BUSTED: Bank of America as Inflation Cools?

Posted on July 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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BofA must refund $100 million to customers, pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra, in a statement.

“These practices are illegal and undermine customer trust.”

Combined, it is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery.

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The latest reading ion core inflation indicates a notable cool-down in June but still exceeds the Federal Reserve’s inflation target of 2%.

Data just released exceeded the expectations of economists surveyed by Bloomberg, who expected inflation to have fallen to 3.1% in June. Inflation rose a modest 0.2% on a monthly basis, accelerating from a 0.1% increase in May. Despite the encouraging report, core inflation — which strips out volatile food and energy prices — rose 4.8%.

Food prices, meanwhile, continued to accelerate faster than overall inflation, rising 5.7% in June compared to a year ago. and, the price of flour rose about 12% in June compared to a year ago, roughly quadruple of the overall inflation rate; while the price of bakery products rose 9.5% over that period and the price of cookies rose nearly 9%.

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DAILY UPDATE: Bill Gross Speaks Up, Used Car Prices are Down, but the Markets are Upbeat Before the CPI Report?

Posted on July 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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American consumers are on track to run out of cash later this year, Bill Gross has warned.
Consumer spending is a key driver of economic growth. If it drops, a recession might be the result.
“Bond King” Gross said the government’s aggressive spending during the pandemic is still buoying the economy.

American consumers are propping up the economy by spending their pandemic savings, but they’re likely to run out of cash later this year, Gross warned.

“It’s fiscal policy not just monetary policy — stupid,” the billionaire investor tweeted. His point was that government spending and tax rates, along with interest rates and money supply, affect economic growth and inflation.

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Used Auto Prices Down

Used car prices in America saw the largest monthly slump since the height of the pandemic in June.
The Manheim Used Vehicle Value Index dropped to 215.1 last month, marking a 10.3% tumble from a year earlier.
That’s good news on inflation, which could fall below 3% in June, the analyst said.

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Here is where the major benchmarks ended: yesterday

The S&P 500^® Index (SPX) was up 29.73 points (0.7%) at 4,439.26; the Dow Jones Industrial Average (DJIA) was up 317.02 points (0.9%) at 34,261.42; the NASDAQ Composite (COMP) was up 75.22 points (0.6%) at 13,760.70.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.978%.
CBOE’s Volatility Index (VIX) was down 0.23 at 14.84.

Energy companies led sector gainers Tuesday as crude oil futures extended a rally, with the benchmark WTI contract rising more than 2.5% and touching a 2½-month high on signs of lower Russian production.

The Philadelphia Oil Service Index (OSX) jumped more than 3% to a four-month high. Retail and transportation shares were also among the strongest sectors, while the health care and semiconductor sectors slipped.

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APPLE: What is its Corporate Value

Posted on July 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

AS INVESTORS – HOW DO WE EVALUATE FINANCIAL RISK?

By Vitaliy Katsenelson CFA

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READ: https://vitaliy.substack.com/p/what-is-the-value-of-apple-how-do?utm_source=substack&utm_medium=email

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CAVA: Rises Post-IPO

Posted on July 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Markets: Investors shook off last week’s post-holiday blues with all three major indexes snapping three-day losing streaks yesterday, embracing a new outlook as they wait for more economic data and a new earnings season to start this week.
CAVA rose as analysts got their first chance to comment on the lunch spot since its IPO and were largely bullish on the bowl-maker—it’s already nearly doubled since its market debut last month.

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DAILY UPDATE: Minority/BIPOC Mental Health Awareness Month, Inflation and the Markets

Posted on July 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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July marks Minority/BIPOC Mental Health Awareness Month

A time when healthcare leaders and policymakers acknowledge the disparities that exist in behavioral health access and outcomes, as well as examine ways to address them. Tell us how your company, hospital, or practice is working to eliminate barriers and ensure equitable access to mental health services.

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U.S. inflation cooled in May to an annual 4%, its lowest annual rate in more than two years, but core inflation rose by 0.4% month-on-month and 5.3% year-on-year.

And the markets are eagerly awaiting key inflation prints from the U.S. later this week, with the core annual consumer price index (CPI) — which excludes volatile food and energy prices — remaining persistently high to date, despite the headline figure gradually edging closer to the Federal Reserve‘s 2% target.

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Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was up 10.58 points (0.2%) at 4,409.53; the Dow Jones Industrial Average (DJIA) was up 209.52 points (0.6%) at 33,944.40; the NASDAQ Composite (COMP) was up 24.77 points (0.2%) at 13,685.48.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.008%.
CBOE’s Volatility Index (VIX) rose 0.21 to 15.04.

Chip stocks were among the strongest sectors Monday, with the Philadelphia Semiconductor Index (SOX), jumping about 2%.

Retail and industrial stocks were also strong, while the small-cap focused Russell 2000 index (RUT) gained 1.5%. Utilities and Communication Services ranked among the weakest performers. Volatility perked up, with the VIX touching a five-week high.

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PODCAST: Doctors Divorcing from their Hospital Systems

Posted on July 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Eric Bricker MD

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Earnings Season is Back!

Posted on July 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Miss seeing terms like “adjusted profits” and “forward guidance” in the ME-P?

They’re coming back as earnings season got underway on Friday with big banks reporting. Tech companies, in particular, will have to impress to justify their expensive share prices.

CITE: https://www.r2library.com/Resource

Also on the economic calendar is June’s inflation report.

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FINANCIAL ADVISORS MARKETING: Meaningful “Tchotchkes” for Doctor Prospects

Posted on July 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

SPONSOR: www.CertifiedMedicalPlanner.org

According to Wikipedia, a tchotchke is a small bauble, doodad, doohickey, gewgaw, gismo knickknack, swag, thingamabob, thingamajig, toy, trinket, whatchamacallit, whosie-whatsit, widget, etc. Drug representative, various trade vendors and even prospecting financial advisors that give such cheap souvenirs to potential clients are even sometimes called “tchotchke dukes.” This industry practice is well known and wide spread.

Value-Less

Depending on context, the term has a connotation of worthlessness or disposability as well as tackiness, and has long been used in the regional speech of New York City and elsewhere.

The word may also refer to swag, in the sense of the logo pens, key rings and FOBs, t-shirts, golf balls, and other promotional freebies dispensed at trade shows, conventions, and similar large events. Most are largely value-less promotional pieces.

Valuable

Medical professionals of all types are fertile prospects for pharmaceutical representatives, insurance agents, financial advisors and like minded vendors. Most of these commissioned salesmen offer tchotchkes to their doctor clients and prospects as a reminder of their wares.

Assessment

And so, wouldn’t it be interesting for these vendors to offer their doctors something of real value? How about one of our Dictionaries of Health … in our series of three non-clinical handbooks? Affordable, memorable and valuable!

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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DAILY UPDATE: Home Sales Slow Down

Posted on July 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Want to know why there are seemingly no houses for sale in the US these days? These numbers should help explain:

The average rate on a 30-year mortgage climbed to 6.81% last week, its highest level of 2023, according to Freddie Mac. At the same time, almost 92% of US homeowners with mortgages have an interest rate of less than 6%, Redfin reported.

So, not many current homeowners are willing to ditch their lower mortgage rates for the higher one that would come with a new house.

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Markets: As Wall Street heads into another earnings season this week, no one has much of a clue where stocks will go from here. Bloomberg notes there’s a whopping 50% difference between the most bullish analyst forecast for the S&P 500 for the rest of 2023 and the most bearish.

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TRACKING STOCK: What is It?

