Happy Birthday PP-ACA

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

What if You Threw a Party – and Nobody Came?

Assessment

Two year anniversary [2010-2012].

Conclusion

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Filed under: Health Law & Policy | Tagged: Affordable Care Act., Obama care, PP-ACA | 7 Comments »

IRS Announces Online “EO” Search Tool

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

About “Exempt Organizations Select Check”

By Children’s Home Society of Florida

The IRS announced last week that it has created an online search tool called Exempt Organizations Select Check. The new search tool is very useful in understanding whether a charitable organization currently qualifies for deductible gifts.

Internal Revenue Service Website

On www.IRS.gov, select Charities and Nonprofits – More Topics. On the right side of the screen, select Search for Charities and load the Exempt Organizations Select Check page.

The new page allows three types of searches.

1. Exempt Organization Publication 78 – Organizations qualified to receive deductible contributions.

2. Non-exempt Organizations – Because many smaller organizations did not file Form 990-N (ePostcard), their exemptions were automatically revoked.

3. Qualifying Form 990-N Organizations – Those organizations that did comply with the ePostcard notice are listed.

Editor’s Note: Advisors or board members of charities may find the new EO Select Check useful in determining whether a charity has complied with the requirements to file IRS Form 990, Form 990-EZ or IRS Form 990-N. If an organization is no longer exempt it may be appropriate to file a new IRS Form 1023 and apply for exempt status.

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Filed under: Taxation | Tagged: Charities, Exempt Organizations Select Check, IRS, IRS Announces Online "EO" Search Tool, Tax Exempt Organizations | Leave a comment »

On the Protecting Access to Healthcare (PATH) Act

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

ADA Makes Progress Against McCarran-Ferguson

By D. Kellus Pruitt DDS

The ADA makes real progress against McCarran-Ferguson. I’ve watched the American Dental Association fight long and hard against the unfair McCarran-Ferguson Act of 1945. ADA leaders and I still don’t agree on the need for transparency in the professional organization instead of proud unresponsiveness, but nevertheless, I’ve always been publicly supportive of their efforts to repeal the M-F Act.

Insurance Industry

The insurance industry is powerful in Washington. Over the short term, common sense has proven to be far less influential than their generous campaign contributions – making this a long haul for ADA officials. Yet the amendment to H.R. 5, Protecting Access to Healthcare (PATH) Act, which was offered by Rep. Paul Gosar (R-Ariz.), a dentist, is finally scheduled to come up for a vote on Thursday, March 22, 2012

Good Work – ADA

http://www.ada.org/news/6926.aspx

If passed, the legislation will restore the application of antitrust laws to the business of health insurance. Makes sense, right? After all, if every other business in the nation, including professional organizations, can be prosecuted by the FTC for collusion, why should Delta Dental, BCBSTX and other members of the National Association of Dental Plans (NADP) be exempt from antitrust laws which protect their clients.

I and others are hopeful that this will end many of dental insurers’ current business practices which unfairly force dentists to accept take it or leave it terms that would be unacceptable in a fair market. Maybe the repeal will also make insurance lawyers think twice before alerting the FTC when ADA News speaks honestly about the harm caused by suspiciously similar policies of numerous NADP members.

Assessment

Even if the M-F is repealed, here is an example of truth in dental care that I bet ADA leaders still won’t be able to share with Americans: Unfair downward pressure on contracted dentists’ payments always hurts clueless dental patients the most. Delta Dental’s greed will never be satisfied and dentists’ ethics aren’t free.

NADP, meet the FTC.

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Filed under: Health Insurance, Health Law & Policy, Insurance Matters, Pruitt's Platform | Tagged: ADA, amendment to H.R. 5, BCBSTX, D. Kellus Pruitt DDS, delta dental, FTC, McCarran-Ferguson, National Association of Dental Plans, Protecting Access to Healthcare (PATH) Act, Rep. Paul Gosar (R-Ariz.) | 3 Comments »

A Visual Guide to Pissing Off The Financial World

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

On the History of AIG

According to Wikipedia, the American International Group, Inc. (NYSE: AIG) or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong.

According to the 2011 Forbes Global 2000 list, AIG was the 29th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22nd, 2008.

AIG suffered from a liquidity crisis when its credit ratings were downgraded below “AA” levels in September 2008. The United States Federal Reserve Bank on September 16, 2008 created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG.

###

Assessment

The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion.

AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets.

Many physician investors were affected.

Source: www.CreditLoan.com

Conclusion

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Filed under: Ethics, Insurance Matters, Risk Management | Tagged: A Visual Guide to Pissing Off The Financial World, AIG, American International Group, bailout, insurance collapse, United States Federal Reserve Bank | 2 Comments »

Public Misconceptions of Private Equity

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

A Political Season Review

By Rick Kahler CFP® MS ChFC CCIM

www.kahlerfinancial.com

During tax time and this very political season, some of the attacks on Mitt Romney as a Presidential candidate have focused on his tenure with the private equity firm Bain Capital. Critics and rivals have denounced Romney as “profiteering off the backs of fired workers,” and running a “vulture capital” rather than a “venture capital” fund. A PAC supporting Newt Gingrich even produced a documentary about Bain which tries hard to leave viewers with the idea that capitalism isn’t evil, but private equity firms are.

The Negative Impressions

Some of this negativity may come from a lack of understanding as to what “private equity” really means. Here’s my explanation.

First, equity just means “common stock.” Whether equity is public or private depends on whether the company lists its shares on a public exchange, like the New York Stock Exchange or the NASDAQ, or is privately held. When you purchase a share of common stock, either directly or through a mutual fund, you buy it from a public stock exchange where anyone can buy or sell shares of stock. Private equity shares, however, are bought and sold privately, just like houses or small businesses.

One of the benefits of a public exchange is that it makes owning a slice of a company exceedingly affordable. For example, for about $600 you can own a share of Apple, the largest company in the U.S. If Apple were privately held, you would need $500 billion to buy it. If you were a little short on cash but still wanted a piece of Apple, you and 999 of your closest friends could pool your resources. You’d only need $500 million each.

That is exactly what a private equity company does. It brings together substantial investors, usually institutions, pooling their money to purchase companies not available on public exchanges. This requires raising or borrowing amounts that may be in the billions of dollars. The minimum to invest in a public equity company is often one million to 25 million dollars or more, putting it out of reach of most Americans.

An Asset Class

However, that doesn’t mean John Q. Public doesn’t own a slice of the private equity pie. Public pension funds, like the South Dakota Retirement System, have invested over $200 billion in private equity funds. The SDRS invests over 10% of its $7.8 billion fund in private equity. Many investment officers and committees feel this is such an important asset class that not holding a portion of their portfolio in private equity would violate their fiduciary duty to the fund.

Why Invest Privately?

Why invest in companies that are privately held? They often are purchased for lower prices than their publicly traded cousins, which makes owning them more profitable. In other cases a private equity firm will purchase a company that is failing or purchase a public firm and make it private.

In most every case, the private equity company’s aim is to try and improve the profitability of the company in the hope of reselling it at a profit or taking it public. Sometimes this is successful; sometimes it isn’t.

Goals of Private Equity Firms

What is the goal of a private equity company? Why, to produce a return for its investors, of course. Like any other business, its ultimate goal is not to create jobs. While more jobs may be a byproduct of creating better profitability, that isn’t always the case. Nor should it be.

Assessment

Failing to turn around a struggling company or laying off a division that is sucking a company dry in order to save the company isn’t evil. It is a natural and crucial component of a competitive free market system, a system that has given the U.S. one of the highest standards of living the world has ever known.

Conclusion

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Filed under: Alternative Investments, Portfolio Management | Tagged: Bain Capital, Mitt Romney, NASDAQ, New York Stock Exchange, NYSE, Private Equity, Public Misconceptions of Private Equity, rick kahler, venture capitalists, vulture capital | 2 Comments »

Property Taxes in America

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

A Seldom Discussed Topic Among Medical Professionals

The housing market across the country has tanked. That should mean lower property taxes, right?

It’s true that property taxes do fall when housing values drop. But, this fall doesn’t happen in perfect time with the market. There’s usually a delay. And even when property taxes do fall, it’s often not enough to satisfy cash-strapped doctors and other homeowners.

Plummeting Home Values

This isn’t surprising. Homeowners today are struggling with plummeting home values. Those who bought their homes in 2004, 2005 or early 2006, especially, have most likely seen their homes lose tens of thousands of dollars in value.

It is little wonder, then, that physicians and others homeowners today are taking a closer look at their property taxes. Here is a look at what type of property taxes you pay depending on the state that you call home.

For example, if you live in New Jersey, you might not want to open that property tax bill. The state featured the highest median property taxes on owner-occupied housing, according to 2008 data by the U.S. Census Bureau. Homeowners here paid a median of $6,320 in property taxes each year. Connecticut came in second with a median property tax of $4,603 on its households. Right behind was New Hampshire, $4,501; and New York, $3,622.

Other states with high median property taxes include Rhode Island, $3,534; Massachusetts, $3,404; and Vermont, $3,281. Looks like you shouldn’t buy a home in the East if you want to pay lower property taxes.

