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Filed under: "Doctors Only", Career Development, Ethics, Experts Invited, Glossary Terms, Health Economics, Health Insurance, iMBA, Inc., Videos | Tagged: Eric Bricker MD, health plans, Principle-Agent Problems, Principle-Agent Problems in Employee Health Plans | 1 Comment »
Go “Out-of-Box” – OR – Go Employee
By Dr. David Edward Marcinko MBA CMP™ www.CertifiedMedicalPlanner.org
There are more than 950,000 physicians in the United States. Yet, the brutal supply and demand, and demographic calculus of the matter is that there are just too many aging patients chasing too few doctors. Compensation and reimbursement is plummeting as Uncle Sam becomes the payer-of-choice for more than 52% of us. More so, going forward with the PP-ACA OR, perhaps not so much after the Trump election.
Furthermore, many large health care corporations, hospitals, and clinical and medical practices have not been market responsive to this change. Some physicians with top-down business models did not recognize the changing health care ecosystem or participatory medicine climate. Change is not inherent in the DNA of traditionalists. These entities and practitioners represented a rigid or “used-to-be” mentality, not a flexible or “want-to-be” mindset.
Yet today’s physicians and emerging Health 2.0 initiatives must possess a market nimbleness that cannot be recreated in a command-controlled or collectivist environment. Going forward, it is not difficult to imagine the following rules for the new virtual medical culture, and young physicians of the modern era.
A. Rule 1
Forget about large office suites, surgery centers, fancy equipment, larger hospitals, and the bricks and mortar that comprised traditional medical practices. One doctor with a great idea, good bedside manners, or competitive advantage can outfox a slew of insurance companies, Certified Public Accountants, or the Associate Management Accountant, while still serving patients and making money. It is now a unit-of-one economy where “ME Inc.,” is the standard. Physicians must maneuver for advantages that boost their standing and credibility among patients, peers, and payers.
Examples include patient satisfaction surveys, outcomes research analysis, evidence-based-medicine, direct reimbursement compensation, physician economic credentialing, and true patient-centric medicine. Physicians should realize the power of networking, vertical integration, and the establishment of virtual offices that come together to treat a patient and then disband when a successful outcome is achieved. Job security is earned with more successful outcomes; not a magnificent office suite or onsite presence.
B. Rule 2
Challenge conventional wisdom, think outside the traditional box, recapture your dreams and ambitions, disregard conventional gurus, and work harder than you have ever worked before. Remember the old saying, “if everyone is thinking alike, then nobody is thinking.” Do traditionalists or collective health care reform advocates react rationally or irrationally?
For example, some health care competition and career thought-leaders, such as Shirley Svorny, PhD, a professor of economics and chair of the Department of Economics at California State University, Northridge, wonder if a medical degree is a barrier—rather than enabler—of affordable health care. An expert on the regulation of health care professionals, including medical professional licensing, she has participated in health policy summits organized by Cato and the Texas Public Policy Foundation. She argues that licensure not only fails to protect consumers from incompetent physicians, but, by raising barriers to entry, makes health care more expensive and less accessible.
Institutional oversight and a sophisticated network of private accrediting and certification organizations, all motivated by the need to protect reputations and avoid legal liability, offer whatever consumer protections exist today.
C. Rule 3
Differentiate yourself among your health care peers. Do or learn something new and unknown by your competitors. Market your accomplishments and let the world know. Be a non-conformist. Conformity is an operational standard and a straitjacket on creativity. Doctors must create and innovate, not blindly follow entrenched medical societies into oblivion.
For example, the establishment of virtual medical schools and hospitals, where students, nurses, and doctors learn and practice their art on cyber entities that look and feel like real patients, can be generated electronically through the wonders of virtual reality units.
D. Rule 4
Realize that the present situation is not necessarily the future. Attempt to see the future and discern your place in it. Master the art of quick change with fast, but informed decision making. Do what you love, disregard what you do not, and let the fates have their way with you.
Assessment
I receive a couple of phone calls each month from young doctors on this topic. I ask them to decide if they are of the philosophical ilk to adhere to the above rules; or become another conformist and go along … to get along? In other words, get fly!
Or, become an employed, or government doctor. Just remember … the entity that gives you a job, can also take it away.
Sample fly: http://crossoverhealth.com/
MORE: Marriage Business
Conclusion
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By Joe Hannan
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Key Takeaways
President Biden’s student loan forgiveness plan may offer some relief to residents, but many attending physicians will not be eligible.
Source: Joe Hannan, MD Linx [8/26/22]
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CITE: https://www.r2library.com/Resource/Title/082610254
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By Eric Bricker MD
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By Vivian Lee MD PhD MBA
Politics and Prose
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ORDER: https://www.springerpub.com/the-business-of-medical-practice-9780826105752.html
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By Staff Reporters
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However, since cryptocurrencies are fairly new and not backed by anything at this point it’s better if they make up a small portion of your portfolio instead of trying to go all in with one coin unless you have enough money lying around where losing some won’t hurt too much.
A lot of corporate investment portfolios have started to include crypto because let’s face it, inflation matters.
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Filed under: Alternative Investments, Investing | Tagged: crypto, cryptocurrency, inflation | 1 Comment »
Dear David,
Please find below Research2Guidance’s latest digital health article: “Only 7 % of mHealth apps have more than 50,000 monthly active users – Best mHealth user retention concepts“.
User retention for digital healthcare solutions is still a major issue. Only 7% of mHealth app portfolios count more than 50,000 active users. mHealth publishers know that to become a daily companion, mobile health apps must be individualized, easy to work with and offer real value to their users. Having a good share of active users offers them more business opportunities.