Posted on July 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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A tracking stock, also known as letter stock and/or targeted stock is a specialized equity offering issued by a company that is based on the operations of a defined business within the larger organization (such as, for instance, a wholly owned subsidiary of a diversified firm). Therefore, the tracking stock will be traded at a price related to the operations of the specific division of the company being “tracked”.

Tracking stock is typically limited, or has no voting rights. Often, tracking stock is issued to separate a high-growth (but initially, unprofitable) division from its parent company, while the parent company and its shareholders remain in control of the subsidiary’s operations.

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Breaking New Example

The Atlanta Braves professional baseball team is set to be spun-off into an independent company along with their related properties (Battery) in two weeks. Along with this change, an as-of-yet unknown amount of equity in the company is set to be publicly traded on the stock market. The easiest explanation of this transition is to get a more accurate (Liberty Media’s Ownership) valuation of the franchise as a precursor to a sale. The Braves already have a pretty unique business structure, being owned by a publicly traded media conglomerate as a semi-autonomous entity within the conglomerate and a tracking stock, but this formalizes the franchises independence much more.

In the view of some, there is significantly more downside as a fan than upside to a sale, as the absolute upside involves more spending on the team payroll, but the team already is near the top of the league in payrolls and the team performance on the field is clearly top tier in the league. The downside is that the new ownership meddles more in the operations of the club in a negative way and/or slashes budgets, etc.

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DAILY UPDATE: Postage Stamps Become More Expensive!

Posted on July 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Consider this ME-P as a PSA for anyone getting married and/or preparing to send a million thank-you notes: The price of a USPS first-class “Forever” postage stamp is rising from 63 cents to 66 cents, effective tomorrow.

You don’t hear much about stamp inflation, but it’s been soaring. The price of stamps has jumped 32% since early 2019, when they cost just 50 cents. Then again, the USPS has to make up for emptier mailboxes somehow. Volume for first-class mail (which includes letters) has plunged 51% since 2006.

WHY?

Can you say e-mail, twitter, social media and text-messages, etc?

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DAILY UPDATE: New Auto Sales and the Slippery Markets

Posted on July 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Despite high prices, new car sales have been remarkably strong so far this year and are up 12% compared to the first half of 2022, according to Cox Automotive.

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Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was down 12.64 points (0.3%) at 4398.95, down 1.2% for the week and just the second weekly decline in the past eight weeks; the Dow Jones Industrial Average (DJIA) was down 187.38 points (0.6%) at 33,734.88, down 2% for the week; the NASDAQ Composite (COMP) was down 18.33 points (0.1%) at 13,660.72, down 0.9% for the week.
The 10-year Treasury note yield (TNX) was up about 2 basis points at 4.06%.
CBOE’s Volatility Index (VIX) was down 0.61 at 14.83.

Energy shares were among the strongest performers, with the Philadelphia Oil Service Index (OSX) surging more than 6% to a four-month high. Benchmark WTI crude futures jumped more than 2% to close at a six-week high on hopes that OPEC+ production cuts will tighten supplies.

Regional banks and transportation stocks were also strong.

And, Samsung fell yesterday after revealing that its profits dropped 96% last quarter, giving the company its smallest quarterly profit since 2009 as it continues to sit on more memory chips than the market wants.

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JOBS: 225,000+ as Unemployment Falls

Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The U.S. is expected to have added tens of thousands of jobs in June, continuing to defy high interest rates and stubborn inflation, But any signs of slower job and wage growth last month could signal the labor market may be cooling down.

Economists surveyed by Bloomberg project that 225,000 jobs were added to the economy in June while the unemployment rate is expected to have slipped to 3.6% – down from 3.7% the previous month. And a projected 4.2% average hourly wage bump over the previous June would be the smallest yearly uptick since 2021.

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e-BOOKS: For Doctors, Financial Advisors, CPAs, Insurance Agents, Medical Consultants and Health Law Attorneys

Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Ann Miller RN MHA CMP™

INTRODUCING OUR NEXT GENERATION e-BOOK LIBRARY FROM iMBA, Inc.

An e-book is an electronic or digital book that can be read on a computer or a handheld device.

Our new e-books consists of text, images, and are fixed to a specific spot on the page.

And, our e-books are a data files similar in content and structure to a word-processing document that comes in a PDF format. To use our e-books, you need to purchase and download it to a device that has a .pdf file reader app, such as ADOBE® or similar on a smartphone, tablet or computer. A PDF, also known as a portable document format, is the format most people are familiar with and used in our e-books. PDFs are known for their ease of use and ability to hold custom layouts. They are the most commonly used e-Book formats, especially by professionals and adult-learners.

You can then access the e-book and read it, or highlight pages and even take side notes.

e-Books Save Money

With no manufacturing, printing, binding or shipping costs, e-Books are cheaper than traditional hard or paper back books.The price of each specialized and highly niche focused e-Book [50-100 pages] is only $25, whereas similar paperback printed books of this type generally cost $145, or more!

Payable thru PayPal [3% courtesy surcharge applies].

MORE HERE: https://medicalexecutivepost.com/me-pr-a-new-feature/

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DAILY UPDATE: Apple and the Markets Zoom!

Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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When markets closed Friday, Apple’s market capitalization was over $3 trillion, making it the most valuable company — ever. It’s a massive milestone for the tech giant, which warned investors in May that its current quarter revenue was expected to decline. But Friday’s stock price increasing by just over 2 percent to close at $193.97 per share suggests that investors are still confident in the company, a bright spot in an industry that has otherwise been rocked by layoffs over the past year.

Curiously, Goldman Sachs is considering exiting its partnership with Apple, the Wall Street Journal reported on Friday, citing sources familiar with the matter.

The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019. The bank is in talks with American Express to take over its Apple credit card and other ventures with the tech giant, the report added.

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Here is where the major benchmarks ended:

The S&P 500 Index was up 53.94 points (1.2%) at 4,450.38, a gain of 16% for the first half of 2023. The Dow Jones Industrial Average (DJIA) was up 283.18 points (0.8%) at 34,407.60, up 3.8% in the first half. The NASDAQ Composite was up 196.59 points (1.5%) at 13,787.92 for a first-half gain of 32%.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.15 at 13.39.

Oilfield services companies and others in energy led sector gainers Friday, after crude oil futures rose 1% (though oil prices are down 12% so far this year).

Technology and Consumer Discretionary stocks were also strong performers, while regional banks were among the laggards. The U.S. Dollar Index (DXY) eased slightly. It is down about 0.5% for the first half.

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DAILY UPDATE: Leqembi Approved Ahead of Non-Farm Payroll Report with Good/Bad News Markets

Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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(AP) — U.S. officials granted full approval to a closely watched Alzheimer’s drug on Thursday, clearing the way for Medicare and other insurance plans to begin covering the treatment for people with the brain-robbing disease. The Food and Drug Administration endorsed the IV drug, Leqembi, for patients with mild dementia and other symptoms caused by early Alzheimer’s disease. It’s the first medicine that’s been convincingly shown to modestly slow Alzheimer’s cognitive decline.

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Markets: Yesterday was yet another “good news is bad news” day on Wall Street. After the ADP employment report showed private sector companies added more than 2x the jobs that were forecast last month, stocks fell and Treasury yields surged—an indication that investors expect the Fed to resume hiking interest rates to cool down the job market. So, all eyes are on the non-farm payrolls report since a stronger-than-expected report could result in even more Fed rate hikes than currently expected. Here is where the major benchmarks ended yesterday:

The S&P 500^® Index was down 35.23 points (0.8%) at 4,411.59; the Dow Jones Industrial Average (DJIA) was down 366.38 points (1.1%) at 33,922.26; the NASDAQ Composite (COMP) was down 112.61 points (0.8%) at 13,679.04.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 4.035%.
The CBOE Volatility Index (VIX) was up 1.25 at 15.43.