On other end of the scale, Louisiana homeowners paid a median of $188 on their property taxes. In Arkansas, that number rose a bit to $383, while it stood at a still low $457 in West Virginia. In Mississippi, this median value stood at $468. Other states with low median property tax figures were South Carolina, $678; Oklahoma, $762; and New Mexico, $843.

Median Values

In general, these median property tax numbers do make sense. The states that have the highest median property taxes tend to have the highest median housing values, too. The opposite holds true, too.

For instance, the states with the lowest median housing values include West Virginia, $95,900; Mississippi, $99,700; Arkansas, $105,700; Oklahoma, $105,500; North Dakota, $112,500; and Alabama, $121,500. These states also tend to have some of the lowest property taxes.

Highest Median Home Values

Some of the states with the highest median home values include Hawaii, with a median value of $560,000; California, $467,000; New Jersey, $364,100; Massachusetts, $353,600; and Maryland, $341,200. Again, the property taxes tend to align well with these prices. Homeowners in these states pay some of the higher median property taxes in the country.

Relation to Home Values

The most important number, though, when analyzing property taxes isn’t what homeowners pay in each state. It’s how high this figure is in relation to home values.

For instance, Texans don’t pay the highest median property taxes in the country. They do, though, pay the highest percentage of their home values in property taxes, 1.76 percent.

Other states fare poorly in this measure, too: New Jersey, 1.74 percent; Nebraska, 1.72 percent; Wisconsin, 1.71 percent; and New Hampshire, 1.70 percent.

If you want to live somewhere where property taxes take up the lowest percentages of your home’s value, you might want to consider moving to the South.

For instance, homeowners in Louisiana pay 0.14 percent of their home values in property taxes, lowest in the nation. Hawaii comes in second with a figure of 0.24 percent. In Arkansas, that number is a still low 0.32 percent, while it’s at 0.47 percent in Mississippi. In West Virginia, the percentage rises to a still low 0.47 percent.

Assessment

Analyzing the impact of property taxes is far from an exact science. But by looking at how large of a percentage these taxes take up when compared to housing values, homeowners will get a better idea of what kind of financial burden property taxes are placing on them.

Source: www.CreditLoan.com

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Filed under: Mortgage Electronic Registry System, Taxation | Tagged: home values, mortgages, Property Taxes, Property Taxes in America, sub-prime mortgages | Leave a comment »

Should Dr. Marcinko Speak in Malaysia?

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

Information Sought on Laures International

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

Recently, I was pleased to be invited to speak at a Regional Public Workshop [RPW] for the healthcare clients of Laures International, in Malaysia, Kuala Lumpur. I don’t know if I’m personally that famous, infamous, or our newest book is just garnering rave reviews.

“Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies].

In-Process from: (c) Productivity Press 2012 http://www.crcpress.com/product/isbn/9781439879900

The Firm

Briefly, Laures International is touted to be at the forefront in organizing strategic business intelligence in Asia and Middle East with headquarters in Petaling Jaya, Malaysia. As of 2011, they’ve supposedly held events in Kuala Lumpur, Singapore, Philippines, Thailand, Indonesia, China and Dubai.

Goals and Objectives

Representatives state their goal is to provide world class events with an uncompromising attitude towards quality. The aim of Laures is to provide a platform for delegates to be involved in discussions and case studies to enhance their understanding and to apply what they learn immediately to improve their performance when they return to their respective workplace. A worthy goal!

Offices

+603 – 78034444

www.LauresInternational.com

Assessment

Now, I like to speak and learn, and have done so frequently around the country and in Eastern Europe the last three decades. Usually, my presentations are for medical societies, financial services groups, pharmaceutical companies or other consulting firms.

But, Laures is heretofore unknown to me, and other than their contact and website review, I am concerned about their credibility. With all due respect, I’d frankly hate to be duped or ultimately “stuck” in Kuala Lumpur!

Conclusion

Your thoughts and comments on this ME-P are appreciated. Is Laures International credible? Is the region safe? I’d love to experience its’ culture, people, food, colleagues, sights, sounds and sites. Accept or not? Your ME-P crowd sourced experience and wisdom is appreciated.

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ORDER HERE

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Filed under: Book Reviews, Career Development, Media Mentions and PR, Touring with Marcinko, Voting Polls | Tagged: Dr. David Edward Marcinko MBA, Hospitals and Healthcare Organizations, Kuala Lumpur, Laures International, Should Dr. Marcinko Speak in Malaysia? | 1 Comment »

Some Common Surgeries You Can’t Afford‏

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

The Cost of Common Surgeries

By Muhammad Saleem

With a broad range of healthcare options, it is often difficult to understand just what your pocketbook can afford.

So, we took a look at the costs of the most common surgeries performed every year.

Source: Medical Billing and Coding

Conclusion

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Filed under: Accounting, Healthcare Finance | Tagged: breast augmentation, CABG surgery, cataract surgery, Cost of surgery, foot surgery, hand surgery, hip replacement, knee replacement surgery, Some Common Surgeries You Can't Afford‏ | 1 Comment »

How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit

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

Sponsored: www.CertifiedMedicalPlanner.com

Conclusion

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###

TESTIMONIAL

In his book Financial Planning Handbook for Physicians and Advisors, Dr. David E. Marcinko, MBA CMP® CFP® provides us with a simple and yet very complete view on the basics of financial planning that every physician should know in order to maximize our chances for success in the financial aspect of our medical careers and personal lives.

The book is well structured, organized and easy to read. Divided in ten chapters, it covers important aspects of personal financial planning such as insurance, home mortgages, retirement plans, auto buying, taxes and more. In an era where doctors must have a solid understanding of the basics of financial management, this book is a must-have on every physician’s private book collection.

Although not a substitute for a formal business education, this book will help physicians navigate effectively through the hurdles of day-to-day financial decisions with the help of an accountant, financial and legal advisors. This book would make an excellent reference for teaching medical students and residents the basics of monetary management.

I highly recommend this book and commend Dr. Marcinko and the Institute of Medical Business Advisors, Inc. on a job well done.

Manuel J. Colón, MD

Filed under: "Advisors Only", "Doctors Only", CMP Program, Financial Planning, iMBA, Inc., Recommended Books | Tagged: CMP, david marcinko, Financial Planning for Physicians and Advisors, How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit, Manuel J. Colon MD, www.certifiedmedicalplanner.com | 2 Comments »

Half of All Americans Don’t Pay Income Tax to Uncle Sam

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

Were you Aware?

It often seems [especially to frustrated medical professionals] that we all have that cash-creative “friend” who manages to find every loophole, legal or otherwise, come tax time.

But, a startling new infographic from the Heritage Foundation shows that nearly half of all Americans avoided paying federal income taxes in 2009.

Assessment

That’s not even counting the folks who’ve fallen off the paycheck grid because of the nation’s high unemployment rate – OR – financial advisors, doctors and medical management professionals who’ve experienced same.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Do you pay your “fair share”? Please review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Filed under: Taxation | Tagged: Half of Americans don't pay income tax to Uncle Sam, Heritage Foundation, income tax, income tax brackets, income tax rates | 3 Comments »

A “Buffett Tax” Voting and Opinion Poll

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

Taxing Millionaires?

Nearly two-thirds of Americans support imposing a minimum tax rate of 30 percent on those who earn $1 million or more a year, according to a recent Reuters / Ipsos poll.

And so, we ask: Do you favor the Buffett Tax?

Conclusion

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Filed under: Surveys and Voting, Taxation | Tagged: A "Buffett Tax" Voting and Opinion Poll, Buffett Tax, IRD, obama | 2 Comments »

Physician’s Update on Dividend-Paying Stocks

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

But Some Doctors Ask – Why All the Hype?

By David K. Luke MIM CMP™ candidate [www.CertifiedMedicalPlanner.com]

www.NetWorthAdvice.com

In an effort to help the US economy recover, the Federal Reserve has lowered interest rates to historically low levels. Furthermore, the Fed has announced its intent to keep interest rates low until 2014. Classic income-producing investments such as savings accounts and certificates of deposit pay next to nothing.

Borrowing Good – Saving Bad!

Borrowers are being rewarded, but savers are being punished. Low interest rates may have spurred the economy somewhat, but they have been devastating for retired people who have a low tolerance for risk. Physicians, other investors and their advisors are turning toward alternatives that pay higher returns, but these vehicles necessarily carry more risk. Among these alternatives, some investors are considering the purchase of stocks that pay reliable dividends.

Assessment

But, is this an appropriate strategy for mature doctors and similar retirees? What are the potential benefits and drawbacks?

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
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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: Alternative Investments, Investing, Retirement and Benefits | Tagged: Alternative Investments, CMP, david k. luke, Federal Reserve, Investing, low interest rates, retirement planning, Update on Dividend-Paying Stocks, www.certifiedmedicalplanner.com, www.NetWorthAdvice.com | 10 Comments »

Beware Internet Related Illnesses

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

Use the ME-P Carefully

Working on the computer and surfing the internet has become totally unavoidable these days, for all financial advisors, medical professionals and laymen. In fact, the local weather forecast, daily news, Monte Carlo financial simulator or eMR are just a few mouse clicks away. It’s like having knowledge, patients and clients, information and the world at your fingertips.