Which user retention concepts work best for mHealth apps?
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Filed under: Information Technology | Tagged: mHealth; mobile Health | 1 Comment »
August 26, 2022 – What a Day!
By Staff Reporters
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For the week, the Dow sank 4.2%, while the S&P 500 shed 4% and the NASDAQ lost 4.4%. All three benchmarks booked a second straight week of losses, according to Dow Jones Market Data.
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Filed under: Alerts Sign-Up, Investing | Tagged: Chairman Powell Warns of Pain in Inflation Battle, FOMC, inflation, Jerome Powell | Leave a comment »
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By Darrell Pruitt DDS
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Today I was on the witness stand in a Dallas County courthouse for 2 hours testifying as an expert witness in an injury case involving a dentist who failed to pay attention to a patient’s safety. The three year old girl was brought into the dental operatory while hugging her mom, face-to-face. The mom and child were in that same position when they were seated in the dental chair – with the child’s legs straddling her mom’s waist, and extending a few inches beyond the back of the chair.
The dentist entered the operatory and reclined the chair by pushing a button on the control module. The hinge mechanism severely pinched the child’s right foot, breaking all 5 metatarsals. She will have problems with her foot the rest of her life.
The lesson, Doc: Never ever recline a dental chair unless all limbs are visibly clear of pinch points.
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By Eric Bricker MD
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Six [6] Commission Relationships in Healthcare:
Learn Who is Paying Whom
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By Eric Bricker MD
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Of Bull and Bear Markets
By Dr. David Edward Marcinko MBA CMP®
SPONSOR: http://www.CertifiedMedicalPlanner.org
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A bull market is generally one of rising stock prices, while a bear market is the opposite. There are usually two bulls for every one bear market over the long term.
More specifically, a bear market is defined as a drop of twenty percent or more in a market index from its high, and can vary in duration and severity. While a bull market has no such threshold requirement to exist, other than they exist between these two periods of sharp decline.
Whither the Bear?
As a doctor, your action plan in a bear market depends on many variables, with perhaps your age being the most important:
In your 30s:
In your 40s:
In your 50s:
Retirement:
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Assessment
Conclusion
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[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]
Front Matter with Foreword by Jason Dyken MD MBA
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Filed under: Investing | Tagged: bear markets, Bull and Bear Markets, bull markets, Cyclical bull markets | 12 Comments »
By Joel Comm
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The global machine learning market was valued at $15.44 billion in 2021, and it is expected to grow to $209 billion by 2029. Machine Learning is a technology that has grown in popularity over the past years, especially driven by the success of companies like Google in the field of AI.
This success is also in big part due to the technology becoming more accessible to the masses. Take OpenAI’s AI image generator, DALL-E, as an example: Since DALL-E Mini went public, it has been given uses ranging from making memes to artwork worth the attention of The New Yorker.
Gone are the days in which machine learning was only accessible to researchers in top-notch institutions. Today, machine learning can be mastered all around the globe in official institutions, online education platforms, and even via comics.
Whether you are invested in crypto and NFTs or not, the Metaverse is being built, and it promises to turn centralized, corporate-controlled Web2 on its head. The world of computer users–that’s pretty much all of us–has, for years, grown increasingly frustrated by having to operate under the oversight of a few monoliths.
The promise of Web3 is community–not corporation–first.
Innovators in the space like Proof of Learn are developing easily accessible educational platforms where Web2 pros and the tech-interested can learn to code in Web3, in a learn and earn model. The company’s first project is a lore-rich online academy called Metacrafters.io, drawing in gamers and developers, and attracting some serious backing from leading VCs and crypto investors. Fellow industry leaders, such as Solana, Flow, Avalanche, and Polygon Foundations, recently gave $4.5 million in grant funding to support Metacrafters’ mission of upskilling Web2 developers. This grant helps fund their learn and earn protocol, so you get to take courses in a game world and get paid for it.
Metacrafters.io might be one with this learn and earn model teaching coding skills, but it is in line to inspire more of its kind. Look around at the landscape of Web3 education and get cracking, because the Metaverse will be here sooner than expected, and developers will be the major players in it.
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A HEAD-2-HEAD COMPARISON
By Eric Bricker MD
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Filed under: Drugs and Pharma, Experts Invited, Funding Basics, Health Economics, Health Insurance, Healthcare Finance, Videos | Tagged: amaxon pharmacy, Amazon, Amazon drugs, Amazon Pharmacy, cheaper drugs, discount drugs, drug costs, drug prices, Eric Bricker MD, GoodRx | Leave a comment »
How Much?
By Staff Reporters
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Grant Cardone is a self-made millionaire, author and sales training expert. He recommends hitting a lofty savings goal — $100,000 — and then investing any money earned after you hit that amount. “You need to prove to yourself that you can go out and get money,” he wrote in a 2018 post for CNBC. “Saving $100,000 shows that you have an ability to make money and then to keep it. Most people can’t do either of those things. Once you can earn and save, then you can start building wealth.”
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NEF: https://www.aol.com/finance/much-cash-stashed-national-emergency-113034956.html
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Designated a Doody’s CORE TITLE
To keep up with the ever-changing field of health care, we must learn new and re-learn old terminology in order to correctly apply it to practice. By bringing together the most up-to-date abbreviations, acronyms, definitions, and terms in the health care industry, the Dictionary offers a wealth of essential information that will help you understand the ever-changing policies and practices in health insurance and managed care today. For Further Information.
The Dictionary of Health Insurance and Managed Care lifts the fog of confusion surrounding the most contentious topic in the health care industrial complex today. My suggestion therefore is to ‘read it, refer to it, recommend it, and reap’.”
