“Ask-an-Advisor” | The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants

Attention Texas Dental Patients

Posted on December 24, 2020 by Editor-in-Chief

Attention Texas Dental Patients

[You should read this]

Darrell K. Pruitt DDS

***

At a uniquely critical time in history, as dentists strive to keep their patients out of emergency rooms, pharmacists here in Fort Worth are telling dentists that the Texas State Board of Pharmacy has outlawed paper prescriptions – even for antibiotics.

***

According to three local pharmacists, on January 1, 2021 many dentists – including myself – will no longer be allowed to prescribe medications without digital records, no matter the urgency. As a dentist, I neither need nor want digital records, and as a patient, you shouldn’t either. Let me show you third-party nonsense which does NOTHING to improve patient care.

***

According to Protenus Breach Barometer, between April and June of 2017, 142 healthcare data breaches were reported, impacting 3.14 million records. 23 of the incidents involved paper, affecting 158,711 records. 158,711 divided by 3,140,000 = 5%.

***

https://marketing.protenus.com/hubfs/Breach_Barometer/2018/Q2%202018/Q2%202018%20Protenus%20Breach%20Barometer.pdf?fbclid=IwAR1kM-8ulDDNQqMWuydKF_p_ASxbmNplVsjvg8E_wUZ04glRaljxcu9TGag

***

This means that if your dentist put your identifying information on a computer, you had a 95% greater chance of medical identity theft than if your paper records were stored in a metal filing cabinet. In the last three years, the breaches have only worsened, cyber-crime is growing stronger every day, and most importantly, there are no solutions on the horizon. I ask you, why should any healthcare provider be forced by the state to knowingly risk Texans’ welfare?

***

Electronic dental records – both cloud-based and premises-based – are not only increasingly more expensive and increasingly more dangerous than paper for both dentists and patients, but they offer patients NO TANGIBLE BENEFITS over paper.

Just ask anyone.

***

But there’s more. Electronic dental records (which do nothing to improve care) also require far more training and specialized expertise than the working knowledge of alphabetical order required for filing charts in their correct place. Dental EHRs are first and foremost billing tools which not only shift the high cost of data entry from insurers back to dentists (read “patients”), but enable the really clever CEOs to control treatment decisions by employing strategic complexities for payment. All that digital offers dentists is convenience – expensive, dangerous convenience.

***

If Texans knew the truth, many would naturally prefer paper dental records. The business of dentistry is simply not so complicated that it requires computerization. After all, a dentist bills for treatments involving only the lower 1/3 of the face, and because dentistry involves intricate handwork, dentists can only safely treat a dozen or so patients a day – compared to 40 or more for physicians.

***

Very large, successful dental practices have thrived without computers for decades, while their patients enjoy the gold standard of security: Loud, heavy and cumbersome sheet metal filing cabinets.

***

Assessment

***

Let’s face it. Electronic dental records will never protect patients from identity theft as well as paper. CVS, Walgreens and Albertson’s as examples, simply don’t care. Surprised?

***

THANK YOU

Filed under: "Ask-an-Advisor", Information Technology | Tagged: Are Dentists Satisfied with their EDRs?, Darrell K. Pruitt DDS, EHRs | 1 Comment »

Tell us About the Issues Affecting your Physician Focused Financial Advisory Practice

Posted on March 20, 2017 by Editor-in-Chief

By staff reporters

Tell us about the issues affecting your physician-focused financial advisory or financial planning practice in 2020.

We are conducting a brief survey to learn more about the key issues affecting your practice, and how they impact your outlook for the coming year.

Conclusion

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

***

Filed under: "Advisors Only", "Ask-an-Advisor", Career Development, Practice Management | Tagged: Physician Focused Financial Advice, Tell us About your Financial Advisory Practice | Leave a comment »

On Financial Product Sales Commissions

Posted on March 5, 2017 by Editor-in-Chief

By Rick Kahler MS CFP®

What’s wrong with earning a commission from the sale of a financial product?

Nothing. It isn’t any more inappropriate than a car salesperson earning a commission when you buy a vehicle.

Yet there’s one important difference. When you buy a car the roles are clear. You know going in that the salesperson is there to sell you their product. You understand it’s your responsibility to do your homework and know what you need and can afford.

Role Confusion

That clarity of roles is purposely clouded in the financial services industry. The “salespeople” are rarely referred to as such. Instead they call themselves creatively contrived variations like “financial advisor,” “financial planner,” “financial consultant,” or “financial representative.” The only advice a financial salesperson gives is in conjunction with the sales pitch to buy their product, where the incentive for them is receiving a commission.

This pretense that salespeople are working for the customer rather than the financial firm that employs them creates an inherent conflict of interest. The salesperson’s financial rewards come from pushing products versus giving client-oriented, comprehensive financial advice.

Conflict of interest

The conflict of interest resulted in many brokerage and insurance firms in the 1980’s providing incentives for their salespeople to push high commission products while hiding the high fees.

Examples:

Just one of many examples was described in a 1993 article in the Los Angeles Times. Prudential allowed salespeople to cheat customers out of $3 billion of losses invested into 700 Prudential limited partnerships that were high-risk and “rife with misconduct” while telling investors they were “safe, high-yield investments comparable to bank certificates of deposit.” The company finally agreed to a fine of $371 million, representing about 12% of what investors lost.

You might think that, 24 years later, things have changed and large financial firms selling products have changed. They haven’t.

One recent example was the $185 million fine paid by Wells Fargo over charging their customers fees for financial products they didn’t authorize.
Also, two years ago JPMorgan was fined $307 million for product pushing. Last year they were fined $264 million for their part in a vast foreign bribery scheme.
In 2015, one of the top JPMorgan representatives, Johnny Burris, who has been in the business for more than 25 years, refused to steer clients into proprietary JPMorgan funds that he felt had become rife with high fees. As reported in Financial Planning magazine, he was let go by the company.

But wait, that’s not all.

If you think Wells Fargo and JPMorgan’s fines were notable, think again. According to the Columbus Dispatch, Bank of America has paid $76.6 billion in 31 settlements from 2009 to 2016. During the same period, Chase Bank paid $38 billion in 22 settlements and Citigroup paid $15.8 billion in 15 settlement cases.

With a track record like this, you might think that consumers would be demanding wholesale changes in the way we regulate financial advice. They probably would be if they were personally aware of how hidden costs and fees cost the average investor thousands of dollars a year. No wonder that big financial firms can afford to pay billions in fines as a cost of doing business.

***

Assessment

Other countries, including Australia, Canada, and the UK, have required a distinct separation of financial advice from financial sales. Hopefully the US won’t let another 24 years go by with no changes in the way we regulate companies that sell financial products. For those changes to be driven by consumer demand, more investors need to learn about the costs they pay and to realize that sellers of financial products are not that different from sellers of cars.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

***

Filed under: "Ask-an-Advisor", Ethics, Financial Planning, Investing | Tagged: On financial product sales commissions, Rick Kahler CFP® | 2 Comments »

Is the cost of a college education really worth it?

Posted on July 18, 2016 by Editor-in-Chief

[By Rick Kahler MSFS CFP®]

How do you know when the cost of a college education is really worth it? A lot of factors—both financial and emotional—go into making that decision. Weighing the pros and cons can be daunting.

Example:

Let’s consider a couple of examples that will help conceptualize the process of determining if a college education makes financial sense.

First, here are some numbers for traditional students. The cost of an average four-year education at Yale is around $240,000, and the average starting salary for its graduates is $55,000. The monthly payment on a student loan for that amount would be $2,420, or $29,159 a year. That equals 53% of the starting salary. There are a lot of other variables to consider, like potential scholarships that would lower the tuition, or lowering the loan payment by stretching out the amortization period (which actually increases the overall cost). But given these facts the answer to whether this education makes financial sense is a no-brainer. No; find another school.

At the South Dakota School of Mines, by contrast, the cost of an average four-year education is around $65,000 and the average starting salary is $68,000. The monthly payment on a student loan for that amount would be $648, or $7,897 a year. That equals 12% of the starting salary. The cost of this education makes complete sense.

For traditional students, my personal rule of thumb is this: don’t pay more than one and a half times the average starting salary of a job for the education to obtain it.

For non-traditional students who are looking to switch careers, the calculation is a little more involved. You must weigh the salary you earn in your current career with the cost and net increase in the career you are considering.

Example:

Recently a reader emailed me this question: “I have a bachelor’s degree in my chosen career and am unable to find a full-time, benefitted, permanent job. When is it no longer a good financial decision to not go back to college? I can pick up a degree in a different field for $8,000. If I am 12-13 years from retirement, is it worth it?”

The average salary for a job in her career field is $20 an hour, or $42,000 a year. The problem is that she has not been able to find employment in her career field. She has only been able to find temporary jobs with earnings of $9.77 to $12.75 per hour.