However having the Internet at your fingertips at all times might not always be a positive thing. Why not?

According to a recently published study in General Hospital Psychiatry [Journal Article: General hospital psychiatry (impact factor: 2.67). 10/2011; DOI: 10.1016/j.genhosppsych.2011.09.013] excessive use of the Internet can cause Internet Addiction Disorder, or IAD, which can lead to anxiety and depression.

Source: Infographics Archive

Assessment

This infographic takes a closer look at 7 internet related illnesses that you may have heard about, or even treat in your professional medical capacity. So, use the wonderful resource, known as the ME-P and internet, wisely.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Information Technology, Quality Initiatives | Tagged: Beware Internet Related Illnesses, eMR, General Hospital Psychiatry, Internet Addiction Disorder, Medical Execuitve Post, Monte Carlo | Leave a comment »

On Payroll and Income Tax Paycheck Deductions

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

Explaining Your Paycheck

This infographic takes a dry topic, unknown to some employed medical professionals and healthcare workers, and makes it interesting by visually walking us through a paycheck.

The design allows us to understand all the different deductions that may come out prior to the final amount that makes it to your bank account.

Importance

Most 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.

The 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, clinic or are a self-employed medical professional.

Assessment

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.

Source: Paycor

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Taxation | Tagged: disability and state income tax., federal income tax, Medicare Tax, OASDI, On Payroll and Tax Deductions, Payroll Deductions, tax bracket, tax deductions | 3 Comments »

How a Charity Accept Gifts of Copyrights and Related Intangibles?

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

Estate Planning Information for Doctor-Donors

[By Children’s Home Society of Florida]

Doctors and other medical professionals are brights folks. Some even have additional degrees and designations like MBA, PhD, CFA, CPA, CFP, CMP, etc. Others hold copyrights, trademarks, servicemarks and patents, etc. Innovators and entrepreneurs, indeed!

So, donors may be surprised to learn that gifts of intellectual property such as copyrights [©], while less common than tangible assets, may nevertheless be valuable and can make wonderful gifts to charity. And, there are some specific considerations that doctors, and other donors and charities should understand when dealing with gifts of copyrights and related intangibles.

For more copyright information, go to http://www.copyright.gov

What is a Copyright?

A copyright is an intangible property right that protects an original artistic or literary work. The protection of copyrights is rooted in the United States Constitution and is among the enumerated powers granted to Congress

Trade Marks and Service Marks

A trademark is a word, phrase, symbol or design, or a combination of words, phrases, symbols or designs, that identifies and distinguishes the source of the goods of one party from those of others.
A service mark is the same as a trademark, except that it identifies and distinguishes the source of a service rather than a product.

Do Trademarks, Copyrights and Patents Protect the Same Things?

No! Trademarks, copyrights and patents all differ. A copyright protects an original artistic or literary work; a patent protects an invention.

For more patent information, go to http://www.uspto.gov/main/patents.htm

Assessment

Link: Click Here

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: Estate Planning | Tagged: Children’s Home Society of Florida, Copyrights, Estate Planning, How Does a Charity Accept Gifts of Copyrights and Related Intangibles?, intangible assets, Patents, Trademarks | 1 Comment »

The [Healthcare] Start-Up Ecosystem

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

Predator versus Prey

We’ve written about medical innovation and e-health before on the ME-P. So, this is a fun but informative infographic on the topic.

It looks at the different roles related to technology startup companies in an amusing way by personifying them as fish in the sea.

Source: http://www.udemy.com/blog/startup-ecosystem-infographic/

Assessment

This one is light on data, but does convey valuable information to the reader. The visual scale of Ubiquitous to Endangered is easy to understand, and the color coding is consistent throughout the design.

Conclusion

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Information Technology | Tagged: e-health, health 2.0, medical innovation, The [Healthcare] Start-Up Ecosystem | 2 Comments »

Anatomy of a “Best Doctors and Dentists Award” [Marketing] Scam

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

What is the value of an honor if it costs $6,000?

By D. Kellus Pruitt DDS

I apologize for misleading those I recklessly told that my name will appear in the December edition of TIME magazine as one of the winners of the Texas Best Doctors and Dentists Award. It’s been an embarrassing learning experience, and my pride is a little wounded from not recognizing signs that an ambitious salesperson in California was lying to me. But I’ll get over it, and will be wiser for the experience.

Wishful Thinking

Looking back on my wishful thinking, I should have known the honor of appearing in TIME magazine simply sounded too good to be true. On the bright side, in preparation for photos that weren’t taken, I did get my hair cut and vacuumed my office for this morning’s interview-turned-sales pitch.

About a month ago, a Texas Best Doctors and Dentists representative calling from a few feet south of the San Francisco Ethics Commission made it past my office manager and got me on the phone. Anthony, whose last name is unintelligible in the recording of our conversation, told me that I had been chosen by the Tarrant County Community to receive the 2012 Award, and would be featured along with other winners in TIME.

“Alright, how much does this cost?”

“There’s no cost to receive the award Doctor, or to appear in TIME magazine. You’ve been chosen based on your reputation in the Tarrant County community.

“OK, what are you selling?”

“We’re not selling anything, Doctor. You know this is the first time TIME magazine is featuring this award and what they are trying to do is they are trying to conduct their readers to the best doctors and dentists from local communities in America.”

Surveys Determine Award Winners?

When I asked him how I was chosen, he explained that the Texas Best Doctors and Dentists Awards firm was hired by TIME to conduct surveys of local specialists and research the popular dentist ratings websites to determine the award winners. Up until he said, “You may be familiar with droogle … “ in two syllables instead of four (DR.Oogle – doctoroogle.com), his pitch was credible. Even though I recognized the faux pas instantly, rather than probing a little deeper and asking him just one more common sense question – perhaps about how the “advertorial” insert in the Texas edition of TIME will be paid for – I apologized to Anthony for rudely assuming he was trying to sell me something. It was then that he knew I wanted to believe him more than experience. That’s the anatomy of a scam, even though no money was exchanged in the lesson.

A Legitimate [Free] Award

The award is indeed legitimate. I won it because of the kindness of my wonderful staff, patients and local colleagues. But I’m by far not the only dentist interviewed in Tarrant County like Anthony said. That was just one more lie targeting my pride – enticing me to consent to today’s interview. Only hours ago, I learned that 100 dentists in the state won the award, so there are probably a couple of dozen award winning dentists like me in Tarrant County.

Declining the Paid Upgrade

Even though I declined to purchase advertisement from Texas Best Doctors and Dentist today, my name will still be listed on the Texas Best Doctors and Dentists Website free of charge, and I’ll also receive a “nice plaque” in the mail in a week or so that will have the TIME magazine logo on it. All I had to do was listen to a 30 minute sales pitch for upgrading my free, ordinary listing on Texas Best Doctors and Dentists Website to something that might attract patients.

Who Needs It?

As far as my name appearing in the advertorial insert in the December edition of TIME magazine, statewide recognition of dentists’ efforts to please patients naturally can’t be given away. Oh hell no. In spite of what Anthony said, a write-up in TIME costs award winners $6,000. I’m certain those who say nice things about my staff and me don’t want us to raise fees to cover the expense of statewide advertising. Who needs it?

Assessment

I don’t think I have room on my wall for a Texas Best Doctors and Dentists Award plaque with a TIME magazine logo. I’m trying to find a place to hang my 1972, B – Team high school basketball plaque I came across while cleaning my office for a surprise sales pitch with no photos.

Conclusion

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FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Ethics, Marketing & Advertising, Op-Editorials, Pruitt's Platform | Tagged: Darrel Pruitt, doctoroogle.com, Texas Best Doctors and Dentists Award, The Anatomy of a Best Doctors and Dentists Award [Marketing] Scam, TIME magazine | 20 Comments »

Where Does An MDs Salary Go?

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

Are Doctors Typical or A-typical?

Here is what typical Americans earn in salary, spend in a month, and how they pay their bills. Now, compare this to physicians and other medical professionals.

This analysis suggests that many people [even some doctors] are most likely spending more than they earn each month. It also shows steady movement away from cash and checks toward plastic and electronic payment instruments, which can result in unfamiliar or unchecked fees and interest charges that can increase overspending and indebtedness.

Source: creditdonkey.com

Assessment

Managing your spending and payments will help track monthly expenditures.

Conclusion

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Our Other Print Books and Related Information Sources:

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Financial Planning, Funding Basics, iMBA, Inc. | Tagged: doctor personal expenses, doctor salary, physician income, physician pay, Where Does our Salary Go? | 8 Comments »

Videos on Setting up an ACO

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

Opposing Viewpoints in Context?

The Theory

In this first didactic video, Thomas Cassels, Executive Director of the Advisory Board Company’s Health Care Advisory Board, summarizes the forces driving accountable care, outlines the steps necessary for a hospital or health system to transition toward operating as an accountable care organization (ACO), and provides insight into the question of whether all providers must plan to become ACOs.

