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By Eric Bricker MD
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, CMP Program, Experts Invited, Health Economics, Health Insurance, Op-Editorials, Videos | Tagged: certified medical planner, CMP, cross subsidization, Eric Bricker JD, hospital cross subsidization, hospitals poor, poor hospitals, why hospitals cry poor | Leave a comment »
GOODBYE FORM 1099-Ks
By Staff Reporters
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The IRS just said it is again delaying the implementation of a 2021 law that requires payment platforms such as Venmo, Paypal or Cash App to send tax forms called 1099-Ks to anyone who received more than $600 in the current tax year.
It’s the second consecutive year the IRS has delayed enacting the new regulation, after the tax agency last year pushed off the new law until 2023. On Tuesday, the IRS said it will push the regulation back another year “to reduce taxpayer confusion” after hearing from taxpayers, tax professionals and payment processors.
CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Ask-an-Advisor", Accounting, Financial Planning, Funding Basics, Investing, Taxation | Tagged: Accounting, CashAp, FORM 1099-Ks, IRS, PAYPAL, tax, Taxation, Venmo | Leave a comment »
By Health Capital Consultants, LLC
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On December 13, 2023, the Centers for Medicare & Medicaid Services (CMS) released its annual report on healthcare spending in the U.S., highlighting the growth in private insurance and Medicaid spending in 2022, which was offset by the declines in supplemental federal funding as a result of the COVID-19 pandemic.
CITE: https://www.r2library.com/Resource/Title/082610254
This Health Capital Topics article reviews the notable healthcare spending findings in CMS’s report. (Read more…)
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Filed under: "Ask-an-Advisor", Accounting, Career Development, Drugs and Pharma, Ethics, Experts Invited, LifeStyle, mental health | Tagged: CMS, covid, GDP, Health Capital Consultants LLC, health spending grew 2022, healthcare GDP, healthcare spending, Medicaid, medicare | Leave a comment »
By Staff Reporters
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For the second straight year, Wall Street bankers should prepare for smaller bonuses this holiday season, according to a report from consulting firm Johnson Associates. Cash bonuses for investment bankers in particular could shrivel up to 25% compared to 2022. Now, bonuses often account for a huge share of bankers’ total compensation. In some cases, they can be double their salary. That adds up to tens of billions of dollars in Wall Street’s bonus pot, which hit an all-time high in 2021.
But two years later, the economy looks a lot different.
For example, IPOs have slowed, interest rates are up, and we’re down a few banks. Investment bankers aren’t the only ones feeling the effects:
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Filed under: "Advisors Only", Accounting, Career Development, Experts Invited, Funding Basics, Investing, LifeStyle | Tagged: bonus, Goldman Sachs, holiday bonus, Johnson Associates, Wall Street, wall street bonus, wall street holiday bonus | Leave a comment »
By Staff Reporters
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Currently, you can give any number of people up to $17,000 each in a single year without taxation. For 2024, this will be increased to $18,000. For married couples, $36,000 will be available to be given to beneficiaries, tax-free, beginning next year.
Additionally, the IRS has announced that the lifetime estate and gift tax exemption will increase to $13.61 million in 2024. If a gift exceeds the annual limit ($17,000 this year, $18,000 in 2024), that does not automatically prompt a gift tax. The difference is simply taken from the person’s lifetime exemption limit and no taxes are owed.
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Filed under: "Ask-an-Advisor", Accounting, Estate Planning, Funding Basics, Taxation | Tagged: Accounting, annual gift tax exclusion, estate tax, exemptions, gtft tax, IRS, lifetime gift tax exemption, Taxation | Leave a comment »
END-OF-YEAR FINANCE
By Staff Reporters
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We’ve discussed end of year mutual fund “window-dressing” before on this ME-P. Essentially, with mutual funds, window dressing refers to the superficial changes a fund might make to its portfolio of holdings to appear more attractive to current and prospective investors. At a glance, a potential investor might be drawn in with what appears to be good performance.
For example, a mutual fund management team might choose to sell losing stocks and buy winning ones at or around the end of a quarter. This strategy hides weak performance and gives investors a perception of impressive returns.
CITE: https://www.r2library.com/Resource/Title/082610254
Window dressing in stocks is an example from another part of the world of finance, as public companies sometimes use window dressing when reporting earnings. Depending on the specifics, this practice can range from “creative accounting” to something bordering on or actually qualifying as fraud.
For example, some economics researchers cite rounding as a manipulative form of window dressing. A firm might round $5.99 million in quarterly earnings up to $6 million because the round number can be more psychologically attractive.
MORE: https://medicalexecutivepost.com/2023/12/02/what-is-mutual-fund-window-dressing/
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The GM-owned self-driving car company Cruise will lay off 24% of its staff (~900 employees) as well as nine executives following a serious autonomous taxi crash in San Francisco in October 2023 and the vehicles’ subsequent banning in the state of California.
Cruise’s staff reduction appears mostly due to the safety concerns around the company’s robo-taxis, but it comes after a deluge of other high-profile companies made major cuts just before the holidays:
Pre-holiday layoffs might seem especially cruel, but sadly, they aren’t uncommon. December job cuts are the quickest way for companies to pad the balance sheet and EOY reports before they show them to shareholders. Plus, it means they’ll have to give out fewer end-of-year bonuses.
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Filed under: "Ask-an-Advisor", Accounting, Career Development, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: Cruise, employee lay-offs, Etsy, GM, Hasbro, John Silverman, layoffs, mutual fund windo dressing, Mutual Funds, Spotify, stock window dressing, unemployment, window dressing | Leave a comment »
By Staff Reporters
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SPONSOR: http://www.MarcinkoAssociates.com
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Americans who owe back taxes will be given an incentive to pay up after the Internal Revenue Service it would waive nearly $1 billion in late-payment penalties. Roughly 4.6 million individual taxpayers who owe for tax years 2020 and 2021 will be eligible for the penalty relief. The IRS is extending the olive branch because it stopped sending out many collection letters during the pandemic. It hoped the letter halt would help struggling taxpayers and reduce its backlog. The long absence of these computer-generated letters had big consequences for taxpayers. Americans’ debt on unpaid back taxes had been growing with interest and penalties, and many were likely in the dark about just how much they owed.
Here is where the major benchmarks ended:
Here’s where the major benchmarks ended:
Energy shares extended an early week rally behind a continued rebound in WTI Crude Oil futures (/CL), which rose for a fifth straight day and ended near a three-week high above $74 per barrel.