So far her four-year degree has netted her around $12,500 a year. Her research shows that if she went back to school for two years she could switch to a career field more in demand in her area and earn $45,000 a year. That’s $32,500 more per year. If she invests two years and $8,000 in education, then works in her new career for 10 years, she can earn an additional $325,000 before retirement.

If she were to borrow the funds needed for her education and repay the loan at 4% for 10 years, her monthly payment would be $81, or $972 a year. That equals about 2% of her salary. Given these facts, going back to school makes clear financial sense.

Assessment

Of course, financial factors are not the only ones to consider in deciding whether to invest in education. Looking at the numbers is essential, but it’s equally important to find a career field that suits your talents and interests. It makes no sense to spend time and money preparing for a career you don’t want. The most rewarding college investment is one that provides worthwhile returns in emotional satisfaction as well as financial success.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

***

Filed under: "Ask-an-Advisor", Career Development | Tagged: college costs, Rick Kahler CFP® | 2 Comments »

I’m a 47 year old MD – Can you help me?

Posted on November 4, 2014 by Editor-in-Chief

A Real-Life Case Model

By Ann Miller RN MHA

http://www.CertifiedMedicalPlanner.org

As a generic financial advisor, how would you answer this client prospect’s inquiry?

QUESTION: I’m a 47 year old MD – Can you help me?

TRADITIONAL ANSWER: I am a stock-broker [aka financial advisor] or insurance agent, and I sell financial products and insurance policies on a commission basis.

What do you want to buy?

CURRENT ANSWER: I am a financial planner, and I charge a percentage amount on the assets I “manage” for you. But, I have a minimum portfolio amount.

So how much money do you have to invest?

DEEP NICHE ANSWER: Yes! I am a fully CERTIFIED MEDICAL PLANNER™ practitioner. I understand holistic financial planning for medical professionals and current health industry tumult. And, as an informed fiduciary – with transparent fees – I can help with your medical practice, business and/or personal financial planning matters.

When can we meet to discuss your needs?

***

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

***

ENTER THE CMPs

Enter the CMPs

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Ask-an-Advisor", Career Development, CMP Program, Financial Planning | Tagged: certified medical planner, CMP Program, CMP™ Course, Financial Planning | 3 Comments »

Are FAs a Wise Investment?

Posted on December 30, 2013 by Editor-in-Chief

Ask-the-Advisor

Dear Dr. David Edward Marcinko,

Are financial advisors a wise investment? Mine charges me 1% each year for all my assets under their management. Is it worth it?

—Allen

It is hard to know for sure. But the fact that many financial advisers have different hidden fees suggests to me that they themselves don’t think that people would pay if they charged for their services in a clear and upfront way.

Re-Frame

To help you think about this question in your own life, let’s contrast two cases: In case one, you are charged 1% of your assets under management, and this amount is taken directly from your brokerage account once a month. In case two, you pay the same overall amount, but you send a monthly check to your financial adviser.

Consider

The second case more directly and clearly depicts the cost of your financial adviser, providing a better frame for your question. So, put yourself in the mindset of the second case, and ask yourself if you would pay directly for these services.

I think the best answer, according to colleague and economist Dan Ariely PhD, can be expressed in this manner.

If the answer is yes, keep your financial adviser; if the answer is no, you have your first action plan for the New Year.

More:

Why Physician-Investors Must Understand TAMPs

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: "Ask-an-Advisor", Investing | Tagged: david marcinko, Financial advisor fees | Leave a comment »

Will Healthcare Reform Impact a Spine Surgeon’s Retirement Plan?

Posted on August 1, 2013 by Editor-in-Chief

Q&A With Dr. Brian Knabe of Savant Capital Management

By Ann Miller RN MHA

Brian Knabe MD CFP® CMP® is a former medical physician turned financial advisor at Savant Capital Management, a fee-only wealth management firm.

Here, he discusses the smartest moves for spine surgeons at various stages in their careers to ensure an enjoyable retirement.

###

retirement

LINK: Will Healthcare Reform Impact a Spine Surgeon’s Retirement Plan? Q&A With Dr. Brian Knabe of Savant Capital Management

More

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Ask-an-Advisor", Breaking News, CMP Program, Retirement and Benefits | Tagged: "Ask-an-Advisor", brian knabe, healthcare reform, retirement plan, retirement planning, savant capital management, spinal surgeon, spine surgery | 2 Comments »

Should Olympic Medal Winners Pay Tax?

Posted on August 12, 2012 by Editor-in-Chief

A Taxing Question

By Children’s Home Society of Florida Foundation

At press time this evening, the United States was embarked on a successful 2012 Olympics. The U.S. had received 90 medals — 39 gold, 25 silver and 26 bronze. Our Olympic team was on a path to receive well over 100 medals.

While each medal has very high personal value, there also is value to the tangible materials. The gold medals contain approximately $675 in materials, the silver $385 and the bronze medal value is $5. However, the U.S. Olympic Committee (USOC) also provides a cash gift for medal winners. The gift values are $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal.

Should the Olympic winners pay tax?

The general income tax rule is that all prizes are taxable unless specifically excluded. Several Senators and Representatives have proposed that the value of the medal and USOC cash award should be excluded from taxable income.

Senator Marco Rubio (R-FL) introduced the Olympic Tax Elimination Act. It would exempt medal winners from paying tax. Rubio stated, “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home.”

Similar bills were introduced in the House by Rep. Blake Farenthold (R-TX), Rep. Mary Bono Mack (R-CA) and Rep. Aaron Schock (R-IL).

Expenses to Offset Income

All of the bills would exempt the medal and cash award from taxation. CPAs who have commented on the proposal note that the athletes would need to report the cash awards as income, but also could offset this income with “ordinary and necessary” expenses related to the awards. For example, the five women gymnasts who won the gold medal could take deductions for their classes, costs of coaches and their travel expenses.

Assessment

House Ways and Means Committee Chairman Dave Camp (R-MI) joined the group that favors excluding the Olympic medals from taxation. He stated, “These athletes deserve every bit of our support and appreciation for representing the United States on the world stage. Allowing our Olympians to receive and enjoy their medals and awards without having to worry about whether they can pay the taxes on their accomplishment is just one small way we can show that support.”

Conclusion

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

Our Other Print Books and Related Information Sources:

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

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

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

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

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

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Ask-an-Advisor", Taxation | Tagged: income tax, olympics 2012, Should Olympic Medal Winners Pay Tax? | Leave a comment »

May Patients Privately Contract with their Doctors?

Posted on May 3, 2012 by Editor-in-Chief

Ask-An-Advisor

QUESTION: A question to ME-P readers and subscribers.

Medicare may disallow private contracting by federal law. But, can private insurances, whether PPO or managed care, legally prevent a patient from privately contracting with their doctor for services or goods above the contracted rates, as long as informed consent and appropriate waivers are executed in advance of the service?

IOWs: Do private managed care insurance companies have the legal right to limit a person’s liberty to seek care above the constraints of the health insurers contract, if the patient so desires? I understand that an insurer by contract with provider and patient is obligated to pay only a negotiated fee for a specific service or good, but if the patient desires a more accommodating service or extra features to a durable good, do they have the right to privately contract for such services beyond the contract payment or benefit restraints. I believe that this goes into state law safeguards for patient welfare in as much as most non-federal or non-ERISA health insurances are guided by state law.

Assessment

This is not a naïve question for I have posed it to various plan medical directors in our area and have had surprisingly varied responses.

I welcome your crowd-sourced comments with thanks in advance.

Dr. Mark D. Dollard

Loudoun Foot and Ankle Center

46440 Benedict Drive

Suite #111 – Sterling, VA 20164

703 444-9555 [ph] 703 444-1190 [fax]

mdollard@erols.com

Conclusion

Your thoughts and comments on this ME-P are appreciated; especially from our healthlaw attorney readers, plan subscribers, consultants and medical directors. 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

Our Other Print Books and Related Information Sources:

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

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

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

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

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

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Ask-an-Advisor", Health Insurance, Health Law & Policy, Practice Management | Tagged: ABN, ERISA, Mark Dollard, May Patients Privately Contract with their Doctors?, medicare | 1 Comment »

102 Personal Finance Tips Your Medical School Professor Never Taught You

Posted on April 26, 2012 by Editor-in-Chief

Ask the Advisor

If you’re anything like most doctors, you graduated from college and perhaps even took a finance class or accounting class here or there, but you didn’t learn anything about managing your personal finances.

In fact, there probably wasn’t even an opportunity to take any such class in high school, college or medical school, either.

But, if medical school is partly about training for a job, shouldn’t we learn what to do with the money we earn from medical practice? Especially in a country where 45% of college students are in credit card debt and 40% of all Americans say they live beyond their means, many think it’s time to wise up to some of the challenges of money management.

Assessment

So, here are a few (say, 102) simple tips that can help get your money life (back) on the right track.