The Reality

The second video is a real world look at negotiation between a hospital administrator and a PCP over setting up an Accountable Care Organization [ACO].

Video links:

Assessment

True or not?

Conclusion

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Our Other Print Books and Related Information Sources:

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: "Doctors Only", Career Development, Point-Counter Point, Practice Management, Videos | Tagged: Accountable Care Organization, Advisory Board Company, Setting up an ACO, Thomas Cassels | 6 Comments »

Rethinking the Reverse Mortgage Paradigm

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

Option of Last Resort -OR- Something Else?

By Rick Kahler CFP® MS ChFC CCIM

www.KahlerFinancial.com

Like most financial planners, I generally recommend not thinking of your home as a part of an investment portfolio or a source of retirement income. One possible exception to this rule, for medical professionals to consider, is a reverse mortgage.

Lenders

Lenders which are FHA-approved can offer Home Equity Conversion Mortgages, or HECM’s. These are insured by the U.S. government and allow homeowners age 62 and older to borrow against the equity in their homes. When the homeowner dies or moves out, the property is sold to repay the loan. Any equity left over belongs to the owners or their heirs. Any outstanding loan balance must be forgiven by the lender.

Reverse mortgages may be useful for elderly people in good health who have limited income or assets but who are living in paid-for homes.

Until now, I have viewed them as options of last resort. But, a new report by financial planner Michael Kitces CFP® has given me some cause to re-evaluate that position.

Link: http://www.kitces.com/index.php

Disadvantages

One major disadvantage of reverse mortgages is that the income uses up the equity in the house. Seniors who take out reverse mortgages too early risk spending most of their home equity to cover living expenses. As long as they can stay in the house, that’s no problem. If they have to move, however, they will have to pay rent or long-term care costs. Without income from the sale of their house, they may be left with little except Social Security to pay their bills.
A second disadvantage has been high upfront fees. A new option described by Kitces, however, significantly lowers those costs. The HECM Saver option eliminates the upfront mortgage insurance premium of 2%. This would drop the costs of a reverse mortgage on a $500,000 home from $17,000 to $7,000. The tradeoff is a lower lump-sum or monthly payment.

Typical Uses

The most typical use of a reverse mortgage is to tap into home equity to pay the bills when all other means of support become exhausted. Instead of selling or refinancing, the homeowners can choose to stay in the home and receive monthly payments for life. They don’t have to sell the property until they can no longer continue to live in it.
Another way to use a reverse mortgage is to refinance an existing mortgage. This can not only eliminate the monthly payment, but if there is enough equity in the home it can also provide a monthly income or a lump sum payment.

Example

Kitces uses the example of a 70-year old couple paying $1000 a month for a $175,000 traditional mortgage on a $450,000 property. A $175,000 reverse mortgage would eliminate the $1,000 payment. Assuming the net principal limit for the borrower was $250,000 on the property, they could use the reverse mortgage to extract an additional $75,000 of equity. They could receive this in a lump sum payment, create a $75,000 line of credit, or receive lifetime monthly payments based on the $75,000.

Let’s assume this couple’s monthly expenses, including the mortgage payment, are $5,000. They receive $1,500 a month from Social Security and withdraw $3,500 a month from their $600,000 investments. The total $42,000 annual withdrawal is an unsustainably high 7% of their portfolio.

The reverse mortgage would eliminate the $1,000 mortgage payment and reduce the investment withdrawal to $2,500 a month. This totals $30,000 annually, a more sustainable withdrawal rate of 5%. Investing the $75,000 of excess proceeds would produce additional monthly income and reduce the withdrawal rate even further. Using a reverse mortgage in this way makes sense if the lost home equity is offset by an increase in investment assets.

Assessment

We’ll look at some other reverse mortgage options another time, so stay tuned to this ME-P, and subscribe today!

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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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: Financial Planning, Mortgage Electronic Registry System, Retirement and Benefits | Tagged: FHA, HECMs, Home Equity Conversion Mortgages, Michael Kitces, Rethinking the Reverse Mortgage Paradigm, reverse mortgages, rick kahler | 10 Comments »

How Much are the 2012 Presidential Candidates [Net] Worth?

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

Surprised or Not?

As the presidential election continues to heat up for “Super Tuesday” this March 6th 2012 – and candidates are weeded out – we look to their bankrolls to learn who has the most cash in the bank, and who’s funding their campaigns.

Source: creditsesame.com

Assessment

From small donors to large, and donations from men versus women, do these numbers surprise you?

Conclusion

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Health Law & Policy, iMBA, Inc. | Tagged: bachmann, cain, gingrich, How Much are the 2012 Presidential Candidates Worth?, huntsman, obama, paul, perry, political campaigns, politics, romney, santorum, super tuesday | 1 Comment »

Physicians Taking Stock of the “Stock Act”

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

A Side-by-Side Comparison

By Lena Groeger
ProPublica

The Stop Trading on Congressional Knowledge Act, or Stock Act, recently passed in both the House and Senate. The new law would make it easier for the SEC to prosecute federal officials from all three branches who trade equities like stocks based on nonpublic information they receive in the course of their duties.

The versions passed in each chamber are similar, but have notable distinctions that will have to be hashed out when legislators from the two chambers eventually meet.

Assessment

Here, we break down the main differences, with real-life scenarios that illustrate activities the bill targets

Full link: http://www.propublica.org/special/taking-stock-of-the-stock-act-a-side-by-side-comparison

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Ethics, Health Law & Policy, Investing | Tagged: Lena Groeger, ProPublica, SEC, Stock Act, Stop Trading on Congressional Knowledge Act, Taking Stock of the "Stock Act" | 1 Comment »

Challenging the NPI Requirement of Blue Cross Blue Shield of Texas Again

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

How Far Can They be Pushed?

By D. Kellus Pruitt DDS

Command-and-control organizations like BCBSTX find Facebook difficult to control. Even a small nidus of a complaint posted by a client named Mark about poor service can attract a huge bolus of payback by a dentist, and nobody respects anonymous gatekeepers for huge, unresponsive companies like BCBSTX anyway:

https://www.facebook.com/bluecrossblueshieldoftexas

Mark, as a dentist, I’m very familiar with BCBSTX’s inconsiderate behavior in our communities. At least the anonymous moderator invited your feedback. When I sincerely asked her on Wednesday what federal employees are told about BCBSTX’s NPI requirement, she acted as if the absurd policy hadn’t already wasted enough of my time that day when she provided me an irrelevant link to nowhere – just to get rid of me.

Secret Requirement?

I would actually love to treat federal employees who have BCBSTX insurance because they are some of the nicest people I’ve met. But, BCBSTX’s secret requirement that their clients see only dentists with arbitrary NPI identification numbers (not required by law) makes their employment benefit purchased with taxpayer money worthless if they receive treatment in my office. My office has been told that it has become impossible for paper claims to enter BCBSTX’s modern, computerized system without NPI numbers, and nothing humanly possible can be done to correct the unfortunate problem for dentists who choose not to be HIPAA covered entities.

Evasion?

The moderator’s evasion confirms that even though BCBSTX’s federal customers are led to believe that they can use their dental benefits to help pay for treatment at any licensed dentist’s office, they are not being informed of the NPI requirement, and if they pay the dental bill in full for work done by a dentist without an NPI number, BCBXTX pockets the reimbursement. It just cannot be helped. That’s technology. Tough-luck!

BCBSTX executives naturally prefer that my office manager tell their clients about the obscure restrictions of the dental plans they sell. She catches most federal employees before blocking out time in our schedule to treat them, but nevertheless, one got through on Wednesday morning. It wasted my time as well as the federal employee’s.

Congressional Action?

It’s troublesome to know that the government callously encourages such waste of small business owner’s time and money, not to mention the inconvenience to patients. I’m simply fed up with open appointments for uninformed BCBSTX clients. What’s it take to force BCBSTX to take some responsibility in the community and warn their customers about the limitations of their dental policy before they call my office? Congressional action?

Assessment

I do hope the anonymous BCBSTX employee doesn’t choose to delete this post. Since it seems obvious that their windfall profit is a powerful disincentive for BCBSTX to warn their clients about the NPI restriction any time soon, the more federal employees I can ethically warn through BCBSTX Facebook, the fewer open appointments I’ll have, and less taxpayer money will be wasted on silliness.

cc: Senator John Cornyn

Conclusion

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FINANCE:Financial Planning for Physicians and Advisors
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Filed under: Ethics, Health Insurance, Information Technology, Practice Management, Pruitt's Platform | Tagged: Blue Cross, Blue Shield, Challenging Blue Cross Blue Shield of Texas Again, D. Kellus Pruitt DDS, Facebook, HIPAA, NPI Number, NPI requirement, Senator John Cornyn | 8 Comments »

Consumer Confidence and Savings Rates

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

Are Doctors Just Like the Rest of Us?

By Rick Kahler CFP® MS ChFC CCIM

www.kahlerfinancial.com

After a short period of saving more of their disposable income at the depths of the recent recession, Americans are returning to recent historical patterns of spending more and saving less.

Usually this trend indicates “happy days are here again” as the decline in savings means consumers’ confidence is rising. That is not the case today. Consumer confidence is just half of what it was at the peak of the “good old days” of 2007. That year our national savings rate was 2.1%, just above its post-WWII low in 2005 of 1.5%.