Banks and retailers were also particularly firm. The S&P 500 Retail Select Industry Index (SPSIRE) surged over 2% and ended at its highest level in over 10 months.
And, Tuesday’s big winner was Affirm, whose shares skyrocketed 15% after the buy now, pay later company announced it’s expanding its Walmart partnership to include the retailer’s self-checkout kiosks.
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Filed under: Accounting, Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing, Taxation, Touring with Marcinko | Tagged: affirm, banks, crude, DJIA, energy, gold, inflation, Marcinko, markets, metals, NASDAQ, oil, real-estate, retailers, Russell Index 2000, RUT, S&P 500, SPSIRE, stock markets, TNX, utilities, Walmart, WTI | Leave a comment »
By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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The IRS just issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved.
In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance. Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed.
Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
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Delta Dental of California data breach exposed info of 7 million people
“Delta Dental of California and its affiliates are warning almost seven million patients that they suffered a data breach after personal data was exposed in a MOVEit Transfer software breach.Delta Dental of California provides 24 months of free credit monitoring and identity theft protection services to impacted patients to mitigate the risk of their exposed data.”
LINK: https://tinyurl.com/bp4u2chv
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Filed under: Accounting, Estate Planning, Financial Planning, Funding Basics, Glossary Terms, Investing, Marcinko Associates, Pruitt's Platform, Sponsors, Taxation, Touring with Marcinko | Tagged: Darrell K. Pruitt, DDS, delta dental, dental, dentist, dentists, department treasury, DMD, Estate Planning, inflation, irrevocable trust, IRS, Marcinko, markets, Medicaid, MOVEit, Revenue Ruling 2023-2, stock markets, TNX, VA Aid | Leave a comment »
By Staff Reporters
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DEFINITION: Section 179 of the U.S. IRS code is an immediate expense deduction that business owners can take for purchases of depreciating business equipment instead of capitalizing and depreciating the asset over a period of time. The Section 179 deduction can be taken if the piece of equipment is purchased or financed and the full amount of the purchase price is eligible for the deduction.
CITE: https://www.r2library.com/Resource/Title/082610254
Not understanding parameters – Eligible property and annual limits
Medical practices may make mistakes by not fully understanding which types of property qualify for a Section 179 deduction. Section 179 is applicable only to assets used for business purposes. Failing to allocate assets properly can lead to improper deductions.
Eligible property for Section 179 may include:
Section 179 limits are updated annually, so it is important for doctors and practice owners to be aware of these limits and to plan accordingly.
Source: Natalie Westfall, Physicians Practice [12/4/23]
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Ethics, Taxation | Tagged: Accounting, deductions, IRS, IRS tax, Section 179, tax, tax deductions physicians, tax mistakes, tax mistakes physicians | Leave a comment »
By Staff Reporters
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SmileDirectClub is the latest casualty of what some have dubbed a startup Mass Extinction Event.
The telehealth company that attempted to revolutionize traditional orthodontics just announced that it was winding down operations less than three months after it filed for Chapter 11 bankruptcy. At its peak, SmileDirectClub was valued at $8.9 billion and had raised $427 million as a private company before going public in 2019.
CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Breaking News, CMP Program, Ethics, Funding Basics, Health Economics, Health Insurance, Healthcare Finance, Information Technology | Tagged: bankruptcy, Chapter 11, mass extinction event, smile direct, smiledirectclub, Tele-Health | Leave a comment »
By Staff Reporters
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CVS is overhauling how it prices prescription drugs
In a recent announcement, the company CVS promised that its new model would be more transparent than the current setup, which prices drugs based on complex reimbursement formulas that can make the costs of prescriptions confusing for consumers.
CITE: https://www.r2library.com/Resource/Title/082610254
The new model, called CVS CostVantage, is based on a simple equation: Drugs will cost what CVS paid for them, plus a limited markup and a flat fee to cover the services of fulfilling the prescriptions. That’s similar to a plan proposed by billionaire Mark Cuban, founder of Cost Plus Drugs, to bring accountability to drug pricing in the US.
MORE: https://medicalexecutivepost.com/2022/06/23/mark-cubans-cost-plus-drugs-com/
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Filed under: "Doctors Only", Accounting, Drugs and Pharma, Ethics, Health Economics | Tagged: Cost plus Drugs, CVs, CVS cost advantage, drug prices, Mark Cuban, PBM, prescription drugs, prescriptions, Rx drugs | Leave a comment »
By Staff Reporters
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The heads of Wall Street’s eight biggest banks will warn lawmakers today that the “Basel III Endgame” proposal will hurt the economy and hamper lending, according to each of their prepared testimonies. Regulators in July proposed strengthening regulations by requiring large U.S. banks to set aside more capital to absorb potential losses. Banks repeatedly slammed the proposal, saying this is not justified as they are well-capitalized.
The CEOs of the top banks will appear before the Senate Banking Committee today to make their case – Wells Fargo’s (NYSE:WFC) Charles Scharf, Bank of America’s (NYSE:BAC) Brian Thomas Moynihan, JPMorgan’s (NYSE:JPM) Jamie Dimon, Citigroup’s (NYSE:C) Jane Fraser, State Street’s (NYSE:STT) Ronald O’Hanley, BNY Mellon’s (NYSE:BK) Robin Vince, Goldman Sachs’ (NYSE:GS) David Solomon, and Morgan Stanley’s (NYSE:MS) James Gorman.
“The proposed Basel III Endgame rule would unjustifiably and unnecessarily increase capital requirements by 20%-25% for the largest banks,” according to Jamie Dimon’s prepared testimony. “Banks would be limited in their ability to deploy capital in the times we’re most needed, and the rule will have a harmful ripple effect on the economy.”
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Filed under: "Ask-an-Advisor", Accounting, Breaking News, Financial Planning, Funding Basics | Tagged: Basel III, big banks, capital requirements, Jamie Dimon | Leave a comment »
By Staff Reporters
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DEFINITION: Income is the money you receive in exchange for your labor or products. Income may have different definitions depending on the context—for example, taxation, financial accounting, or economic analysis. For most people, income is their total earnings in the form of wages and salaries, the return on their investments, pension distributions, and other receipts. For businesses, income is the revenue from selling services, products, and any interest and dividends received with respect to their cash accounts and reserves related to the business. Economists have different definitions of income and different ways of measuring it, from focusing on earnings, savings, consumption, production, public finance, capital investment or other topics … Maybe?