Link: http://www.yourcreditadvisor.com/blog/2006/10/102_personal_fi.html

Channel Surfing the ME-P

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

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

* 8

Filed under: "Ask-an-Advisor", Financial Planning, Practice Management | Tagged: 102 Personal Finance Tips Your Medical School Professor Never Taught You, financial literacy, Financial Planning | 1 Comment »

The Americans with Disabilities Act and Deaf Patients

Posted on January 21, 2012 by Editor-in-Chief

Interpreting … the Interpreter

Ask-an-Advisor

QUERY:

I understand that as doctors we need to accommodate the disabled and follow the ADA of 1990. In the case of hearing-impaired patients, it is our cost to have an interpreter present.

But, for example, is the doctor able to dictate what interpreter will be used or does the patient decide who will be interpreting? As far as the charge for the services of the interpreter, how is the appropriate fee set?

It takes about twenty minutes for us to see a hearing-impaired patient. We are told from the interpreting service that it is their policy to charge us for a minimum of two hours.

Any thoughts?

Assessment

Link: http://www.ada.gov/pubs/ada.htm

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Ask-an-Advisor", "Doctors Only", Health Law & Policy | Tagged: ADA, Americans with Disabilities Act, Deaf Patients, The ADA and Deaf Patients | 4 Comments »

Snarky Example of a Medical Practice RAC Audit

Posted on December 31, 2011 by Editor-in-Chief

Ask a Consultant

RAC Repayment Demand – Query

I just received a demand for payment from the RAC program for $32.46. I treated a patient with a non-displaced fibula fracture with a BK CAM boot and crutches. I coded 99212-25 and 27786,73610 on 1-29-09. The audit claims the evaluation and management is part of the fracture care.

Should I appeal for $32.46?

Back then (3 years ago), my records were hand-written and not as comprehensive as they are now with EHR. Am I exposing myself to further inquiry by sending my admitedly inadequate records?

Doctor Name Withheld

Conclusion

As always, 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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

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

Filed under: "Ask-an-Advisor", Practice Management | Tagged: CPT, CPT codes, MC, Medical Practice RAC Audit, medicare, RAC Audit | 2 Comments »

Do Doctors have an Obligation to Bill their Patients for Co-Payments?

Posted on December 29, 2011 by Editor-in-Chief

Ask an Advisor – Query

I have read about pro-bono care on the ME-P. But, as doctors, are we required to bill our patients their co-pay amount by law, or can it be written off at our discretion? In other words, if we decide not to bill them, will we be penalized by Medicare.

Conclusion

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

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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", Health Insurance, Practice Management | Tagged: Do Doctors have an Obligation to Bill for Co-Payments?, Health Insurance, Health Insurance Co-Payments | 2 Comments »

Is an EMR Incentive Check Taxable?

Posted on December 9, 2011 by Editor-in-Chief

Ask an Advisor

By Staff Reporters

According to PM News #4325, a podiatrist in San Luis Obispo, CA, recently received his first EMR incentive check.

Congratulations and kudos were had by all in the practice. Then, reality set in as the doctor wondered out loud!

Q: Is the incentive check taxable?

Assessment

We now seek input and advice from medical management consultants, financial advisors and accountants.

Conclusion

And so, your thoughts and comments on this ME-P are appreciated.

Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too.

Then, subscribe to the Medical Executive-Post. It is fast, free and secure.

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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed. Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

Filed under: "Ask-an-Advisor", Taxation | Tagged: EHRs, EMRs, Is an EMR Incentive Check Taxable? | 1 Comment »

Where Does our National Debt Originate?

Posted on November 17, 2011 by Editor-in-Chief

Letting the White House … Tell Us!

By Staff Reporters

One of the fundamental things to understand about reducing our national debt is how we accumulated so much in the first place.

Assessment

To explain the impact various policies have had over the past decade, shifting us from projected surpluses to actual deficits and, as a result, running up the national debt, the White House has developed a graphic for us.

Source: Whitehouse.gov

Conclusion

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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", Financial Planning, Taxation | Tagged: national debt, White House | Leave a comment »

Do You Have a Healthcare Related Patent or Business Idea?

Posted on November 12, 2011 by Editor-in-Chief

Crowd-Source Your Concept for Grassroots Industry Feedback

By Staff Reporters

The Medical Executive-Post is proud that our readership is at the very cutting edge of modern innovation. And, we know that many of you have great ideas but don’t always have the time or resources to move them toward realization.

Our Community Advantage

Through our online community for healthcare and financial professionals, you are now able to engage relevant market populations directly and progress your business ideas forward.

And, we have already worked with a select nucleus of organizations to drive conversations around several innovative healthcare related business ideas.

Assessment

Concept, start-up or ready to launch; let us help you find the insights you need … and feedback you’re desperately looking for.

Who knows, the next Steve Jobs of healthcare may be out-there!

Conclusion

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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Career Development, Practice Management | Tagged: health 2.0, healthcare business ideas, healthcare innovation, healthcare patents, medical entrepreneur, proof of medical concept | 3 Comments »

How Financial Advisors Can Earn Exposure on the ME-P

Posted on November 8, 2011 by Editor-in-Chief

Using Our Free -or- Fee Based Methods

Ann Miller RN MHA

[Executive-Director]

Dear Financial or Investment Advisor, Consultant or Financial Planner

Are you looking for added marketing exposure for yourself, your website, or your financial advisory business or financial planning firm? Do you have some area of expertise in the financial planning niche for doctors and medical professionals?

If so – the Medical Executive Post is here to help make your brand, website presence and your original articles and comments available to the more than 175,000 visitors that read us every month.

How for Free?

The first step is to join us:

Then submit an original essay, or comment on an existing ME-P [no store bought or ghost written material]. Include an author bio with photo.
Get feedback and back-links to your email address or website with the added marketing exposure to our community.
Serve your clients well.

How for Fee?

The first step is to join us.

Submit videos, with audio, to give yourself or firm, additional time and exposure for a small fee.
Help us create an Expert Page – a dedicated page on our website that provides additional information exclusively on you, your services and products. Use this page to network and communicate with doctors, nurses and other medical professionals in need of your services, products or advice.
Serve your clients well.

Assessment

We look forward to helping you gain exposure to ME-P readers and subscribers – a win-win proposition for all concerned.

Thank you.

ME-P Editorial Department

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Financial Advisor Listings, Marketing & Advertising | 2 Comments »

Social Media Strategy Survey for Financial Advisors and their Physician Clients

Posted on October 20, 2011 by Editor-in-Chief

The ME-P Wants to Know

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

Financial Services Late Adopters

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

Assessment

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

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

Conclusion

http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Information Technology, Surveys and Voting | Tagged: broker-dealers, RIAs, social media, social media for CPAs, social media for financial advisors | 2 Comments »

About Healthcare Financials.com

Posted on October 12, 2011 by Editor-in-Chief

WELCOME ALL HEALTH 2.0 COLLEAGUES

[An Open Invitation]

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

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

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

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

“This wide-ranging examination of the fiscal

management scene for hospitals, healthcare

organizations, clinics and outpatient centers

includes case models, extensive appendices,

and detailed checklists and templates that

step the reader through a review of main

issues for each chapter.”

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

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

Subscribe today … Succeed tomorrow!

Dr. David Edward Marcinko MBA, CMP

[Founder, CEO and Editor-in-Chief]

iMBA Inc – Suite #5901 Wilbanks Drive

Norcross, GA 30092-1141

Filed under: "Ask-an-Advisor", Book Reviews, Career Development, Experts Invited, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Recommended Books | Tagged: david marcinko, www.healthcarefinancials.com | 2 Comments »

What is the Point of Financial Planning [Pod Cast]?

Posted on May 2, 2011 by Editor-in-Chief

A Video and Audio Survey

By Staff Reporters

Question

What’s the point of financial planning?

One Answer

Read WSJ’s post from Richard Reyes and comment below to share what you think the point is.

Assessment

PodCast link: http://www.vimeo.com/22892025?ab

Conclusion

And so, your thoughts and comments on this ME-P are appreciated.

Is financial planning different for doctors, as we contend here at the ME-P? Do we need a separate educational track and designation for healthcare, like: www.CertifiedMedicalPlanner.com ?

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

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", CMP Program, Financial Planning, Videos | Tagged: CMP, Financial Planning, Richard Reyes, what is financial planning?, www.certifiedmedicalplanner.com | Leave a comment »

Introducing Carol S. Miller BSN MBA

Posted on April 22, 2011 by Editor-in-Chief

Our Newest Thought-Leader

By Ann Miller RN MHA

[Executive-Director]

Carol S. Miller BSN, MBA, PMP has an extensive healthcare background in operations, business development and capture in both the public and private sector. Over the last 10 years she has provided management support to projects in the Department of Health and Human Services, Veterans Affairs, and Department of Defense medical programs.