A Jobless Recovery?

As millions of jobs disappeared and consumers hunkered down during the 2008-09 recession, our savings rate almost tripled. In 2008 it was 6.2%. This thriftiness didn’t last long; by the fall of 2011 our savings rate was back to a paltry 3.6%.

American Not Always Big Spenders

We were not always such spenders. During the four years of WWII we saved over 20% of disposable income annually. Between 1974 and 1992 the savings rate often bounced between 7% and 11%. Since 1992, the beginning of the unprecedented 18-year bull market in stocks, our personal savings rate reflected the good times in the economy and averaged just 4%.

Savings Rate Decline

One possible reason for the decline in the savings rate in the past three years may be that we’re paying off all the consumer debt that got us into trouble in the first place. In 2000 our individual debt load (including student loans and mortgages) was $19,750 per person. In the fall of 2011 it was $36,420, 8.6% less than the 2008 high but 85% higher than the 2000 amount.

Running out of Money?

While Americans are not substantially reducing their debt, their equity in home ownership plunged from $12.9 trillion in 2006 to $6.2 trillion in 2011. No wonder consumer confidence is so low.

It appears our return to low savings rates isn’t the result of renewed optimism, paying down personal debt, or a surging economy, but rather that Americans are running out of money in the face of staggering personal debt and declining net worth. This leaves them incredibly vulnerable to another downturn in the economy.

Ironically, Americans’ personal finances are a reflection of our government’s fiscal woes. Washington also finds itself compromised to respond to a national emergency because of a debt that exceeds our national income.

Personal Three-Pronged Approach

There isn’t much you and I can do about our government’s over-indebtedness and overspending except to vote for politicians that promise to end the insanity and hold them accountable. But, we can take better care of our own affairs with a three-pronged approach.

1. Get out of debt. We may not be able to earn more or work harder, but I’ll guarantee you that we can spend less.

2. Start saving for emergencies. You need one savings account for periodic expenses like medical deductibles and car repairs. A second is for bona fide emergencies like losing your job or the death of a spouse. It should represent six to 12 times your monthly expenses.

3. Start investing for financial independence. Ideally, you need to put aside 15% to 35% of your income for the time you no longer can or want to work.

Assessment

The hardest part of this approach is becoming willing to downsize your lifestyle. Too many of us say we are willing to cut spending and economize until it actually comes time to do it. In the two decades before the recession, Americans got out of the habit of making hard decisions in our own best interests. However, as our historical patterns show, we’ve treated ourselves with “tough love” in the past. When we have to, we can do it again.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. When it comes to consumer confidence and savings rates, are doctors and medical professionals just like the rest of us?

Please review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Filed under: Financial Planning, Funding Basics | Tagged: Flash Crash, Investing, jobless recovery, On Consumer Confidence and Savings Rates, paradox of thrift, Rick Kahler CFP, savings | 5 Comments »

How We Use the ME-P to Market and Reach Our Target Audience

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

A Marathon – Not a Sprint

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

I am a runner on LSD. I have been running long, slow, distances for more than three decades. And, this is our advertising philosophy at the ME-P. Say What?

Goals and Objectives

The goal is simple enough to state, but reaching it is a challenge. The ever-rising expectations of social media, e-connectivity and Internet users require us to make constant improvements to the ME-P so that our visitor’s experience is relevant, meaningful and worthy of recommending to others.

Going Viral

For example, the humorous “viral videos” that often appear on YouTube, and elsewhere, may get forwarded in emails and generate millions of viewers for a few days, but then drop out of sight quickly. This is not an ME-P goal for our staff, expert contributors, and informed readers and subscribers. Such a “spike and drop” phenomenon is interesting, of course, but it is not our focus.

So, much like my LSD metaphor, we favor LSD … and are on cognitive steroids, of sorts.

The ME-P Way

Instead, at the ME-P, we post short and long topical essays, comments, graphics, videos and other website URLs with a much different goal in mind. What is it? To market to our niche audience, and obtain higher search engine rankings over the long term, in our areas of expertise and on a continuing basis. Sound like a long term stock-market investor, or LSD runner? You bet!

Assessment

We trust all ME-P readers, subscribers, advertisers and visitors agree.

Conclusion

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

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Filed under: Marketing & Advertising, Media Mentions and PR | Tagged: advertising, Dr. David Marcinko, How We Use the ME-P to Market and Reach Our Target Audience, marketing, ME-P, Medical Executve-Post, www.healthcarefinancials.com, www.medicalbusinessadvisors.com | 1 Comment »

What Did You Do When the Stock Market was Down?

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

Investing Hero or Zero … On Market Timing or NOT!

By Staff Reporters

Here at the ME-P, we believe we have some of the most intelligent and savvy readers in the blog-o-sphere. And – why not?

Most are physicians, nurses and medical specialist of all stripes. Others are CPAs, financial advisors and wealth managers. And, some are medical management and HIT consultants with PhDs and MBAs, etc. More than a few more even have dual and triple degrees and professional designations, like www.CertifiedMedicalPlanner.com

The Question

Accordingly, our friends over at The Finance Buff recently asked:

Q: Do you remember those days last summer when the Dow went down 400 points one day and then it went up 400 points the next day, before it went down another 400 points the following day?

Going Granular

Well – if you do – what did you, or your clients do about it? Did you invest more, stay put, bail out or something else? Go granular on us and your fellow ME-P readers, subscribers and lurkers.

Assessment

Please tell us who you are, what you did during the “flash-crash” a few years ago, or last summer’s mini-meltdown, and how it turned out in hindsight?

Conclusion

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Filed under: "Advisors Only", "Doctors Only", CMP Program, Experts Invited, Investing | Tagged: CPM, Financial Planning, Flash Crash, Investing, Stock Market Timing, wealth management, www.certifiedmedicalplanner.com | 5 Comments »

Events Planner: March 2012

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

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Events-Planner: MARCH 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:

March 21-24: AONE Annual Meeting, Boston, MA.
March 25-29: AORN Congress, New Orleans, LA.

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, ME-P, Medical Exeutive Post | Leave a comment »

Why the White House Proposed Corporate Tax Reform

Posted on February 28, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Twenty-Five Years Since Last Revision

By Children’s Home Society of Florida Foundation

On February 22nd 2012, Treasury Secretary Timothy Geithner spoke to Congress and outlined the White House proposal for corporate tax reform. Geithner noted that there has not been a comprehensive corporate tax reform for 25 years. Since the last major corporate tax reform, there have been many significant events. These include the following changes.

Internet is widely used.
Cell phones are now common place.
China and India have become significant economies.
Global trade has greatly expanded.
Nearly all other industrial societies have lowered their corporate rates.

The Five Elements of Reform

Reduced Rates – The elimination of tax loopholes and subsidies will permit a reduction of the corporate tax rate from 35% to 28%.
Manufacturing Incentives – The effective tax rate for manufacturing companies will be reduced to 25% through incentives.
International Taxation System – Companies could pay penalties for shifting income overseas.
Simplification – Small businesses would benefit from reduced complexity in the Tax Code.
Revenue Neutrality – The reduced rates are achieved through eliminating various tax deductions.

Assessment

Treasury Secretary Geithner indicated that he plans to meet with Senate Finance Chair Max Baucus (D-MT) and House Ways and Means Chair Dave Camp (R-MI). He hopes that it will be possible to build a bipartisan consensus for corporate tax reform.

Editor’s Note: Sen. Baucus and Chairman Camp have been holding hearings and proposing corporate tax reform for the past year. With the White House announcement, that the President, the House and the Senate agree that there should be simplification and a lower corporate top rate. The challenge will come when the government grapples with the question of which major corporate deductions (such as bonus depreciation) will actually be removed in order to lower rates. Because of the magnitude of major tax reform, it is not likely that an actual bill could be passed before 2013.

Conclusion

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

Healthcare Organizations: www.HealthcareFinancials.com

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Filed under: Taxation | Tagged: Dave Camp, IRS, Max Baucus, obama, tax reforn, Timothy Geithner, Treasury Secretary, White House, White House Proposes Corporate Tax Reform | 4 Comments »

PIMCO Interviews Somnath Basu PhD MBA on Retirement Planning

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

A “Worried Sick” Encore Presentation

By Staff Reporters

Retirement is one of the most important life events many of us will ever experience; for doctor, nurse, FA, consultant or layman alike.

From both a personal and financial perspective, realizing a comfortable retirement is an incredibly extensive process that takes sensible planning and years of persistence. Even once reached, managing your retirement is an ongoing responsibility that carries well into one’s golden years. While all of us would like to retire comfortably, the complexity and time required in building a successful retirement plan can make the whole process seem nothing short of daunting.

However, it can often be done with fewer headaches (and financial pain) than you might think – all it takes is a little homework, an attainable savings and investment plan, and a long-term commitment.

And so, in this encore presentation, Dr. Basu breaks down the process needed to plan, implement, execute and ultimately enjoy a comfortable retirement.