CITE: https://www.r2library.com/Resource
WASHINGTON (Reuters) – The U.S. Supreme Court is set on Tuesday to consider a challenge to the legality of a tax targeting owners of foreign corporations that could undermine efforts at imposing a wealth tax on the very rich in a case that has already sparked controversy over a call for Justice Samuel Alito to recuse.
The justices are due to hear arguments in an appeal by Charles and Kathleen Moore – a retired couple from Redmond, Washington couple – of a lower court’s decision rejecting their challenge to the tax on foreign company earnings, even though those profits had not been distributed.
The one-time “mandatory repatriation tax” (MRT), which applied to taxpayers owning at least 10% of certain foreign corporations, was part of a 2017 Republican-backed tax bill signed into law by former President Donald Trump.
At issue in the case is whether this levy on unrealized gains is allowed under the U.S. Constitution’s 16th Amendment, which enabled Congress to “collect taxes on incomes.” The Moores, backed by the Competitive Enterprise Institute and other conservative and business groups, contend that “income” means only those gains that are realized through payment to the taxpayer, not a mere increase in the value of property.
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Filed under: "Ask-an-Advisor", Accounting, Glossary Terms, Industry Indignation Index, Investing, Taxation | Tagged: Accounting, CEI, Competitive Enterprise Institute, CPA, Income, income tax, Investing, mandatory repatriation tax, Moore, MRT, SCOTUS, Taxation | Leave a comment »
By Staff Reporters
SPONSOR: http://www.CertifiedMedicalPlanner.org
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SCOTUS will hear the “quadrillion-dollar” question?
Kicking off the Supreme Court this week will hear oral arguments today for a case that could upend the US tax code.
In Moore v. United States, the justices will be asked to decide whether the federal government can tax certain “unrealized gains”—assets that have yet to be sold.
CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Financial Planning, Glossary Terms, Investing, Taxation | Tagged: Accounting, Certified Medical Planner™, CMP, Moore v. United States, SCOTUS, Supreme Court, tax, tax code, Taxation, unrealized gains | Leave a comment »
By Staff Reporters
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Leading hospital trade groups are accusing some Medicare Advantage plans, including giant UnitedHealthcare, of flaunting coverage requirements recently codified by CMS. The American Hospital Association is now petitioning the Biden administration to crack down.
However … the Medicare Advantage market is booming but investment in cancer care continues to lag.
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Filed under: "Doctors Only", Accounting, Drugs and Pharma, Ethics, Experts Invited, Health Economics, Health Insurance, Healthcare Finance | Tagged: CMS, Fierce Healthcare, Medicare Advantage, Part C, Part C Medicare, UnitedHealthcare | Leave a comment »
By Staff Reporters
SPONSOR: http://www.MARCINKOASSOCIATES.com
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CITE: https://www.r2library.com/Resource
Inflation continues to cool
The Fed’s preferred inflation measure increased 3% in October, down from 3.4% in September and getting closer to the central bank’s much-ballyhooed target of 2%. A drop in gas prices—down 4.9% from the previous month—was a major factor. Increases in core prices, which strip out food and energy costs, also slowed last month. In the last six months, core inflation has grown at a 2.5% annual rate—down significantly from 5.1% last year.
The news means the Fed will likely keep interest rates unchanged at its final 2023 meeting on December 12t and 13th.
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Filed under: "Ask-an-Advisor", Accounting, Investing, LifeStyle, Touring with Marcinko | Tagged: de-flation, fed, FOMC, gas prices, inflation, inflation cools, inflation down | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
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But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are 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? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
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Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
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http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
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Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
By Staff Reporters
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SPONSOR: http://www.MarcinkoAssociates.com
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Wall Street is gearing up for rate cuts. Yep! Twenty months after the Federal Reserve began a historic campaign against inflation, investors now believe there is a much greater chance that the central bank will cut rates in just four months than raise them again in the foreseeable future.
Interest-rate futures indicated last week a roughly 60% chance the Fed will lower rates by a quarter-of-a-percentage point by its May 2024 policy meeting, up from 29% at the end of October, according to CME Group data. The same data has pointed to four cuts by the end of the year. And, investors, battered by the Fed’s efforts to slow the economy, have reacted by driving the S&P 500 up nearly 9% this month. That is despite the wagers reflecting different possible paths for the economy, not all of them favorable for stocks.
Of course, investors look ahead to the release this week of key US inflation data that could provide a guide for the Federal Reserve’s plans for interest rates going into the new year.
CITE: https://www.r2library.com/Resource
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Read: Can AI save accounting? (the Journal of Accountancy)
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Here is where the major benchmarks ended:
Transportation shares were among the weakest performers Monday, and energy was also soft behind a drop in crude oil futures. Weakness in many retail stocks suggested some concern over consumer spending given high interest rates and slower job growth. The S&P Retail Select Index (SPSIRE) fell 0.6% but is still up 8.2% for the month. Consumer discretionary and real estate shares were among the few gainers.
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Filed under: "Ask-an-Advisor", Accounting, Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing, Taxation, Touring with Marcinko | Tagged: Accounting, AI, banks, CME Group, CPA, CPAs, DJIA, energy, Federal Reserve, FOMC, inflation, interest rates, Marcinko, markets, metals, NASDAQ, oil, Russell Index 2000, RUT, S&P 500, SPSIRE, stock markets, TNX, utilities, VIX | Leave a comment »
By Staff Reporters
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SPONSOR: http://www.MarcinkoAssociates.com
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Many wanted to discount Black Friday this year, but discounts only made it stronger. Despite analysts’ tepid outlook, the shopping holiday generated a record $9.8 billion in online sales in the US, a 7.5% increase over a year ago, according to Adobe Analytics
Here is where the major benchmarks ended the month:
The S&P 500 has had a sensational month—up nearly 8.7%. It’s one of the best Novembers on record. Since 1928, the S&P has gained more than 8% in November fewer than 10 times, per Bloomberg.
CITE: https://www.r2library.com/Resource
And, don’t expect things to slow today—Adobe predicts a record $12 billion in sales on Cyber Monday, a 5.4% increase over last year and the biggest online shopping day in US history. Retailers are set to cut prices by 30% on electronics, one of the biggest sales drivers over the past week.