Resume

In most recent years, Carol has served as Vice President and Senior Account Executive for NCI Information Systems, Inc., Assistant Vice President at SAIC, and Program Manager at MITRE. She has led the successful capture of large IDIQ/GWAC programs, managed the operations of multiple government contracts, interacted with many government key executives, and increased the new account portfolios for each firm she supported. She is a HIMSS Fellow, Past President and current Board member and an ACT/IAC Fellow.

Education

Carol earned her MBA from Marymount University; BS in Business from Saint Joseph’s College, and BS in Nursing from the University of Pittsburgh. She is a Certified PMI Project Management Professional (PMP) (PMI PMP) and a Certified HIPAA Professional (CHP), with Top Secret Security clearance issued by the DoD in 2006.

Assessment

Carol can be reached at 703.407.4704 or carol.miller@macksonconsulting.com

Our Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", Practice Management | Tagged: carol s. miller, Thought-Leaders: | 1 Comment »

Improving Revenue Cycles at a West Coast Public Hospital?

Posted on February 21, 2011 by Editor-in-Chief

Ask an Advisor?

www.BusinessofMedicalPractice.com

Mr. Johnson was the chief financial officer (CFO) of a 222-bed teaching hospital in southern California. Mr. Johnson recognized a lot of problems with the processes within the various revenue cycle departments he managed which impacted cash flow for the facility. Mr. Johnson met with the hospital chief executive officer (CEO) to express his concerns and the fact that he felt his existing staff did not have the expertise to fix many of the problems they were facing.

Ms. Thomas, the hospital CEO, agreed with Mr. Johnson’s evaluations and concerns and the two prepared a package for the Board of Supervisors to submit a request for proposal to several revenue cycle improvement vendors. This request was approved by the Board and sent to several vendors with known successful track records in this area. During the next several weeks the responses were evaluated and a final vendor selected.

It was determined through a Revenue Cycle Performance Evaluation completed by the vendor prior to the kick-off of the engagement that the largest opportunity for improved cash would be to address the bottlenecks in the cash flow, the excessive days in accounts receivable, the backlogged accounts in denied claims and improved process through the entire revenue cycle at this public hospital.

When the engagement began, the net days in accounts receivable were 103 and the time from discharge to final bill was 33 days. The vendor was engaged for a four-year period to provide cash acceleration and revenue cycle improvement on a “pay for performance” [P4P] fee structure. A historical review of the hospital’s financial data determined an average monthly collection amount (baseline) the hospital was achieving each month prior to the start of this engagement. The P4P fee structure required the vendor to reach the baseline each month before the hospital was required to pay any profession fees for the services of the vendor.

KEY ISSUES:

What could the hospital do to realize immediate benefits with regard to:

– accelerated cash flow?

– reduced days in accounts receivables?

– streamlined revenue cycle processes?

– better trained existing staff?

– return on investment?

MORE: Rev Cycle Mgmnt

Conclusion

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", Experts Invited, Practice Management | Tagged: cash conversion cycles, hospital revenue cycles, P4P, Revenue Cycle Performance Evaluation | 2 Comments »

Update on How Physicians Get Paid in 2010-11 [A slide show]

Posted on January 26, 2011 by Editor-in-Chief

Part 2: [A Visual .ppt Presentation]

By Dr. David Edward Marcinko; MBA

[Editor-in-Chief]

From prior posts and comments on this ME-P, we know that most patients don’t have a clue about how doctors get paid in the real world of health insurance reimbursement.

A Popular Topic

We know this because prior posts on the topic have consistently been among the most popular on this platform. For example:

Part 1: https://healthcarefinancials.wordpress.com/2008/09/12/how-doctors-get-paid

Assessment

And so, we have taken the liberty of drilling down the topic, to a more granular level, in this attached .ppt presentation.

Link: How Doctors Get Paid in 2010

Conclusion

And so, your thoughts and comments on this ME-P special presentation are appreciated. Tell us what you think?

Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to 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:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

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

Filed under: "Ask-an-Advisor", Health Economics, Health Insurance, Healthcare Finance, Managed Care, Op-Editorials, Videos | Tagged: david marcinko, Health Insurance, healthcare economics, Healthcare Finance | 4 Comments »

More on Disability Insurance for Physicians

Posted on January 12, 2011 by Editor-in-Chief

Some Advice from a Doctor, Insurance Agent and Financial Advisor

Dr. David Edward Marcinko MBA CMP™

www.CertifiedMedicalPlanner.org

[Publisher-in-Chief]

Policies Are Harder to Get, More Expensive, and Offer Less Protection Than Before

Due principally to large claims from anesthesiologists, surgeons, emergency room physicians, and trial attorneys, disability insurance underwriting is becoming stricter. Among the effects on policyholders: revised definitions of disability; restriction of benefits to two years on so-called “soft tissue” disabilities and mental and nervous disorders; and downgrading of professionals to the general white-collar category. The result is higher premiums.

Buy a Good Individual Policy

Based upon the fact that disability is the only insurance product on the market that is non-cancelable (premiums and policy features are locked in until age 65), my advice is to buy a good quality individual policy as early as possible and hang on to it. Group benefits should be added later. Also, many group plans only include straight salary in compensation. Incentive compensation, which makes up a large portion of an executive’s compensation, is not considered. Under the Revenue Reconciliation Act of 1993, employee disability benefits can only cover up to $150,000 in compensation. Finally, don’t forget that if the employer pays the premiums, benefits are taxable. This can substantially reduce an executive’s disability income.

Pay More for Non-Cancelable Coverage

I also may recommend paying a 15–20% higher premium to obtain non-cancelable coverage, if available, as compared to guaranteed renewable coverage. In both cases, coverage cannot be canceled. However, in the latter case, premiums can be increased on a class basis. Also, investigate the partial-disability benefits as well as the residual benefits after returning to work.

Note: “Your Disability Is Your Opportunity,” by Jaberta C. Evans, Dow Jones Investment Advisor, December 1996, pp. 76–80, Dow Jones Financial Publishing Corp., [908] 389-8700.)

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Ask-an-Advisor", "Doctors Only", CMP Program, Insurance Matters, Op-Editorials | Tagged: CMP, david marcinko, Disability Insurance Physicians, www.certifiedmedicalplanner.com | 8 Comments »

A Physician Query on “Used” eMR Billing System Value?

Posted on November 7, 2010 by Editor-in-Chief

Understanding Residual Worth

“Ask an Advisor”

Submitted by an Anonymous, MD

Greetings!

I am in a three man Neurology practice. Five years ago we invested in an all inclusive EMR / billing system with A4 Health Systems and Allscripts. The system cost close to $60,000 and has been constantly upgraded (for “free”). There are also yearly “maintenance” fees of about $7,000. Each physician also had to get a license at a cost of $7,000 each. A license now per physician is $13,000!

Buy-Out Value

I am going to be leaving the practice in one year and would like to know how I go about getting the EMR appraised for my buy-out. I am not about to turn this very valuable system over to my partners as a “going away gift”. The system has been upgraded several times a year and the practice obviously could not run without it (i.e.: it is a tangible asset and has continued value in use).

Assessment

PCs, printers, etc. may have depreciated in value but the system has not especially since it has been upgraded on a regular basis. Can you refer me to someone who is familiar with appraising EMR systems?

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. How do you appraise a “used or second-hand” eMR system? Does it have any residual value at all! 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.

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

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

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

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Ask-an-Advisor", Information Technology, Practice Management, Practice Worth | Tagged: A4 Health Systems, Allscripts, eHR, eMR Billing System Value, eMR residual value | 1 Comment »

Be a Financial Services Whistle-Blower!

Posted on May 19, 2010 by Editor-in-Chief

Have You Ever Worked in the Financial Services Industry?

By Ann Miller; RN, MHA

[Executive-Director]

Do you have experience in the financial services sector? Have you ever worked for a broker-dealer, or on Wall Street, or for a wire-house, financial advisory or planning firm, or even an insurance company, retail, commercial or investment bank?

If so – the Medical Executive Post is interested in your gossip, insider information, knowledge, personal opinion, insight or related hearsay – both positive and negative. Remain anonymous or be named outright.

Please contact us today: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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

Sponsors Welcomed

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Ethics, Experts Invited, Op-Editorials, Risk Management | 4 Comments »

How to Evaluate a Managed Care Contract Proposal?

Posted on April 27, 2010 by Editor-in-Chief

ASK AN ADVISOR

To Join -or- Not to Join is the Question

By Staff Reporters

www.HealthcareFinancials.com

A new-wave West-Coast managed care organization (MCO) wanted a multi-specialty medical group to contract with them to provide medical services to all subscribers. Compensation would be in the form of a fixed-rate capitated payment system, a.k.a. per member / per month (PM/PM).

Ask an Advisor

The medical group practice administrator reviewed their request for proposal (RFP) very carefully, but is still not sure what to do. So, allow us to “crowd-source” as we ask ME-P readers, advisors and management consultants for a solution.