—Michael J. Stahl,PhD, Physician Executive MBA Program, William B. Stokely Distinguished Professor of Business, The University of Tennessee, College of Business Administration
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AMA ECONOMICS: https://medicalexecutivepost.com/2022/08/01/ama-to-teach-medical-students-about-health-economics/
Health Economics: https://medicalexecutivepost.com/2022/07/31/podcast-history-applied-to-health-economics/
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By Staff Reporters
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Such underlying momentum has helped the S&P 500 climb 17.2% from its 2022 low touched in mid June, bolstered by hopes that a peak in inflation will allow the Federal Reserve to be less aggressive in hiking borrowing costs.
Poor economic data from China and a miserable survey of U.S. east coast manufacturing released at the start of the week may also provide the Fed with a reason to adopt a less hawkish stance. Consequently, some of the current session’s caution may reflect wariness ahead of a further update on Fed thinking due Wednesday, when the central bank releases the minutes of its latest monetary policy meeting. The U.S. 10-year Treasury yield is TMUBMUSD10Y, 2.801% up 1.2 basis points to 2.799%.
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Filed under: Alerts Sign-Up, Investing | Tagged: bullish summer, stock surge, stocks surge, UPDATE: The Bullish Summer Stock Surge? | Leave a comment »
By Stephen Kelley, CSA
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As a Registered Investment Adviser (RIA) with a Series #65 securities license, we hold a fiduciary duty to you. This means that we are legally bound to put your interests above those of anyone else, including ourselves.
Now you might reasonably think that anyone offering financial advice or services to clients is required to be a fiduciary. Sadly, if you thought that, you’d be wrong. Some estimates claim that only 15 percent of advisors have a fiduciary duty to their clients. The Paladin Registry puts the number even lower, estimating that just one in 12 (8.3 percent) advisors have a fiduciary responsibility.
For the most part, stockbrokers (also called “Registered Representatives,” “Account Executives,” “Financial Advisors,” or “Wealth Managers”) are not fiduciaries, even though they are allowed to portray themselves as full-service investment advisors. If your stockbroker/registered representative/account executive/financial advisor/wealth manager holds a series seven [#7] securities license, then it’s probable that they aren’t a fiduciary.
This was made amply clear in the movie, “The Wolf of Wall Street,” a biopic about Jordan Belfort, a stockbroker who made his fortune selling junk stocks and bonds to middle-class investors: in other words, by cheating them. Much of it was perfectly legal. The SEC went after Belfort’s company, Stratton Oakmont, for nearly a decade before it was able to shut it down. The point being that even in the face of egregious wrongdoing, theft, fraud and a virtual sea of drugs and blatant hedonism, the securities laws in this country are so loose that it took billions in theft and a decade of suspected and known fraud to step in and stop the abuse. And this movie was based on a true story.
That’s why a fiduciary duty is so important to a client. Being a fiduciary is a legal distinction. A Registered Investment Advisor (RIA) or Investment Advisor Representative (IAR) who holds a Series #65 securities license, subject to the Investment Advisers Act of 1940, is a fiduciary. The legal investment advising standards that govern a non-fiduciary stockbroker and a fiduciary Registered Investment Advisor are very different.
A Registered Investment Advisor is legally required to follow the “trust” standard — the highest known in law — which requires it to place the interests of its clients ahead of its own and fulfill critical fiduciary duties of trust and confidence. Under the fiduciary trust standard, a Registered Investment Advisor must provide its “best advice” to a client. A non-fiduciary stockbroker (like the coveted Series #7 of “The Wolf of Wall Street”) follows only the “suitability” standard, which doesn’t require a stockbroker to place the interests of his clients ahead of its own. Under the non-fiduciary suitability standard, a stockbroker need provide only “suitable advice” to his clients — even if the stockbroker knows that the advice is not the best advice for the client.
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The table below helps summarize which professionals are fiduciaries.
| Type of Professional | Are They A Fiduciary? |
| Physician | Yes |
| Lawyer | YES/Maybe |
| CPA | No |
| Trust Officer | Yes |
| Stock Broker | No |
| Insurance Agent | No |
| Registered Representative | No |
| CFP Practitioner | Maybe |
| Financial Planner | Maybe |
| Registered Investment Adviser | Yes |
| NAFPA-Registered Financial Advisor | Yes |
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MORE: https://medicalexecutivepost.com/2022/05/21/an-interview-with-bennett-aikin-aif/
RELATED: https://www.kitces.com/blog/the-4-different-types-of-financial-advisor-fiduciaries/
CFPs: https://medicalexecutivepost.com/2016/11/18/why-we-cannot-assume-cfp-equals-fiduciary/
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By Eric Bricker MD
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By Staff Reporters
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Limiting the $35 cap on the price of insulin only to Medicare members is not that consequential, experts said. While the cost of insulin has skyrocketed over the years, many people with private insurance already pay no more than that amount. About a fifth of those who take insulin and have health coverage through large employers pay more than $35 a month for the medication, according to an analysis from the Kaiser Family Foundation. More than a quarter of people with Affordable Care Act policies and nearly one-third of those insured through a small employer pay more than that threshold.
Some private insurers and states are taking action to help Americans afford the drug. UnitedHealthcare will eliminate out-of-pocket costs for insulin for certain policyholders starting next year, while 20 states have placed caps on co-payments. Also, two drug makers are working on inexpensive versions of the insulin medication, while some other manufacturers are offering deep discounts for certain patients. “Bottom line is I don’t think stripping it out will have a major impact on the private sector,” Gerard Anderson, a professor of health policy and management at Johns Hopkins University, said of the insulin cap.