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Filed under: Accounting, Alerts Sign-Up, Alternative Investments, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing, LifeStyle, Marcinko Associates, Media Mentions and PR, Touring with Marcinko | Tagged: black Friday, Bloomberg, cyber monday, DJIA, inflation, Marcinko, markets, NASDAQ, retailers, Russell Index 2000, RUT, S&P 500, stock markets | Leave a comment »
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Today, Saturday November 25th, 2023 is Small Business Saturday – a day to celebrate and support small businesses and all they do for their communities. This year, we know that small businesses need our support now more than ever as they navigate, retool and pivot from the effects of the coronavirus pandemic. Please join the U.S. Small Business Administration and related organizations across the country in supporting your local small businesses by shopping at a small business.
Founded by American Express in 2010 and officially cosponsored by SBA since 2011, Small Business Saturday has become an important part of small businesses’ busiest shopping season. Historically, reported projected spending among U.S. consumers who shopped at independent retailers and restaurants on Small Business Saturday reached an estimated $17.9 billion according to the 2022 Small Business Saturday Consumer Insights Survey
And, the highly successful team of SBA, Women Impacting Public Policy (WIPP), and American Express will be kicking off the 2023 holiday season by encouraging consumers to support our nation’s nearly 32 million independent businesses this Small Business Saturday and all holiday season long.
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Filed under: Accounting, Alerts Sign-Up, Alternative Investments, LifeStyle, Op-Editorials, Sponsors | Tagged: American Express, SBA, Small Business Administration, Small Business Saturday, WIPP, Women Impacting Public Policy | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business – Financial Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
***
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are 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? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
***
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
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Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
By Staff Reporters
SPONSOR: http://www.MARCINKOASSOCIATES.com
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The S&P 500 Index was up 84.15 points (1.9%) at 4,495.70; the Dow Jones Industrial Average (DJI) was up 489.83 points (1.4%) at 34,827.70; the NASDAQ Composite (COMP) was up 326.64 points (2.4%) at 14,094.38.
And, new data shows Americans have more cash sitting in the bank than they did before the COVID pandemic.
Though Americans have more funds than they did before they had an opinion on the best brand of hand sanitizer, median account balances have dipped more than 41% from their peak in April 2021, when people collected stimulus checks with nowhere to go spend them, the Chase analysis shows. And people still want to shop—consumer sentiment spiked to an almost two-year high this month.
It helps explain why the recession that Wall Street kept warning us about hasn’t materialized, according to the Washington Post.
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A TAX LOOPHOLE?
BY DR. DAVID E. MARCINKO MBA CMP®
SPONSOR: http://www.CertifiedMedicalPlanner.org
Carried interest, or carry, in finance, is a share of the profits of an investment paid to the investment manager in excess of the amount that the manager contributes to the partnership, specifically in alternative investments (private equity and hedge funds).
CITE: https://www.r2library.com/Resource/Title/0826102549
In small businesses that are not blind pools, such as single property real estate, the investment manager often funds the business prior to the formation of the partnership. It is a performance fee, rewarding the manager for enhancing performance. The structure also takes advantage of favorable tax treatment in the United States.
However, critics of carried interest want it to be reclassified as ordinary income – not capital gains – to be taxed at the ordinary income tax rate. Private equity advocates argue that the increased tax will subdue the incentive to take the kind of risk that is necessary to invest in and manage companies to profitability.
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TAXATION: https://www.taxpolicycenter.org/briefing-book/what-carried-interest-and-how-it-taxed
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DR. DAVID EDWARD MARCINKO MBA CMP™
SPONSOR: http://www.MARCINKOASSOCIATES.com
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Regardless of the technology infra-structure, there are generally four types of fees that an online investment platforms charge:
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The Institute of Medical Business Advisors is a leading national scope provider of healthcare economics, finance, investing, managerial accounting, policy, management and business administration education and medical practice management textbooks, reports, hand-books, dictionaries, journals, white-papers, fair-market valuations [FMV] and legal advisory opinions using multi-platform and traditional seminars and channels of knowledge distribution. iMBA helps the nation’s financial, healthcare and education professionals make decisive improvements in their direction and performance by empowering them through unbiased information, consultants and proprietary tools, books, templates and B-school styled case models.A virtuous “win-win” situation for all concerned.
The firm serves universities, medical, business, graduate and nursing schools; physicians, dentists, attorneys and legal societies – accountants, financial service providers, stock brokers, RIAs, wealth and hedge fund managers – emerging entities, hospitals, clinics, outpatient centers, CXOs and their BODs – the press, media and related academic entities.
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By Staff Reporters
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US credit card balances have jumped to a record $1.08 trillion, according to the New York Federal Reserve.
Nevertheless, Stocks rose for the seventh straight day on Tuesday, giving the NASDAQ and S&P 500 their longest winning streaks since 2021. The surge was fueled by a rally in Big Tech and a growing consensus that the Federal Reserve Bank is done raising interest rates. Chief among the tech revelers was Microsoft, which finished the day at an all-time high amid strong demand for its cloud computing services.
CITE: https://www.r2library.com/Resource
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By Staff Reporters
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House Democrats want CMS to better monitor Medicare Advantage plans’ use of AI tools to ensure they don’t allow an unusually high level of restrictive and repeated denials.
Kaiser Permanente continues to rebound from a rough 2022 and pulled in $239 million in net income in Q3. That marks a dramatic turnaround from the $1.5 billion net loss the integrated system had seen a year prior.
CITE: https://www.r2library.com/Resource
And … during the Milken Institute’s Future of Health Summit Monday, former HHS Secretary Alex Azar and current department chief Xavier Becerra sparred over the Biden administration’s approach to negotiating Medicare drug prices.
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Finally, family physicians utilizing value-based payment (VBP) models reported burnout relief in a study from EHR company Elation Health and the American Academy of Family Physicians. Burnout among providers decreased once practices passed a threshold of 75% financial investment in VBP models.
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WeWork = Did Not Work!
By Staff Reporters
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WeWork, the coworking company just filed for Chapter 11 bankruptcy protection in New Jersey after years of struggles that began with a failed IPO in 2019. It aborted the IPO after investors got a look at its finances and just how much power WeWork’s eccentric founder Adam Neumann possessed.
CITE: https://www.r2library.com/Resource
WeWork (which eventually went public via SPAC) has suffered from having signed on to very expensive leases in its pre-IPO rush to grow.