Key Issues

Facts to know for an informed PM/PM capitated reimbursement decision:

annual frequency or service-rate per 1,000 patients
unit cost of medical services per unit-patient
co-payment dollar amount per patient
co-payment frequency rate per 1,000 patients
variable cost per patient
under-capacity medical group office utilization rates, and
fixed overhead office-cost coverage [+/-].

Assessment

Visit: www.CertifiedMedicalPlanner.com

More case models: https://medicalexecutivepost.com/2010/03/12/healthcare-case-models-cd-rom/

Conclusion

And so, your thoughts and comments on this ME-P are appreciated. What is your solution; accept or reject the contract proposal? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe. It is fast, free and secure.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Managed Care, Practice Management | Tagged: capitation, fixed rate medical reimbursement, HMO, Managed Care, MCO, medical contracting | 2 Comments »

Queries for the ADA Member Service Center

Posted on April 11, 2010 by Editor-in-Chief

Four Questions for Consideration

[By Darrell K. Pruitt; DDS]

Dear ME-P Readers

I’m considering these four questions for the ADA Member Service Center to break the ice. What do you think?

Question 1 – The FTC’s Red Flags Rule is due to be enforced on June 10. If the Rule is not delayed for a fifth time and a dentist has a contractual relationship with CareCredit/GE or similar healthcare financing service, will that mean he or she will become a covered entity obligated to additional paperwork, liability and expense?

Question 2 – According to the “ADA National Oral Health Agenda” found on the Advocacy page, it states that one of the ways the ADA intends to reduce the cost of dental care is to promote health information technology. This goal was first posted several years ago. Considering the ever increasing liability of data breaches in healthcare, can consumers still expect to save money in dental care by visiting a paperless practice?

Question 3 – Am I correct to assume that soon the ADA.org Website will include the capability for direct discussions between members and leadership?

Question 4 – If interactive functions are indeed to be included in the new ADA Website, will there be any topics concerning ADA policy that will be closed to questions from membership?

Editors Note: The incredible power of the internet is illustrated with this post relative to the phenomenon of “crowd-sourcing.” In this context, the term means to harvest the reach of social networking, like this ME-P, to solve a problem, or ask for input or opinions.

IOW: A knowledge seeker asks a question and participants respond. PeerClip.com is an example of how “wisdom of the crowds” allows you to follow the latest opinions on interesting topics. In the medical practice management arena, you can also participate at the: www.BusinessofMedicalPractice.com, our newest 850 page book available this Fall.

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

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Ask-an-Advisor", "Doctors Only", Healthcare Finance, Information Technology, Op-Editorials, Pruitt's Platform | Tagged: ADA Member Service Center, ADA National Oral Health Agenda, ADA. DDS, ADA.org, CareCredit/GE, Darrell K. Pruitt, dentists, eDRs, EMRs, FTC, red flag rules | 9 Comments »

About the Covestor Mutual Fund Portfolio Sharing Service

Posted on March 29, 2010 by Editor-in-Chief

What it is – How it works

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

Covestor, with offices in New York and London, is a web platform started by entrepreneurs Perry Blancher, Richard Tachta and Simon Veingard http://www.covestor.com. Their belief was that salaried mutual fund managers have no monopoly on investment talent and shouldn’t have a lock on the rewards that come with investment success. As financial services, and online netizens, they also believed in democratizing the investment management industry and helping proven self-investors compete with the large institutions. This is known as the power of “crowd-sourcing.” All core philosophies seem to be shared by this ME-P.

What it is

According to their website, Covestor is both a portfolio sharing service for proven self-investors and for those wishing to track them; where data is private, secure and anonymous. With Covestor, one can coat-tail successful investors and follow their real trade activity. Or, have their moves auto-traded for you by Covestor Investment Management. Members can also keep track of their investments andBuild a free track record comparable to professional mutual funds. Members earn fees for their hard work, and Manage a model that their clients can mirror thru shared management fees.

Profit Sharing Investors

Covestor investors sharing portfolios include professionals, full time amateurs and industry specialists. They are a serious bunch with an average reported portfolio size of over $200,000 (excluding cash). Positions are typically held in over 5,000 different equities; are based in 50 countries and span the full range of ages, backgrounds and styles.

Issues

As a doctor-investor, health economist and former certified financial planner, there are at least three issues needed to be raised about this firm.

The first is SEC/NASD/FINRA rules and applicable SRO and state regulations for brokers, RIAs, FAs and related others? The status of suitability versus fiduciary accountability for ERISA regulated plans is also questioned. The third [and least important] is the potential negative impact on traditional financial services “professionals.”

In other words, is this another example of how technology will flatten the “intermediary curve” and reduce the profit of middle sales-men and sales-women? Oh! What about medical specificity for our target audience?

www.CertifiedMedicalPlanner.org

Assessment

I am sure there are other issues as well. Your thoughts and comments on this ME-Pare appreciated; especially from financial services “professionals”, lawyers and FAs, etc, Give em’ a click and tell us what you think http://www.covestor.com?

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Ask-an-Advisor", Breaking News, Career Development, CMP Program, Ethics, Information Technology, Investing, Practice Management | Tagged: certified financial planner, CFP, CMP, covestor, Covestor Investment Management, ERISA, FINRA, NASD, Perry Blancher, RIA, Richard Tachta, SEC, Simon Veingard, www.CertifiedMedicalPlanner | 4 Comments »

New Regulations Needed For Financial Planners?

Posted on March 12, 2010 by Editor-in-Chief

So Says New Coalition

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

The Financial Planning Coalition [FPC] is pushing for a law that would require anyone calling themselves a financial planner to meet certain ethical and educational standards and to register with the Securities and Exchange Commission [SEC].

About the FPC

According to its’ website, the Financial Planning Coalition is a collaboration of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA), and the National Association of Personal Financial Advisors (NAPFA) to advise legislators and regulators on how to best protect consumers by ensuring financial planning services are delivered with fiduciary accountability and transparency. Americans have grown leery of those who work in financial services.

Currently, financial planning (the process of advising individuals and families across a range of personal finance topics in addition to investment advice) is unregulated as a profession, resulting in major gaps in current laws. So, is it really a “profession” many ask – void of any significant barrier to entry?

The Financial Planning Coalition intends to work with Congress to produce legislation that puts the interests of clients first and enables consumers to identify a trusted financial adviser.

To learn more about the Financial Planning Coalition’s purpose and mission, click here to read, or download the Statement of Understanding [PDF].

SEC Wrong Oversight Agency?

According to this report in Financial Advisor magazine, an advertiser-driven trade journal:

the standards would be set by a public oversight board that would be funded by small registration fees paid by the financial planners, said Robert Glovsky, chair of the Certified Financial Planner Board of Standards during a conference call today. The CFP Board, as well as the Financial Planning Association and the National Association of Personal Financial Advisors makes up the coalition.

Exemptions

However, brokers and insurance agents would not be forced to register as financial planners, but those who held themselves out as financial planners would have to meet the required minimum competency and ethics standards or stop using the financial planner title.

Assessment

And so, as we have noted, written, preached and warned for more than a decade – anyone can call themselves a financial planner, or financial advisor; so beware medical colleagues.

More: http://www.fa-mag.com/fa-news/5314-new-regs-needed-for-financial-planners-coalition-says.html

NOTE: The fiduciary definitional standard conundrum was not even addressed in the article or by the committee, as far as I know. Moreover, note that SEC oversight was in place before, during and now after the Bernie Madoff scandal – so enough said about competency! www.HealthDictionarySeries.com

Conclusion

Your thoughts and comments on this ME-P are appreciated. What do you think FAs, and CFPs®? Should all become an RIA or ERISA styled fiduciary? Or, will this be another CFP® lite fiasco?

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

Disclaimer: I am a former certified financial planner and CEO of the online www.CertifiedMedicalPlanner.com program for fiduciary advisors working in the healthcare space.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Ask-an-Advisor", Breaking News, Career Development, Ethics, Financial Planning, Op-Editorials | Tagged: CFP, CMP, david marcinko, FA, financial planning association, Financial Planning Coalition, FPA, insurance agents, NAPFA, National Association of Personal Financial Advisors, RIA, Robert Glovsky, SEC, stock-brokers, www.certifiedmedicalplanner.com | 14 Comments »

Does Life Insurance Cover Intra-Operative Death?

Posted on March 2, 2010 by Editor-in-Chief

ASK-AN-ADVISOR

Courts at Odds over Wether Hospital Mishaps are Accidents?

By Staff Reporters

A spouse dies while in surgery. Was he or she covered under your family life insurance plan? Are you entitled to collect?

Assessment

Explore this issue thru an original article by Asher Hawkins [02.08.10] 06:18 PM EST, from Forbes.

