What Your Poop [Feces] is Telling You About Your Body

About your Pee [Urine] too!

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Have you ever wondered if your poop looked “normal,” but were too embarrassed to ask anyone else what their poop looks like? Or, has your pee ever smelled a bit putrid but you were too mortified to utter a word to your best friend [BFF], let alone your boy friend or girl friend?

Medical Poop

Poop is an important part of health and affects your beauty, as everything in your body works as an interrelated system. Well, don’t worry, because here is a guide to anything and everything you may have wondered about your poop, and yes, your pee.

Source: kimberlysnyder.net.

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

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On Financial Advisors Becomming Certified Medical Planners™

Introducing

CERTIFIED

MEDICAL PLANNER 

  Now accepting matriculation applications from Financial Advisors, MBAs, CPAs and all RIAs!

  Live Online Matriculation Leading to a

Chartered Professional-Designation

Certified Medical Planner 

Attract, retain and better serve physicians and other medical professional clients.

Become a Certified Medical Planner™ –OR- just succeed like one!

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###

Are Doctors’ Jobs Over Rated by the General Public?

Many ‘Dream Jobs’ Overrated … Website Says

By Staff Reporters

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Everyone, it seems, aspires at some point in their lives to become a doctor. It’s somewhat of a dream job to most people: High pay, respect, prestige, authority. Of course, the readers of this ME-P may know better!

Nevertheless, for those who never made the dream come true, there’s some comforting news:

Doctor is the most overrated profession there is, according to a website that analyzes careers.

Yep, on a list of 12 most overrated jobs compiled by CareerCast.com, doctors — specifically surgeons, physicians and psychiatrists — occupy three of the top five spots. Only a corporate executive is more overrated, according to the website.

Link: http://www.careercast.com/jobs-rated/most-overrated-jobs-2011

Assessment:

CareerCast analyzed pay, stress, physical demands and the current and future employment outlook in compiling its list.

And stockbrokers, vilified in the current Wall street protests taking place in New York, Atlanta [home of the ME-P] and many other cities, average a little over $67,000 a year, less than some teachers.

Conclusion

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Social Media Strategy Survey for Financial Advisors and their Physician Clients

The ME-P Wants to Know

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Increasingly, more brokerages and wealth management firms are pursuing various social media channels to connect with prospective medical clients and existing customers. Financial Advisors [FAs], RIAs and CPAs are using social media, as well.

Financial Services Late Adopters

Now, while adoption has been slow, this is changing as more firms embrace the technology required to make social media programs successful. This rapidly changing social media landscape means that individuals in the financial services industry, and their related organizations, must be strategic or risk falling behind.

Assessment

Join in and tell us how FAs, BDs, RIAs, CPAs and wealth management firms can, and should, take advantage of social media platforms. Give us your best tips and insights to help firms capitalize on these new opportunities to connect with existing and potential new clients.

Doctors – feels free to chime in as well. How has your FA or CPA been treating you; lately?

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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The AMA says “Power to the Patient” … Finally!

The American Medical Association Recognizes Shared Decision Making

By Staff Reporters

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Some readers of the ME-P may be surprised to learn that the American Medical Association [AMA] now “recognizes” shared decision making.  A document recommending precisely that is available for your reading pleasure here.

Assessment

The AMA also recognizes that shared decision making can make the physician-patient relationship stronger, opposes any effort to link it to insurance coverage and supports more pilot programs.

Of course, with AMA influence waning at less than 18% of allopathic members, and health 2.0 strategic initiatives rising along with a plethora of other related medical professionals, was there even a choice? 

As one doctor we interviewed said:Congratulations AMA for recognizing the obvious and abandoning your command-control philosophy … and welcome to Y 2012.” 

Conclusion

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

Our Other Print Books and Related Information Sources:

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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My “One” Criterion for Hiring Physician Consultants and Doctor Advisors

More about the Frightening “F” Word

Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

As you begin to search for a medical practice business advisor or healthcare consultant, be sure to contact the advisor and request a short initial meeting that should be free of charge.

Just as you would select your own physician, you should base your consulting decision on credentials, experience and especially education. Fee schedules are probably of least importance. And, by understanding the “F” word, you stand the best chance of finding an advisor that’s right for your budget, practice and personality.

The Traditional View

The traditional view of medical management consulting, or the financial advisory or financial planning business, is not of a fiduciary. Historically, in the view of many, attorneys, doctors, CPAs and the clergy are proto-typical fiduciaries, as are the small but emerging class of contemporary Certified Medical Planners [CMP™]. They have a clear duty to put the best interests of their clients, patients, congregation, etc., above their own and to disclose conflicts of interest, etc. Too many others who retain this title function as poseurs.

Link: www.CertifiedMedicalPlanner.com

The stock market collapse, SEC debacle, home mortgage and real estate fiascos of the past few years, all highlight the lack of general accounting, financial, business and advisory oversight of Wall Street, the NASD/FINRA and related private and government monitoring agencies. This includes financial and investment advisors, wealth managers and healthcare consultants.

Fiduciary Definition

According to Bennett Aikin, Accredited Investment Fiduciary [AIF®], a fiduciary consultant is someone who offers advice, or manages the assets of another person and stands in a special relationship of trust, confidence, and/or legal responsibility [personal communication].

Link: https://medicalexecutivepost.com/2009/03/01/an-interview-with-bennett-aikin-aif%c2%ae/

Financial designations that indicate fiduciary duty do not exist absent the proto-types mentioned above. Rather, it is function that determines who is a fiduciary; not designations, certifications or licenses to hold a particular trade-mark, service-mark or registration-mark.

So, a fiduciary advisory, according to these definitions can be held accountable for a breach in fiduciary duty, regardless of any expertise they do, or do not have. This underscores the critical nature of understanding the fiduciary standard and delegating certain duties to qualified “professionals” who can fulfill the parts of the process that a non-qualified fiduciary cannot.

Fiduciary? – Get it in Writing!

But, this does not mean it is impossible to find a healthcare consultant who accepts fiduciary responsibility and acknowledges the same. The best way to rectify confusion is to get fiduciary status acknowledged in writing and review all of the necessary steps in the fiduciary process to ensure fulfillment. An acknowledgement of fiduciary status letter can even be a simple checklist to ensure the entire fiduciary process is being covered.

Link: www.CertifiedMedicalPlanner.com

About http://www.fi360.com

Public resources for understanding the fiduciary process and for choosing appropriate consultants include the Department of Labor, the AICPA’s Personal Financial Planning division, and iMBA Inc. Private resources are available from the law firm of Reish Luftman Reicher & Cohen. The firm specializes in employee-benefits law and is considered leading ERISA experts. More resources from www.fi360.com include:

  • Fiduciary Standard of Excellence
  • Safe Steward Document
  • Stewardship Handbook
  • Legal Memorandum Handbook

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

Our Other Print Books and Related Information Sources:

Health 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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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The Eight Types of Waste in Healthcare Processes Today

 The Industry Must Identify and Avoid These Traps

By Mark Matthews MD

www.Creative-Healthcare.com

Operative Definitions:

Noun:
Processes: A series of actions or steps taken to achieve an end.

 

Verb:
  1. Perform a series of mechanical or chemical operations on (something) in order to change or preserve it: “the stages in processing the wool”.
  2. Walk or march in procession: “they processed down the aisle”.

 

Waste in healthcare processes can be classified into 8 different subtypes:

  • Overproduction: This term refers to the performance of redundant work. Examples include duplicate charting, multiple forms with the same information, copies of reports being sent automatically, and multiple caregivers asking the patient for the same information.
  • Motion: This term refers to the extra steps taken by employees in order to complete a task (part or all of a process). People working in healthcare facilities or offices often spend a large part of their day moving around the environment searching for people or information, gathering supplies, moving items, dropping off records, etc.
  • Waiting: This is epidemic in most healthcare settings and is often referred to as “queuing.” Waiting for items like medical records or radiographs, or a patient waiting for providers is simply inactive time with no value content at all.
  • Transport: The unnecessary movement of patients, supplies or materials that are necessary for, involved in or produced by a process. Examples include delivery of medication from a distant central pharmacy, procurement of an unexpected surgical pack to the operating room, staff needing to travel a great distance to retrieve supplies, or transporting patients large distances from the emergency room to obtain diagnostic tests. This movement adds time to a process and contains no value.
  • Over-processing: Excess processes that do not add value from the patient’s perspective. The most prevalent example of this in healthcare is the processing of regulatory paperwork or the inclusion of extra steps merely to satisfy a regulatory condition. Also included are activities like order clarification due to poor handwriting or erroneous abbreviations, missing medications from a pharmacy area leading to a delay in treatment, and redundant charting or paperwork.
  • Inventory waste: Seen when too much product is acquired ahead of actual demand. This leads to a risk that items may become outdated or expired, leading to waste and excess cost. This is most often seen in healthcare in association with poor inventory management. Inspection of the average hospital storeroom will yield many items that will not be needed for months to years ahead. In addition, catering to the individual needs of all surgeons in the operating room leads to the accumulation of multiple trays and costly instruments that are used infrequently.
  • Rework: This term refers to work that contains errors or defects that require correction. In healthcare, this is seen in coding and billing errors requiring reprocessing, medication errors requiring additional reconciliation, patient mishaps requiring reporting and perhaps additional treatment, and surgical errors requiring re-operation.
  • Not using people to their full potential capabilities: This is often referred to as the “8th form of waste” because it was described after the original 7 forms of waste related to manufacturing were defined. It refers to a mismatch of a particular task to the skill set of the person assigned to perform that task. It is common to see significant variation in the ways different people will perform the same task. This often arises when there is an unclear expectation set forth by management or a lack of standard processes. Matching tasks to skill sets can lead to improved quality of work, employee satisfaction, and employee loyalty.