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Filed under: "Ask-an-Advisor", Drugs and Pharma, Ethics, Glossary Terms, Health Economics, Health Insurance, Healthcare Finance | Tagged: insulin, insulin cap, Insulin Price Cap | 1 Comment »
By Michel Accad MD
Michel Accad, MD, practices internal medicine and cardiology in San Francisco.
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READ: http://alertandoriented.com/the-subjective-theory-of-bitcoin/
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By Staff Reporters
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U.S. Treasury Secretary Janet Yellen told the Internal Revenue Service commissioner that if the Inflation Reduction Act becomes law additional IRS resources should not be used to increase audit rates on taxpayers making under $400,000 a year. “This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited,” Yellen said in a letter to IRS Commissioner Charles Rettig.
Meanwhile, the nationwide average price for a gallon of gas dropped to $3.99 according to AAA. That’s down 20% from the mid-June high, and it’s the first time the average has dipped below $4 since early March. Gasoline prices usually rise and fall with the cost of oil, and crude has also been dropping. The U.S. benchmark price is down nearly one-fourth since early June. Other factors are also behind this year’s roller-coaster ride in energy prices. Gasoline prices hit a record $5.02 on June 14. At the time, U.S. crude was about $120 a barrel and the benchmark international price was even a couple dollars above that. Since then, however, oil prices have tumbled.
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By Eric Bricker MD
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Filed under: Ethics, Experts Invited, Glossary Terms, Health Economics, Health Insurance, Healthcare Finance, LifeStyle, Quality Initiatives | Tagged: Eric Bricker MD, financial literacy, Health Literacy, Health Literacy and its Role in Financial Literacy | Leave a comment »
By Staff Reporters
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Inflation eased off historically high levels in July, raising hopes that a relentless surge in prices may have peaked. Consumer prices increased 8.5% from a year ago, down from a 9.1% annual rise – a 40-year high – in June, according to the Labor Department’s Consumer Price Index. Gasoline prices fell but food and rent continued to march higher. Economists surveyed by Bloomberg had estimated yearly inflation would fall to 8.7%. On a monthly basis, consumer prices were unchanged, compared to a 1.3% rise in June. Core prices, which exclude volatile food and energy items and generally provide a better gauge of future trends, increased 0.3% in July following a 0.7% rise the prior month. That held the annual increase at 5.9% after three straight monthly declines.
And, in a bit of good news for aged Americans, Social Security payments may take their biggest jump in years. The surge could be as high as 10%, which is larger than recent increases in the consumer price index. Social Security carries an official name of the “Old-Age, Survivors, and Disability Insurance (OASDI).” Even the rich can get benefits. The income calculation tops out at a maximum of $142,800.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Insurance Matters, Investing, LifeStyle | Tagged: inflation, OASDI, Old-Age, social security, Survivors | Leave a comment »
By NIHCM
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CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Doctors Only", Career Development, Experts Invited, Investing | Tagged: Geographic Variation in Private Equity Penetration Across Physician Specialties, NIHCM, Private Equity | Leave a comment »
By Charles Schwab
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| Stay alert for investment scams involving cryptocurrency |
| At Schwab, we’re committed to helping you protect your assets. One way we do that is by raising awareness of the increase in fraudulent investment schemes (“scams”) involving cryptocurrencies and digital assets. While investing involves taking some risks, being scammed shouldn’t be one of them. |
| What do scams look like? Investment scams target investors by promising quick, guaranteed returns. Although “investment pitches” vary, using fraudulent cryptocurrency investment opportunities to entice targets is a common approach. Once targeted investors indicate interest, they are often instructed to wire funds abroad or to a third party’s personal account, or to transfer cryptocurrency. Fake websites and/or applications often create the illusion of a legitimate trading or investment platform and gain trust. However, once funds have been transferred, they are difficult to trace and retrieve. |
| 5 Investment Scam Red Flags |
| • Guaranteed” high investment returns, supposedly with little or no risk, and sounding too good to be true. • Unlicensed or unregistered sellers. Use Investor.gov to check out the background of anyone offering you an investment in securities. • Skyrocketing account values. Investments that appear to rapidly increase in value are often fake. • Fake testimonials. Scammers often pay people to provide fake reviews, so never rely solely on testimonials in making an investment decision. • Fake contacts. Take caution if someone approaches you through social media with an investment opportunity. Pretending to be a friend or to have a mutual acquaintance is a common tactic used to gain trust. |
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MORE: https://medicalexecutivepost.com/2022/02/22/cryptocurrency-trades-and-income-taxes-2021/
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By Staff Reporters
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The biggest revenue-raiser of the IRA is a 15% minimum tax on corporations with profits of $1 billion or more, which is expected to generate $258 billion over 10 years. This addresses the problem of the rampant tax dodging among large companies that has mostly benefited wealthy shareholders and executives. The bill includes a 1% excise tax on companies’ stock buybacks, raising an estimated additional $74 billion. This will discourage corporations from siphoning resources into share repurchases that largely benefit shareholders and executives with stock-based pay. Those resources could instead go toward worker wages or other productive investments. And the bill would boost IRS enforcement to ensure the ultra-rich pay.
Finally, the Inflation Reduction Act would also extend a tax limitation on pass-through businesses for two more years. The limitation on how businesses can use losses to reduce taxes is supposed to expire at the start of 2027. A pass-through or flow-through business is one that reports its income on the tax returns of its owners. That income is taxed at their individual income tax rates. Examples of pass-throughs include sole proprietorships, some limited liability companies, partnerships and S-corporations.