Link: http://www.forbes.com/2010/02/08/life-insurance-medical-malpractice-personal-finance-mistake.html?partner=msn

Conclusion

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

***

[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]

Front Matter with Foreword by Jason Dyken MD MBA

Filed under: "Ask-an-Advisor", Health Law & Policy, Insurance Matters, Professional Liability, Quality Initiatives | 3 Comments »

Dr. Somnath Basu on Investing

Posted on February 17, 2010 by Editor-in-Chief

He Writes for the Medical Executive-Post

By Ann Miller; RN, MHA

[Executive-Director]

Dr. Somnath Basu is no stranger to the ME-P, or the financial planning community. He is a Professor of Finance at California Lutheran University and the Director of its California Institute of Finance.

Academic Background

Dr Basu earned his BA in Economics, University of Delhi, MBA (Finance), Marquette University and a PhD (Finance), University of Arizona. He is well published and is an award winning teacher. He has significant consulting experience with US Fortune 100 companies, advising institutional money managers and in developing proprietary finance and planning software. He serves on various Boards and committees including the CFP (chaired the Model Curriculum Revision Committee) Board of Standards and the Financial Planning Association.

Basu’s New Book

His new book, co-authored with Professors’ Block and Hirt, Investment Planning for Financial Professionals is available now, published by McGraw Hill, in May 2006.

Link: http://www.amazon.com/Investment-Planning-Geoffrey-Hirt/dp/0071437215/ref=sr_1_1?ie=UTF8&s=books&qid=1265918999&sr=1-1

Additional essays by Dr. Basu can be viewed at: http://blog.fpaforfinancialplanning.org/author/somnathbasufpa/

He also writers a column for the Journal of Financial Services Professionals. He can be reached at:

Contact Dr. Somnath Basu
Director – California Institute of Finance
Cell: 805 405 4448
Work: 805 493 3980
http://www.clunet.edu/cif

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Ask-an-Advisor", Financial Planning, Investing, Portfolio Management, Recommended Books | Tagged: California Institute of Finance, CFP, CFP Board of Standards, Finance at California Lutheran University, financial advisor, Financial Planning, financial planning association, FPA, RIA, Somnath Basu, stock broker | 4 Comments »

Questioning [Physician’s] Upward Social Mobility and the State of the Union Address

Posted on January 29, 2010 by Editor-in-Chief

Broad Consensus Seems Impossible for Medical Professionals – and Everyman

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

While an undergraduate student at Loyola University in Maryland, I learned from my Jesuit teachers and philosophers that a couple of centuries ago, the decider of all matters of importance in Jerusalem was the Great Sanhedrin, or a council of 71 judges. The council met most every day except on festivals and the Sabbath. It functioned as sort of a combination of the Supreme Court, Congress and a political debate boiler room.

Incorrect Unanimity

As one might imagine, the Sanhedrin’s members normally disagreed as they hammered out their daily opinions; much like today’s political debates over healthcare reform. But occasionally they came to a unanimous decision, and they had an amazing and very wise rule when that occurred: The decision was immediately overturned because the sages believed that a unanimous conclusion among so many individuals just had to be wrong.

THINK: The US Senate and Congress

Rules for Upward Mobility

Anyway, I was thinking about the Sanhedrin’s rule after last night’s 2010 State of the Union address by President Barrack H. Obama while I was considering the current state of the economic union for doctors – specifically. The translation is easy for non-physicians [everyman] as well; so bear with me.

Anyway, I was struck by the fact that if there was one grand unified theory which gets at least 90-100% agreement from current generations of America’s medical and lay punditocracy – it is the rules for upward [medical professional] mobility.

These rules, especially for second generation Americans like me, were:

A medical degree [college education] leads to a lucrative profession [job] and a satisfying lifestyle.
[Working hard], or practicing long hours, means your income will grow.
Devotion to medicine, or your job, will produce a comfortable retirement.
Your children will follow your career path [job] and create a lasting legacy

The Paradigm Shift

Today, with a national unemployment rate hovering around 10%, doctors and everyman may need to reconsider the above unwritten rules that have governed our upward mobility since the end of World War II. As the son of a GM auto worker – I did decades ago – and still do.

For example, from 1945 to 2000, various private and public health insurance mechanisms were developed, along with the idea that health insurance was a fringe benefit in lieu of the wage and price controls instituted after the war. Today it is even considered a “right” by some.

Nevertheless, the doctor-class was a surrogate for the affluent American upper middle class lifestyle, and a type of perpetual prosperity machine that created wealth.

There were periodic general economic dislocations of course, like the recessions of the mid-1970s and early 1980s, and the rise of managed care in the early 1990s. But, wealth seemed to compound for physicians, and progress always resumed its upward trajectory. This was especially true for all medical professional during the “golden age of medicine” [circa 1965-1990, approx].

After all, wasn’t [isn’t] healthcare considered a recession proof business? Perhaps no more!

The Physician Net-Worth Numbers

Then: I was involved in study a few years ago [September 16, 2008] which determined that the average 47 year-old physician, earning $180,000 annually, needed to amass a net-worth of about $5.5-M in order to maintain the same lifestyle throughout retirement at age 65.

Link: http://www.hcplive.com/finance/publications/pmd/2005/92/3951

Link: www.CertifiedMedicalPlanner.com

Now: Today, with the DJIA down about 30% from its’ October 2008 high, is this retirement / employment scenario still possible? Are our opinions Sanhedrin-like?

And remember, the estate tax laws sunset back to their original rates in 2011. Moreover, many financial advisors, like me, believe income tax rates and brackets will increase going forward; along with increasingly onerous regulations for small businessmen and women like physicians and private medical practitioners. New business innovations of all stripes will also be adversely affected.

Full Disclosure: I am founder of the Certified Medical Planner™ online education program for financial advisors and medical management consultants.

Assessment

And so, I ask, do the rules of upward mobility for physicians or everyman still apply; or have they changed? Why or why not? If so, is the change permanent or temporary, and is it for the positive or negative. Please consider financial, societal and/or generational implications.

IOW: Is President Barack H. Obama correct?

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: "Ask-an-Advisor", Career Development, Financial Planning, Funding Basics, Health Economics, Health Law & Policy, Investing, Op-Editorials, Retirement and Benefits | Tagged: Great Sanhedrin, Loyola, Marcinko, obama, physician net worth, social mobility, State of the Union | 5 Comments »

Apple Tablet PC Poll for Medical Professionals

Posted on January 27, 2010 by Editor-in-Chief

About Ambulatory Gadgets in Medicine

By Chris Thorman
Chris@softwareadvice.com

Hello Dr. Marcinko and all Medical Executive-Post readers. I hope you’re doing well.

The Big-Breaking News from Apple

You’ve probably heard the news that Apple is set to release a new tablet PC today. That got us thinking here at Medical Software Advice about whether or not this new device will be the first tablet PC to break through in the healthcare industry.

A Short Survey

So, we’ve created a short survey (8 multiple choice questions) about what tablet PC features are important to healthcare professionals. I’ll use the results from the survey to determine which tablet PC is best positioned to rule the halls of healthcare. Even if you’ve never used a tablet PC, we’d love to get your opinion on what features are important.

Link:
http://www.softwareadvice.com/articles/uncategorized/which-tablet-pc-will-rule-the-halls-of-healthcare-1012610/

Assessment

Thank you in advance for your survey participation.

Medical Software Advice [512.364.0118]

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: "Ask-an-Advisor", "Doctors Only", Breaking News, Information Technology, Voting Polls | Tagged: Apple, Apple Tablet PC, chris thorman, computers, HIT | 11 Comments »

Defining “Provider” for Medicare Incentive Payments?

Posted on December 29, 2009 by Editor-in-Chief

Ask a Medical Practice Management Advisor

Staff Reporters

HR 1 of ARRA states:

“The term ‘health care provider’ includes a hospital, skilled nursing facility, nursing facility, home health entity or other long term care facility, health care clinic, community mental health center (as defined in section 1913(b)(1)), renal dialysis facility, blood center, ambulatory surgical center described in section 1833(i) of the Social Security Act, emergency medical services provider, Federally qualified health center, group practice, a pharmacist, a pharmacy, a laboratory, a physician (as defined in section 1861(r) of the Social Security Act), a practitioner (as described in section 1842(b)(18)(C) of the Social Security Act).”

For Ambulatory Surgery Center’s

HR 1 of ARRA includes ASCs in the definition of “provider” (see above), but the CMS seems to indicate otherwise CMS’s site.

For Pharmacists

HR 1 of ARRA includes pharmacists and pharmacies as “providers.” New information on phamacists’ eligibility for IT loans was recently announced – see the Healthcare IT News coverage on this.

Assessment

What was missed; please advise?

Conclusion

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Ask-an-Advisor", Health Law & Policy, Information Technology, Practice Management | Tagged: ARRA, HITECH, MC, medicare, Social security act | 1 Comment »

Launching the ME-P Tutoring Service

Posted on October 12, 2009 by Editor-in-Chief

Seeking Academic Assistance in Health Economics, Finance and Administration

By Ann Miller; RN, MHA

[Executive-Director]

Enhanced knowledge and a better understanding of medical economics – healthcare finance and medical management – is at present central to more effective policy – making for better health services. We can provide a basic understanding of the key issues in health economics. You can either go online for tutoring or get your homework augmented/reviewed/completed through our assignment help service.