Pre-Order Book Now [more from this author]

We are now preparing the next edition of our book:
“Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies].

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

About the Author

Dr. Mark Mathews has 20 years of active clinical practice in the field of Anesthesiology. Located in Scottsdale, Arizona, he has served on the management board of his large multi-specialty anesthesiology group in the Phoenix area as well as various committees within the Scottsdale Healthcare System. Currently, he is developing simulation models mimicking various medical inpatient and outpatient processes with an emphasis on improving Patient Safety through the application of Lean and Six Sigma analysis. After receiving his Bachelor of Science and Medical Degrees from the University of Arizona, Dr. Mathews completed his residency training in Anesthesiology at the University of Minnesota. Subsequently, he received specialized fellowship training in Neuroanesthesiology from the Barrow Neurological Institute in Phoenix, Arizona. Currently, he is a Diplomat of the American Board of Anesthesiology and maintains numerous memberships in professional medical societies. 

Conclusion

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

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

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Examining the College Credit Bubble

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Expensive – Even for Medical Professionals!

By Rick Kahler CFP®, MS, ChFC, CCIM

The latest bubble forming on the horizon isn’t in real estate or stocks. It’s the cost of a college education, up four times the rate of inflation since 1985—twice as much as health care costs.

What’s Driving this Stratospheric Rise?

Just like the housing crisis, easy credit and poor government policy.

The Federal Government as Champion

For decades governments have championed making a college education affordable for all, just as they did home ownership. Since some segments of society couldn’t afford an education or a house, the answer was to encourage lenders to make loans they wouldn’t normally have made. This was done by guaranteeing lenders that if the loans went bad; the government would take them over.

Dual Results

There were two results of this seemingly noble policy. First, with easy credit available, almost any jobless teenager could borrow up to $250,000 for a college degree without a worry in the world of paying it back until graduation.

Easy credit drives up prices, as the increased demand exceeds supply. Colleges increased tuition at a dizzying rate, simply because they could easily fill classes with students who could easily pay the tuition by painless borrowing. Normal market forces were thwarted, and prices rose exponentially and consistently. Four years of tuition that cost $50,000 in 1985 costs $200,000 today.

The second result is a replay of the housing crisis. According to an article by Malcolm Harris in the September/October 2011 issue of Utne Reader, students now owe more than $800 billion in outstanding student debt, of which only 40% is in active repayment. The majority of student loans are in default or deferment. Since these debts are guaranteed to the lenders,U.S. taxpayers are on the hook for them.

Unintended Consequences

The government’s artificially gaming markets to give credit to those the market would normally deny, while well intended, causes unintended consequences. The distortions create a new set of problems, sometimes as bad as or worse than those that inspired the attempted fix in the first place. More often than not, most of the parties to the transaction ultimately lose.

The Students

Among the losers are the students themselves. Few take the time to calculate the overt cost of obtaining their education with the corresponding salary it prepares them to earn. But, Laurence Kotikoff, professor of economics at Boston University, describes the hidden costs in the September 2, 2011, InvestmentNews. These include the time spent learning rather than earning, plus the progressive income tax which taxes annual earnings rather than lifetime earnings. According to a recent study by economists Stacy Dale and Alan Krueger, going to more selective colleges and universities makes little difference to future income.

Of Doctors and Plumbers

Kotikoff compares two students, neither of whom borrows for their education. One becomes a doctor and the other a plumber. The doctor spends 11 years of her life in school in order to earn $185,895 annually. The plumber spends two years and earns $71,685. The bottom line is that the plumber’s sustainable spending is equal to the doctor’s.

Re-Gaining Affordability

If the government stopped guaranteeing college loans, the initial result would be significantly less demand for a college education. Tuition rates would plummet, eventually becoming affordable once again as the source of easy credit dries up.

Assessment

Without easy borrowing as an option, parents and students would be encouraged to begin college saving early. Students would have new incentive to earn money for college and also do well in high school to qualify for scholarships. The result would be more students graduating without debt and feeling less pressure to take the first job available. Then, the money that today’s grads apply to student loans could instead be invested in retirement plans.

The Author

Rick Kahler, Certified Financial Planner®, MS, ChFC, CCIM, is the founder and president of Kahler Financial Group in Rapid City, South Dakota. In 2009 his firm was named by Wealth Manager as the largest financial planning firm in a seven-state area. A pioneer in the evolution of integrating financial psychology with traditional financial planning profession, Rick is a co-founder of the five-day intensive Healing Money Issues Workshop offered by Onsite Workshops of Nashville, Tennessee. He is one of only a handful of planners nationwide who partner with professional coaches and financial therapists to deliver financial coaching and therapy to his clients. Learn more at KahlerFinancial.com

Conclusion

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

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
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BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Healthcare Videos Worth Watching for 2011 [A Parody]

At Least According to … FierceHealthcare.com

By Staff Reporters

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What do “Top Gun,” “The Terminator” and “West Side Story” all have in common with the healthcare industry? Each is parodied in videos that make the HealthcareFinance 2011 list of must-watch YouTube clips from the medical realm.

(Check out our previous must-watch list of healthcare videos)

Deeper Value

Although each video–five in all–clearly has high entertainment value (for example, you’ll never be able to listen to Johnny Cash’s “Ring of Fire” in the same way again), some do have messages that go beyond the wackiness portrayed on the parody surface … to reveal a deeper more insightful truth or value!

Link: Click here to get started

Assessment of the Parody

“Many a true word is spoken in jest” and “Some truths, too painful or too likely to provoke, can be spoken only when the listener has been disarmed by laughter” are proverbial truths.

The idea appears to have been recorded first by Geoffrey Chaucer with the line, “A man may seye full sooth (truth) in game and pley” in his “The Canterbury Tales” (circa 1387).

In “King Lear” (1605), William Shakespeare wrote,”Jesters do oft prove prophets”; and some years later, the modern version was rendered in the “Roxburghe Ballad” (circa 1665): “Many a true word hath been spoken in jest.”

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.

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

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

Our Other Print Books and Related Information Sources:

Health 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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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How to Select a Property and Casualty Insurance Agent

Eschewing Conventional Wisdom

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

In my travels, and various consulting engagements, I am often asked how to select a good PC agent. As a former insurance agent myself, I know what is required for my medical colleagues. And, there is no doubt that a good property and casualty (P&C) agent is needed to protect the physicians’ home and medical practice business entity, etc.

No Dedicated Agents

The P&C agent should not be dedicated to a single company, but have an array of carriers with which the home or practice can be placed.  I opine thusly even though most insurance companies will offer a discount if you place multiple coverage with them.

Select “Best of Breed”

However, this may not be as beneficial as insuring each need with a specialist. So, do not hesitate to place different types of coverage with different insurers. Selecting the “best of breed” may be more work; but it also may be more beneficial when a claim is made.

Assessment

Remember, by agency law, and definition, P&C agents are not fiduciaries.

Conclusion

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

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

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What is a Forensic Investigator?

Think – CSI on TV

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According to WiseGeek.com, a forensic [medical] investigator works with police and [health] departments to solve crimes. Becoming a forensic investigator usually requires a bachelor’s degree in biology, chemistry, or a related field.

Expert Witness Work

When a forensic investigator is not investigating crime scenes, s/he may be found filling out paperwork or testifying in court. The work of a forensic investigator is often done as part of a team, especially in larger police departments. Smaller departments might share one or two forensic investigators among themselves.

