care has some doctors and citizens fuming over the possibility of universal healthcare. But, before preaching, one should get a full grasp of what health insurance entails for a typical buyer.

This infographic gives an overview of how the health insurance industry works. One thing for sure, the health insurance industry is a booming business, as the typical 22-year old will pay $400,000 for health care and insurance in his or her lifetime.

Assessment

So study up with our handbooks, textbooks, dictionaries and this ME-P so you can responsibly select an insurance plan that is right for you.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Health Insurance, Health Law & Policy | Tagged: ACA, Anatomy of Health Insurance, Health Insurance, personal health insurance plans, PP-ACA | 2 Comments »

Financial Infidelity – Are Doctors Different?

Posted on May 16, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Marriage and Money

Married people are happier by many measures, yet many marriages are unhappy or fail because couples bring to the partnership significant debt, including [medical and graduate] student loans and credit card balances, as well as self-deceptions and outright lies about money.

Assessment

Creditdonkey’s new research infographic urges couples to take a clear-eyed look at their prospects for happiness if they are not honest with themselves and their partners about money.

But, is this perspective also true for doctors and medical professionals?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Financial Planning, Risk Management | Tagged: divorce, Financial Infidelity, marriage and money, physician divorce | 2 Comments »

Helping Physicians Find a Trustworthy Trustee

Posted on May 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Estate Planning Basics

By Rick Kahler MS CFP® ChFC CCIM

www.KahlerFinancial.com

Trusts are effective financial planning tools based on a structure that is simpler than it may seem. The creator of the trust [doctor-layman, etc] contributes something of value into the trust and creates instructions as to how it will be managed and eventually disbursed. The trustee [third party] is responsible for keeping the property safe and managing and distributing it according to the instructions. The beneficiary [spouse-children, etc ] is the person or entity that eventually will get the property in the trust.

Trusts may be useful in estate planning, asset protection, and providing for elderly parents or other family members who may be unable to manage their own affairs.

Establishing a trust isn’t especially difficult, but it’s not a do-it-yourself project. It’s important to work with an attorney to be sure the trust complies with legal requirements and will actually carry out its intended purpose.

Trustee Selection

What may be the hardest part of setting up a trust is choosing the trustee. Here are a few suggestions that may help. Some of them come from information provided by the Financial Planning Association [FPA]:

1. Be sure you as the creator of the trust understand the trustee’s role. Ideally, trustees will have some expertise in legal matters, taxes, and investments. The specific knowledge needed will vary, depending on the scope and purpose of the trust. It’s important to discuss that purpose in detail with any potential trustees to be sure they have the necessary skills and are comfortable taking on the responsibilities.

2. Consider the pros and cons of choosing a personal or a professional trustee. Generally your choice will come from one of three categories: A personal trustee who is a close friend or family member, a personal trustee who is a professional advisor, or a corporate trustee such as a bank’s trust department.

A family member or close friend may already have inside knowledge of your circumstances, as well as having personal relationships with the beneficiaries of the trust and a personal commitment to carrying out your wishes. The possible downside is that the trustee may have conflicts of interest or find it difficult to enforce some trust provisions.

Professional advisors such as attorneys or accountants will have specialized knowledge that may be important. Even advisors who have worked closely with you will have a level of professional detachment that may make it easier to carry out your wishes, especially any that involve saying “no.”

With a corporate trustee, the relationship is with the firm rather than an individual, which provides continuity and protects the trust even if the original trustee is unable to continue serving. The downside is the lack of detailed personal knowledge and involvement.

3. Evaluate costs. Professional or corporate trustees will, of course, charge for their services. Friends or family members may not charge fees but really should be compensated appropriately. State laws govern the maximum fees trustees can charge and the specific services provided.

4. A commitment to take on the responsibilities of the trust and to carry out your wishes with integrity may be the most important quality for a trustee. Someone without financial and legal knowledge can always get help from professional advisors.

Assessment

Finally, remember doctor, the word “trustee” isn’t used by accident or coincidence. The trustee’s role is to act in your stead when you are unable to, managing the assets of the trust with the same care you would use and making the decisions you would make in the best interests of the beneficiary of the trust. The most essential factor in choosing a trustee is finding someone you can rely on to act on your behalf.

Who is, in short, trustworthy?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Estate Planning, Financial Planning | Tagged: Estate Planning, Helping Physicians Find a Trustworthy Trustee, Rick Kahler CFP®, trusts, will | 4 Comments »

About PAPERbecause.com

Posted on May 14, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Paper is Good … Pass it On

Domtar is committed to the responsible use of paper.