Email Based Homework or Employment Assignment Help in Health Economics

We may be the best resource to get answers to all your doubts regarding health economics, approaches to healthcare finance, medical practice management and other healthcare policy and administration specializations. You can submit your work, homework or assignments to us and we will make sure that you get the answers you need which are timely and also cost effective. Our tutors are available round the clock to help you out in any way with health economics and related topics.

Live Online Tutor Help for Health Economics

We have a vast panel of experienced economics tutors who specialize in health economics and can explain the different theories to you effectively. You can also interact directly with our tutors for a one-to-one session and get answers to all your problems in other specializations in healthcare finance and medical management. Our tutors will make sure that you achieve the highest grades for your economics assignments.

Assessment

Ideal for undergraduate and graduate students, practice managers, healthcare administrators, nurses, physician executives and employed laymen. Please contact us for competitive rates and premium prices for this personalize educational service: MarcinkoAdvisors@msn.com

Link: https://healthcarefinancials.wordpress.com/schedule-a-consultation/

Channel Surfing

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

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Breaking News, Career Development, CMP Program, Media Mentions and PR, Nominations Sought, Research & Development | Tagged: andragogy, CMP www.CertifiedMedicalPlanner.com, heutagogy, teaching, tutorials, tutoring | 1 Comment »

Take the Hospital Endowment Fund Management Challenge!

Posted on October 8, 2009 by Editor-in-Chief

Calling all Financial Advisors – Are You CMP™ Worthy?

By Staff Reporters

After conducting a comprehensive fundraising program, the Hoowa Medical Center received initial gifts of $50 million to establish an endowment. Its status as the community’s only trauma center and neonatal intensive care unit causes it to provide substantial amounts of unreimbursed care every year. This phenomenon, together with the declining reimbursements and an estimated 6% increase in operating costs, leaves the Center with a budgeted cash shortfall of $4 million next fiscal year. Although the new endowment’s funds are available to cover such operating shortfalls, the donors also expect their gifts to provide perpetual support for a leading-edge medical institution.

The Treasurer

Bill, the Center’s treasurer, has been appointed to supervise the day-to-day operations of the endowment. One of his initial successes was convincing his investment committee to retain a consultant who specializes in managing endowment investments. The consultant has recommended a portfolio that is expected to generate long-term investment returns of approximately 10%. The allocation reflects the consultant’s belief that endowments should generally have long-term investment horizons. This belief results in an allocation that has a significant equity bias. Achieving the anticipated long-term rate of returns would allow the endowment to transfer sufficient funds to the operating accounts to cover the next year’s anticipated deficit. However, this portfolio allocation carries risk of principal loss as well as risk that the returns will be positive but somewhat less than anticipated. In fact, Bill’s analysis suggests that the allocation could easily generate a return ranging from a 5% loss to a 25% gain over the following year.

The Committee

Although the committee authorized Bill to hire the consultant, he knows that he will have some difficulty selling the allocation recommendation to his committee members. In particular, he has two polarizing committee members around whom other committee members tend to organize into factions. John, a wealthy benefactor whose substantial inheritances allow him to support pet causes such as the Center, believes that a more conservative allocation that allows the endowment to preserve principal is the wisest course. Although such a portfolio would likely generate a lower long-term return, John believes that this approach more closely represents the donors’ goal that the endowment provide a reliable and lasting source of support to the Center. For this committee faction, Bill hopes to use MVO to illustrate the ability of diversification to minimize overall portfolio risk while simultaneously increasing returns. He also plans to share the results of the MCS stress testing he performed suggesting that the alternative allocation desired by these “conservative” members of his committee would likely cause the endowment to run out of money within 20 to 25 years.

The Polarizer

Another polarizing figure on Bill’s committee is Marcie, an entrepreneur who took enormous risks but succeeded in taking her software company public in a transaction that netted her millions. She and other like-minded committee members enthusiastically subscribe to the “long-term” mantra and believe that the endowment can afford the 8% payout ratio necessary to fund next year’s projected deficit. Marcie believes that the excess of the anticipated long-term rate of return over the next year’s operating deficit still provides some cushion against temporary market declines. Bill is certain that Marcie will focus on the upside performance potential. Marcie will also argue that, in any event, additional alternative investments could be used as necessary to increase the portfolio’s long-term rate of return. Bill has prepared a comparative analysis of payout policies illustrating the potential impact of portfolio fluctuations on the sustainability of future payout levels. Bill is also concerned that Marcie and her supporters may not fully understand some of the trade-offs inherent in certain of the alternative investment vehicles to which they desire to increase the allocated funds.

Key Issues:

1. Given the factors described in the case study (anticipated long-term investment return, anticipated inflation rate, and operating deficit) how should Bill recommend compromise with respect to maximum sustainable payout rates?

2. How should Bill incorporate the following items into his risk management strategy?

a. educating the committee regarding types of risk affecting individual investments, classes, and the entire portfolio;

b. measuring risk and volatility;

c. provisions for periodic portfolio rebalancing;

d. using tactical asset allocation; and,

e. developing and implementing a contingency plan.

3) What additional steps should Bill take to form a group consensus regarding the appropriate level of endowment investment risk?

4) What additional elements should Bill add to his presentation to target the concerns of the “conservative” and “aggressive” committee members, respectively?

Assessment

And so, financial advisors, planners and wealth managers; are you up to answering this challenge? We dare you to respond! Visit: www.CertifiedMedicalPlanner.com

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to 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 Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Filed under: "Ask-an-Advisor", CMP Program, Financial Planning, Investing, Portfolio Management, Subscribe CD-ROM Journal | Tagged: asset allocation, certified financial planner, Certified Medical Planner™, CFAs, CFPs, endowment fund, financial advisors, financial planners, Portfolio Management, wealth management | 4 Comments »

Ask an Advisor about Financial Seminars

Posted on October 2, 2009 by Editor-in-Chief

Questions of Secrecy

By a Registered Nurse

I attended a retirement planning seminar about a year ago; after the big stock market drop. It focused on annuities along with the “free” dinner. The strange thing was that the host asked that no recording devices be used during the presentation for copyright purposes. I know a bit about annuities and don’t think he said anything wrong, other than using a few common scare tactics. He had virtually no academic credentials and so I enjoyed the dinner and went on with my life.

Personal Invitation

A few days ago I was “personally” invited by mail to a financial planning seminar hosted by a group of attorneys, accountants and estate planners to an extremely prestigious, and no doubt expensive, restaurant. This time, the following warning appeared in writing on the invitation.

“Due to the copyright nature of this material, attorneys, accountants, insurance agents or financial planning practitioners are not admitted without express permission. And, no audio or video recording devices will be allowed.”

Assessment

As a nurse I am not in the dis-invited group, and realize that the “personal” nature of the invitation was bogus. But, I was wondering if this copyright warning was “kosher”, or am I just being paranoid?

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Is this secrecy standard industry practice? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Filed under: "Advisors Only", "Ask-an-Advisor", Ethics, Financial Planning, Quality Initiatives | Tagged: annuities, CFPs, CPAs, elder planners, estate planners, financial advisors, financial planners, financial seminars | 3 Comments »

Ask an Advisor – Must an Insurance Claim CramDown be Accepted?

Posted on September 22, 2009 by Editor-in-Chief

Calling on Insurance Professionals to Expose the “Wizard” Behind the Curtain

By ME-P Staff Reporters

We received the following request recently. Apparently, this ME-P reader-nurse sustained a covered loss with valid home insurance property-casuality claim. It resulted in disagreement with her insurance adjuster [a common occurrence]. The adjuster cited his/her supervisor’s insistence on claim settlement and closure. The nurse’s general contractor thinks the monetary amount is significant [$50,000 range after three independent estimates]. The insurance company wants to settle for about half that amount.

What say you about this scenario?

INSURED

Dear Big Insurance Company Adjuster

”Many thanks for reaching out to us by phone yesterday. Please be aware that we did not agree to partial payment or supplements and are sorry for any confusion.

We would however, be pleased to assist by informing your management of our declination of same. Thus, there is no need to issue any payments at this time.

It seems to make far more sense to get all the numbers together with our general contractor and then arrive at a consensus before moving forward. As you know, this was our original plan. We appreciate your deeper understanding of these very complex issues.”

Your Small Client

INSURANCE ADJUSTER

Dear Client

“This email will serve as a follow up to our telephone call yesterday. I am sorry we were disconnected but I attempted to call you several times and I was unable to leave a message. I am attaching a copy of the updated Big Insurance Company estimate which reflects those changes made due to additional information gathered during my second inspection of your property on September 8^th. Also you will find an updated Replacement Cost Letter.

As discussed, due to the fact we know we owe you the value of the attached estimate, I am processing the actual cash value payment in the amount of $ XYZ. Any additional payments will be handled as supplements. Please feel free to contact me with any questions.