Source: www.forensicsciencecolleges.org/organization_files/277/employmentwagesgraphs-investigator.png

Conclusion

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

Our Other Print Books and Related Information Sources:

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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Celebrating Our Four-Year Anniversary

Be Sure to Opt-In, Too!

Dr. David Edward Marcinko MBA CMP™

Professor Hope Rachel Hetico RN MHA

Ann Miller RN MHA

[ME-P Executive Staff]

This month is the four year blogaversary of the ME-P. We had a big bash planned but canceled it because it really isn’t worth a lot of e-hoopla.

But, we do wish to thank a few classes of people, if not those folks individually.

So, we’ll thank all briefly, and then move on with today’s post.

Our Successful Network

We share the success of this blog with our readers, subscribers and guests – all of whom have contributed first rate posts and comments. We also have an informal network of support behind the scenes; these are individuals to whom we go with questions about technical issues, seek writing advice, and/or a few kind souls who listen or try out rough-drafts of new ideas.

Our ME-P Reach

We are also grateful for the internet recognition that has helped elevate the relevance and extend the reach of this publication and the ideas expressed in it. So, many thanks to other supporters for their links, advertisements, experts and sponsors!

Assessment

And finally, thanks to the readers of this blog who have helped us make it what it is. Had no one showed up to read and receive the ME-P, we’d have stopped publishing long ago. We also receive good comments and references from readers. A few of you have proven so valuable that we’ve become e-mail correspondents to facilitate the sharing of ideas. To you all – many thanks!

Conclusion

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

Our Other Print Books and Related Information Sources:

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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Let’s Meet Dr. Peter Benedek CFA

At Your Service as Our Newest ME-P “Thought-Leader”

By Ann Miller RN MHA

[Executive-Director]

www.retirementaction.com

Peter Benedek retired in 2002, after almost thirty years working as an engineer, manager and then executive in telecommunications Research and Development. While having a PhD in Electrical Engineering, he was always also interested in the financial world.

Enabling Others to Control their Destinies

However, due to work and family pressures, he had the opportunity to delve deeply in a formal finance related study only after retirement. The collapse of telecom industry, coincidental with retirement, reinforced his interest in financial related matters – not just as an intellectual pursuit – but also as a means to better understand how to manage his own personal financial affairs, and assist others to better manage their affairs in order to achieve some level of control over their destinies.

What Peter Brings to the ME-P Ecosystem

Dr. Benedek is no novice however. In the summer of 2006 he successfully completed the three levels of study toward the Chartered Financial Analyst designation offered by the CFA Institute®. He is thus a CFA charter-holder.

Assessment 

In addition to authoring his pro bono website, he started providing research and consulting services to investment management firms in 2009.

Conclusion

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

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

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Are Health 2.0 and Financial Services 2.0 Organizationally Related?

Similar Business Models Emerging!

By David K. Luke, MIM

Investment Advisor

http://networthadvice.com

Defining Health 2.0

Health 2.0 is healthcare with the full involvement of the patient and the doctor. New web technologies, enabled by information, software, and social networking help increase participation and openness between the players. This will permit health care professionals to work in a more suitable “patient-centric” demand driven environment. Health 2.0 is evolving fast as the technology evolves.

Defining Financial Services 2.0

The same technology deployment changes and increased public involvement are prevalent with Financial Services 2.0, including a quickly morphing investor driven landscape creating a more “investor-centric” atmosphere.

Tribulations and Detractors on Both Sides

The move to 2.0 in healthcare and financial services is proving to be beneficial to all parties, but not without tribulations and some detractors.

In Healthcare

Within healthcare, from the patient’s perspective, the ability for patients to have ready access to their medical records, review doctor’s notes, and engage in the process is refreshing and liberating. Older doctors may be unwilling to adapt their practices, however. Many practices are not equipped as strategic business units, which is required now to deal with the patient and is becoming the new norm. Practices will need to evolve and healthcare providers will need to adapt.

For example, nearly 7 out of 10 physicians in a recent study by The MEDSTAT Group and JD Power and Associates considered themselves “anti-managed care” indicating unhappiness with the financial reimbursement system. Some physicians are packing their bags and moving out of practice, into more lucrative business ventures and other pursuits. One criticism of the new Health 2.0 is that it is one more paradigm, one more monkey on the backs of already exhausted physicians.

Another criticism is that some patients are not equipped with the knowledge or experience to interpret correctly all the newly available information, making it difficult for physicians to implement a proper course of action with the patient.

Nonetheless, early adopting physicians to Health 2.0 are having success and utilize e-mail office visits, video-conference appointments, and matching online patient visits with convenient neighborhood locations. The wise physician realizes that Health 2.0 is here to stay, and must be confronted and dealt with.

In Financial Services

Adoption of the new technologies within Financial Services 2.0 has been rapid. The number of Financial Advisors (FA) in the United States has started to shrink as the end investor is increasing access to information and making more decisions without intermediaries. Advisors that are surviving, indeed thriving in this environment are adapting and implementing new technologies. Interactive websites with video, account and investment option access, and reductions in transactions costs while increasing services all seem to benefit the new consumer in Financial Services 2.0. Advisors that are slow to adapt criticize the ease with which investors can now make investment decisions often at their own peril.

Assessment

Some players on both sides of the issue believe that the transaction cost savings touted by new “do it yourself” investing and medical information websites may not be worth the potential [many fold] losses that await the inexperienced investor or patient.

As with physicians and the new realities of Health 2.0, the wise FA is adapting their practice to Financial Services 2.0 not just to cope but also to thrive.

Editor’s Note: David K. Luke is currently enrolled in the online http://www.CertifiedMedicalPlanner.org chartered professional designation program.

Conclusion

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Can You Get Cancer From Oral Sex?

Yes Virginia and Virgil – You Can!

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Yes, and the US is seeing a sharp increase in the number of cases of oral and throat cancer especially among young men, caused by HPV infections contracted during oral sex.

Source: The Mount Sinai Medical Centre

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.

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

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

Our Other Print Books and Related Information Sources:

Health 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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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Of Interest to MD and FA Philanthropists

About The New Center on Philanthropy

By Staff Reporters

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Major philanthropists and those successful doctors [and their patients], and affluent financial advisors [and their clients], about to join their ranks increasingly want information about which organizations with causes matching their interests are receiving large gifts, where their peers are giving and where gaps in funding may exist.

Now, they have a new tool that can help them decide where, when and why to make gifts of $1 million or more.

Last week, Indiana University’s Center on Philanthropy rolled out a searchable database of more than 60,000 large, publicly reported gifts it has compiled since 2000. The Million Dollar List covers gifts from individuals, foundations and corporations.

What it is – How it works

The Center on Philanthropy at the Indiana University is a leading academic center dedicated to increasing the understanding of philanthropy and improving its practice through research, teaching, public service and public affairs. Founded in 1987, the Center is a part of the Indiana University School of Liberal Arts at Indiana University-Purdue University Indianapolis.

The Center was founded as the result of the convergence of two ideas.

First, some people recognized the need to professionalize fundraising and to create a permanent, university-based home for The Fund Raising School. Second, others were interested in building knowledge about the philanthropy field through an inter-disciplinary approach grounded in the liberal arts. These ideas, and the goal of bringing scholars and practitioners together to learn from each other, are the founding principles that remain the bedrock of their mission.

Today, the Center says it boasts a thriving research program that informs the work of nonprofit professionals throughout the world. Academic programs related to philanthropy and nonprofit management are attracting from a diverse group of highly talented students. And, The Fund Raising School continues to be the premier international university-based education and training program for fundraisers.

Assessment

So, give em’ a click, and tell us what you think?

http://www.philanthropy.iupui.edu/About/center_overview.aspx

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.

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

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

Our Other Print Books and Related Information Sources:

Health 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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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

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About Healthcare Financials.com

WELCOME ALL HEALTH 2.0 COLLEAGUES

[An Open Invitation]

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All hospitals and healthcare organizations, both emerging and mature, face a daunting financial scenario in today’s volatile healthcare reimbursement environment.  Decreasing revenues, increasing costs, and high consumer expectations present a complex challenge for CEOs, CFOs, physicians and nurse executives, administrators, financial advisors and department managers who must not only lead in today’s climate, but also position their organizations for tomorrow’s financial tumult and potential political changes of the Obama Administration.

Produced by a team of leading doctors, physician executives, nurses, medical professionals, economists, administrators, lawyers, and accountants, skilled business leaders and IT consultants, among many others; Healthcare Organizations [Journal of Financial Management Strategies] on CD-ROM, or SaaS, looks at ways to manage assets, costs, human resources and healthcare claims.  Everything – from inventory management to hybrid and activity based cost analysis in order to accelerate the cash conversion cycle – is scrutinized.  And, modern health economic themes like competitive strategy, workplace violence and financial benchmarks, for both public and private entities, are included.