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CITE: https://www.r2library.com/Resource/Title/082610254
FINANCIAL PLANNING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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Filed under: "Ask-an-Advisor", Accounting, Breaking News, Taxation | Tagged: Inflation Reduction Act, IRA, IRS, Pass-Thru Business Entities | Leave a comment »
By Dr. David Edward Marcinko MBA
An Essential Document for Start-Up Practices
The analog to a personal financial plan is the medical practice business plan. While mature practitioners may casually be familiar with some elements of the former by default, most new physicians are totally unfamiliar with requirements of the later.
The Need
Unfortunately, without an initial business plan, the need for a personal financial plan may become moot. This is because absent financial backing from family, friends or a cushy nest egg, the business plan is a key tool for raising start-up capital for a new medical practice. It may also be demanded by a commercial bank, or the Small Business Administration (SBA), for a loan to finance growth of an existing practice; despite the use of new asset based lending and accounts receivable factoring techniques.
On the other hand, a comprehensive business plan may be required by investment bankers for funding purposes; in exchange for a healthy percentage of your future large group practice.
Standard Plan Format
The following format for medical business plan writing can be used for every new practice, established practice or simply an existing practice that wishes to expand or establish a new service or product line to its existing offers.
The format for any written business plan is somewhat standard. It usually contains at least the following topics and sub-topics, and perhaps many more depending on your specialty with a varying emphasis on some sections or a de-emphasis of others; also depending on the practice and covering no more than 25-40 numbered pages:
· Cover Sheet
· Table of Contents
· Physician Executive Summary (Statement of Purpose)
· Physician Credentials
· Mission Statement
· Goals and Objectives (Risks and Rewards)
· Business Office Form
· Operational and Facilities Management
· Marketing Plan
· Business Competition
· Patient Targeting
· Advertising Methodology
· SWOT Analysis
· Practice Philosophy
· Human Resources and Personnel
· Financial Management
· Financial and Operating Budget
· Proforma Financial Statements
· Exit Strategy
Assessment
In the past, perhaps the two most important components of a medical business plan were [1] physician credentials and [2] the business model. Today; it is the exit strategy!
Have you ever written a medical office business plan and what was the outcome?
Link: MBA Capstone Business Planning
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:
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Filed under: Career Development, Marketing & Advertising, Practice Management | Tagged: business plan, Crafting a Business Plan and Starting a Medical Practice, Marketing & Advertising | 2 Comments »
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By Bertalan Meskó, MD PhD
I hope you will find the newsletter useful!
Best regards,
Berci Meskó, MD
The Medical Futurist
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Filed under: Career Development, Ethics, Experts Invited, Op-Editorials | Tagged: Bertalan Meskó, future trends medical specialty, medical futurist, medical specialties | Leave a comment »
By Nisha Mehta MD
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Filed under: "Doctors Only", Career Development, Ethics, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Managed Care | Tagged: Medicare Fee Cuts, Nisha Mehta MD | Leave a comment »
By Staff Reporters
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Japanese technology company SoftBank Group posted a $23.4 billion loss in this April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. The company said that quarterly sales rose 6%. And, for the fiscal year that ended in March 2022, Softbank racked up losses of 1.7 trillion yen ($13 billion), a reversal from the 4.9 trillion yen profit for the previous year. Annual sales grew 10.5% to 6.2 trillion yen ($46 billion).
The Treasury Department has imposed sanctions on virtual currency mixer Tornado Cash, which has allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019. Treasury’s Office of Foreign Assets Control says Tornado Cash’s systems were used, among other things, to launder more than $96 million drawn from the June Harmony blockchain bridge theft and August Nomad crypto firm heist. Mixing services combine various digital assets, including potentially illegally obtained funds and legitimately obtained funds, so that illegal actors can obscure the origin of the stolen funds. Secretary of State Antony Blinken said in a statement that the U.S. “will continue to pursue actions against mixers laundering virtual currency for criminals and those who assist them.”
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Centers for Disease Control and Prevention
By Staff Reporters
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READ HERE: https://www.cdc.gov/poxvirus/monkeypox/index.html
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By Staff Reporters
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Home builders face multiple demand and supply-side pressures. On the demand front, potential home buyers have receded from the market. Existing home sales slid 5.4% in June. Meanwhile, borrowing capacity has been curtailed by rising interest rates. The average mortgage rate has accelerated at the fastest pace in 35 years. A 15-year fixed rate mortgage is now about 4.8%, up from 2.2% a year ago. These factors have effectively destroyed demand. Meanwhile, the supply chain for home building material and the cost of labor continues to increase the cost of building new homes. This is why home builders’ sentiment dropped 12 points in June, according to the NAHB survey.
And, since March, with interest rates rising, the housing market cooling, and new home construction falling, demand for lumber has declined—and prices have followed suit. Lumber futures fell to just $500 per thousand board feet on Friday, or 62% below January’s $1,329 high.
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By Staff Reporters
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One in eight people develop long COVID after being infected with the coronavirus, a new study has shown.
It is the first research to measure long-term symptoms in both infected and non-infected people and therefore creates a more accurate distinction between symptoms caused by long COVID and those from other reasons such as stress or insomnia.
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Filed under: "Ask-an-Advisor", Ethics, Experts Invited, Glossary Terms, Health Insurance, LifeStyle, Research & Development | Tagged: Covid Symptoms, covid virus, Danny Halpin, Long Covid, Long Covid Symptoms, Long Covid-19 virus symptoms | Leave a comment »
By Staff Reporters
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The Biden administration is expected to extend the Covid-19 public health emergency once again, ensuring that federal measures expanding access to health coverage, vaccines and treatments remain in place beyond the midterm elections, three people with knowledge of the matter told POLITICO. The planned renewal follows extensive deliberations among Biden officials over the future of the emergency declaration, including some who questioned whether it was time to let the designation lapse.