Energy was among the weakest sectors despite crude oil futures touching a two-week high.

Regional banks and Consumer Discretionary stocks were also lower. Volatility expectations based on the VIX jumped to their highest level since late May.

***

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Our ME-P Speaker’s Roster

Posted on July 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

**The “MedicalExecutive-Post” – Well-Known On the National Podium**

[By Staff Writers

All our print guide, textbook authors and blog editors are well-regarded, witty and insightful speakers targeting informed healthcare administrators, CXOs, physicians, nurse-executives, leaders and related audiences.

Contact us for more details about having them speak at your next medical conference, financial services meeting, management seminar or corporate retreat: MarcinkoAdvisors@msn.com or [phone: 770.448.0769]

Speakers will be chosen for specific events based on topic areas or proximity, and the Medical Executive-Post staff will arrange logistical details, payment and honoraria; etc.

Press Corps

If you represent a medical society, financial institution or are a member of the media or press corps and want to be included on our topic release list; please phone [770.448.0769], fax [775.361.8831] or e-mail us at MarcinkoAdvisors@msn.com Be sure to include “press list” or other “topic designation” in your subject line.

Speaker: If you need a moderator or a speaker for an upcoming event, Dr. David Edward Marcinko; MBA – Editor and Publisher-in-Chief – is available for speaking engagements. Contact him: MarcinkoAdvisors@msn.com Formal CV: dem-formal-cv

About Dr. David Edward Marcinko; MBA [Publisher-in-Chief]

Dr. David E. Marcinko brings to the Executive Post over 20 years of senior–executive level leadership, strategy and advisory experience in the clinical, economics, financial management and health administration technology publishing industry. As founder and CEO of iMBA, a consulting firm targeting physician clients thru the monetization of publishers’ digital assets, Dr. Marcinko has designed and established numerous content licensing strategy and executing deals on behalf of primary and secondary publishers with aggregators, syndicators, redistributors and specialty vendors within the integrated medical information ecosystem.

About: Ex Education Leadership Philosophy Dr. Marcinko

Business Sketch: Business Sketch DEM

Interview: Arkansas Medical News Interviews Dr. Marcinko

* 8

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DAILY UPDATE: Meta Launches “Threads” with Stable Stock Benchmarks

Posted on July 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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[AP]: Meta is poised to unveil a new app that appears to mimic Twitter — a direct challenge to the social media platform owned by Elon Musk. A listing for the app, called Threads, just appeared on Apple’s App Store, indicating it would debut as early as today. It is billed as a “text-based conversation app” that is linked to Instagram, with the listing teasing a Twitter-like micro-blogging experience.

“Threads is where communities come together to discuss everything from the topics you care about today to what’ll be trending tomorrow,” it said.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 8.77 points (0.2%) at 4,446.82; the Dow Jones Industrial Average was down 129.83 points (0.4%) at 34,288.64; the NASDAQ Composite was down 25.12 points (0.2%) at 13,791.65.
The 10-year Treasury yield (TNX) was up about 7 basis points at 3.932%.
The CBOE Volatility Index (VIX) was up 0.49 at 14.19.

Chemical makers and other materials sector companies were among the weakest performers Wednesday. Semiconductor shares were also lower, as were many energy-company shares despite a 3% surge in crude oil futures. U

Utility stocks were among the strongest performers.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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CMS: Projected National Health Expenditures to Surpass $7 Trillion Dollars

Posted on July 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Health Capital Consultants, LLC

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Projected National Health Expenditures to Surpass $7 Trillion

On June 14th, 2023, CMS released health insurance enrollment and national health expenditure (NHE) projections for 2022 through 2031.

CITE: https://www.r2library.com/Resource

The NHE, which is published annually, is the official U.S. estimate of insurance enrollment and health spending. CMS projects that from 2022 to 2031, the NHE’s annual growth rate of 5.4% will surpass the U.S. gross domestic product (GDP) annual growth rate of 4.6%. As a result, health spending as a share of the U.S. GDP is set to jump from 18.3% in 2021 to 19.6% in 2031.

This Health Capital Topics article will review the notable findings from CMS’s projection report. (Read more…)

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THANK YOU: Emergency Room and Department Medical Professionals

Posted on July 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

A SINCERE SHOUT OUT!

By Staff Reporters

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We hope you’ve recovered from overindulging in hot dogs, beer and parade candy; yesterday. The hospital employees out there are probably even busier than usual today, as more than 45,000 people on average visited emergency rooms on both July 4th and 5th due to holiday-related injuries.

On behalf of those ER patients, we thank all doctors, nurses, technicians and healthcare workers for their service.

***

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DAILY UPDATE: Post Independence Day, Stock Futures and Future Salaries

Posted on July 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended on Monday:

The S&P 500 Index was up 5.21 points (0.1%) at 4,455.59; the Dow Jones Industrial Average (DJIA) was up 10.87 points at 34,418.47; the NASDAQ Composite was up 28.85 points (0.2%) at 13,816.78.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.862%.
The CBOE Volatility Index^® (VIX) was little changed at 13.58.

Financial companies had a good day Monday, with the KBW Regional Banking Index (KRX) rising more than 2%.

The consumer discretionary sector was also strong, while energy companies got a bump as crude oil futures reached their highest level in more than a week.

Health Care stocks lagged.

***

Wall Street is hoping for a strong start to the second half of 2023 taking cues from the recent tech rally that has boosted the overall investor sentiment. Turning toward the U.S.-China trade war, on Monday, the mainland posed restrictions on the export of gallium and germanium to the U.S. citing national security concerns. These metals are used in semiconductor manufacturing and the curb is being used as a means of retaliation to the U.S. chip ban on China.

Remarkably, Tesla (NASDAQ:TSLA) stock has been on an uphill climb lately, thanks to the growing adoption of its North American Charging Standard (NACS) charging connectors by major automakers including General Motors (NYSE:GM), Ford (NYSE:F), and Rivian (NASDAQ:RIVN). Moreover, the EV maker posted better-than-expected auto delivery and production numbers for the month and quarter ending June 30, pushing shares up 6.9% on July 3.

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Future Salaries Will Decrease?

Median incomes are projected to drop over the next few decades, falling by 0.43 percentage points per year between now and 2020, 0.52 points per year between 2020 and 2030, and 0.2 points per year between 2030 and 2040.

Although the figures on their own are not staggering, the percentage drops over time will add up significantly. By 2050, an employee who earned $50,000 in 2013 will only make $44,000. The number is even more noticeable after accounting for inflation.

***

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DAILY UPDATE: July 4th Business & Economics

Posted on July 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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July Fourth is Today

If you haven’t bought supplies for your cookout yet, you’ll find that sirloin steak and processed cheese for your burger are more expensive than last July Fourth, but chicken and eggs are cheaper, according to Wells Fargo’s Chief Agricultural Economist Michael Swanson.

Plus, filling up your gas tank will cost you about $1.30 less per gallon than a year ago, per AAA.

Jobs Report Incoming

The June jobs report highlights a relatively slow week for economic data. Once again, like in every month before it since January 2021, the report is expected to show that companies are still on the hiring grind, adding an estimated 225,000 new jobs last month.

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MID-YEAR: Stock Market Wrap-Up

Posted on July 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Investors are coming out of the mid-year investing season enthused and thanks to an Artificial Intelligence fueled stock market rally that turned into an everything rally.

The NASDAQ posted its best H1 since 1983, and the S&P 500 had its best first-half performance since 2019.