We also examine contemporaneous topics such as the lessons learned from the corporate healthcare market competition and the PPMC imbroglio of the early 2000’s, and the domestic financial meltdown of 2009. This includes current methods for achieving hospital objectives, negotiating and analyzing cost-volume-profit contracts, and understanding the financial impact of regulatory requirements under HIPAA, STARK I-III, OSHA, the US Patriot Acts, the Deficit Reduction Act [DRA], the often contentious Sarbanes-Oxley Act, ARRA and HITECH Acts, and the Fair and Accurate Credit Transactions [FACT] Act.

In addition, information technology issues like electronic medical records (eMRs), RFID controls, RSS feeds and blogs, Health 2.0 initiatives and computerized physician order entry (CPOE) systems are examined in detail. Virtually no  operational, strategic business, health economics, or financial management topic is omitted.

“This wide-ranging examination of the fiscal

management scene for hospitals, healthcare

organizations, clinics and outpatient centers 

includes case models, extensive appendices, 

and detailed checklists and templates that

step the reader through a review of main

issues for each chapter.”

Health Care Organizations [Journal of Financial Management Strategies] on CD-ROM, or SaaS, is dedicated to meeting the administrative needs of our nation’s healthcare organizations in order to help them maintain a competitive edge in the markets they serve; and to take advantage of emerging business opportunities. We therefore invite you to be the first health economics cynosure in your hospital, facility, or healthcare system to join us for the journey.

Let Health Care Organizations [Journal of Financial Management Strategies] be your guide. 

Subscribe today … Succeed tomorrow!

Dr. David Edward Marcinko MBA, CMP

[Founder, CEO and Editor-in-Chief]

iMBA Inc – Suite #5901 Wilbanks Drive

Norcross, GA 30092-1141

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Why I Rue the Hospital “Team-Based Medicine” Approach to In-Patient Care

Join Our Mailing List

Or, Whose Patient is it – Anyway?

By Dr. David Edward Marcinko MBA, CMP™

www.CertifiedMedicalPlanner.org

[ME-P Publisher-in-Chief]

Ok, I admit it; I may be an aging curmudgeon [just ask my wife and daughter] who has not regularly seen patients in the office for the last decade. A consult here, Independent Medical Examination [IME] there, or a surgical assist when needed has been the extent of my patient experience since my transition out of direct care medicine in 2000-01.

Moreover, I admit to not being an ardent fan of hospital-based medicine [with all due respect to colleague and uber-hospitalist Robert Wachter MD, who I admire and have frequently mentioned in my books, white papers, speaking engagements and here on this Medical-Executive Post].

I am also not completely in favor of the many new-fangled “specialties” and medical business models.  And, as recent models and linguistic evolution occurred, the nomenclature designation of hospitalist was followed by that of hospital-intensivist, hospital-proceduralist and hospital-nocturnalist, etc [http://medinnovationblog.blogspot.com and personal communication Richard L. Reece MD].

Enter the Team-Based Hospital Doctors

And now – for the last five years or so on my radar – there is a new term to add to the lexicon: team-based hospital medicine [practice], or similar. But, I ask, whose patient is it? Who is accountable? Where does the buck of responsibility stop?

The Quintessential Example

On Friday, May 9, 2003, a 5-year-old boy was undergoing diagnostic testing for his epilepsy at Children’s Hospital in Boston when he suffered a massive seizure. Two days later, on Mother’s Day, he died. Despite the fact that he was in intensive care at one of the world’s leading pediatric hospitals, none of the physicians caring for him ordered the treatment that could have saved his life.

The death was tragic, but even more troubling from an organizational perspective was the series of events that led up to it. The Massachusetts Department of Public Health investigated the death, and The Boston Globe reported on the results that, “the investigation portrays a situation where lines of authority were deeply tangled, and where no one person had accountability for the patient. Each of the doctors who initially worked on the case–two at the bedside and one consulting by phone–told investigators that they thought one of the others was in charge.” In the end, no one was in charge.

This is a striking example of how even the most talented clinicians in one of the world’s best hospitals can fail not only to provide adequate care, but to save a savable life—all because the lines of authority were unclear. The lack of clarity resulted in this team’s inability to collaborate effectively at a time when the stakes couldn’t have been higher.

Here are two other benign, but more personal, examples circa 2011.

My Personal Experiences

My Sister

This past summer, my sister was in a VA hospital [extremity injuries, nothing serious] for about a week. She was seen by 13 different physicians who were on her “team”; not to mention the plethora of other allied healthcare “team-members”. Me, my wife [RN], and/or her boyfriend [Army Medic and a PA] were at her bedside at least 12-15 hours each day. She was rarely left alone, by design, as we all recalled the admonition of former AMA President Tom R. Reardon MD, to always have a bedside advocate while in the hospital.

Yet, she was offered the wrong medications on one occasion, personally mis-identified twice, and it was obvious that her team-members rarely communicated or discussed her case [by their own admission], or even reviewed her electronic medical records [vistA system] before rounds. Here, the “system is down” was cited as causative: https://medicalexecutivepost.com/2009/09/21/what-is-a-client-server-system

My Dad

Now, later this same year and under the same patient advocate approach, my dad was in two different hospitals sequentially, both using the “team-based” care model. In each, members did not know, or were loathe acknowledging, who was in charge of his case! Malpractice phobia was apparent despite the coterie of, no doubt brilliant, MD/PhD interns, residents and fellows making daily rounds by starring at their shoes. One physician even cited her hectic return from vacation as the reason she examined my dad – for the first time – without reading his paper chart. “Doctors need vacations, too”, was her flippant response when challenged.

Outcomes

Fortunately, our insider knowledge and – shall we say – “charming swagger” was helpful in avoiding major complications with the continuity-of-care in the above two examples. But, most patients are not so blessed!

Our Newest Book

These stories reflect just one of many difficult collaboration challenges in healthcare, today.

In her textbook chapter, Collaborating to Improve Operating Performance in a Changing Healthcare Landscape [Opportunities for Improvement Widespread], contributing author Jennifer Tomasik MS, Principal at CFAR [Center For Applied Research Inc, in Cambridge, MA], focuses on the increasing need for collaboration among physicians, clinicians, hospital executives, and administrative leaders in the dynamic, complex healthcare environment. She looks specifically at collaboration along three different dimensions, including

  • inter-professional teams,
  • institution to institution, and
  • physicians and administrators.

In each instance, she describes useful tools that can be applied to improve collaboration and overall institutional performance—all in the service of providing better patient care.

Assessment

To me, it seems pretty obvious that “hospital team-based” medical care is an oxy-moron. On one hand, it appears to reduce risk, but on the other hand, it appears to reduce quality care as well. Moreover, it also seems to be an invoice generating machine, and revenue enhancing mechanism

And so, beyond this individual ME-P, and its’ tragic and trivial examples, it is important for hospitals and healthcare organizations to improve collaboration. Our patients depend on us to get the philosophy of “hospital team-based” care right, if it is to continue. Otherwise, it will become another good intention, gone awry, in the changing hospital ecosystem that is domestic health care.

Pre-Order Here:

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

In-Process, 425 pages, est., from (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

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Conclusion

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

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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Is it Time for Level Life Insurance Commissions? [A Voting and Opinion Poll]

Ending the Churn-em’ and Burn-em’ Ethos 

By Staff Reporters

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Some insurance agents are currently noting that life insurance ownership is almost at an all time low because of the economy. And, some have even prompted suggestions that a “level commissions” payout would reverse the trend.

The argument goes something like this:

If agents were compensated 10% a year over a 10-year period rather than 100% in year one, annual reviews would increase substantially. The long-standing current method is not geared toward ongoing service, but to “churning” and “flipping”. Clients get better service from their property/casualty agents and wealth advisors because these practitioners have a financial inventive for their clients’ continued allegiance.

What do you think? Please vote and be sure to add your comments below.

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.

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

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

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On Health Insurance in America

Just how bad is it –  economically?

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QUESTION: How bad is the health insurance problem in America?

ANSWER: 4% of Americans are uninsured with many more under-insured, 75% of all bankruptcies are from the result of medical bills and 60% of insured individuals are in debt from health related expenses.

The cost of healthcare is no longer affordable to many middle class families, even with health insurance, so some would say it is pretty bad.

But, are these figures correct?

Assessment

Brought to you by: lowcosthealthinsurance.com

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.

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

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

Our Other Print Books and Related Information Sources:

Health 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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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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Attacking the Home Mortgage Tax Deduction?