They are also committed to communicating paper’s place and value to the businesses and people that use their products every day. Paper is a sustainable, renewable, recyclable, plant-based product that connects us in so many ways to the important things in life.

Great ideas are started on paper.
The world is educated on paper.
Businesses are founded on paper.
Love is professed on paper.
Important news is spread on paper.

That’s why they love paper.

Assessment

But, does this include paper medical records?

Visit: http://www.paperbecause.com/

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Practice Management | Tagged: About PAPERbecause.com, EHRs, EMRs, medical records, paper medical records, www.PAPERbecasue.com | Leave a comment »

Will Retirement Be a Bust for [Doctor] Boomers?

Posted on May 11, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Are Doctors Different?

By Rick Kahler MS CFP® ChFC CCIM

www.KahlerFinancial.com

If you’re a lay or medical professional Baby Boomer, or your parents are, here’s a ray of sunshine to brighten your day: Boomers have so severely underfunded their retirements that Congress may turn to their children to bail them out.

Dr. Basu Speaks

This is the gist of an article in the April issue of Financial Advisor magazine, by ME-P “thought-leader” Dr. Somnath Basu PhD, professor of finance at California Lutheran University. He notes, “The problem could be as big, if not bigger, than the 2008 financial crisis.”

The Study

A new study by the Center For Retirement Research, Boston College, detailed on CNBC.com, finds the retirement years for Boomers will be much leaner than for their parents. An estimated 51% of them will be unable to maintain their current lifestyles in retirement.

Ironically, one major contributor to this bleak picture is the Boomer generation’s own optimism and positive thinking. Raised in a society of abundance with expectations of prosperity, Boomers have over-spent and under-saved for decades. Many of them assume they will receive ample inheritances. They see increased life expectancy as a wonderful thing, forgetting to factor in the higher medical costs that will come with it. They expect to work well into their 70′s, disregarding statistics that show many of them will be forced to retire sooner due to health problems or job layoffs.

The Numbers

Let’s look at some decidedly pessimistic numbers from the Center For Retirement Research study. The median 401(k) and IRA balance for Boomers nearing retirement is $78,000. Only around half can expect to inherit from their parents, with the median inheritance amount $40,000. That adds up to a total nest egg of $118,000, which at a 4% withdrawal rate provides less than $400 a month for life. Combining that with the average Social Security check of $1,077 means retiring on an income just above the poverty level.

What’s the Solution?

Many Boomers say they plan to never quit working. Unfortunately, this is delusional. According to a new survey by the Society of Actuaries, “The 2011 Risks and Process of Retirement Survey,” over one-third of Boomers think they will never retire and only 10% say they will retire by 60. Statistics show, however, that 50% have actually retired before age 60. The main reasons are health and downsizing, which boomers discount. Well over 90% of them maintain they have a healthy lifestyle and won’t get sick. Boomers are so out of touch with reality I wonder how many, if asked, “Will you ever die?” would answer, “No,” or “Maybe.”

Sadly, only one-third of Boomers have a plan for financing their retirement, other than planning to work until the day they die. What’s the solution for the remaining two-thirds who are unprepared?

Unfortunately, for many older Boomers it is already too late. Their lack of planning for their retirement years may mean forcing their children and grandchildren to decide whether taxpayers can afford to pick up the tab.

Assessment

Younger Boomers can take control of their retirement by radically downsizing their lifestyles and increasing their income. This means selling expensive homes, cars, and toys and living as frugally as possible. The resulting savings should first go to pay off high-interest debt, then to fund to the max every available retirement plan. Another possibility is to consider various employment options, including government jobs which offer pension plans unavailable in most private sector jobs.

Conclusion

Wise Boomers will also encourage their own children to emulate the frugality and money skills of their grandparents. The kids will need those skills for their own futures—especially if they have to help their Boomer parents pay the bills.

But, are doctors the same as the rest of us – or do they differ on this issue?

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Retirement and Benefits | Tagged: california lutheran university, Center For Retirement Research, CNBC.com, retirement planning, rick kahler, Somnath Basu | 2 Comments »

On the Genetic Information Non-Discrimination Act

Posted on May 10, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Review of GINA – 2008

[By Carol Miller RN MBA]

This Act prohibits the use of genetic information to make health insurance coverage determinations and in employment-related decisions.

GINA supports a patient’s privacy. Forty states have enacted legislation related to genetic discrimination in health insurance and thirty-one states have adopted laws regarding genetic discrimination in the workplace according to the National Human Genome Research Institute.