Under the proposed extension, the Department of Health and Human Services would continue the declaration beyond the November elections and potentially into early 2023 — pushing the U.S. into its fourth calendar year under a Covid public health emergency. “Covid is not over. The pandemic is not over,” one senior Biden official said. “It doesn’t make sense to lift this [declaration] given what we’re seeing on the ground in terms of cases.”
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Filed under: Breaking News, Ethics, Experts Invited, Glossary Terms, LifeStyle | Tagged: Adam Cancryn, COVID health emergency, David Lim, POLITICO, public health, public health emergency | Leave a comment »
Gossip -OR- True
By Staff Reporters
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1. Oracle insiders describe “complete chaos” from layoffs and restructuring. Oracle began a sizable layoff, potentially impacting thousands of employees — and those who haven’t yet been laid off are scrambling to figure out whether they’ll be next.
2. The FOMC is deepening its investigation into Amazon’s Prime sign-up and cancellation process. The FTC sent out subpoenas and other demands for information after Insider reporting. Here’s our scoop on what’s going on.
3. Axed “Robinhoodies” say they were tipped off to layoffs weeks ago. Former employees said they saw signs of belt-tightening — including plans to shrink office space — long before the company laid off 23% of its staff. Five former employees took us behind the scenes.
4. Elon Musk’s counter-suit against Twitter says the company is operating a “scheme” to mislead investors. Musk argued that he is entitled to drop the deal entirely — and Twitter pushed back, saying the billionaire’s story is “implausible.” Get the big takeaways.
5. Nike is offering $5,000 employee bonuses for some tech job referrals. Grappling with internal turmoil and a wave of exits, the company announced the new referral program, met with mixed reviews from employees. Here’s what we know.
6. Fifteen current and former Apple female employees say the company dismissed claims of misconduct. After the Financial Times reported the HR unit retaliated against some of them after speaking up about the incidents, Apple vowed to “make changes.” What we know so far.
7. Startup founders’ mental health is crumbling. Dried-up funding and the stress of a turbulent economic year has piled stress on founders who are already trying to do the impossible: build iconic tech companies. Why some founders “are especially not OK.”
8. Elon Musk denied that he’s planning to build his own private airport in Texas. Local news site Austonia reported last week that an airport could help grow his companies in the region, but Musk said that’s “not true” Get the full rundown here.
9. Mark Zuckerberg is minting an NFT of his Little League baseball card. In a post announcing Instagram’s expanded support for NFTs, Zuckerberg shared his own “soon-to-be NFT.” See the potential digital collectible of a young Zuck.
10. Unsend text messages using iOS 16. iPhone users with iOS 16 will have 15 minutes to un-send a text — and delete it from the recipient’s phone. How it works and how to do it.
READ HERE: https://medium.com/quantum-leap/future-technology-roundup-748cd03e04f6
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WHAT IS THE “EX-DIVIDEND” STOCK DATE?
By Staff Reporters
DEFINITION: Occurs when dividends are declared by a company’s board of directors, they are payable on a certain date (“payable date”) to shareholders recorded on the company’s books as of a stated earlier date (“record date”).
Purchasers of the stock on or after the record date are not entitled to receive the recently declared dividend, so the ex-dividend date is the number of days it takes to settle a trade before the record date (currently three business days). A stock’s price on its ex-dividend date appears in the newspaper with an X beside it.
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Filed under: Financial Planning, Investing | Tagged: dividend paying stocks, dividends, ex-dividend date | 5 Comments »
FOR COVID-19 TREATMENT
By Staff Reporters
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Filed under: Drugs and Pharma, Ethics, Quality Initiatives | Tagged: Covid-19, Paxlovid, Paxlovid and Pharmacists | Leave a comment »
By Staff Reporters
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Amid a monkey-pox outbreak in the United States that has been declared a public health emergency, the nation’s top infectious-diseases expert, Anthony S. Fauci, said people should be paying attention but not panicking.
Fauci recently told WTOP News that people do not need to change the way they live their lives but should monitor the situation and adjust behaviors as more information becomes available. “You never blow off any emerging infection when you don’t know yet where it’s going,” he explained. “You pay attention to it. You follow it. Then you respond to it in an appropriate manner.”
CITE: https://www.cdc.gov/poxvirus/monkeypox/index.html
READ: https://news.yahoo.com/monkeypox-now-national-public-health-122136476.html
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Filed under: Breaking News, Glossary Terms, Health Law & Policy, LifeStyle | Tagged: monkey-pox, MONKEY-POX Domestic Outbreak, monkeypox, public health emergency | Leave a comment »
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Filed under: Investing | Tagged: bonds, Corporate Dividends, dividends, Investing, stocks, Vitaliy Katsenelson CFA | 1 Comment »
By Staff Reporters
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The sizzling-hot July jobs report could force the Federal Reserve to continue raising interest rates at the fastest pace since 1994 as it tries to cool inflation and the labor market. U.S. employers unexpectedly added 528,000 jobs in July, a surprisingly strong gain that defied fears of a slowdown in labor markets as they confront scorching-hot inflation and rising interest rates. Wage growth also accelerated, surging by 0.5% in the one-month period from June. But the blowout jobs report, coupled with higher-than-expected wage growth, could ultimately pave the way to a third consecutive interest rate hike of 75 basis points — triple the usual size — when FOMC policymakers meet in September. Therefore, traders are already pricing in a 70% chance of another super-sized increase in the fall, according to the CME Group’s FedWatch tool, which tracks trading.