On Tax Reform

By Children’s Home Society of Florida Foundation

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Senate Finance Committee Chairman Max Baucus (D-MT) has been holding a series of hearings on major tax reform. The hearings focus on potential changes in itemized deductions. If itemized deductions for medical care, mortgage interest, state and local taxes or charitable gifts are reduced, then it may be possible to lower the overall tax rates.

The “Big Four” Tax Decuctions

These four deductions are termed “tax expenditures” and are all currently under review. At the October 6th hearing of the Senate Finance Committee, witnesses discussed changes in home mortgage deductions.

Sen. Baucus stated, “As we work to improve and simplify the tax code, we need to make sure tax incentives are structured to encourage certainty and stability, not booms and busts in the housing market. And as we reduce the deficit, we need to insure every dollar in tax expenditures is spent wisely – and spent efficiently.”

Orrin Hatch Speaks

The senior Republican Senator on the committee is Orrin Hatch (R-UT). He expressed concern about changing the mortgage deduction and noted, “Given the still precarious status of the nation’s housing markets and past mistakes made by government to prop up these markets, it is fair to say that Congress needs to tread carefully when addressing policies that affect real estate.”

John Breaux Speaks

Former Sen. John Breaux was a Co-Chair of the President’s Advisory Panel on Federal Tax Reform in 2005. This panel started by reviewing the ability of taxpayers to deduct interest payments on up to “$1.1 million of housing debt on first and second homes.” They suggested that this benefit is primarily helpful to those with larger incomes who itemize deductions. The panel proposed that the mortgage deduction should be changed to a credit of 15% of mortgage payments on loans up to $412,000. In recognition of the major impact of this change on homeowners, Sen. Breaux recommended that the change would be phased in gradually over five years.

Home Builders Speak

Representatives of the home building industry also testified before the panel. Gregory Nelson, Vice President for homebuilder PulteGroup, Inc. stated, “Eliminating the mortgage interest deduction would quickly turn that fear into reality and send us into another negative feedback loop of falling house prices, hundreds of thousands of mortgages sinking under water and more house foreclosures hitting banks balance sheets and the resale market.”

Editor’s Note: Sen. Baucus will continue to hold hearings on major tax reform. Your editor and this organization take no specific position on any of the proposals. This information is offered as a service to our readers.

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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About NoMoreClipboard.com

Another New PHR Company

By Staff Reporters

Even though Google Inc. has given up on the business of electronic personal health records [PHRs], Fort Wayne-based NoMoreClipboard.com is launching a new service it thinks will crack open the market.

cc:ME

The company’s latest service, called cc:Me, gives patients a free and secure web-based account that can receive their electronic medical records from any other system and also can receive new records from any electronic medical record system their doctor or hospital happens to use.

Assessment

So, take a look and tell us what you think:

www.NoMoreClipboard.com

Conclusion

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

Our Other Print Books and Related Information Sources:

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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“Purpose over Pay” for Financial Advisors? [A Voting and Opinion Poll]

Salary versus a “Seat at the Table”
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Currently, there is much buzz in healthcare about physicians looking to take on greater leadership roles and move beyond traditional patient care responsibilities. And, there are many doctors with the inclination and ability to rise to the occasion; despite diminished salaries, fringe benefits and other financial incentives going forward in the era of health care reform.

The Financial Services Industry

But, is this the case in the [reforming] financial services sector in the era of Dodd-Frank, etc? Of course, physicians are a special class of “learned” professionals, and Registered Representatives [RRs], stock-brokers and/or related financial advisors [FAs]; not so much!

And so, do you think FAs are willing to delay immediate compensation gratification for a “seat at the leadership” table in their respective industry sub-sectors?

IOW: Are FAs willing to accept “purpose-over-pay” like some doctors and physician executives, today?

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

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Ode to Steve Jobs

Timeline of a Life Well Spent

[By Staff Reporters]

Apple has lost both a product visionary and outspoken leader. And, healthcare has lost an eHR and HIT advocate.

This timeline is an ode to the ideas and words of perhaps the greatest technological revolutionary of the past century.

 

Assessment

More on AppleUniversity: http://www.infographicsarchive.com/tech-and-gadgets/apple-university-apple-with-without-steve-jobs/

Brought to you by columnfivemedia.com

Conclusion

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Taxing the [not so] Rich [doctors]

The Effect of Taxing America’s Wealthy

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Did you know that the wealth difference between the states, demonstrates that certain states have had much stronger increases in affluent taxpayers, the last few years?

Individuals

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

How many doctors do you think this would affect? Where do the “super-rich live and what would it look like if they were given additional taxes?”

Assessment

Brought to you by blog.turbotax.intuit.com

Conclusion

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About Our Aging Domestic [Patient and Client] Population

Important Demographic Information for MDs and FAs

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The oldest members of the Baby Boom generation are just hitting 65. That means a much larger percentage than ever before are soon-to-be seniors.

So, what does this trend mean to doctors and their financial advisors?

Assessment

Brought to you by allassistedlivinghomes.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

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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What are the Prospects for US Recession? [A Voting and Opinion Poll]

Is Wall Street Driving Main Street?

By Staff Reporters

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Concern is high that the US economy may be close to or entering recession, yet the fundamentals lend little support to such a projection. There has been no decline in jobs, while corporate health is very strong.

So, the recession concerns appear to be driven more by the decline in stock prices than by economic developments.

IOW: Is Wall Street pessimism driving Main Street gloom?

What do you think? Please vote and be sure to add your comments below.

Conclusion

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The Ins and Outs of Selling Your Business

Cost-Benefit Analysis and FMV for Entrepreneurs

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There comes a time in (almost) every entrepreneur’s life when the question of whether to sell his/her business inevitably arises.

So, if you need a proper cost-benefit analysis, take a look at the info-graphic below.

Assessment

Brought to you by contactme.com in collaboration with Column Five

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

Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.

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My Future Vision of eHRs and Medical Professionalism

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From Good Products … to Diminished  Physician Autonomy

Dr. David Edward Marcinko MBA

[Certified Medical Planner™]

Over time, I’m convinced that successful eHR products, and the doctors and medical professionals that use them, will eventually become commodities or commodity-like, much like the PC [hardware] is today.

Of course, getting the product “right” will cause the cost of eHRs to plunge, but it will also mean a slash in physician prestige, professionalism, esteem, social stature, employment prospects and salary. Here’s a few hints why and how this might someday [soon] occur? IMHO.

1. eHR Use Can Cause Docs’ Skills to Diminish

While electronic health records may lessen physician workloads, save time and improve patient care, adapting to the technology can lead physicians to perform in a more standardized, compartmentalized and routine way, eventually causing them to lose some of their clinical decision making and other skills. 

http://www.fierceemr.com/story/ehr-use-can-cause-docs-skills-diminish/2011-09-29?utm_medium=nl&utm_source=internal

2. Will HIT take MDs Jobs and Salaries?

Faster than you might think, robots are coming after doctors’ jobs, according to a recent article from “Slate.” And those who are most vulnerable to the rise of technology may be surprising, according to author Farhad Manjoo, whose wife is a pathologist. It’s highly trained specialists–those by definition who focus on narrow slices of medicine–who may first find themselves at least partially replaced by machines

http://www.fiercepracticemanagement.com/story/will-technology-take-docs-jobs-salaries/2011-09-28?utm_medium=nl&utm_source=internal

Stopping the Madness … Changing the Paradigm

So, how does one stop this madness? By turning the massive amounts of personal data contained within the eHRs into a [increasingly] valuable item. And, by data mining and analyzing it, and then reselling the aggregated or drilled-down information back to other customers [insurance companies, health plans, or Uncle Sam, etc] in an enhanced form. The worth of the eHR user will be maintained, and the value of eHRs will be geometrically augmented.

From Dead to Alive

In other words, the otherwise depreciating “dead or static” eHR thus becomes an appreciating “living or dynamic” asset. But, of course, not for medical provider end-users if they won’t, don’t or can’t “own” the original raw patient data.

I even see third-party firms springing up to outsource the transfer of huge quantities of raw data, into geo-data, meta-data and more granular data forms, as well as doctors leasing eHRs on a revolving basis from the “cloud” – while never owning the actual product.

Assessment

Again, this is similar to what’s happening in the tech sector with SaaS computing. I am not sure exactly when this all will happen, but current players will either join this revolution or lose out.

Disruption again!

Paradigms will change!

End game for the docs!

Conclusion

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MRI Visualization in Medicine

What it is –  How it Works

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This graphic is the first in a potential series, looking at the use of visualization in medicine. As a medical service company, we are passionate about advances in technology, and the impact they have on people’s lives.

Assessment

This image is provided as a free resource from Acclarent UK (under a Creative Commons License) for anyone who wishes to use it.