SPAC: https://medicalexecutivepost.com/2022/06/13/spac-v-direct-listing-v-ipo/
In 2019, the company was valued at $47 billion, but it has since fallen steadily, and this year, its stock has plunged by 98%, giving it a ~$45 million value as of last week.
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By Staff Reporters
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We’ve all known the AI audit is coming—but a new report from KPMG proves just how popular AI has already become in the audit process. The report polled more than 200 financial reporting leaders in the US between July and August. The headline takeaway? The AI audit is already close to ubiquitous.
Sixty-five percent of respondents said they’re already using AI in their job functions, while 49% said they’ve “piloted or deployed generative AI solutions.” Meanwhile, 71% said they expect to use AI “extensively in the next three years.”
CITE: https://www.r2library.com/Resource
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Microsoft and Amazon are reportedly in the midst of a mega deal summing up to approximately $1 billion.The deal will help Amazon acquire 550,000 Microsoft 365 E5 licenses for its corporate workers, alongside one million Microsoft 365 F5 licenses for its front line employees.Amazon employees already use traditional, on-premises Microsoft Office software, but the company is now gearing up to transition to cloud-based productivity tools.
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Here is where the major benchmarks ended:
Oilfield services shares and other energy companies were among the weakest performers Monday despite crude oil futures rising after Saudi Arabia and Russia reaffirmed commitments to extra voluntary oil supply cuts until the end of the year.
The banking and real estate sectors were also under pressure. Health care stocks led gainers, as the S&P 500 Health Care Index (SP500-35) climbed to its highest level in nearly three weeks. The small-cap-focused Russell 2000 Index (RUT) dropped about 1.3%
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(“Informed Voice of a New Generation of Fiduciary Advisors for Healthcare”)
By Dr. David Edward Marcinko MBA CMP™
http://www.MarcinkoAssociates.com
As fellow doctors, we understand better than most the more complex financial challenges physicians can face when it comes to their financial planning. Of course, most physicians ultimately make a good income, but it is the saving, asset and risk management tolerance and investing part that many of our colleagues’ struggle with. Far too often physicians receive terrible guidance, have no time to properly manage their own investments and set goals for that day when they no longer wish to practice medicine.
For the average doctor or healthcare professional, the feelings of pride and achievement at finally graduating are typically paired with the heavy burden of hundreds of thousands of dollars in student loan debt.
You dedicated countless hours to learning, studying, and training in your field. You missed birthdays and holidays, time with your families, and sacrificed vacations to provide compassionate and excellent care for your patients. Amidst all of that, there was no time to give your finances even a second thought.
Between undergraduate, medical school, and then internship and residency, most young physicians do not begin saving for retirement until late into their 20s, if not their 30s. You’ve missed an entire decade or more of allowing your money and investments to compound and work for you. When it comes to addressing your financial health and security, there’s no time to waste.
And you may be misled by unscrupulous “advisors”.
For example:
Question: Do you know the difference between a “Fee-Only” and a “Fee-Based financial advisor? Not knowing may cost you tens of thousands of dollars, or more, in excessive advisory fees.
MORE: https://marcinkoassociates.com/financial-planning/
Of course, all of this compound’s physician stress and burnout related issues, as well.
MORE: https://marcinkoassociates.com/process-what-we-do/
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By David Edward Marcinko MBA CMP™
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SPONSOR: http://www.MARCINKOASSOCIATES.com
Merging Medical Practices
There are only three possibilities if you want to go into practice for yourself; buy a practice; franchise a business, or start one. However, if you have an existing practice, merging it to form a larger entity can be a satisfying experience. The pace of practice mergers is accelerating, but it is often difficult to make an informed judgment about synergy. Mergers make sense only if the resulting value is more than additive to the original; not duplicative.
CITE: https://www.r2library.com/Resource
Unfortunately, far too many mergers fail to create, or actually destroy existing value. So, look for complimentary processes, personalities and ideas. In a merger of two existing practices, there is no substitute for personal interaction between employees and physician-management. This creates cross-pollination and new ideas in everything from service-lines and the patient production process, to marketing and finance, and to proprietary and intellectual rights. Most importantly, it allows
diversity of ideas.
And so, the following are questions to consider when contemplating a medical practice
merger:
What are the risks of this transaction and how are they mitigated?
Will talented employees be retained on both sides and can an exodus be
prevented?
Are the specific liabilities of each practice known? Remember, the farther outside
your area of specialty or expertise, the greater the risk of being wrong.
Will I appraise each practice independently, and correctly?
Where will employee allegiance rest?
What is the name, and logo, of the new entity? Who will be the CEO?
Vertical Integration: https://medicalexecutivepost.com/2023/04/14/integration-as-a-competitive-strategy-in-healthcare-reform/
More: https://medicalexecutivepost.com/2022/06/19/healthcare-mergers-acquisitions-2021-in-review/
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By Staff Reporters
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SPONSOR: http://www.MarcinkoAssociates.com
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KANSAS CITY, Mo.—A federal jury just found the National Association of Realtors and large residential brokerages liable for about $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high. The verdict could lead to industry wide upheaval by changing decades-old rules that have helped lock in commission rates even as home prices have skyrocketed—which has allowed real-estate agents to collect ever-larger sums. It comes in the first of two antitrust lawsuits arguing that unlawful industry practices have left consumers unable to lower their costs even though internet-era innovations have allowed many buyers to find homes themselves online.
Real Estate for Physicians: https://medicalexecutivepost.com/2023/01/19/real-estate-for-physician-investors/
The Sitzer/Burnett class action lawsuit alleged that some of the nation’s largest real estate companies, including NAR, Keller Williams, Anywhere (formerly, Realogy), RE/MAX, Berkshire Hathaway’s HomeServices of America and two of its subsidiaries conspired to inflate commissions.
Commercial Real Estate for Physicians: https://medicalexecutivepost.com/2022/05/03/on-doctors-investing-in-commercial-real-estate/
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It’s not just the top 1% that’s getting richer — over 16 million American families now have a net worth over $1 million. That’s over 12% of American families, according to a Wall Street Journal analysis of the Federal Reserve’s Survey of Consumer Finances of over 4,600 American households. This compares to just 9.8 million families who were millionaires in 2019, the WSJ found.