And, the 10-year Treasury yield rose on the back of a stronger-than-expected jobs report for July. The yield on the 10-year Treasury was 2.83%, and the yield on the 30-year Treasury bond was up 10 basis points and trading at 3.068%. Meanwhile, the 2-year was up 20 basis points to 3.242%. Yields move inversely to prices. The data showed non-farm payrolls increase 528,000 last month and surpassed DJIA’s expectations of 258,000. At the same time, wage growth rose with average earnings climbing 0.5% for the month and 5.2% over last year. The stronger than anticipated report showed that the U.S. is not likely in a recession. This move marks a reversal from the recent trend that saw the 10-year yield trending lower on fears the Fed’s hiking campaign was tipping the economy into a recession. Earlier this week, the 10-year yield fell to 2.50% and its lowest since April, according to FactSet.
CITE: https://www.r2library.com/Resource/Title/082610254
FINANCIAL PLANNING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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Filed under: Alerts Sign-Up, Experts Invited, Financial Planning, Glossary Terms, Investing | Tagged: 10 year note, 10 year treasury note, CME Group, FactSet, FedWatch, FOMC, jobs report | Leave a comment »
Including Public Relations, Risk, Change and Crisis Management
By Dr. David Edward Marcinko MBA
Marketing is the business process of identifying, anticipating and satisfying customers’ needs and wants. It is your unique value proposition or strategic competitive advantage. Marketers can direct product to other businesses or directly to consumers.
Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services. Advertising is communicated through various mass media, including traditional media such as newspapers, magazines, television, radio, outdoor advertising or direct mail; and new media such as search results, blogs, social media, websites or text messages. The actual presentation of the message in a medium is referred to as an advertisement, or “ad” or advert for short.
Advertising is differentiated from public relations in that an advertiser pays for and has control over the message. It differs from personal selling in that the message is non-personal, i.e., not directed to a particular individual. We pay for advertising but pray for public relations.
Sales are activities related to selling or the number of goods or services sold in a given targeted time period. The seller, or the provider of the goods or services, completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale. There is a passing of title (property or ownership) of the item, and the settlement of a price, in which agreement is reached on a price for which transfer of ownership of the item will occur. The seller, not the purchaser, typically executes the sale and it may be completed prior to the obligation of payment. In the case of indirect interaction, a person who sells goods or service on behalf of the owner is known as a salesman or saleswoman or salesperson, but this often refers to someone selling goods in a store/shop, in which case other terms are also common, including salesclerk, shop assistant, and retail clerk.
Change management is the discipline that guides how we prepare, equip and support individuals to successfully adopt change in order to drive organizational success and outcomes.
Crisis management is the identification of threats to an organization and its stakeholders, and the methods used by the organization to deal with these threats.
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Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Assessment: Your thoughts are appreciated from a healthcare perspective.
Filed under: iMBA, Inc., Touring with Marcinko | Tagged: advertising, change risk crisis management, marketing, public relations, sales | 6 Comments »
By Staff Reporters
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The director of the nonpartisan Congressional Budget Office [CBO] added his voice Thursday to those economists who say it’s unclear if the economy has hit a downturn, despite posting two straight quarterly drops in growth. “The U.S. economy shows signs of slowing, but whether the economy is currently in a recession is difficult to say,” wrote CBO Director Phillip Swagel in a letter to Sen. Lindsey Graham (R-S.C.). “It is possible that, in retrospect, it will become apparent that the economy moved into recession sometime this year. However, that is not clear from data that were available at the beginning of August,” Swagel added.
Goldman Sachs said its credit card unit is under investigation by the Consumer Financial Protection Bureau, a federal agency tasked with protecting Americans from financial abuse. In a securities filing, Goldman said the CFPB is examining a number of the company’s credit card account management practices, including refunds, resolving billing errors, advertisements and reporting to credit bureaus. And, in a statement to CBS MoneyWatch, Goldman said the bank “is cooperating with the CFPB on this matter.”
Finally, shares of electric vehicle maker Tesla rallied in after-hours trading as the company won shareholder approval for a 3:1 stock split, the second such move in two years, as the world’s most valuable automaker looks to make its stock more affordable.
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Filed under: Ethics, Experts Invited, Industry Indignation Index, Investing, Op-Editorials, Professional Liability | Tagged: CFPB, Goldman Sachs, Phillip Swagel, recession, Tesla | Leave a comment »
| PHYSICIAN REIMBURSEMENT | |
CMS Issues 2023 Physician Fee Schedule Proposed Rule
On July 7, 2022, the Centers for Medicare & Medicaid Services (CMS) released its proposed Medicare Physician Fee Schedule (MPFS) for calendar year (CY) 2023. Arguably the most noteworthy provision in the proposed rule is the agency’s suggested cut to physician payments. However, the rule also includes a number of other policy proposals, including changes to Medicare accountable care organizations (ACOs), behavioral health care, cancer screening, and dental care. (Read more…)
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Filed under: "Doctors Only", Accounting, Career Development, Ethics, Experts Invited, Health Economics, Health Insurance, Health Law & Policy | Tagged: 2023 Physician Fee Schedule, CMS Issues 2023 Physician Fee Schedule Proposed Rule, CMS Proposed Rule, Health Capital Consultants LLC, Jessica Bailey-Wheaton, TODD A. ZIGRANG | Leave a comment »
By Staff Reporters
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MARKETS: Stocks rebounded after back-to-back losing sessions earlier this week: The Dow Jones Industrial Average was up 1.3%, over 400 points, while the S&P 500 rose 1.6% and the tech-heavy NASDAQ 2.6%. Markets got a boost after a surprise rebound in the U.S. services sector in July, with the ISM non-manufacturing purchasing managers index rising to a reading of 56.7—above 55.3 last month and 54 expected by economists. Investors also cheered comments from St. Louis Federal Reserve President James Bullard, who told CNBC that the U.S. economy is “not in a recession right now” and the Fed will keep hiking rates to bring down inflation. Shares of vaccine maker Moderna surged 16% after reporting strong quarterly profits and announcing $3 billion in share buybacks, while shares of coffee chain Starbucks jumped nearly 5% after similarly beating expectations. But, hawkish remarks from Federal Reserve [FOMC] officials this week suggest investors may be premature in assuming the Fed will be shifting its monetary policy approach anytime soon.The Federal Reserve raised its target fed funds rate by 0.75% last week to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months. The market has reacted strongly to commentary by the Fed Chairman.