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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For Doctors Who Wish to Retire Wealthy [Despite the Economy?]

Financial Planning for Physicians and Advisors

 

Financial Planning Handbook for Physicians and Advisors

 
 

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

 

On Practice-Based Research Networks

In Dentistry – if only it were that easy

By D. Kellus Pruitt DDS

I like the concept of a Practice-Based Research Network for teasing out latent miracles from dentalcare data, but I’m afraid any hope of networking success is limited by insurmountable cost and safety concerns of EDRs that few in the dental industry are yet willing to recognize.

Dr. Schleyer 

Titus Schleyer, DMD, PhD, Associate Professor and Director, Center for Dental Informatics, University of Pittsburgh published “The feasibility of an electronic dental practice-based research network” a few days ago.

“The long-term goal of our research is to use data from EDRs to improve patient care and its outcomes. The objective of this project is to develop a generalizable method for extracting EDR data for practice-based clinical research, using Dentrix as the test system.

In our first specific aim, we will determine the utilization of clinical data elements useful for research by practitioners by mining the electronic dental records of 100 Dentrix users and generating summary statistics about patient documentation patterns by data field.

The second specific aim will develop a technical Infrastructure for extracting data from Dentrix and integrating them with manually collected research data. The main outcome of this project will be the electronic Dental Practice-Based Research Network (ePBRN), a generalizable method for extracting clinical data from EDRs and reusing them for practice-based research. This project is a first step in making the increasing amount of electronic clinical data available for improving research, clinical care and patient outcomes.”

-Abstract: September 30, 2011

http://halley.exp.sis.pitt.edu/comet/presentColloquium.do?col_id=2348

I agree with Dr. Schleyer. However, until dentists perceive value in EDRs instead of liabilities, the dreams that he and I share about real-time, evidence-based research on an internet platform will be nothing more than just a cool-sounding fantasy of a handful of geeky dentists hoping to get a better peek at an obscure healthcare niche.

On Transparency 

Transparency in dentistry, rather than NPI numbers, has a better chance of revealing cost-effective solutions for painful and even life-threatening health problems. In addition, nothing is holding down the cost of HIPAA compliance, and data breaches from healthcare facilities – including dental offices – are only becoming more common.

Assessment 

Sidestep liability. De-identify now. If a dentist’s EDR system is breached, yet it contains no Protected Health Information [PHI], who cares?

Conclusion

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Pregnancy and Birth Trends in the USA

Teen Birth Rates Lowest in US History

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After declining 2% between 2007 and 2008, birth rates for 15 to 19-year-olds decreased again between 2008 and 2009 for all races and for Hispanics. This indicates that the steady decline in teen birth rates from 1991 through 2005 has resumed, after briefly increasing between 2005 and 2007.

In 2009, 409,840 live births occurred to mothers aged 15-19 years, a birth rate of 39.1 per 1,000 women in this age group (down from 434,758 births and a birth rate of 41.5 in 2008). The Hispanic, American Indian/Alaska Native, and non-Hispanic black teen pregnancy rates are more than twice as high as the non-Hispanic white teen birth rate. 

Assessment

Source: http://www.sonogramtechnician.org/

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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Major Accounting Scandals of Interest to MDs and FAs

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Including Health South, AIG and Others

According to Wikipedia, the company HealthSouth was involved in a corporate accounting scandal in which its Chief Executive Officer, Richard M. Scrushy, was accused of directing company employees to falsely report grossly exaggerated company earnings in order to meet stockholder expectations.

The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group (AIG) was to pay approximately $218 million in bonus payments to employees of its financial services division.

 

Source:

Conclusion

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

Our Other Print Books and Related Information Sources:

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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What It Costs to Hire and Train New Employees

H. R. Financial Information for Doctors, Clinics and Hospitals, etc.

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Sometimes, during slack periods in the economy, you have to reduce expenses by laying-off workers. Replacing them later, though, can be costly for your hospital HR department, clinic, medical practice or other business. Especially, for the knowledge based healthcare sector.

The Complete Financial Picture

So, whether it’s recruiting, on-boarding, extra salary, or something else, hiring new staff isn’t cheap. Make sure you understand the entire financial picture before you move forward with staffing changes.

 

Assessment

Brought to you by: tribehr.com

Conclusion

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

Our Other Print Books and Related Information Sources:

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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More on Life-Cycle Investing [Revolution or Evolution]?

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Are you Ready for its Implications – Doctor?

By Peter Benedek, PhD CFA

Founder: www.RetirementAction.com

Background

The financial planning and investment advice, like that offered on this website, has been rolling along on a framework based on wealth accumulation by saving and investing for the long-term; especially for medical professionals, but generally for us all!

The emphasis is generally heavily slanted toward equities, which historically delivered much higher average return than fixed income investments; this of course is due to the fact that the higher volatility (risk) is rewarded by higher returns. The effect of average historical inflation is included by working with “real” dollars. The analysis to estimate required savings rates to achieve certain standard of living and withdrawal rates or methods once in retirement, tends to be built on historical average returns of different asset classes, largely disregarding the potential impact of volatility of equities around the expected retirement date (and start of de-accumulation); the implication being that stocks are a safe investment in the long-run. More recently, Monte-Carlo methods started to be used to include the effect of historical or predicted volatility, and then calculating the probability of exhausting your actual/expected assets at retirement, given various withdrawal rates or methods.

Chorus of Growing Rumblings

During the past few years a faint though growing rumble has been emerging. It remains to be determined if this is a revolution or just an evolution, but under the heading of “life-cycle investing” many are starting to challenge both the fundamental framework and implementation that is used in investing in preparation for retirement. This matter has taken on increasing urgency as the demise of traditional Defined Benefit pension plans and the corresponding transfer of risk from plan sponsors (professionals) to individuals (mostly untrained, undisciplined and incompetent in the financial field).

The New Framework

Zvi Bodie PhD, of Boston University is one of the earliest and most in-your-face advocates of this new framework. (The first time I came across his work was around the technology stock crash after I read in the papers that my lifetime employer had a $2.5B pension plan shortfall, and I started reading about how pension plans should be managed; contrary to practice he was advocating significant reduction of equity component in pension plans). One has to pay attention because he is a well respected financial economist of long standing and he challenges the current ‘common wisdom’ that leads to the following fallacies:

– stocks are safe in the long-run (not)
– diversification is the only way to reduce risk (not)
– wealth is about assets (not quite)
– stocks overcome the effect of inflation (maybe)
– target-date funds solve asset allocation/rebalancing problem (maybe).

Definition of Total Wealth

In fact the whole starting point of the new framework is about the definition of wealth (Total Capital), which in this new framework is defined as:

TC (Total Capital) = HC (Human Capital) + FC (Financial Capital)

and Human Capital is defined as the present value of future earnings.

Typically, we start out with a mix of 0% FC and 100% HC and ends up with 100% FC and 0% HC. Wealth is not about assets, but about sustainable ‘real’ spend-rate. Looking at wealth through the entire Life-Cycle as HC and FC forces us to rethink what is an expense vs. an investment (e.g. cost of higher education). But even more so, it forces us to think about risk.

Risks

So let’s look at risk, or rather risks and their changing nature/emphasis throughout the life-cycle:

–  disability (initially most wealth is HC, so loss of earning ability can be disastrous)
–  death (with young family/dependents, death of (a) breadwinner can lead to poverty)
–  investment/market (especially near the start of de-accumulation, when volatility around retirement can result in significant reduction in retirement income and/or delay in the start date of retirement)
– longevity (not only are people retiring earlier, but life expectancy has increased to 19 and 12 years, for 65 and 75 year olds and is growing; of course about 50% of individuals live past the life expectancy indicated.

For example, a 65 year old medical professional couple, there is about a 50%, 25% and 10% probability to one of them living to 90, 95 and 100, respectively).The net effect is that people are spending more time in retirement).

– inflation (this is scourge throughout the life-cycle, but it especially severe during retirement, eating away at your predominant financial capital).

Other risks are: are you saving enough? Are you annuitizing at the ‘right’ time (interest rates, mortality credits, costs)?

The Solution / Implementation

Now let’s look at some of the solutions proposed for each of these risks:

– disability and disability insurance AND/OR death and life insurance
– market/investment: diversification/asset-allocation (including futures and options), hedging (including options), single vs. multi-period investment horizon (i.e. in the long-run you appear to be OK, but on the way, as you are withdrawing funds annually during a succession of negative returns, you may become insolvent), cap investment in employer
– longevity: DB plans, (delayed) SS/CPP, immediate or deferred annuities (especially if inflation indexed), estate/bequest plan
– inflation: inflation indexed bonds, inflation indexed annuities.