But, don’t expect Wall Street fireworks for the next few days. The US stock market will close early today and shut down tomorrow for Independence Day.

***

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BEWARE: Ransomware Attacks in Healthcare

Posted on July 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

HHS CYBER SECURITY PROGRAM

By Staff Reporters

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According to Healthcare Brew, the rising tide of ransomware attacks in healthcare is exacting a hefty price from hospitals and other medical providers who’ve had their data locked up by cyberattacks.

Healthcare providers face potential costs arising from more than just the initial ransom; targeted systems have seen lost patient revenue, the need for remediation, and additional recovery costs. And even the largest health systems in the country aren’t immune to the costly ripple effects, such as delayed patient care, including surgeries, that can linger even after an initial attack.

“Not only is the frequency [of ransomware attack] picking up, but I’d say the magnitude or the size is also getting bigger,” said Brian Tanquilut, a healthcare services analyst at Jefferies.

CommonSpirit Health, one of the nation’s largest hospital chains, was hit with a high-profile cyberattack in October. The system has not publicly disclosed the financial fallout, but a Dec. 1 update published on the company’s website said that the cyberattackers gained access to personal information for some patients and that an investigation is ongoing. Chad Burns, a spokesperson for CommonSpirit, declined requests for an interview.

A report from the cybersecurity firm Sophos determined that “the average remediation cost [from a ransomware attack] went up from $1.27 million in 2020 to $1.85 million in 2021.” For others, it’s much more costly.

CITE: https://www.r2library.com/Resource/Title/082610254

Tenet Healthcare, a Dallas-based healthcare company, reported a loss of about $100 million attributed to a ransomware attack in April, according to its second-quarter earnings report. San Diego-based Scripps Health said a ransomware attack cost it nearly $113 million in May and June 2021 primarily due to lost revenue, along with recovery costs. Keep reading here.

***

ORDER: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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DAILY UPDATE: A Tesla Monday & Super Moon Holiday Weekend

Posted on July 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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United States stock markets will be closing early on Monday, July 3rd, in observance of the Independence Day holiday.

In recognition of the federal holiday, the Nasdaq and New York Stock Exchange will close at 1 p.m. ET on Monday and remain closed Tuesday.

The U.S. bond market will close at 2 p.m. Eastern on Monday and will also remain closed Tuesday.

***

Nevertheless, Tesla beat expectations in the second quarter of 2023, announcing yesterday that it produced nearly 480,000 vehicles and delivered over 466,000.

The majority of production and deliveries were the Model 3 sedan and Model Y crossover, with 460,211 produced and 446,915 delivered. The electric car maker produced 19,489 of the higher-priced Model X and Model S and delivered 19,225.

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And over the next few nights a super-moon is coming for the 2023 4th of July holiday weekend.July’s full moon, also called the buck moon, will be biggest on the nights of Sunday July 2nd and Monday July 3rd.

According to the Old Farmer’s Almanac, the moon will hit its peak illumination at 7:39 a.m. on Monday July 3 rd. It will be below the horizon at that precise moment, the Almanac said, so plan to look towards the southeast after sunset to watch it rise up into the evening sky.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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PODCAST: The CIGNA Group CEO

Posted on July 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Health Unscripted Podcast: Lessons from a purpose-driven CEO featuring David Cordani

LISTEN: https://tinyurl.com/bddj8bud

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FAFSA: Last Day to Apply!

Posted on June 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

SPONSOR: http://www.CertifiedMedicalPlanner.org

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There are many ways to pay for college in the United States, but one of the most important is the Free Application for Federal Student Aid (FAFSA), which is operated through the US Department of Education. Each academic year, the deadlines for FAFSA remain relatively similar.

Applications open on October 1st and close on June 30th. Even with that window, it’s a good idea to submit your FAFSA as early as possible because many schools distribute funding on a first-come, first-served basis.

MORE: https://www.coursera.org/articles/when-is-fafsa-due

***

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SPAC: Insider Traders Charged

Posted on June 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Three charged with insider trading related to Trump’s SPAC deal

The DOJ arrested three Florida investors, alleging they made more than $22 million in illegal profits through trading stock in the SPAC that took former President Trump’s social media company public.

The men are accused of trading shares in Digital World Acquisition Corporation based on nonpublic knowledge and making bank in October 2021 when news it planned to acquire Truth Social made its stock soar. Neither the former president nor his family members are implicated.

SPAC: https://medicalexecutivepost.com/2022/06/13/spac-v-direct-listing-v-ipo/

SPACs: https://medicalexecutivepost.com/2022/09/21/spac-popularity-soaring-in-healthcare/

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DAILY UPDATE: Economic News Lifts Stocks

Posted on June 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Big banks powered the Dow higher h of positive economic headlines dropped. Financial institutions aced their Fed “stress test” that measures how they’d hold up during a downturn, Q1 GDP was revised much higher than previously calculated, and the number of Americans filing new unemployment claims fell the most in 20 months.

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Solid economic numbers lifted the S&P 500 and Russell 2000 to nearly two-week highs. So, here is where the major benchmarks ended:

The S&P 500 Index was up 19.58 points (0.5%) at 4,396.44; the Dow Jones Industrial Average (DJIA) was up 269.76 points (0.8%) at 34,122.42; the NASDAQ Composite (COMP) was little changed at 13,591.33.
The 10-year Treasury note yield (TNX) was up nearly 13 basis points at 3.838%.
CBOE’s Volatility Index (VIX) was up 0.11 at 13.54.

Financial companies were among the strongest sectors Thursday, with the KBW Regional Banking Index (KRX) rising nearly 2% to its highest level in over a week.

Oilfield services stocks also gained behind strength in crude oil futures, which briefly climbed above $70 a barrel to their highest price in a week. Communications services and technology shares were among the weakest sectors.

The U.S. Dollar Index (DXY) strengthened to its highest level in over two weeks amid expectations for higher interest rates.

***

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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SPOTLIGHT: 23 Banks and 1 Stock

Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The 23 biggest banks all passed a stress test that simulated a severe recession, the Federal Reserve said yesterday.

CITE: https://www.r2library.com/Resource

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Markets: Stocks ended mixed yesterday after Jerome Powell (and other major central bankers around the world) signaled that more interest rate hikes are as inevitable. In fact, Jerome Powell hinted he couldn’t rule out two rate raises in a row.
Stock spotlight: AI-chip hero Nvidia fell on reports that the US is considering even more restrictions on chip exports to China.

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RETIREMENT PLANNING: The Financial Numbers and Social Security?

Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The new magic number for retirement is up slightly from last year, when U.S. adults said they believed they needed $1.25 million to retire comfortably, according to new findings from Northwestern Mutual. High-net-worth individuals – those with more than $1 million in investible assets – believe they’ll need $3 million to retire comfortably.

There’s quite a gap, however, between what people have now and what they think they’ll need. The average amount that U.S. adults have saved for retirement is only $89,300, up 3% from $86,869 in 2022, Northwestern Mutual found.

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Interestingly, more than four in 10 Americans (42%) said they could imagine a time when Social Security no longer exists, according to the research. And yet, people are relying on Social Security to provide 28% of their overall retirement funding. That’s more than personal savings (22%) and equal to retirement savings (28%).

Gen Z and millennials have tempered expectations – they anticipate Social Security will provide 15% and 19% of their overall retirement funding, respectively. That’s a significant drop from what boomers+ say – 38%.

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DAILY UPDATE: Healthcare Fraud Schemes Up as the Dow Dips Down

Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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WASHINGTON (Reuters) -The U.S. Justice Department on Wednesday announced federal and local criminal charges targeting 78 defendants across 16 states as part of a law enforcement action involving $2.5 billion in alleged healthcare fraud schemes targeting elderly and disabled people, HIV patients and even pregnant women.