Venture capital is the latest to feel the pinch from the economic downturn, with venerable Silicon Valley incubator Y Combinator’s Summer 2022 cohort consisting of less than 250 companies, down from over 400 last Winter’s list – a drop of 40 percent.…”The economic downturn and almost certain resulting changes to come in the venture funding environment, as well as the realities of being back in person, led to our decision to reduce the number of companies we funded”. Lindsay Amos, Y Combinator’s communications director, confirmed to The Register that the incubator had done so intentionally, attributing the reduction to the current state of the economy. Despite the downturn, Amos said, Y Combinator’s summer 2022 cohort “is still a large batch relative to the last five years.” Amos said that batch sizes vary because “we are constantly evaluating every aspect of our batches and the environment in which the companies will be operating.”
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FINANCIAL PLANNING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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Filed under: Alerts Sign-Up, Investing | Tagged: Lindsay Amos, stock market, Venture Capital, Y combinator | Leave a comment »
By UPI News and Staff Reporters
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Nearly 1 in 4 hospital doctors are mistreated at work by patients, visitors and other doctors, and female doctors are nearly two times more likely than male doctors to face this abuse, a new study reveals.
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“All members of the healthcare team share the responsibility to mitigate mistreatment,” said senior study author Dr. Mickey Trockel, a clinical professor of psychiatry and behavioral sciences at the Stanford University School of Medicine and director of Evidence Based Innovation for the Stanford WellMD/WellPhD Center.
MD Burnout: https://medicalexecutivepost.com/2017/12/03/u-s-hospitals-feeling-the-pain-of-physician-burnout/
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Filed under: "Doctors Only", Career Development, Ethics, mental health, Research & Development | Tagged: Dr. Mickey Trockel, Physician burnout, Physician mistreatment, Physician Mistreatment by Patients, Visitors and Doctors | Leave a comment »
By Eric Bricker MD
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Filed under: "Doctors Only", Career Development, Drugs and Pharma, Ethics, Experts Invited, Glossary Terms, Health Economics, Health Insurance, Health Law & Policy, Videos | Tagged: EHRs, electonic prescribing, EMRs, Eric Bricker MD, PBM, PBMs, Surescripts, Surescripts [Gatekeeper for Electronic Prescribing Explained] | Leave a comment »
By Claire
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While the Inflation Reduction Act of 2022 looks good on paper, it will actually do more harm than good if it passes. The plan would hurt working-class taxpayers and small business owners across the country.
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READ: https://wealthofgeeks.com/irs-expansion/
MORE: https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf
FINANCIAL PLANNING: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko
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Filed under: Accounting, Breaking News, Experts Invited, Investing, Taxation | Tagged: Clair, inflation, Inflation Reduction Act 2022, wealthofgeeks | Leave a comment »
By Staff Reporters
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The US dollar index, which measures the greenback’s performance against six other currencies including the Japanese yen, slipped 0.52% to trade at $105.35 – its lowest since July 5th. The safe-haven currency has endured sharp sell-offs in recent weeks, only rising on two days since mid-July as a “sell-the-fact” reaction hits markets over expectations that the Fed will become less aggressive in its monetary policy after data showed US GDP contracted for two straight quarters – the technical definition of a recession.
London-based BP earnings tripled and underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $8.45 billion from $2.80 billion in the same period a year earlier. The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10% and announcing that it would buy back $3.5 billion in shares. BP said it expects to increase dividends by about 4% annually through 2025.
Moreover, job openings in the U.S. fell to 10.7 million in June to mark the lowest level since last fall, signaling that a red-hot labor market is cooling off a bit as the economy slows. Job openings slipped from 11.3 million in May. They have dropped three months in a row after peaking in the early spring at a record 11.9 million.The last time job openings dipped below 11 million was in November last year. The number of people who quit jobs in June, meanwhile, only fell slightly to 4.23 million, the Labor Department said Tuesday. Quits topped 4 million one year ago for the first time ever, part of a pandemic-era trend that’s become known as “the great resignation.” Before the pandemic, the number of people quitting jobs averaged fewer than 3 million a month.The high number of people quitting jobs suggests the labor market is still quite robust, though. Most people who quit usually find a better job. Layoff also stayed at historically very low levels. Big picture: The economy is cooling off — and so is a sizzling labor market.
Finally, semi-conductor stocks plunged. For example, shares of Taiwan Semiconductor Manufacturing Company (TSMC)—the world’s biggest and most valuable semiconductor manufacturer valued at $440 billion—fell 2.4%. Its Taiwanese peers United Microelectronics and MediaTek dipped 3% and 1.6%, respectively. Meanwhile, U.S. chip-maker Intel stock dropped 1.5% on the same day.
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INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-
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Filed under: "Ask-an-Advisor", Accounting, Alerts Sign-Up, Financial Planning, Investing, LifeStyle, Op-Editorials | Tagged: BP, BP and the Jobs Report, chip stocks, jobs report, micro-chips, micro-conductors, The US Dollar, US Dollar | Leave a comment »