Assessment

For more info: www.genome.gov

***

UPDATE 2020

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: Glossary Terms, Health Insurance, Health Law & Policy, Research & Development | Tagged: Carol Miller RN, Genetic Information Non-Discrimination Act, genomic medicine, GINA, National Human Genome Research Institute, personalized medicine, www.genome.gov | 4 Comments »

Evaluating ACOs at Mid-Launch

Posted on May 9, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Moving Forward but Challenges Ahead

[By ME-P Staff]

Accountable Care Organizations [ACOs] are generating considerable attention for their potential to improve the value of our health care spending through better coordination of care and new payment incentives that focus on quality and efficiency of care.

The Challenges

Yet, even as ACOs develop at a fairly rapid clip across the nation, they face substantial challenges.

For example, In this essay, Steven Lieberman reviews the ACO landscape in both the public and private sectors and examines the major obstacles confronting these emerging organizations, including limited tools for influencing patient choice, the need for immediate and sustained cost savings, and system-wide concerns about rising costs due to enhanced market power.

Assessment

Link: http://nihcm.org/images/stories/EV_Lieberman_FINAL.pdf

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Practice Management | Tagged: Accountable Care Organizations, ACOs, NIHCM Foundation, Steven Lieberman PhD | 19 Comments »

The Trouble with Stock Marketing Timing

Posted on May 9, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Visual Statistics for ME-P Readers

Here are some statistics on the perils of market timing presented in an infographic format, including the facts that:

Over 20 years, ending in 2008, the annual return of the S&P 500 in the U.S. was 8.4% compared to the Average Investor who received 1.9%;
This cost market timers around $127,000 over that period; and
85% of sell decisions are wrong and are manly based on emotion.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Investing, Portfolio Management | Tagged: buy-sell decisions, Investing, Marketing Timing, The Trouble with Stock Marketing Timing | Leave a comment »

The 20 Largest Private Companies in the US

Posted on May 7, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A look at the 20 largest private companies in the US

Interesting how many of them (8 of the 20) are in some way highly involved in food — Cargill, MARS, Publix, C&S Wholesale Grocers, US Foods, H-E-B, Meijer and Reyes Holdings.

And, although not grouped as such below, you could arguably add Love’s Travel Stops, Pilot Travel Centers and Aramark to that group – bringing it to 11 of the 20.

Assessment

Think any of these will go pubic; besides Facebook?

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Investing | Tagged: Aramark, C&S Wholesale Grocers, Cargill, Facebook, H-E-B, hedge funds, Love's Travel Stops, MARS, Meijer, Pilot Travel Centers, Private Companies, Publix, Reyes Holdings, The 20 Largest Private Companies in the US, US Foods | Leave a comment »

Actual DEA “Meth Lab” Drug Raid [POV Photo Essay]

Posted on May 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Just say No to “Illegal” Drugs

By Anonymous DEA Agent

Preparing for a clandestine night-time lab raid – inner city row-house; Baltimore, MD

Spot lights and infrared beams cast a luminescent hue.

Note the armed agent silhouetted in the attic window.

Assessment

Danger – these guys mean business.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: Drugs and Pharma, Glossary Terms, Health Law & Policy | Tagged: "Illegal" Drugs, Actual DEA "Meth Lab" Drug Raid, clandestine drug lab, DEA, DEA agents, drug enforcement agency | 3 Comments »

Weekly ME-P Domestic Economic Updates

Posted on May 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Synopsis of the Most Recent Week Ending May 4th, 2012 … and Weekly Thereafter

[By Dr. David Edward Marcinko MBA]

The US economy continues to seek traction.

The latest Federal, Bureau Labor Statistics, Gross Domestic Product and Gross National Product reports – along with employment, housing, manufacturing and other leading macro and microeconomic indicators – seem to suggest soft job growth, weak business activity in the huge service sector, and increasingly cautious consumers.

Yet manufacturing activity appears to be solid and employers seem poised to hire—but who knows when?

Assessment

A new ME-P feature, and brief review for financial advisors, physician investors, healthcare economists and all ME-P readers and subscribers.

Conclusion

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

***

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Front Matter with Foreword by Jason Dyken MD MBA

***

Filed under: Alerts Sign-Up, Breaking News, Financial Planning, Health Economics, Investing | Tagged: BLS, GDP, GNP, leading economic indicators, macro-economics, micro-economics, Weekly Domestic Economic Update | 147 Comments »

New-Age Physician Risks Courtesy of Health Information Technology

Posted on May 4, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Issues You May Not Have Considered

By David K. Luke MIM, Certified Medical Planner™

www.CertifiedMedicalPlanner.org

The entire nation continues to experience a medical malpractice liability crisis.