The cases range from allegations of falsely billing the federal Medicare insurance program for elderly and disabled Americans and paying illegal kickbacks, to the illicit diversion of expensive prescription medications and the improper dispensing of highly addictive opioid pain killers.

Among those facing charges include 24 doctors, nurses and other licensed medical professionals, as well as healthcare executives including the current and former CEOs of a durable medical equipment online platform accused of falsely billing $1.9 billion in fraudulent claims.

Of the $2.5 billion in alleged fraudulent claims to Medicare, state Medicaid programs that serve the poor and supplemental Medicare insurance programs offered by private insurers, about $1.1 billion was actually paid out to the fraudsters, officials said.

“The Justice Department will find and bring to justice criminals who seek to defraud Americans and steal from taxpayer-funded programs,” Attorney General Merrick Garland said in a statement.

CITE: https://www.r2library.com/Resource

***

On Friday, the Labor Department will update its Personal Consumption and Expenditures (PCE) index, which is the Fed’s preferred inflation measure. The June employment report follows on July 7th.

What is the Economic CONSUMPTION FUNCTION Theory?

So, here is where the major benchmarks ended, yesterday:

The S&P 500 Index was down 1.55 points at 4,376.86; the Dow Jones Industrial Average was down 74.08 (0.2%) at 33,852.66; the NASDAQ Composite was up 36.08 points (0.3%) at 13,591.75.
The 10-year Treasury note yield (TNX) was down about 6 basis points at 3.71%.
CBOEs Volatility Index (VIX) was down 0.31 point at 13.43.

Regional banks and utilities were among the weakest sectors Wednesday, with the Philadelphia Utility Index (UTY) ending at its lowest level in nearly four weeks. Energy companies ranked among the top gainers as crude oil futures rose more than 2%.

Insurer Travelers Companies fell 2.5% to become the day’s worst-performing Dow stock.
Salesforce shares rose after Goldman Sachs said the company was poised to boost its profits.
Intel shares fell after Oracle said its software would be compatible with Ampere Computing chips in a blow to Intel’s position with data center customers.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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TODAY: National Health Insurance Awareness Day

Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

JUNE 28th 2023

By Staff Reporters

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Today is National Insurance Awareness Day

It is therefore a perfect day to make you aware of the fact that as of 2021, 27.5 million people in the US have had no health insurance. Not only does lacking insurance cost individuals a lot of money, but uncompensated healthcare services also cost the US roughly $42.4 billion annually.

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CDC: Mandy Cohen MD to Head CDC

Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

CONGRATULATIONS DR. COHEN

By Staff Reporters

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President Joe Biden on Friday said that he planned to appoint Dr. Mandy Cohen, the former North Carolina health secretary, as the next director of the Centers for Disease Control and Prevention, a widely expected move that marks a major transition at the federal agency tasked with overseeing the nation’s public health infrastructure.

READ: https://time.com/6287961/mandy-cohen-new-cdc-head/

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DAILY UPDATE: Covid-19 Fraud Update as Markets Rise

Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Over $200 billion from the U.S. government’s COVID-19 relief programs were likely stolen, a federal watchdog said on Tuesday, adding that the U.S. Small Business Administration (SBA) had weakened its controls in a rush to disburse the funds.

At least 17% of all funds related to the government’s coronavirus Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) schemes were disbursed to potentially fraudulent actors, according to a report released Tuesday by the SBA’s office of inspector general. Over the course of the pandemic, the SBA disbursed about $1.2 trillion of EIDL and PPP funds.

The SBA disputed the more than $200 billion figure put forward by the watchdog and said the inspector general’s approach had significantly overestimated fraud.

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Here is where the major benchmarks ended, yesterday

The S&P 500 Index was up 49.59 points (1.2%) at 4,378.41; the Dow Jones Industrial Average (DJIA) was up 212.03 points (0.6%) at 33,926.74; the NASDAQ Composite was up 219.89 points (1.7%) at 13,555.67.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 3.766%.
Cboe’s Volatility Index (VIX) was up 0.50 at 13.75.

Technology stocks led sector gainers, with the Philadelphia Semiconductor Index (SOX) rising nearly 4%. Consumer Discretionary and Retail shares were also higher. Energy shares lagged as crude oil futures dropped more than 2%.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Of Financial Certifications and Designations

Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

The “Too Numerous to Count” Syndrome

[By Dr. David Edward Marcinko; MBA, CMP™]

The following list of certifications enumerates only a partial exposure of the often nebulous field of “financial planning credentials” that presently exist in the market place.

Good … and Not So

Some of these professional designations are awarded to individuals in the financial planning or financial “advisory” space after [some] diligent study and [often not so] arduous testing; others not so.

Disclaimer: I am a reformed Certified Financial Planner®, Series 7 [stock-broker], 63 and 65 license holder, and RIA representative who also held all applicable insurance and security licenses.

The individuals hold not only proper education [some only reguire a HS diploma or GED] as evidenced by the credential; the holders are often people of ethics [hopefully] and competence [usually]. But, not all credentials are the same. Some credentialing bodies have higher educational requirements that also require years of experience and a thorough background search. Others are awarded after only a few hours of study and, most all, remain non-fiduciary in nature.

Too Many To Count – Syndrome

In medicine, the abbreviation TNTC is well known. Sometime, I think this term is better applicable to the plethora of “credentials” in the financial services industry.

The Designation Line-up

A brief description for some of these financial designations [not degrees] follows:

AAMS – Accredited Asset Management Specialist
AEP – Accredited Estate Planner
AFC – Accredited Financial Counselor
AIF – Accredited Investment Fiduciary
AIFA – Accredited Investment Fiduciary Auditor
APP – Asset Protection Planner
BCA – Board Certified in Annuities
BCAA – Board Certified in Asset Allocation
BCE – Board Certified in Estate Planning
BCM – Board Certified in Mutual Funds
BCS – Board Certified in Securities
C3DWP – 3 Dimensional Wealth Practitioners
CAA – Certified Annuity Advisor
CAC – Certified Annuity Consultant
CAIA – Chartered Alternative Investment Analyst
CAM – Chartered Asset Manager
CAS – Chartered Annuity Specialist
CCPS – Certified College Planning Specialist
CDFA – Certified Divorce Financial Analyst
CEA – Certified Estate Advisor
CEBS – Certified Employee Benefit Specialist
CEP – Certified Estate Planner
CEPP – Chartered Estate Planning Practitioner
CFA – Chartered Financial Analyst
CFE – Certified Financial Educator
CFG – Certified Financial Gerontologist
CFP – Certified Financial Planner
CFPN – Christian Financial Professionals Network
CFS – Certified Fund Specialist
CIC – Chartered Investment Counselor
CIMA – Certified Investment Analyst
CIMC – Certified Investment Management Consultant
CLTC – Certified in Long Term Care
CMFC – Chartered Mutual Fund Counselor
CMP – Certified Medical Planner™
CPC – Certified Pension Consultant
CPHQ – Certified Professional in Healthcare Quality
CPHQ – Certified Physician in Healthcare Quality
CPM – Chartered Portfolio Manager
CRA – Certified Retirement Administrator
CRC – Certified Retirement Counselor
CRFA – Certified Retirement Financial Advisor
CRP – Certified Risk Professional
CRPC – Chartered Retirement Planning Counselor
CRPS – Chartered Retirement Plan Specialist
CSA – Certified Senior Advisor
CSC – Certified Senior Consultant
CSFP – Certified Senior Financial Planner
CSS – Certified Senior Specialist
CTEP – Chartered Trust and Estate Planner
CTFA – Certified Trust and Financial Advisor
CWC – Certified Wealth Counselor
CWM – Chartered Wealth Manager
CWPP – Certified Wealth Preservation Planner
ECS – Elder Care Specialist
FAD – financial Analyst Designate
FIC – Fraternal Insurance Counselor
FLMI – Fellow Life Management Institute
FRM – Financial Risk Manager
FSS – Financial Services Specialist
LIFA – Licensed Insurance Financial Analyst
MFP – Master Financial Professional
MSFS – Masters of Science Financial Service Degree
PFS – Personal Financial Specialist
PPC – Professional Plan Consultant
QFP – Qualified Financial Planner
REBC – Registered Employee Benefits Consultant
RFA – Registered Financial Associate
RFC – Registered Financial Consultant
RFG – Registered Financial Gerontologist
RFP – Registered Financial Planner
RFS – Registered Financial Specialist
RHU – Registered Health Underwriter
RPA – Registered Plans Associate
WMS – Wealth Management Specialist