Physician Finances: https://marcinkoassociates.com/financial-planning/
The analysis further noted how nearly eight million families have wealth over $2 million, compared to 4.7 million in 2019. This was particularly pronounced among families in the 55-74 age range. On the whole, median net worth — which measures household assets like houses and vehicles, minus debts like mortgages and student loans — rose an inflation-adjusted 37% between 2019 and 2022 up to around $193,000. Meanwhile, the average net worth rose to over $1 million, though this is skewed by extremely wealthy Americans.
Net worth has increased for all income percentiles even amid rising interest rates, though while the top 10% jumped from $1.84 million to $2.65 million, the bottom 20% rose from $10,780 to $16,900.
CITE: https://www.r2library.com/Resource
Finally, here is where the major US stock market benchmarks ended:
Economists expect the Fed to leave interest rates unchanged today, allowing previous rate increases to take greater hold of the economy and granting the central bank time to assess whether another hike will be necessary. Investors and policymakers will closely scour comments made by Fed Chair Jerome Powell for clues about the central bank’s path over the remainder of the year.
Real estate and financial shares were among the strongest performers Tuesday. Semiconductor companies were also higher. Energy shares lagged as crude oil futures extended their slide, dropping to near $81 a barrel to end at a two-month low. The U.S. dollar index (DXY) strengthened to near 11-month highs in the wake of a Bank of Japan (BoJ) policy shift.
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By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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Hospital and health system deal activity is finally starting to rebound following a pandemic-era plunge, according to consulting firm Kaufman Hall, but hospitals are increasingly citing “financial distress” as the reason behind the deals.
In more than a third of the 18 hospitals and health systems deals made in Q3 2023—including mergers and acquisitions (M&A) and partnerships—at least one party cited financial distress as the impetus for the transaction. That figure is “well above historical benchmarks,” according to the firm.
CITE: https://www.r2library.com/Resource
“Hospitals and health systems have been under extreme financial pressure since 2022, when median operating margins remained in negative territory for the full year,” Kaufmann Hall analysts wrote in an October 12 report. “These challenges are reflected in the 39% percent of announced transactions in Q3 in which a party has cited, or publicly available information has enabled Kaufman Hall to infer, an element of financial distress as a transaction driver.”
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Filed under: "Advisors Only", "Doctors Only", Accounting, Investing, Practice Management, Practice Worth, Professional Liability, Taxation | Tagged: acquisitions, healthcare acquisitions, Kaufman-Hall, M&A, M&As, medical mergers, medical mergers acquisitions, mergers | Leave a comment »
By Staff Reporters
http://www.MARCINKOASSOCIATES.com
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Last month, the FTC and DOJ jointly released a draft of new guidelines they will use to evaluate potential mergers and acquisitions (M&As).
The guidelines include 13 principles the agencies will follow when scrutinizing deals. The principles stipulate that mergers may not “entrench or extend a dominant position,” eliminate competition between firms, increase concentration in an already concentrated market, or prevent new players from entering a market. The guidelines will be finalized following a 60-day public comment period.
The proposed rules reflect a return to pre-2010 guidelines on concentration, the Wall Street Journal reported, noting that they’d apply to deals that resulted in firms having a market share of 30% or more. The new guidance may give the FTC and DOJ, which have filed numerous antitrust actions, more leeway to go after deals.
PHYSICIAN ENTREPRENEURS: https://marcinkoassociates.com/welcome-medical-colleagues/
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WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At D.E. Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
D.E. Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
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But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are 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? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
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Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
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CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
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By Eric Bricker MD
“Cross Subsidization”
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The Institute of Medical Business Advisors is a leading national scope provider of healthcare economics, finance, investing, managerial accounting, policy, management and business administration education and medical practice management textbooks, reports, hand-books, dictionaries, journals, white-papers, fair-market valuations [FMV] and legal advisory opinions using multi-platform and traditional seminars and channels of knowledge distribution. iMBA helps the nation’s financial, healthcare and education professionals make decisive improvements in their direction and performance by empowering them through unbiased information, consultants and proprietary tools, books, templates and B-school styled case models.A virtuous “win-win” situation for all concerned.
The firm serves universities, medical, business, graduate and nursing schools; physicians, dentists, attorneys and legal societies – accountants, financial service providers, stock brokers, RIAs, wealth and hedge fund managers – emerging entities, hospitals, clinics, outpatient centers, CXOs and their BODs – the press, media and related academic entities.
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AT YOUR SERVICE
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By Staff Reporters
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More than 75,000 workers employed by Kaiser Permanente, one of the largest nonprofit healthcare providers in the US, plan to walk off the job for three days—starting today.
Healthcare workers across the industry are experiencing challenges, which Kaiser acknowledged in response to the looming strike. According to a statement by the company, up to two-thirds of healthcare staff everywhere are burnt out. That’s exacerbated by the issues Kaiser employee unions say they’re striking over, including:
Kaiser insists it pays a decent and denied claims of being short-staffed, saying it hired 22,000 people already this year.
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Physicians, hospitals, and emergency rooms will not be impacted, but some facilities will have reduced staff for nursing and support roles.
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By Staff Reporters
President Joe Biden announced yesterday that the manufacturers of all of the first 10 prescription drugs selected for Medicare’s first price negotiations have agreed to participate, clearing the way for talks that could lower their costs in coming years and give him a potential political win heading into next year’s election.
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Wall Street SANK Tuesday as it focuses on the downside of a surprisingly strong job market. The S&P 500 was 1.5% lower in late trading and nearly back to where it was in May. The Dow Jones Industrial Average was down 475 points, or 1.4%, at 32,957 and wiped out the last of its gains made for the year so far. The NASDAQ composite was leading the market lower with a 2% drop as Big Tech stocks were among the market’s biggest losers.
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The 16-year high on 10-year yields is probably the biggest factor weighing on equities. So, here is where the major benchmarks ended:
Energy shares were among the few gainers, as WTI crude oil futures rose for the first time in four sessions after dropping sharply from a 13-month high above $95 a barrel. The U.S. dollar index (DXY) strengthened for a third-straight day, touching its highest level since November, reflecting expectations that rates will remain high.
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HOW IT WORKS
By Dr. David E. Marcinko MBA CMP®
http://www.MarcinkoAssociates.com
SPONSOR: http://www.CertifiedMedicalPlanner.org
As a new physician investor, it’s important to know the distinctions between like measurements because the market allows firms to advertise their numbers in ways not otherwise regulated. Often companies will publicize their numbers using either GAAP or non-GAAP measures. GAAP, or generally accepted accounting principles, outlines rules and conventions for reporting financial information. It is a means to standardize financial statements and ensure consistency in reporting.