Facing physicians is the concern of frequency and severity of claims that either continues to rise or remains steady. And, much has been written about the impact of the liability crisis on physicians, the medical community, patients and access to care.

But, with health 2.0 connectivity, there are even more risks for doctors, and most all medical professionals, to consider.

So, here are a few fresh liability risks to your medical practice, to you, and to your patients courtesy of the health information age:

Data breech risk. While not a new risk, the higher prevalence is new. The risks of a being fined by OCR due to the privacy rules of HIPAA because a practice had a data-breech with their EHR is becoming more common and very expensive
Risks of telemedicine. As physicians become more technologically enabled in their practice of medicine, some are turning to real-time videoconferencing and other technologies. Some specialties such as psychiatry have been early adopters, but have to make sure they are still employing the same standards of care required by an in office visit (Cash 26). Also, the telephone can facilitate medical care but also result in adverse outcomes leading to telephone-related malpractice suits (Mondor, et al 517).
Risks of new age medicine practices and their regulation. Case in point: Dry needling, which is like acupuncture, is a growing practice in places like Australia but is unregulated. Physicians should understand all regulatory and other risks when implementing new unregulated practices pushed by our new age society (Janz). Home births are on the rise in North America (even in Canada with government provided hospital delivery) but physicians end up dealing with the disasters and associated risks when they occur (Bochove 68).
Reputation Risk. Reputation is a doctor’s most valuable asset. With the new age of internet and instant information, physicians must take great care in managing their reputation on such media sources as they are under increasing public and press scrutiny (Boyd 221).
Communication risks to immigrants with limited non-native language proficiency. With today’s higher immigrant population in the United States, more medical practices are treating patients with limited English language proficiency. Clinicians now run the risk of not properly communicating medical risk information to these populations. A recent study shows that materials that include visual aids are being used by medical practices to effectively communicate with the patient (Garcia-Retamero, Rocio, and Mandeep, K. Dhami 47).
The rise of the informed distrusting patient and related risks. With the ubiquity of medical information on the internet, the risks incurred by a medical practice in properly dealing with the newly informed patients with medical degrees from the University of Google Medical School are on the rise. Physicians must refine their “bed side manner” and improve their communication skills in order to deal with a more questioning patient population. Clinicians should actively discuss what patients have read on the internet when patients refer to their internet diagnoses (Lam-Po-Tang, John, and Diana McKay 130).

Works Cited

Bochove, Danielle. “Don’t Try This At Home.” Maclean’s 124.33/34 (2011): 68. MasterFILE Premier. Web. 27 Apr. 2012.
Boyd, M. “Managing Risk To Reputation.” Clinical Risk 15.6 (2009): 221-223. CINAHL Plus with Full Text. Web. 27 Apr. 2012.
Cash, Charles, D. “Telepsychiatry And Risk Management.” Innovations In Clinical Neuroscience 8.9 (2011): 26-30. CINAHL Plus with Full Text. Web. 27 Apr. 2012.
Garcia-Retamero, Rocio, and Mandeep, K. Dhami. “Pictures Speak Louder Than Numbers: On Communicating Medical Risks To Immigrants With Limited Non-Native Language Proficiency.” Health Expectations 14.(2011): 46-57. CINAHL Plus with Full Text. Web. 27 Apr. 2012.
Janz, StephenAdams “Acupuncture by Another Name: Dry Needling in Australia.” Australian Journal Of Acupuncture & Chinese Medicine 6, no. 2: 3-11. Alt HealthWatch, EBSCOhost. Web. 27 Apr. 2012
- Lam-Po-Tang, John, and Diana McKay. “Dr Google, MD: A Survey Of Mental Health-Related Internet Use In A Private Practice Sample.” Australasian Psychiatry 18.2 (2010): 130-133. Academic Search Complete. Web. 27 Apr. 2012.
- Maureen Mondor, et al. “Patient Safety And Telephone Medicine.” JGIM: Journal Of General Internal Medicine 23.5 (2008): 517-522. Academic Search Complete. Web. 27 Apr. 2012

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: CMP Program, Information Technology, Risk Management | Tagged: CMP Program, david k. luke, EHRs, health data breaches, New-Age Physician Risks Courtesy of HIT, OCR, Risks of telemedicine, www.certifedmedicalplanner.org, www.NetWorthAdvice.com | 9 Comments »

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