Other solutions may be reverse mortgages, life settlements (assuming the need is dire and costs are not prohibitive).

Diversification

So you will note that diversification is part of the plan, but it is only a small part of the story in this framework. In addition the mechanisms (insurance and hedging) that are used to reduce/eliminate these various risks, introduce new problems: higher costs (e.g. insurance is not free) and counterparty risk (e.g. will the insurance company be solvent when the claim must be paid). So we’ll have to figure out what is the right mix of saving/investing, insuring and hedging and perhaps, as professor Bodie seems to suggest, a smaller but more certain piece of cake is what we should settle for! Pretty tough to swallow, considering that we’ve gotten used to believe that we can have it all if we do the right things.

Assessment

This new framework is more complex (not that today’s planners don’t worry about inflation, insurance and longevity), but it also make life-time sustainable income (not assets) as the focus of wealth, and it makes everything more explicit. Much of the ‘financial engineering’ mechanisms proposed as the solution are already used for HNWI, the challenge will be to get it delivered to doctors and the average investor.

References

You can learn more about life-cycle investing in the following:

1. In the FPA Journal of Financial Planning, Paula Hogan in “Life-cycle investing is rolling our way” discusses what life-cycle planning is about and the implications for planners.

2. Zvi Bodie in “Retirement investing: a new approach” appearing in Financial Engineering News, illustrates application of life-cycle investing principles using inflation protected bonds, determining suitable asset allocation based on investors’ willingness to postpone retirement and call options to protect downside while maintaining upside opportunity.

3. Still on the conference, there is Anna Rappaport’s post-conference update on “Expanding solutions for retirement income management- risks, barriers and dreams” where she looks at the various implications/perspectives of the stakeholders in retirement benefit delivery: individuals, insurer/financial services company, employer and regulatory.

4. And finally the related “Lifetime financial advice: human capital, asset allocation and insurance” by Ibbotson, Milevsky, Chen and Zhu tackles an integrated view of life-cycle finance. They also have an excellent presentation on annuities and show the principles of how to create an asset allocation composed of risk-free and risky assets, and annuities; they also show the impact of risk aversion and the bequest motive will affect the resulting mix.

Conclusion

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

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Injured War Contractors Sue Over Health Care

And … Disability Payments

By T. Christian Miller
ProPublica, September 27, 2011, 10:11 am

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Private contractors injured while working for the U.S. government in Iraq and Afghanistan filed a class action lawsuit [1] in federal court on Monday, claiming that corporations and insurance companies had unfairly denied them medical treatment and disability payments.

The Law Suit

The suit, filed in district court in Washington, D.C., claims that private contracting firms and their insurers routinely lied, cheated and threatened injured workers, while ignoring a federal law requiring compensation for such employees. Attorneys for the workers are seeking $2 billion in damages.

The Defense Base Act

The suit is largely based on the Defense Base Act, an obscure law that creates a workers-compensation system for federal contract employees working overseas. Financed by taxpayers, the system was rarely used until the wars in Iraq and Afghanistan, the most privatized conflicts in American history.

Hundreds of thousands of civilians working for federal contractors have been deployed to war zones to deliver mail, cook meals and act as security guards for U.S. soldiers and diplomats. As of June 2011, more than 53,000 civilians have filed claims for injuries in the war zones. Almost 2,500 contract employees have been killed, according to figures [2] kept by the Department of Labor, which oversees the system.

An investigation by ProPublica, the Los Angeles Times and ABC’s 20/20 [3] into the Defense Base Act system found major flaws, including private contractors left without medical care and lax federal oversight. Some Afghan, Iraqi and other foreign workers for U.S. companies were provided with no care at all.

Assessment

The lawsuit, believed to be the first of its kind, charges that major insurance corporations such as AIG and large federal contractors such as Houston-based KBR deliberately flouted the law, thereby defrauding taxpayers and boosting their profits. In interviews and at congressional hearings, AIG and KBR have denied such allegations and said they fully complied with the law. They blamed problems in the delivery of care and benefits on the chaos of the war zones.

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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STD Risk Factors to Consider in Public Health

For Men and Women

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There are many factors that affect those at risk for contracting an STD. Many times individuals don’t know or understand which things put them at risk of infection. Some STD’s can be transmitted in surprising ways. For those at risk, regular comprehensive testing can help prevent unintended transmissions. Furthermore, early diagnosis of some STD’s can greatly improve treatment options and avoid hassles associated with full blown infection.

Sensitive Topic

This public service announcement may be a sensitive subject for some ME-P readers. So, the graphic below attempts to use a bit of humor to highlight important things to remember for those who are sexually active.

If you’re concerned about STD’s or want to know more, see please your physician or visit the STD Testing page for additional information.

Assessment

Brought to you by www.HealthTestingCenters.com

Conclusion

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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PRACTICES: www.BusinessofMedicalPractice.com
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FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Knowledge Doctors Need to Survive the Financial Crisis on Wall Street

Dictionary of Health Economics and Finance 

 

Dictionary of Health Economics and Finance

 
 

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

 

The Legal eHR [Extreme Caution Ahead]

Is there such a thing?

By Dr. David Edward Marcinko MBA CMP

[Editor-in-Chief]

Electronic medical and healthcare records [eMRs and eHRs] are a hot topic and the subject of many positive and negative posts and comments on this ME-P; and around the healthcare space. Personally, I am agnostic on the subject – trending against – for most physicians at this point in time.

In other words, the technology is just not there yet regarding “ease of use”, inter-operability, common transmission and security standards, and common platform, etc. This is reminiscent of the early days of the word processing industry, when I first used Edix-Wordex, Leading Edge, Word Perfect, Word Star, ASCII, PFR-Write, PC-Write, etc.  It was both exciting and confusing, being a writer and editor, at that time. Sorta like working in an electronic Tower of Babel; or using the many disparate eHR systems existing today?

I am not a Luditte, however. I’m a former American Health Information Management Association (AHIMA), and Healthcare Information and Management Systems Society (HIMSS), member. And, I’m certain that eHRs will be pervasive one day, but I’ll reserve my opinions, my money and information security, and my patient’s data until then. After all, I am a MSFT-Word® guy today as I thank Bill Gates for consolidating the formerly competitive, and chaotic, word processing software space. Yes, sometimes monopolies are a good thing! 

Malpractice Issues

Moreover, it seems I have been a Cassandra [the daughter of King Priam and Queen Hecuba of Troy] of sorts, crying aloud about the professional liability and medical malpractice issues of eMRS; here on this ME-P, during my speeches and lectures, as wells as in our books and CDs. All to no avail; until now!

Links: https://medicalexecutivepost.com/2009/12/23/will-electronic-records-raise-the-legal-standard-of-care-and-increase-malpractice-risk/

I suppose this is a product of my prior work as a licensed insurance agent for the State of Georgia, a malpractice reviewer, a court approved medical-legal expert witness, and author of the book: “Risk Management and Insurance Planning for Physicians and their Advisors”.

Link: http://www.jbpub.com/catalog/9780763733421

Assessment

Q: And so, is there a legal eHR and is it different from traditional eHRs?

A: You bet there is!

Read Link: http://www.himss.org/content/files/LegalEMR_Flyer3.pdf

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. Think I am still mis-guided, or worse, paranoid? 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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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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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

Physician Advisors: www.CertifiedMedicalPlanner.org

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On Selling or Transitioning Out of Medical Practice?

We Can Help with a FMV Practice Appraisal – Get a FREE White-Paper

By Ann Miller RN MHA

[Executive-Director]

The www.MedicalBusinessAdvisors.com practice valuation and transition team can help you appraise your medical practice, develop a new associate/partner transition plan, and even help transition your patients.

A Profitable Transition

You can also choose how to “wind-down” or transition out of practice gracefully and economically, as you work with only select patients, on-board a new associate/partner, or sell your practice outright.

Your Practice Business Equity

Either way, we can help you unlock the hard-earned equity in your medical practice and ensure that your patients, and life’s work – are taken care of professionally.

Purchasing and reviewing our books and white-papers is a great way to start. Otherwise – call, or email us, today?

Let’s Talk or e-mail:

770.448.0769

MarcinkoAdvisors@msn.com for a free white paper!

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

Our Other Print Books and Related Information Sources:

Health 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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Understanding the Risks of Health 2.0 in Medical Practice

Risk Management and Insurance Strategies for Physicians and Financial Advisors

Insurance and Risk Management Strategies for Physicians and Advisors

Channel Surfing the ME-P

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

Conclusion

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

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

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Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)* 8

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

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Today – A Frequently Asked Question

By John Deutsch

As a web services company specializing in medical practice marketing and medical web design, we are asked this question frequently.