This list is intentionally incomplete and it is not intended to be an endorsement of any credential by the Institute of Medical Business Advisors, Inc www.MedicalBusinessAdvisors.com

Alphabet Soup

Obviously, these “professional” designations spread across multiple industries. For example there is an alphabet of designations in the brokerage and securities field, another alphabet in the insurance industry and within the insurance industry, designations exist for those who meet face to face with prospective customers, another for those who provide client service and yet another in underwriting the various insurance products. Certainly when the designations are complied in a list such as that above, they present a dizzying array of apparent qualifications.

Assessment

While in general, education for the financial service [and medical] professional is good for everybody, there are certain things that you should do as proper due diligence to protect your family and your financial assets. What are they?

Disclaimer: I am also founder of the Certified Medical Planner™ online educational program in health economics for financial advisors and medical management consultants. www.CertifiedMedicalPlanner.org

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

***

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DAILY UPDATE: Stocks Down Again but Pickleball is Up!

Posted on June 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

The NASDAQ and S&P 500 fell to two-week lows, adding to last week’s declines, as investors continued to digest hawkish Fed comments and recession risks.

Here is where the major benchmarks ended today:

The S&P 500 Index was down 19.51 points (0.5%) at 4,328.82; the Dow Jones Industrial Average (DJIA) was down 12.72 points at 33, 714.71; the NASDAQ Composite was down 156.74 points (1.2%) at 13,335.78.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.714%.
CBOE’s Volatility Index (VIX) was up 0.77 at 14.21.

***

UnitedHealth Group related more people were using the healthcare system (bad news for insurers), and no one exactly knew why. Then yesterday, the sleuths at UBS published a note with a clever hypothesis: Rising healthcare utilization rates could be fueled by…pickleball injuries.

UBS calculated that the game’s surging popularity—among seniors, in particular—will contribute $377 million in medical costs this year for procedures like hip replacements and knee surgeries, Bloomberg reported.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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***

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DISPOSABLE VAPING: Electronic Cigarette Use Growing

Posted on June 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

The PROS and CONS

By Staff Reporters

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DEFINITION: An electronic cigarette is an electronic device that simulates tobacco smoking. It consists of an atomizer, a power source such as a battery, and a container such as a cartridge or tank. Instead of smoke, the user inhales vapor. As such, using an e-cigarette is often called “vaping“. The atomizer is a heating element that vaporizes a liquid solution called e-liquid, which quickly cools into an aerosol of tiny droplets, vapor and air. E-cigarettes are activated by taking a puff or pressing a button. Some look like traditional cigarettes, and most kinds are reusable. The vapor mainly comprises propylene glycol and/or glycerin, usually with nicotine and flavoring. Its exact composition varies, and depends on several things including user behavior.

***

You’ve seen them inhaled at parties, discarded on city sidewalks, and sold in strip malls: Refillable e-cigarettes are taking over the US vape market. Disposables’ market share surged from 24.7% in early 2020 to almost 52% by December 2022, according to an analysis by the CDC, the CDC Foundation, and the Truth Initiative. The rise of disposables shows how the government’s vaping crackdown is not working—the FDA snuffed out refillable brands such as Juul and Vuse in 2020, but a new crop of vapable plastic has emerged to take their place. Overall, US e-cig sales grew 47% in the period analyzed.

READ: https://www.hopkinsmedicine.org/health/wellness-and-prevention/5-truths-you-need-to-know-about-vaping#Vaping%20Is%20Less%20Harmful%20Than%20Smoking,%20But%20It%E2%80%99S%20Still%20Not%20Safe.

***

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DAILY UPDATE: NASDAQ Down but U.S. Dollar Up

Posted on June 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Last week, the NASDAQ snapped its eight-week winning streak, but it’s still on pace for its best and has nearly erased its total losses from 2022. Over in the media world, everyone (Disney, Warner Bros. Discovery, Paramount Global) is struggling except Netflix.

***

But, the U.S. dollar rose to a 15-month high against the ruble this Monday after dramatic weekend events in Russia, which saw an aborted mutiny by heavily armed mercenaries. The dollar index also found some safe-haven support on lingering worries that the protracted monetary tightening cycles from major central banks would further hurt the global economic outlook.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Opinions of Medical Practice Fair Market Value

Posted on June 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Sample iMBA Inc., Engagements

Understanding FMV Methodology

Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

For doctors, buying or selling a practice may be the biggest financial transaction of their lives. Reasons for appraising practice worth include: succession, retirement and estate planning; partnership disputes and divorce; or as an important tool for organic growth and strategic planning.

However, the transaction is fraught with many pitfalls to avoid and no medical specialty seems immune; especially when it comes to contentious fair market value [FMV] appraisals.

“Rule-of-Thumb” Formulas – Now Considered Archaic

As readers of the Executive-Post know, in the stable past, physicians occasionally used “rule-of-thumb” formulas to value their medical practices.

“Rules” typically were expressed as benchmark calculations, formulas or multipliers (e.g. “one times revenues” or “five times cash flow”).

Today, because of the economic volatility in the healthcare industrial complex, “rules of thumb” should not be used to value any medical practice (other than as general internal managerial sanity checks).

Moreover, they are fraught with legal liability should the deal sour, as such benchmarks general hold little to no weight with the IRS.

Yet, Thumbs Still Used

Yet, thumb-rules are still used by misguided physicians because of their simplicity and price; as the cost of a “rule-of-thumb” valuation is hard to beat; $0. Keep in mind that in most cases, you will want to ensure the value determination will stand up to IRS scrutiny, so the $0 rule-of-thumb is not really an option

And so, a reasonable inquiry is: How is a proper Uniform Standards of Professional Appraisal Practice [USPAP] styled Opinion-of-Value crafted, and what is contained in the report?

Opinions of Value – Often Proprietary

For obvious reasons, an Opinion of Value structure is both standardized, yet inherently different for each valuation firm and often a proprietary and carefully guarded secrete; not unlike legal work-products.

However, according to Hope Rachel Hetico; RN, MHA – and a Certified Medical Planner™ from the Institute of Medical Business Advisors Inc, in Atlanta GA [www.MedicalBusinessAdvisors.com] – a typical modern opinion might contain the following information; more or less depending on the client and nature of engagement.