When a company publicizes its earnings and includes non-GAAP figures, it means it wants to provide investors with an arguably more accurate depiction of the company’s health (for instance, by removing one-time items to smooth out earnings). However, the further a company deviates from GAAP standards, the more room is allocated for some creative accounting and manipulation.
When looking at a company that is publishing non-GAAP numbers, new physician investors should be wary of these pro forma statements, because they may differ greatly from what GAAP deems acceptable.
CITE: https://www.r2library.com/Resource/Title/0826102549
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GAAP is set forth in 10 primary principles, as follows:
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BUSINESS MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko
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SPONSOR: http://www.MARCINKOASSOCIATES.com
Earnings before interest, taxes, depreciation, and amortization
A company’s earnings before interest, taxes, depreciation, and amortization is an accounting measure calculated using a company’s earnings, before interest expenses, taxes, depreciation, and amortization are subtracted, as a proxy for a company’s current operating profitability. Though often shown on an income statement, it is not considered part of the Generally Accepted Accounting Principles by the SEC.
Citation: https://www.r2library.com/Resource/Title/0826102549
READ: https://www.investopedia.com/terms/e/ebitda.asp
Your thoughts and comments are appreciated.
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By Health Capital Consultants, LLC
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On September 18, 2023, the Journal of the American Medical Association (JAMA) published a study comparing online hospital pricing and pricing given over the telephone for shoppable hospital services. Hospitals in the U.S. are required to post pricing online for specified services, but it was unknown whether or not hospitals quoted the same prices to telephone callers as they posted online.
This Health Capital Topics article will discuss the topic of price discrepancy and the difficulties with cost comparison. (Read more…)
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By Staff Reporters
SPONSOR: http://www.CERTIFIEDMEDICALPLANNER.org
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DEFINITION: An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors An IPO is typically underwritten by one or more investment banks who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.
CITE: https://www.r2library.com/Resource
After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information.
Cite: Wikipedia
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Now, the NYSE is the world’s largest stock exchange, and for good reason. From thrilling new entries into the public market to a relentless commitment to transformative tech, the NYSE is constantly upping their game.
Related: https://medicalexecutivepost.com/2023/09/19/ipos-more-caution-ahead/
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Financial Planning, Funding Basics, Health Economics, Investing | Tagged: free float, Initial Public Offering, investment bankers, IPO, IPOs, NASDAQ, NYSE, Private Equity, public company, secondary offering, stock exchanges | Leave a comment »
By Eric Bricker MD
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By Staff Reporters
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CPI: Here’s a breakdown of how different aisles and departments rose over the past 12 months:
CITE: https://www.r2library.com/Resource
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Not to put a damper on your Sunday morning (the relentless rain is already doing that to the North East USA), but the government still appears headed for a shutdown. Among the immediate impacts: Many federal employees will be furloughed, the IRS will stop picking up your calls, you won’t be able to get married in DC courts, and most national parks—and their social media handles—will go dark.
And even more rain as New York City was hit with its heaviest rain in decades, which flooded roads and subway stations and delayed air travel. Both the mayor and New York’s governor declared states of emergency as images of the waterlogged city filled social media.
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It appears that Mark Zuckerberg’s new “Threads” social media platform is struggling with a massive decline. The social media platform called “Threads” was launched by Facebook (now called Meta). The platform is essentially a clone of Elon Musk’s Twitter, which is now called X. Threads struggling to maintain momentum and gain new users.
Among major social platforms, Threads is reportedly only ahead of Tumblr in the race for user acquisition. Forecasts by Insider Intelligence predict a U.S. user base of 23.7 million for Threads in 2023. The company reportedly anticipated 56.1 million U.S. users. In comparison, X has roughly 528.3 million monthly users.
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Before the relationship among financial assets, liabilities and net worth can be examined, some based definitions must be understood.
LINK: http://www.CertifiedMedicalPlanner.org
[A] Short-Term Assets
Short-term goals (less than 12 months) require liquidity or short-term assets. These assets include cash, checking and saving accounts, certificates of deposit, and money market accounts. These accounts have two things in common. The principal is guaranteed from risk of loss, and pay a very low interest rate. As an investment, they are considered substandard and one would only keep what is actually needed for liquidity purposes in these accounts.
Longer-term assets (more than 12 months) include real estate, mutual funds, retirement plans, stocks, and life insurance cash value policies. Bonds may also be an appropriate long-term investment asset for a number of reasons, for example, if you are seeking a regular and reliable stream of income or if you have no immediate need for the amount of the principal invested. Bonds also can be used to diversify your portfolio and reducing the overall risk that is inherent in stock investments.
Short-term liabilities (less than 12 months) include credit card debt, utility bills, and auto loans or leasing. When a young doctor leaves residency and starts practice, the foremost concern is student debt. This is an unsecured debt that is not backed by any collateral, except a promise to pay. There are recourses that an unsecured creditor can take to recoup the bad debt. Usually, if the unsecured creditor is successful obtaining a judgment, it can force wages to be garnished, and the Department of Education can withhold up to ten percent of a wages without first initiating a lawsuit, if in default. It is also probable that young medical professionals have been holding at least one credit card since their sophomore year in college. Credit card companies consider college student the most lucrative target market and medical students hold their first card for an average of fifteen years. There are several other types of other unsecured debt, including department store cards, professional fees, medical and dental bills, alimony, child support, rent; utility bills, personal loans from relatives, and health club dues, to name a few.
A secured debt, on the other hand, is debt that is pledged by a specific property. This is a collateralized loan. Generally, the purchased item is pledged with the proceeds of the loan. This would include long-term liabilities (more than 12 months) such as a mortgage, home equity loan, or a car loan. Although the creditor has the ability to take possession of your property in order to recover a bad debt, it is done very rarely. A creditor is more interested in recovering money. Sometimes, when borrowing money, there may be a requirement to pledge assets that are owned prior to the loan.
For example, a personal loan from a finance company requires that you pledge all personal property such as your car, furniture, and equipment. The same property may become subject to a judicial lien if you are sued and a judgment is made against you. In this case, you would not be able to sell or pledge these assets until the judgment is satisfied.