Assessment

During this DC Dialogue of late 2010, PIMCO talked with Dr. Somnath Basu, professor and Director of the California Institute of Finance at California Lutheran University, and ME-P “thought leader”, on retirement planning issues of concern to us all

Link: http://www.agebander.com/pdf/DCD048-080310_SomnathBasu_FINAL-1.pdf

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: Experts Invited, Investing, Retirement and Benefits | Tagged: age bander, California Institute of Finance, California Luthern University, DC Dialogue, PIMCO, retirement planning, Retirement Planning Tools, Somnath Basu PhD | 8 Comments »

Medical Uses of Abused Drugs

Posted on February 26, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

More on Controlled Substances in Medicine

By Muhammad Saleem

msaleem@gmail.com

The use of controlled substances in medicine is a heavily argued topic, with benefits being weighed heavily against the potential for abuse. So, today we’re taking a look at one side of the argument, namely the medical benefits and clinical uses of abused drugs. Please enjoy.

Conclusion

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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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Drugs and Pharma | Tagged: abused drugs, Drug Abuse, medical benefits and clinical uses of abused drugs, medical substances, More on Controlled Substances in Medicine, Prescription Drug Abuse Prevention Plan, prescription drugs, prescription pills | 5 Comments »

A Real Estate Market Update

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

Hot or Not?

The largest real estate social network ActiveRain Corp just surveyed 1,835 real estate agents and real estate brokers in the US and Canada to understand if the real estate market and economy are poised for recovery in 2012, both nationwide and in local markets.

Source: ActiveRain

Conclusion

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Filed under: Alternative Investments, Mortgage Electronic Registry System | Tagged: ActiveRain, alternate investments, home sales, mortgage registry, real estate agents, real estate markets, real estate meltdown, real-estate, underwater mortgages | 8 Comments »

Health Industry Collaboration and e-Patients

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

More on Inter and Intra Healthcare Stakeholder Relationships

According to Jennifer Tomasik MS [jtomasik@cfar.com], writing in the soon to be released ME-P textbook from iMBA Inc www.MedicalBusinessAdvisors.com: “Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies], now in-process from (c) Productivity Press for 2012:

We are in a time of great change in healthcare. No one is certain how the future landscape will unfold, but it is clear that changes in regulation, reimbursement, technology, the economy, and science will significantly impact the work of those clinicians and administrators who dedicate their careers to improving patient care.

More Collaboration Needed

Experience has shown that better collaboration between patients and among the many different parts of the healthcare delivery system holds great potential to improve the quality of care and the relationships of those delivering it. It has also shown that the opportunities to improve collaboration are widespread.

Our focus, therefore, should be to introduce and share a selected set of tools that can be used to improve collaboration along several dimensions:

Clarifying roles and authority through decision charting,
Understanding the “give” and the “get” needed to establish effective alliances through the current state, and
Working jointly to establish and test a set of refined expectations through a physician-administrator compact.

Assessment

In the end, improved collaboration can help medical institutions with everything from inter professional productivity, to patient satisfaction to the most critical service of all: caring for patients and saving lives.

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Book Reviews, CMP Program, Ethics, Health Insurance, iMBA, Inc., Managed Care, Quality Initiatives, Recommended Books | Tagged: david marcinko, e-patients, Health Industry Collaboration and e-Patients, Healthcare Organizations” [Management Strategies, hope hetico, Jennifer Tomasik, Techniques and Case Studies, Tools, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 4 Comments »

The “Collective Trust” – A New Financial Product?

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

Much Like a Mutal Fund – But Less Transparent

By Staff Reporters

Recently, we received this query from a physician-investor. So, we went right to the innovator of this financial product for the answer.

A collective trust is similar to a mutual fund that only sells to institutional investors like 401-k and 403-b plans. Because a collective trust doesn’t take on retail investors, it’s exempt from some regulatory requirements, so beware!

But, not having to deal with retail investors also makes the costs lower.

Link: http://thefinancebuff.com/collective-trust-vs-mutual-fund-whats-the-difference.html

Assessment

The BlackRock EAFE Equity Index Collective Trust invests in stocks in developed countries, tracking the MSCI EAFE index.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Alternative Investments, Financial Planning, Investing | Tagged: BlackRock, BlackRock EAFE Equity Index, Collective Trust, Financial Planning for Physicians, financial products, MSCI EAFE index, mutual fund, Mutual Funds | 2 Comments »

Eastern v. Western Medicine

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

On Differing Views

Eastern and Western medicine, both providing methods of patient care, were developed with a completely different view of the body and how its ailments should be treated.

From examination procedures to medicinal theories and treatment methods, these two types of health care show just how complex and varied the practice of medicine can be.

Source: healthexecnews.com

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Career Development, Point-Counter Point | Tagged: Eastern v. Western Medicine | Leave a comment »

For Financial Success – Doctors Must Outsmart their Brains

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

On Behavioral Economics 101

By Rick Kahler CFP® MS ChFC CCIM http://www.kahlerfinancial.com

By Dr. David Edward Marcinko MBA http://www.CertifiedMedicalPlanner.org

How’s this for a convincing excuse not to save for retirement? “I can’t help it. The human brain is programmed for financial failure.”

Why?

Emotional Decisions

An estimated 80 percent of our decisions are made emotionally. As all doctors are aware, our brain is divided into three sections. The upper brain, or cerebral cortex, is where we reason. The middle brain, or limbic system, is where we react to emotional impulse. The lower brain – basal ganglia – is what regulates the operations of the body.

Limbic System

The limbic system, where our emotions reside, functions to move us toward pleasure or away from danger. Feelings like fear or anger can cause us to move away from a perceived danger, while feelings of joy or pleasure can impel us toward a perceived benefit or reward. This aspect of our brain serves us very well when it comes to physical danger or life-enhancing decisions like choosing a mate. It isn’t quite so much help when we need to make financial decisions.

The Scenario

Suppose you and your spouse are talking about spending $5,000 on a trip to the Bahamas. Your middle brain lights up. It sees you sitting on a beach, it feels the light breeze twirling your hair, it hears the sound of the waves rolling onto the sand, and it can practically taste the Piña Colada you’re sipping.

Now, suppose you’re discussing putting that $5,000 into an IRA instead. What does your limbic system see, hear, feel, or smell? You writing a check? A brokerage statement? There’s no particular pleasure response for your emotional brain to get excited about. No wonder it’s going to urge you away from the IRA and toward the trip to the Bahamas.

Decision Making

When we’re faced with decisions, the option with the greatest emotional payoff tends to win. This is how our brains are wired to make financial decisions in favor of our short-term pleasure rather than the delayed gratification that is in our long-term best interest.

The secret to overcoming that self-defeating programming is to give our limbic system something to get excited about that supports saving for the future. Successful savers and physicians and all investors learn to link emotional rewards to their financial goals.

On Choices Revisited

Let’s take another look at the choice between an immediate tropical vacation and putting money into an IRA. Someone committed to investing for the future may imagine the same tempting beach scene. What they do, however, is see it happening once a year, or even every day—in the future. They imagine themselves enjoying that beach as one of the rewards of saving for their financial independence.

It’s also possible to trick the limbic system with negative images. Another saver might vividly imagine her-self as a bag lady, living out of garbage cans and sleeping on park benches, if she doesn’t write that check to her IRA. This isn’t nearly as much fun as imagining situations that reward investing, but it has the same effect of adding emotional impact to a financial decision.

In either case, the goal is to create an emotional charge from imagining the IRA contribution that is stronger than the image of spending the money today. The scene with the greatest emotional impact wins.

This is one reason it’s important for us to spend some time defining our life aspirations. Having clear images of what we want in the future makes it easier to imagine ourselves there. It helps us link strong emotional rewards to mundane activities like writing a check to an IRA.

Assessment

The human brain may be programmed for financial failure, but we have the ability to change that programming. With a little effort, we can rewire our brains for financial success.

Conclusion

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Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

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Filed under: Investing | Tagged: behavioral economics, behavioral finance, cerebral cortex, For Financial Success - Doctors Must Outsmart their Brains, IRA, limbic system, retirement planning | 1 Comment »

How the ME-P Helps Doctors Avoid Malpractice Lawsuits and Related Litigation

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

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Insurance and Risk Management Strategies for Physicians and Advisors

Conclusion

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***

TESTIMONIAL

Physicians are all too familiar with the risks and liabilities inherent in the clinical practice of medicine. An exploding scientific literature, increasing sub-specialization, and a public awareness of “quality healthcare” have challenged conventional practice. Some of our colleagues have a very personal understanding of issues like illness, divorce and disability that accompany these professional challenges. Physician executives perceive even greater threats arising not only from the innumerable personal and professional issues of a singular practice, but also the complexities associated with operating a healthcare organization including personnel agreements, conflict mediation, and asset protection.

Understanding the risks associated with these very divergent areas and providing useful information to protect the physician from liability are the primary aims of Dr. David Marcinko’s latest book, Insurance and Risk Management Strategies For Physicians and Advisors.

This book is an excellent primer for physicians of all levels and interests providing important personal and professional advice. It is “must reading” for all medical students who need a fundamental understanding of the current healthcare environment and is equally important to the established physician executive looking for a reference on topics like capitation or the Health Insurance Portability and Accountability Act (HIPAA).