Sample Table of Contents*

Part I—Planning the Medical Practice Valuation

Purpose of the Appraisal
Goals and Objectives of the Appraisal
Source Data and Fact Gathering
Due Diligence Preparation
Professional Practice Comparative Information
Sources of Professional Practice Industry Financial Data
Selecting the Valuation Method of Choice

Part 2—Professional Practice Valuation Approaches

Income Approach
Market Approach
Asset-Based Approach
The Excess Earnings Method

Part 3—Fractional Practice Ownership Interests and Estimated Value

Reasons to Appraise a Fractional Ownership Interest
Approaches to the Valuation of Percentage Ownership Interests
Percentage Ownership Interest Valuation Discounts and Premiums
Discount/Premium for Lack/Mandate of Control (Minority versus Majority)
Discount/Premium for Lack/Mandate of Marketability and Sale
Discounts and Premiums for Other Nonsystematic Risk Factors
Sequencing of Discounts and Premiums
Medical Practice Capitalization Rate Construction
The Reconciliation and Review Process
Relationship of Review Valuation Process
Reconciliation Criteria
Final Value Estimate
Valuation Conclusion
Presentation of Valuation Conclusion
Independence Statement
Opinion of Value Range
Summary Report to Principals

Part 4—Reporting the Professional Practice Valuation Results

Introduction to Valuation Reporting Standards
Appraisal Reporting Standards
Elements of the Appraisal
Retention of Appraisal Reports and Files
USPAP Format and Style
Confidentiality Provisions
Glossary of Terms
Summary and Conclusion

Part 5—Appendices

Appendix: Bibliography of Principle Valuators
Appendix: Standards of the American Society of Appraisers; etc
Appendix: Standards of the Institute of Business Appraisers; etc

* TOC and acuity subject to engagement specificity

Assessment

Legalistically, a landmark legal case in business valuation was the Estate of Edgar A. Berg v. Commissioner (T. C. Memo 1991-279).

The Court criticized the CPAs as not being qualified to perform valuations, failing to provide analysis of an appropriate discount rate, and making only general references to justify their “Opinion of Value.”

In rejecting these experts, the Court accepted the IRS’s expert because he possessed the background, education and training; and developed discounts, and demonstrating how reproducible evidence applied to the assets being examined.

The Berg decision marked the beginning of the Tax Court leaning toward the side with the most comprehensive appraisal. Previously, it had a tendency to “split the difference.”

Now, some feel the Berg case launched the business valuation profession.

Conclusion

And so, is the Opinion of Value another reason why you should retain a fiduciary health economist to appraise your medical practice at arms-length; rather than seek a broker, agent or commissioned-salesman? Please comment and opine?

Engagements: Above is the link for an abbreviated list of several sample engagements completed by the Institute of Medical Business Advisors, Inc www.MedicalBusinessAdvisors.com

Its purpose is to demonstrate the protean diversity and vast nature of similar medical client engagements.

Speaker: If you need a moderator or a speaker for an upcoming event, Dr. David Edward Marcinko; MBA – Editor and Publisher-in-Chief – is available for speaking engagements. Contact him at: MarcinkoAdvisors@msn.com

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DAILY UPDATE: Alternative Investments and GSK

Posted on June 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

The S&P 500 Index ($SPX) (SPY) was down -0.61%, the Dow Jones Industrials Index ($DOWI) (DIA) was down -0.45%, and the NASDAQ 100 Index ($IUXX) (QQQ) was down -1.11%.

U.S. stocks were undercut by weak U.S. manufacturing PMI and the weak Eurozone PMI reports, which indicated that the U.S. and Eurozone economies are struggling even as the Fed and the ECB plan further rate hikes.

***

Alternative Investments?

Oddity, which runs the makeup brand Il Makiage, has filed paperwork for an IPO.

SpaceX is offering to sell select buyers shares at a price that values the private company at ~$150 billion, Bloomberg reports.

Bitcoin hit its highest price in a year, signaling that a thaw has come in the crypto winter.

Healthy investments: Despite a VC slowdown in 2022, healthcare firms raised $61.1 billion in investments. Want to know how VCs decide which healthcare startups to fund? Read more here.

***

Stock spotlight: GSK shares surged on both the London and New York exchanges after the company settled what would have been the first case against it to go to trial in the US claiming its heartburn drug Zantac causes cancer. It would have been a high-profile test case since thousands of similar cases have been filed.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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DAILY UPDATE: Stocks Down as “Movers and Shakers” Drive Prices

Posted on June 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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U.S. stocks slipped on Friday, yesterday, with Wall Street’s benchmark gauge notching its worst week since early March. Equities have stalled in the last few days as the rally has taken a breather.

The tech-heavy NASDAQ Composite (COMP.IND) retreated 1.01% to end at 13,492.52 points, while the S&P 500 (SP500) closed 0.76% lower at 4,348.37 points. The blue-chip Dow (DJI) fell 0.64% to settle at 33,728.69 points.

On a weekly basis, the S&P was down 1.39%, the NASDAQ was down 1.44% while the Dow was down 1.67%.

***

The following companies had stock price moves driven by quarterly earnings or analyst ratings:

3M (MMM) agreed to pay up to $12.5 billion to settle hundreds of lawsuits brought by cities that claimed their drinking water had been contaminated by the company’s chemicals. 3M shares still ended with a gain of 0.3%.
C3.ai (AI) shares dropped sharply after Deutsche Bank reiterated its “sell” rating, saying the company hadn’t differentiated itself from other artificial intelligence firms at its investor day. C3 shares fell nearly 11%.
CarMax (KMX) reported quarterly revenue at $7.7 billion, down 17% from a year earlier but still surpassing Wall Street expectations. Shares of the used car retailer rose 10%.
Chipotle (CMG) had its share price target boosted by KeyBanc, which cited sustained traffic momentum and pricing power as inflation for avocado and chicken prices remains tame. Shares of the restaurant chain still ended down about 0.3%.
Delta Air Lines (DAL) had its share price target raised to $55 from $48 by Barclay’s, which cited optimistic expectations for near-term earnings. The airline’s shares still fell about 0.2%.
Ford (F) plans a new round of layoffs for U.S. salaried workers, the Wall Street Journal reported late Thursday. It’s unclear how many jobs will be affected. Ford has said it’s working to get costs in line as it transitions to electric vehicles. Its shares fell about 1.2%.
Starbucks (SBUX) shares fell following reports a union representing workers said some stores would strike beginning Friday. The coffee chain’s shares fell 2.5%.
Under Armour (UAA) shares were downgraded to “equal weight” from “overweight” by Wells Fargo, which cited overexposure to North America, excess inventory, and a fairly new CEO. The athletic apparel company’s shares fell nearly 3%.
Virgin Galactic (SPCE) shares fell sharply following reports the space tourism company had raised $300 million through a common stock offer. Its shares dropped more than 18%.
Wayfair (W) shares were upgraded to “market perform” from “underperform” by MoffettNathanson, which said the online retailer was benefiting from the bankruptcy of Bed Bath & Beyond. Wayfair shares rose about 0.4%.

Among other companies, Carnival Corp. (CCL) is expected to report quarterly results Monday. The cruise operator is expected to report a loss of 35 cents per share for the previous quarter, narrower than the $1.64 per share loss for the same period a year earlier, according to NASDAQ. Walgreens Boots Alliance (WBA), Micron Technology (MU), and General Mills (GIS) are also scheduled to report results next week.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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HEALTH SHARING AGREEMENTS: Are They Health Insurance -OR- Not?