A common example of a lien would be from unpaid federal, state or local taxes. Doctors can be found personally liable for unpaid payroll taxes of employees in their professional corporations. Be aware that some assets and liabilities defy short or long-term definition. When this happens, simply be consistent in your comparison of financial statements, over time.
Once the value of all personal assets and liabilities is known, net worth can be determined with the following formula: Net worth = assets minus liabilities. Obviously, higher is better. In The Millionaire Next Door, Thomas H. Stanley, PhD, and William H. Danko give the following benchmark for net worth accumulation. Although conservative for physicians of a past generation, it may be more applicable in the future because of current managed care environment.
Here is the guide: Multiple your age by your annual pre-tax income from all sources – except inheritances – and divide by ten.
Real-Life Medical Example: As an HMO pediatrician, Dr. Curtis earned $ 60,000 last year. So, if she is 35, her net worth should be at least $ 210,000.
How do you get to that point? In a word, consume less, save more and watch the student loans. Stanley and Danko found that the typical millionaire set aside 15 percent of earned income annually and has enough invested to survive 10 years, at current income levels if he stopped working. Now, if Dr. Curtis lost her job tomorrow, how long could she pay herself the same salary?
A common liability management mistake is not recognizing when you are heading for trouble. If doctors are paying only the minimum payments on credit card debt, while continuing to charge purchases at a rate faster than the pay-down, trouble is brewing. If you don’t categorize your debt, you could find yourself paying down non-priority debt while ignoring priority debt.
A priority debt is one that is essential or subject to serious consequences, if not paid. Examples include rent, mortgage payments, utility bills, child support, car payments, unpaid taxes, and other secured debt. If in one month, a doctor had to choose between paying his accounting bill or his rent, it would be essential to pay the rent.
CITE: https://www.r2library.com/Resource/Title/082610254
Conclusion
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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:Invite Dr. Marcinko
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Filed under: "Advisors Only", "Doctors Only", Accounting, Career Development, CMP Program, Financial Planning, Funding Basics, Taxation, Touring with Marcinko | Tagged: Health Economics, long term assets, net worth, Physician assets, physician liabilities, physician net worth, shortterm assets | Leave a comment »
By Eric Bricker MD
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By David Edward Marcinko MBA CMP™
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SPONSOR: http://www.MARCINKOASSOCIATES.com
Merging Medical Practices
There are only three possibilities if you want to go into practice for yourself; buy a practice; franchise a business, or start one. However, if you have an existing practice, merging it to form a larger entity can be a satisfying experience. The pace of practice mergers is accelerating, but it is often difficult to make an informed judgment about synergy. Mergers make sense only if the resulting value is more than additive to the original; not duplicative.
CITE: https://www.r2library.com/Resource
Unfortunately, far too many mergers fail to create, or actually destroy existing value. So, look for complimentary processes, personalities and ideas. In a merger of two existing practices, there is no substitute for personal interaction between employees and physician-management. This creates cross-pollination and new ideas in everything from service-lines and the patient production process, to marketing and finance, and to proprietary and intellectual rights. Most importantly, it allows
diversity of ideas.
And so, the following are questions to consider when contemplating a medical practice
merger:
What are the risks of this transaction and how are they mitigated?
Will talented employees be retained on both sides and can an exodus be
prevented?
Are the specific liabilities of each practice known? Remember, the farther outside
your area of specialty or expertise, the greater the risk of being wrong.
Will I appraise each practice independently, and correctly?
Where will employee allegiance rest?
What is the name, and logo, of the new entity? Who will be the CEO?
Vertical Integration: https://medicalexecutivepost.com/2023/04/14/integration-as-a-competitive-strategy-in-healthcare-reform/
More: https://medicalexecutivepost.com/2022/06/19/healthcare-mergers-acquisitions-2021-in-review/
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By Dr. David Edward Marcinko, MBA CMP™
CEO: D.E. Marcinko & Associates, Inc.
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SPONSOR: http://www.CERTIFIEDMEDICALPLANNER.org
BEWARE MEDICAL PRACTITIONERS
Several years ago a group of highly trusted and deeply experienced financial services professionals and estate planners noted that far too many of their mature physician clients, using traditional stock brokers, management consultants and financial advisors, seemed to be less successful than those who went it alone. These Do-it-Yourselfers [DIYs] had setbacks and made mistakes, for sure. But, the ME Inc doctors seemed to learn from their mistakes and did not incur the high management and service fees demanded from general or retail one-size-fits-all “advisors.”
In fact, an informal inverse relationship was noted, and dubbed the “Doctor Effect.” In others words, the more consultants an individual doctor retained; the less well they did in all disciplines of the financial planning and medical practice management, continuum.
Of course, the reason for this discrepancy eluded many of them as Wall Street brokerages and wire-houses flooded the media with messages, infomercials, print, radio, TV, texts, tweets, and internet ads to the contrary. Rather than self-learn the basics, the prevailing sentiment seemed to purse the holy grail of finding the “perfect financial advisor.” This realization was a confirmation of the industry culture which seemed to be: Bread for the advisor – Crumbs for the client!
And so, at D.E. Marcinko & Associates, our informed cadre’ of technology focused and highly educated doctors, nurses, financial advisors, attorneys, accountants, psychologists and educational visionaries decided there must be a better way for healthcare colleagues to receive financial planning advice, products and related management services within a culture of fiduciary responsibility.
We trust you agree with this ME Inc, and Certified Medical Planner™ consulting philosophy, as illustrated on our website.
WEBSITE: http://www.MARCINKOASSOCIATES.com
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RISK MANAGEMENT FOR PHYSICIANS
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MEDICAL PRACTICE OR AMBULATORY SURGERY CENTER
D.E. MARCINKO ASSOCIATES, Inc.
http://www.MARCINKOASSOCIATES.com
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FAIR MARKET VALUATION DETERMINATION
There are a Myriad of Reasons for Obtaining a Medical Practice Valuation and Appraisal Engagement:
MORE: https://marcinkoassociates.com/fmv-appraisals/
Our Capability
We have the ability to provide extensive analysis of value components in healthcare practices and provide appraisals based on business, economic, and market conditions. This involves detailed examination of financials and clinical data in the context of numerous factors including medical specialty, physician supply and demand, payer mix, regulatory environment, regional dynamics, and risk premium.
CITE: https://www.r2library.com/Resource
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READ MORE: https://marcinkoassociates.com/welcome-medical-colleagues/
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