The book begins with a discussion of personal issues for the physician including life, homeowner’s and disability insurance as well as the financial and professional risks associated with divorce. Next the physician’s practice is considered with clear and concise coverage of issues ranging from documentation to business operations. Of importance, the book extends beyond the first layer of practice management to address important topics like sexual harassment and workplace violence.

Dr. David E. Marcinko and his twenty authors from http://www.MedicalBusinessAdvisors.com are all knowledgeable contributors. They have prepared a product that is excellent in its content and organization. The book is organized in a way that is highly useful for a busy practitioner. Topics are introduced without the overuse of jargon and more than adequately explained. There are numerous subheadings and bulleted lists to assist the reader with moving through the text or highlighting a particular topic. Robust examples throughout the book provide the reader with an applied knowledge that complements the didactic sections. The book is well referenced for more in-depth reading on a particular topic with materials from both the written and electronic media.

Of its few limitations, Insurance and Risk Management Strategies For Physicians and Advisors ambitiously attempts to briefly cover a large number of topics. For the most part, this is accomplished well. However, some of the topics were unexpected by the book’s title. While the physician executive will still require a financial or insurance advisor after reading this book, this well written text assists in providing the necessary background on what type of assistance is needed. As a result, physician executives will be in a better position to address insurance, risk management, and financial decisions for themselves, their families, their practices or the organizations they lead.

David C. Stockwell, MD

Anthony D. Slonim, MD, MPH

ORDER HERE

Filed under: "Advisors Only", "Doctors Only", iMBA, Professional Liability, Risk Management | Tagged: Dr. David Edward Marcinko MBA | 13 Comments »

Got [Drug] Mule?

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

Every Picture Tells a Story – Don’t It?

[By Anonymous Emergency Room Physician]

What is Heroin?

Heroin is a highly addictive and rapidly acting opiate (a drug that is derived from opium). Specifically, heroin is produced from morphine, which is a principal component of opium. Opium is a naturally occurring substance that is extracted from the seedpod of the opium poppy.

What Does it Look Like?

The appearance of heroin can vary dramatically. In the eastern United States, heroin generally is sold as a powder that is white (or off-white) in color. (Generally, pure heroin is a whiter the color, because variations in color result from the presence of impurities). In the western United States, most of the heroin available is a solid substance that is black in color. This type of heroin, known as black tar, may be sticky (like tar) or hard to the touch. Powdered heroin that is a dirty brown color also is sold in the western United States.

Source: http://www.justice.gov/ndic/pubs3/3843/index.htm

What is a Drug Mule?

According to Wikipedia, a mule or courier is someone who smuggles something with him or her (as opposed to sending by mail, etc.) across a national border, including bringing in to and out of an international plane, especially a small amount, transported for a smuggling organization. Sometimes the goods are hidden in the bag or vehicle of an innocent person, who does not know about this, for the purpose of retrieving the goods elsewhere. In the case of transporting illegal drugs, the term drug mule applies. Kinder Surprise and Easter Egg are both common slang terms for drug mules. Methods of smuggling include hiding the goods in a vehicle, luggage or clothes, strapping them to one’s body, or using the body as container. The latter method is mainly applied for heroin and cocaine, and sometimes for ecstasy. It is often done by swallowing latex balloons (often condoms, or fingers of latex gloves) or special pellets filled with the goods, and recovering them from the feces later (such a smuggler is called a swallower or internal carrier; the practice is also called body packing or body stuffing). It is a common, but medically dangerous way of smuggling small amounts of drugs: a mule can die if a packet bursts or leaks before exiting the body. Other methods of carrying drugs within the body include insertion of the package directly into the anus or vagina. This method is obviously far more vulnerable to body cavity searches.

Assessment

People are sometimes X-rayed at airports etc, to check for drugs, as seen above in this X-ray of more than 70 ingested heroin pellets. Then, when the ingested drug containers, or the mules’ intestines, rupture – I get to see em’ – or maybe the coroner? Every picture tells a story – don’t it?

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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: Drugs and Pharma | Tagged: black tar, drug mule, Easter Egg, heroin, heroin pellets, Kinder Surprise, opium, What is a Drug Mule? | 4 Comments »

Video on Why The Federal Government Is Suing The Banks

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

The Case against Banks – Trying to Understand the Financial Crisis?

Did you know that Federal regulators recently filed a lawsuit against banks for their role in the financial crisis. This motion graphic done, with What’s Trending, breaks down the story so you can understand the facts behind the case.

Video Link: http://columnfivemedia.com/work-items/whats-trending-motion-graphic-why-the-federal-government-is-suing-the-banks/

Source: www.ColumnFiveMedia.com

Conclusion

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

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, Funding Basics, Industry Indignation Index, Videos | Tagged: bank lawsuits, Fannie Mae, financial crisis, Freddie Mac, mortgage meltdown, sub-prime mortgages, Vidoe on Why The Federal Government Is Suing The Banks | 15 Comments »

Why Your Medical Office or Financial Advisory Practice Must “Go-Social”

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

Go Social -OR- Go Home?

By Staff Reporters

Likes, followers, circles, networks and shares are all jargon used around the internet. Social media is the new language and being fluent is very necessary in business today. In fact, we have written about it before on this ME-P. Why?

Social media allows you to connect with your patients, clients, customers and viewers on a level that becomes personalized and more intimate. This in turn brings loyal patients and clients who become a part of your business model; both professionally and socially.

However, social media integration is a gradual process with huge long term rewards, potential benefits and pitfalls. And, the jury is still out on its’ relevance to medical practices, financial advisors and medical management consultants? Or, is it?

Assessment

So, here is an infographic breaking down the important facts and tips of social media.

Source: wix.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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

###

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Filed under: "Advisors Only", "Doctors Only", Marketing & Advertising, Practice Management | Tagged: Dr. David Edward Marcinko MBA, Dr. James Winston Phillips, Facebook, Hospitals & Healthcare Organizations, More On Social Media in Healthcare, Prof. Hope R. Hetico, social media, Social Media in Healthcare, Y UR Medical / Advisory Practice Must “Go-Social” | 8 Comments »

Learn How the ME-P Helps Hospitals Improve Patient Care and Still Be Profitable

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

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Learn our Secrets – PreOrder Now for a First-Mover Advantage

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

TESTIMONIAL

“Hospitals and Healthcare Organizations” is a must-read for any physician and other health care provider to understand the multiple, and increasingly complex, interlocking components of the US Healthcare delivery system whether they are employed by a hospital system, or manage their own private practice.

The operational principles, methods, and examples in this book provide a framework applicable on both the large organizational and smaller private practice levels and will result in better patient care. Physicians today know they need to better understand business principles and this book by Dr. David E. Marcinko and Professor Hope Rachel Hetico provides an excellent framework and foundation to learn important principles all doctors need to know.

-Richard Berning, MD

[Pediatric Cardiologist]

ORDER HERE

Filed under: Book Reviews, Health Economics, iMBA, Inc., Practice Management | Tagged: Dr. David Edward Marcinko MBA, Healthcare Organizations, Hope Hetio, lean health administration, lean healthcare, lean hospitals, ME-P, six sigma healthcare | 2 Comments »

Personal Budgeting Guidelines for Doctors

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

Some Cost of Living and Expense Benchmarks for Us All

By Dr. David Edward Marcinko MBA

[Editor-in-Chief]

There are many types of budgets. Fixed and variable budgets; semi-variable, cost plus/minus, managerial and even zero-based budgets! And, we’ve written about some of them on this ME-P.

Nevertheless, I’ve never been a big fan of personal budgeting. For clients, they seem to be a neurotic crutch, and for me a pointless exercise as I make sure I live on less than I make. Yet, this philosophy is most unusual in the financial advisory world.

But, like minds to the contrary do exist. Just ask my colleague, and financial planner, Rick Kahler CFP® MS ChFC CCIM.

Link: https://healthcarefinancials.wordpress.com/2011/12/27/can-doctors-achieve-financial-independence-without-budgeting/

Still, this visual will give you a rough idea of the average cost-of-living as a percentage of income for laymen. We all love benchmarks; don’t we?

Assessment

But, does the above infographic relate to medical and financial services professionals; why or why not, and if so, how?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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, Risk Management | Tagged: Cost of Living and Expense Benchmarks, Dr. David Marcinko, Personal Budgetings Guidelines | 3 Comments »

The Joy of Healthy [Clean] Hands

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

Handwashing Revisited for Laymen and Physicians

[By Staff Reporters]

Some laymen in the office were recently wondering about hand washing. Why do we wash our hands after using the restroom? Why do we not wash our hands prior to “doing our business”? And is it really necessary to wash every single time?

So, after some research, the short answer to that last question seems to be a resounding yes. Want to know why?

Source: tradewindsimports.com

Publisher’s Note:

As most ME-P readers are aware, I am a HAI fanatic and even edited and wrote a medical textbook on bone and soft tissue extremity infections, back in the day. And so, for our medical professional readers, this encore report by www.PodiatryPrep.com will review surgical sterilization and disinfection procedures for doctors and surgeons.