Posted on June 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Health care sharing is not insurance, but the plans count as insurance under the Affordable Care Act (ACA). That means more affordable healthcare benefits while avoiding the tax penalty for going uninsured. Other pros of health care sharing over insurance include: Lower cost. Monthly costs of health sharing are usually much lower than insurance premiums, although the rules are different for what’s covered. Also, the annual “unshared amount” is much, much lower than deductibles on lower-premium or catastrophic insurance plans. Your choice of provider. There are no network requirements, and you provide your health sharing card as coverage. If a doctor won’t accept your plan and you have to pay out-of-pocket, health sharing plans reimburse your expense.s

CITE: https://www.r2library.com/Resource

Now, the caveats: Health care sharing plans aren’t required to cover pre-existing conditions, such as cancer, diabetes, or lifestyle-related conditions like smoking. Those who have them may be declined membership or won’t have the conditions fully covered for a year or more. Health care sharing also doesn’t typically cover the essential health benefits like wellness exams or mental health counseling.

Yet, at least 1.7 million Americans are involved in a health sharing agreements despite a lack of protections (KFF Health News).

***

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FIDUCIARY ADVICE: For Physicians, Nurses and Medical Professionals

Posted on June 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Ann Miller RN MHA CPHQ CMP

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INVESTMENT ADVISORY & PORTFOLIO OPINIONS, MEDICAL START-UPS, ESTABLISHED PRACTICE VALUATIONS, BUSINESS MANAGEMENT AND EXPERT WITNESS CONSULTING

“FROM CHAOS-TO-CALM”

If you’re looking at this ME-P tab, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance; looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career?

And so, we can help. From informal coaching and mentoring – to second opinions and more formal business, legal and/or financial consulting. Regardless, the need is real.

No Worries! You may have come to the right place.

A Fiduciary At Your Service

START HERE: https://davidedwardmarcinko.com/coach/

Thank You

***

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DAILY UPDATE: RIP OceanGate Titan as Stocks Rise a Bit

Posted on June 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The marine mystery that captivated the world this week had a tragic conclusion: Authorities confirmed yesterday that they found broken pieces of the OceanGate Titan submersible near the Titanic wreckage it was en route to explore, meaning its five passengers are dead.

They are OceanGate CEO Stockton Rush, British explorer Hamish Harding, Titanic expert Paul-Henri Nargeolet, British-Pakistani businessman Shahzada Dawood, and his son, Suleman Dawood (who, according to his aunt, was “terrified” of the trip but ultimately went to please his dad for Father’s Day).

***

Here is where the major benchmarks ended yesterday

The S&P and NASDAQ found their way back into the green after a three-day losing streak, though the market overall has been a little sleepy this week.

Yesterday’s winner goes to Overstock which jumped after the online retailer agreed to buy Bed Bath & Beyond’s IP, name and digital assets for $21.5 million. But BB&B, which went bankrupt in April, won’t be able to keep its stores open as part of the deal.

And, the 10-year Treasury note yield (TNX) was little changed at 3.727%.

While, CBOE’s Volatility Index (VIX) was was down 0.68 at 13.19.

Technology shares were among the weakest performers Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping nearly 2% to near a two-week low.

Regional banks were also lower. Energy stocks led sector gainers as crude oil futures jumped nearly 2% to a two-week high on hopes for stronger demand from China.

Volatility based on the VIX sank to its lowest level since January 2020.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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DAILY UPDATE: Markets Fall on Jerome Powell’s Testimony

Posted on June 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Wall Street’s major averages yesterday, on Wednesday, ended lower for a third straight session, weighed down by losses in growth stocks. And, sentiment was dampened by Federal Reserve Chair Jerome Powell’s largely hawkish reiteration that more rate hikes were likely.

Powell in his published opening remarks to his two-day testimony to Congress said that nearly all policymakers expect that interest rates would have to be raised further by the end of the year. The Fed chief then, in responses to questions from lawmakers, said that it may “make sense” for the central bank to raise rates at a “more moderate pace” going forward.

***

So, here is where the major benchmarks ended:

The S&P 500 Index was down 23.02 points (0.5%) at 4,365.69; the Dow Jones Industrial Average (DJIA) was down 102.35 (0.3%) at 33,951.52; the NASDAQ Composite was down 165.10 (1.2%) at 13,502.20.
The 10-year Treasury note yield (TNX) was little changed at 3.727%.
Cboe’s Volatility Index (VIX) was was down 0.68 at 13.19.

Technology shares were among the weakest performers Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping nearly 2% to near a two-week low. Regional banks were also lower.

Energy stocks led sector gainers as crude oil futures jumped nearly 2% to a two-week high on hopes for stronger demand from China. Volatility based on the VIX sank to its lowest level since January 2020.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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PODCAST: Top 10 Sales Healthcare Tactics

Posted on June 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Eric Bricker MD

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On Marketing, Advertising and Sales; etc.

***

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The EDX Markets of Charles Schwab, etc.

Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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EDX Markets, a cryptocurrency platform backed by Charles Schwab (SCHW), Fidelity and Ken Griffin’s Citadel Securities, launched trading for bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).

Bitcoin hit its highest price since early May after a crypto exchange backed by finance heavyweights Charles Schwab, Fidelity Digital Assets, and Citadel Securities said it was open for trading.

***

Key Issues:

Schwab and Fidelity-backed crypto-platform EDX Markets began trading for bitcoin, ether, litecoin, and bitcoin cash.
EDX is a ‘non-custodial’ exchange, meaning it does not hold customer crypto and instead uses a third-party custodian.
EDX plans to launch a clearinghouse later this year to help customers settle trades.
EDX also announced new investors that include Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.

***

ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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FIDUCIARY OPINIONS: Secure Investment Advisory -OR- Medical Practice Management Advice

Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

***

MARCINKO & ASSOCIATES, Inc.

Dr. David Edward Marcinko MBA CMP®

Certified Medical Planner®

SPONSOR: http://www.CertifiedMedicalPlanner.org

***

FINANCIAL PLANNING

CAREER DEVELOPMENT

MEDICAL PRACTICE BUY IN / OUT

INVESTMENT ANALYSIS

PORTFOLIO MANAGEMENT

MERGERS AND ACQUISITIONS

PRACTICE APPRAISALS AND VALUATIONS

RETIREMENT PLANNING

FEE-ONLY

***

CONTACT: Ann Miller RN MHA

EMAIL: MarcinkoAdvisors@msn.com

***

https://medicalexecutivepost.com/schedule-a-consultation/

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DAILY UPDATE: Enter the Summer Solstice as Stocks Fade

Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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DEFINITION: A solstice occurs when one of the Earth’s poles (today, it’s the north) tilts toward the sun at the maximum angle. The two solstices, in December and June, mark the beginning of winter and summer and give us the longest days and nights of the year.

***

Summer officially arrives: The summer solstice is on Wednesday today, marking the astronomical beginning of summer in the Northern Hemisphere. It’s also the longest “day” of the year above the equator. Soak in those 9 pm sunsets, because they won’t last forever … or at least until next year 2024.

***

Here is where the major benchmarks ended:

The S&P 500 Index was down 16.25 points (0.4%) at 4,409.59; the Dow Jones industrial Average was down 108.94 (0.3%) at 34,299.12; the NASDAQ Composite was down 93.25 (0.7%) at 13,689.57.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.769%.
CBOEs Volatility Index (VIX) was down 0.97 at 13.53.

Retailers and regional banks were among the weakest performers Friday, and the Russell 2000 ended with a loss of about 1%.

Energy companies were among the strongest sectors thanks to crude oil futures extending a recent rally above $70 a barrel.

***

COMMENTS APPRECIATED

Thank You

***

Filed under: "Ask-an-Advisor", Alerts Sign-Up, Investing, LifeStyle | Tagged: banks, CBOE, DJIA, DOW, energy, gold, NASDAQ, oil, retailers, S&P 500, summer, summer solstice, Treasury yields, Volatility Index | Leave a comment »

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