Introduction

In this turbulent post healthcare reform era, physicians are now being challenged to either adjust to the market or be forced to join a hospital in order to stay profitable. The physicians who are adjusting to the changes are adopting new ideas in order to remain profitable – such as implementing Electronic Medical Record (EMR) systems with government stimulus money, introducing new cash-based or high profit services such as aesthetic treatments, or introducing concierge medicine care and launching marketing campaigns to attract higher-profit patients.

So – What is the industry standard for marketing budgets?

While suggested marketing budgets vary significantly from one industry to the next, the US Small Business Administration (SBA) suggests a marketing budget between 2% and 10% of gross revenue.

However, budgets for Business-to-Consumer, retail companies and pharmaceutical companies can exceed 20%. But, with a range of between 2% and 20%, where should a medical practice be?

How much should I spend?

Here’s a few questions to consider when identifying a marketing budget for your practice. Start with a recommended 5% marketing budget and add/subtract from there.

1)  Do you receive the majority of your patients through physician referrals – SUBTRACT 2%? If you do, and consider that a business model of receiving referrals from physicians is a sustainable one then you’re in the clear. Keep in mind that many practices are now being bought by hospitals and will therefore refer internally.

2)  Do you have any high-profit or cash-pay products/services – ADD 2%? If your business depends almost entirely on insurance/medicare reimbursement and there is limited profit margin on these products, your business is at a very high-risk since the trends in reimbursement have not been positive. You should consider introducing new products/services to diversify your revenue channels.

3)  Have you recently introduced new high-profit products/services such as aesthetics, concierge, diagnostics or nutraceuticals – ADD 5%? If you have, you’ve likely introduced new hard costs into your business. You therefore need to market these services enough to surpass your break-even point and generate a positive ROI on these new ventures.

4)  Are you located in or near a major metropolitan area – ADD 1%? If you have the ability to draw from a large pool of customers, especially where competition is higher, you must have sufficient marketing budget.

5)  Are you losing market share to another business in your area – ADD 2%? If you are, it is a slippery slope. The vast majority of medical practices are poorly marketed, even hospitals. Introducing a new marketing campaign in order to win back your market share will likely not require significant investment.

6)  Are your current marketing efforts producing a positive ROI – ADD MAX? If your marketing efforts are producing a positive ROI its an easy decision – max out your budget to a level that is sustainable for your current work load capability while maintaining a positive ROI on your marketing efforts. Sometimes businesses lose focus on which marketing campaigns are working and which are not. They get lumped together and focus is lost. Try to identify which of your marketing campaigns have been a success, track these campaigns as much as possible and make educated decisions for increasing the budget – while decreasing budgets on your poor performers. Internet marketing is one of the most effective forms of marketing and also offers the highest ability for precise ROI tracking.

About the Author

John Deutsch is the founder and CEO of Medical Web Experts, a marketing group for physicians, hospitals and healthcare organizations. Since 2001 he has specialized in healthcare marketing and has implemented hundreds of marketing campaigns. For additional marketing tips by John Deutsch, please read his blogs: johndeutsch.blogspot.com and medicalwebexperts.com/blog/

Conclusion

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Is the Mutual Fund Company “Invesco” Dissing Podiatrists?

Attacking One of Us = Attacking all of Us

By Ann Miller RN MHA

[Executive-Director]

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Dear ME-P Readers, Subscribers and Visitors,

As you know, here at the Medical Executive-Post, we champion all hard working, honest and ethical medical professionals, regardless of specialty or degree designation. From the ME-P corporate executive suite, to the mailroom, we appreciate their laborious ministrations under increasingly difficult cultural, political and financial conditions on behalf of the US citizenry.

And so, it was with much dismay when this new advertisement from the behemoth mutual fund company Invesco, headquartered right here in Atlanta GA, was brought to our attention. Rest assured. We are not amused and request your input!

You Input Requested

Do you agree with the Ad? Is it an attack on one medical specialty – or on all of us? Would your opinion differ if the ad mentioned a proctologist – or a dentist? How about a brain surgeon or a nurse? Is the dated impression of doctors being on the golf-course still accurate?

More importantly, does the ad affect your impression of Invesco as a contemporaneous company aware of the modern Health 2.0 culture, or a backward thinking dinosaur resting on its [glorious or in-glorious] past?

Is it Time to Close the Door on Invesco?

Are they Aware?

Do you think that the huge and costly marketing department at Invesco is is even aware that our iMBA Inc sponsored, and ME-P promoted textbooks and handbooks, dictionaries, white papers and CD-ROMs on investing, financial planning, insurance, and risk and wealth management for physicians, was largely written by medical professionals of all stripes? Many holding dual degrees and designations like MBA, CFP®, CMP™, JD, MHA, CFA, etc.

Link: http://www.CertifiedMedicalPlanner.org

Or, that they have been used in [non-clinical] continuing education programs for medical professionals, for more than a decade?

Of course, this includes allopaths, osteopaths, podiatrists, nurses, physical therapists and other related members of the healthcare ecosystem? After all, it often takes a team to treat a poly-systemically ill patient.

Link: www.BusinessofMedicalPractice.com

Assessment

Feel free to contact Invesco directly and tell em’ what you think about their new ad campaign [positive or negative]:

Inveso Client Services:

  • Calls within the United States 800.959.4246
  • Calls outside of the United States 713.626.1919 (Call Collect)

Hours of Service – Monday-Friday, 7:00am-6:00pm CST; subject to change due to NYSE holidays or early market closings.

Contact Link: https://www.invesco.com/portal/site/us/menuitem.33e9ce03dea2c250a83af864f14bfba0/

Industry Indignation Index: 65/100 [probably smelly]

Conclusion

Over the next few weeks we will aggregate your thoughts and may report back to you, and Invesco, about the results. Till then, be sure to also tell us what you think. right here? 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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A Video to Discuss the Advantages of eHRs

From the Office of the National Coordinator for Health Information Technology (ONC)

By Parmeeth Atwal / ONC Office of Communications

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“If I could snap my finger and have one thing transform the quality of care in the country, it would be that everyone would have an electronic health record that would be universally accessible”

-Joseph McCannon [Senior Advisor to the Administrator-CMS]

ONC recently released the video, “The Future of Health Care: Electronic Health Records,” which highlights the benefits of electronic health records (EHRs) through commentary from health information technology leaders.

Featured Experts

The video features remarks from:

  • Dr. Farzad Mostashari, National Coordinator for Health IT;
  • Todd Park, Chief Technology Officer of HHS;
  • Dr. Donald Berwick, Administrator for CMS;
  • Dr. Sachin Jain, Former Senior Advisor to the Administrator of CMS;
  • Christine Bechtel, Vice President, National Partnership for Women & Families;
  • Representatives from Regional Extension Centers (RECs); and
  • Ginger Vieira, a patient advocate

Conclusion

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

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

 

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Introducing Technologist John Deutsch

Our Newest ME-P “Thought-Leader

By Ann Miller RN MHA

[Executive-Director]

Mr. John Deutsch has been a vital component in the exponential growth of numerous healthcare IT and internet companies over the last ten years. He has benefited immensely from a unique mix of professional experiences, boasting a strong background in both marketing and technology.

HIT and EMRs

John deems the emerging field of healthcare technology a significant opportunity to advance today’s healthcare. He is dedicated to delivering solutions to physicians that translate into a greater overall efficiency and a higher level of care. John has worked in the development of four Electronic Medical Record / Patient Portal software solutions and is the founder of Medical Web Experts – a web consulting firm which has helped hundreds of healthcare practices convert to an EMR solution.

CEO of Medical Web Experts (New Wave Enterprises LLC)

John is also the founder and CEO of Medical Web Experts, a web development agency specializing in patient portal technology, EMR, practice marketing and web design.  He oversees the development of their flagship patient portal solution (The Medical Web Experts Enterprise Patient Portal) and directs their internet marketing channel. John founded New Wave in 2003, and he oversees the rapid growth of the company by directing upper management and by developing strategic partnerships with other vendors. He was the co-founder of EMR Experts LLC – a EMR consulting firm.  His extensive experience in helping physicians to grow and streamline their businesses has resulted in hundreds of physicians utilizing his solutions.

Link: http://www.medicalwebexperts.com

John Deutsch
President/CEO
Medical Web Experts
Tel: 619-819-8610
Fax: 619-923-2155
www.medicalwebexperts.com

Assessment

Please give Mr. John Deutsch a warm ME-P welcome. Be sure to visits his websites, read his upcoming posts and comments, and tell us what you think?  

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.

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

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

Our Other Print Books and Related Information Sources:

Health 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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