Link: Surgical Sterilization and Disinfection

Dr. David Edward Marcinko MBA

www.PodiatryPrep.com

Channel Surfing the ME-P

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: Career Development, Professional Liability, Sponsors | Tagged: Dr. David Marcinko, HAIs, hand washing, hospital acquired infections, nosocomial infections, The Joy of Healthy Hands, www.PodiatryPrep.com | 6 Comments »

Updates on Twitter in Healthcare

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

Promises Fulfilled in 140 Characters or Less?

[By staff reporters]

According to Phil Baumann, RN BSN, @ www.PhilBaumann.com writing a few years ago:

“Twitter may either be the greatest time wasting prank ever played on the internet community – or- it may be the best thing since sliced bread. It’s easy to make the first case if you read the public time-line for a few minutes. It’s a bit harder to make the second, but I’ll do my best to make it. Specifically, I’d like to take a stab at offering 140 health care uses for Twitter. Twitter’s simplicity of design, speed of delivery and ability to connect two or more people around the world provides a powerful means of communication, idea sharing and collaboration. There’s potency in the ability to burst out 140 characters, including a shortened URI. Could this power have any use in healthcare? After all, for example, doctors and nurses.”

Assessment

How is Twitter doing in healthcare today, circa 2012? Tweet promises fulfilled? Read the original 23 page white-paper here:

Link: http://blogs.usask.ca/medical_education/archive/2009/02/140_healthcare.html

Conclusion

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

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: Information Technology | Tagged: phil baumann, social health networks, twitter, Twitter in Healthcare | 14 Comments »

Men vs. Women on Financial Planning

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

Also True for Medical Professionals?

Statistics show that men and women handle money differently. While there are exceptions to every rule, men generally are better prepared for retirement, are more willing to put money into savings, pay off credit card balances in full and are more educated about investing. Men are also more prepared for unemployment, which is fortunate because there are more unemployed men than women in the U.S. and the growth of the unemployment rate for men is currently outpacing the unemployment rate for women.

Assessment

But, is the above true of male and female doctors and medical professionals?

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: Financial Planning | Tagged: david marcinko, fiancial planning gender differences, Men vs. Women on Financial Planning | 4 Comments »

Home Renting for Chump MDs?

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

Has the Home Buying versus Renting Finance Equation Changed?

In ‘normal’ times, astute doctors and financial advisors know it usually makes sense to rent a home – rather than purchase one – when the period of time you will stay in the home is short or undetermined.

Why? The reason for this is the high cost of purchasing and selling a home.

When a physician – or anyone else – purchases a home, he or she must pay an amount varying from the total price in cash to at least 0-3% down; and hopefully up to the traditional 20% or beyond to remove PMI – especially after the recent mortgage industry meltdown with today’s tight credit markets because of the sub-prime mortgage fiasco – despite the low IRs.

Recall, that about 13% of first mortgages that originated in 2005 and 2006 had down payments of less than 10%, according to the Mortgage Bankers Association. An additional 1% of the mortgages surpassed the value of the property.

And, if the home is purchased for cash, a majority of the expense of purchasing and selling comes in the selling via commissions and excise taxes.

Assessment

So, is the financial calculus changing in favor of home ownership, again? Why or why not?

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. IOW: Is renting for chumps, again? Please review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Financial Planning | Tagged: Home Buying versus Renting, Is Home Renting for Chumps?, Mortgage Bankers Association | 4 Comments »

Is there an IRS Smart Phone App for Taxes?

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

Yep – Now Doctors Can Get IRS2GO

By Children’s Home Society of Florida Foundation

IRS Commissioner Doug Shulman was pleased to just announce a substantially enhanced application for iPhone and Android phones. The IRS2GO application was first announced in 2011 and had 350,000 downloads. Commissioner Shulman expects the new application to be widely used.

He stated, “The new smartphone app provides an easy way for people to get helpful information about their taxes. IRS2GO reflects a wider commitment at the IRS to find innovative ways to serve taxpayers in a rapidly changing world.”

The Top Five [5]

The new version has five major sections:

1. YouTube – The smartphone app includes links to many short YouTube videos. The videos have titles such as “Tax Tips: Taxable and Non-Taxable Income,” “Tax Tips: When Will I Get My Refund,” “Healthcare: Small Business Healthcare Tax Credit,” and “Free Help Preparing Your Tax Return.”

2. News – The IRS periodically produces news releases. These news items may be viewed on your iPhone or Android phone.

3. Get My Tax Record – By entering your Social Security Number and other identifying information, you may have access to your personal tax records.

4. Get My Refund Status – By entering your Social Security Number and other information, it is possible to obtain your refund status.

5. Follow Us – If you so desire, you may follow the IRS on Twitter.

Editor’s Note: The IRS has developed a good smartphone application. It is easy to use and includes very helpful content. This updated IRS application will be very popular with taxpayers. Finally, it is not very often that your editor uses the words “IRS” and “popular” in the same sentence.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: iMBA, Inc., Information Technology, Practice Management, Taxation | Tagged: ", Android phone, Doug Shulman, iPhone, IRS, IRS2GO, Is there an IRS Smart Phone App?, phone aps, Small Business Healthcare Tax Credit, Taxable and Non-Taxable Income, twitter, When Will I Get My Refund?, youtube | 2 Comments »

It’s all About Personal Financial Management [PFM]

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

Building Deeper Relationships with Medical Professionals and other Clients

To build deeper relationships with their clients and customers, financial advisors, wealth managers, brokerages and banks need to move away from just being an account to store money – and more towards helping their customers take control of their finances. Adding personal financial management (PFM) tools are a great way to start.

Right now, medical professional clients and many customers, are turning to third party sites to help them with their finances. But, a recent Javelin reports shows that customers are 3-x as likely to trust a bank with these services.

Below are some reasons why FAs, WMs and SBs should consider providing PFM capabilities (such as StatementRewards’ Purchase Insights) to physicians and lay customers.

Source: truaxis.com

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. FAs – please advise? Please review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Financial Planning | Tagged: financial advisors, Financial Planning, It's all About Personal Financial Management, stock-brokers | 2 Comments »

The ACA and Rising Healthcare Costs?

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

Effects of Affordable Care Act on Private Health Care Costs Remain to be Seen

[By Staff Reporters]

###

The latest data on economic growth shows the American economy spent the last quarter growing at a rate equal to 2.5 percent a year. That’s neither recession-level bad nor full employment recovery-level good, but it’s worth diving into the numbers to see exactly what’s driving this slow expansion.

###

A significant part of the growth came from personal spending on health care as insurance premiums continue to rise, meaning a lot of that growth wasn’t very productive. That health care costs are rising—and rising faster than most other expenses—is a problem that businesses and policymakers have struggled with for years: It’s the major cause of federal budget deficits and the reason behind the health care law passed in 2010. While the effects of the Affordable Care Act on private health care costs remain to be seen—many of its provisions will not go into affect for another two years—health care economists like Harvard’s David Cutler say it draws on nearly every idea that exists to lower costs.

###

But, Cutler adds that while we wait for pilot programs to succeed and scale or fail, more changes to the system—including a public insurance option and further incentives for health providers to reform delivery—should be on the table.While policymakers in Washington and state capitals wait on politics and legal challenges to the 2010 law, consumers can take action themselves to lower costs. Innovative health care companies are coming up with new ways to make cost savings easier to find.

Source: Simplee

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

Filed under: Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance | Tagged: ACA, Affordable Care Act., David Cutler, Health Economics, Health Insurance, Healthcare Finance, The ACA On Rising Healthcare Costs? | 16 Comments »

Corporate CEOs and Education

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

Ever wonder where some of the top CEO’s went to college? This infographic answers that question and shows just how far a degree can take someone.

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: Career Development | Tagged: CEOs and Education, ivy league, public versus private school | 2 Comments »

How You Can Interact with the ME-P

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

First Join Us – then Opine and Contribute in Several Ways

By Hope R. Hetico RN MHA [Managing Editor]

By Ann Miller RN MHA [Executive-Director]

WRITE AN ESSAY

We’re looking for writers, journalists, reporters, bloggers and thought-leaders. Send us your 500-1,500 word original eassay to post, and get noticed by your peers.

CONTRIBUTE OR COMMENT

Op-Ed pieces, opinions and comments are need too, for our live and inter-connected virtual community.

ADVERTISE

Want to reach a dedicated audience of healthcare professionals and financial services insiders and industry observers? We reach an active daily, and growing monthly, list of “movers and shakers”. Email us to find out about advertising options, or customize a campaign to fit your needs and audience.

ME-P CLASSIFIEDS

Reach a super focused healthcare audience with your text ads that can target doctors and related medical professionals, financial advisors, medical management consultants and health plan execs, as well as IT and other folks in our integrated 2.0 ecosystem – with your important message.

Ann Miller RN MHA

MarcinkoAdvisors@msn.com

[Executive-Director]

Filed under: Experts Invited, Marketing & Advertising | Tagged: How You Can Interact with the ME-P, Interact with the ME-P in Many Ways, ME-P, medical executive post | 1 Comment »

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