Your Big Insurance Company Adjuster

MANAGEMENT

Dear Client

Also, my management told me I need to proceed with issuing payment based on the amount I know I owe you [insured] as of now, and that I should handle any further negotiations as supplements. I have already discussed this with your husband.

Your Big Insurance Company Adjuster

Assessment

After some internet research, our RN reader discovered that abut 85% of all folks accept inadequate PC insurance payments after being strong-armed by their insurance company in various ways. She is determined to be made whole and indemnified. She also understands that future negotiations and “supplements” after acceptance are typically not favorable to her, and she wishes to maintain her leverage by not accepting them. Can she refuse to cash the check, if sent to her, until satisfied? She is not feeling in good hands, at the moment!

Industry Indignation Index: 85%

Audio Razz: Click to play :

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Must our reader “accept assignment” in the form of this under payment cram-down? How can she expose the Wizard of Oz manager behind the curtain? Will she be the “squeaky wheel” of informed insureds who “get the economic grease” they deserve. Should our Industry Indignation Index percentage be higher, or lower? Is the audio razz deserved, or not. What can she do? Insurance agent and attorney input is appreciated.

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

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Filed under: "Advisors Only", "Ask-an-Advisor", Ethics, Industry Indignation Index, Insurance Matters, Op-Editorials | Tagged: Allstate, insurance adjuster, insurance claim settlements, insurance supplements, John Bell, Justin Owens, property casualty insurance, Tom Wilson, www.allstatesucks.com | 39 Comments »

Take the Lost Managed Care Contract Challenge!

Posted on September 14, 2009 by Editor-in-Chief

Illustrative Case Model – Are You CMP™ Worthy?

By Staff Reporters

The Hope Outreach Medical Clinic (HOMC) is a private, for-profit, single specialty medical clinic in a south-eastern state. It submitted its bi-annual Request for Proposal (RFP) to continue its current managed care fixed-rate contract. Upon review of the RFP, however, Sunshine Indemnity Insurance Company, the managed care organization (MCO), denied the contract request for the upcoming year.

Seeing Economic Estimates

In shock, the clinic’s CEO asked the clinic’s administrator to work with its legal team to develop a defensible estimate of economic damages that would occur as a result of the lost contract. The clinic intended to bring suit against the MCO for breach-of-contract. However, the administrator is not an attorney and is loathe to-enter the fray. After consideration however, he decided to assist in filing the Statement of Claim (SOC) because he realized that changes in patient services (unit) volume would be a valid economic surrogate. He then requested the following information from his controller, in order to develop a change in economic profit [damages] estimate.

Change in patient visits (unit) volume

Fees (price) per patient (unit)
Marginal (incremental) cost per patient (unit)
Change in current fees (prices)
Patient volume (units) affected

Key Issues:

Fee (price) per patient (units) may be obtained from the fee schedule used by the MCO to pay HOMC.
Marginal (incremental) costs per patient (unit) are approximated using variable costs.
Higher cost payors exist because lower patient volumes raise the average cost per patient (unit) due to existing fixed costs.

Assessment

Medical management consultants, are you up to answering this challenge? We dare you to respond!

Visit: www.CertifiedMedicalPlanner.com

Conclusion

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", CMP Program, Healthcare Finance, Managed Care, Practice Management, Subscribe CD-ROM Journal | Tagged: capitation, economic profiling, fixed rate medical reimbursement contracts, HMO, Managed Care, marginal cost, marginal profit, marginal revenue, MCO, SOC | 2 Comments »

Soliciting Textbook Peer-Reviewers and Experts

Posted on September 12, 2009 by Editor-in-Chief

Business of Medical Practice

Ann Miller; RN, MHA

[Executive Director]

Please contact me if you would like to serve as a peer-reviewer for the third edition of our popular textbook, “Business of Medical Practice”.

Link: http://www.springerpub.com/prod.aspx?prod_id=23759

If interested, please email me and send in a bio. A non-disclosure agreement is required.

Email: MarcinkoAdvisors@msn.com

In return for conscientious industry and expertise, if accepted, we may offer you a possible mention, blog promotion and/or book acknowledgement … such a deal!

Conclusion

Then, be sure to subscribe to this ME-P. It is fast, free and secure.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Ask-an-Advisor", Book Reviews, Experts Invited, iMBA, Inc., Media Mentions and PR, Research & Development | Leave a comment »

Take the DME Inventory Switching Challenge!

Posted on September 9, 2009 by Editor-in-Chief

Calling all Administrators and Management Consultants – Are You CMP™ Worthy?

[By Staff Reporters]

The new administrator for the ABC Medical Clinic understood that all inventory costing methods were acceptable to use in his Durable Medical Equipment [DME] department. LIFO, FIFO, specific identification, and the average cost method are all attractive methods under different circumstances in the business cycle, and companies may use the method that best fits their circumstances.

www.CertifiedMedicalPlanner.org

Reducing Taxes

For example, if ABC wished to reduce corporate income taxes in a period of inflation and rising prices, it would use LIFO. If matching DME sales revenue with the current cost of DME goods sold was desired, LIFO would also be used. Unfortunately, LIFO may charge against DME revenue the cost of DME not actually sold, and LIFO may allow the ABC Medical Clinic to manipulate net income by varying the time-periods it makes additional DME purchases. On the other hand, FIFO and specific identification method allows a more precise matching of ABC revenue with historic DME costs. However, FIFO too, can promote “paperless-phantom profits,” while specific identification can promote possible income manipulation. It is only under FIFO that net income manipulation is not possible.

CEO – 2 – CFO [Case Model]

“Let’s go with FIFO,” the new administrator said to his Chief Financial Officer, Bert. “The profits will make us look good to the home office and we can always switch back to LIFO if inflation starts back-up again, right Bert?” He mused, but he was not amused because freedom of choice does not include changing DME inventory methods every few years, especially if only to report higher income. “The switching of methods violates the basic tenet of consistency, which requires the use of the same inventory cost and accounting methods in preparing financial reports and statements,” Bert emphatically stated.

Key Issues

1) Is this sort of inventory costing and maneuvering permissible?

2) What is its justification?

3) How is it notated in financial reports?

4) Is this sort of thing ethical?

Assessment

“The switching of methods violates the basic tenet of consistency, which requires the use of the same inventory cost and accounting methods in preparing financial reports and statements,” Bert emphatically stated.

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Advisors Only", "Ask-an-Advisor", Accounting, CMP Program, Ethics, Practice Management, Taxation | Tagged: cost accounting, costing methods, DME, durable medical equipment, FIFO, inventory costing methods, inventory management, LIFO, specific identification | 7 Comments »

Take the Hospital eHR Implementation Challenge!

Posted on September 6, 2009 by Editor-in-Chief

Illustrative Case Model – Are You CMP™ Worthy?

By Staff Reporters

The fictitional Washington Hospital is embroiled in the healthcare reform debate and interested in implementing an electronic health record (EHR) for its major clinic areas. The flagship hospital currently utilizes a legacy-based system and several of the clinics have independently purchased software programs to provide a more inclusive electronic data base particular to that clinic.

Scenario

In addition, each of the software programs purchased in specific clinics has been modified to serve their own needs. The other satellite hospitals and clinics are not linked to the flagship hospital and have independent systems, applications and software in place. The hospital is interested in obtaining one EHR system that can be used in a standardized and uniform methodology and process throughout all of its hospitals and clinics.

Key Issues

Should the Washington Hospital?

1) Abandon the clinic’s software programs in lieu of a more centralized EHR?

2) Assess various EHR systems for healthcare providers available in the marketplace, comparing a series of hospital and clinic developed requirements against vendor capabilities?

3) Obtain an EHR product that provides interface to the existing clinic software products?

4) Assess whether the EHR vendors totally comply with HIPAA and privacy regulations as well as update their systems automatically with HIPAA changes?

5) Have the vendors assess the existing system/applications/software programs currently in use at each of the hospitals and clinics and determine the best application configuration?

6) Utilize the internal Information Technology staff to develop an interface solution?

Assessment

Medical management consultants, are you up to answering this challenge? We dare you to respond! Visit: www.CertifiedMedicalPlanner.com

Conclusion

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Filed under: "Ask-an-Advisor", CMP Program, Information Technology, Practice Management, Subscribe CD-ROM Journal | Tagged: EHRs, EMRs, health information technology, healthcare reform, HIPAA, HIT, Obama Administration | 1 Comment »

VOTE: Poll on Rule 206(4) of the IAA of 1940?

Posted on September 2, 2009 by Editor-in-Chief

Please Vote

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Advisors Only", "Ask-an-Advisor", Career Development, Ethics, Financial Planning, Investing, Professional Liability, Surveys and Voting | Tagged: 206(4) Investment Advisers Act 1940?, CFP, financial advisors, financial planners, IA, investment advisors, RIA, SEC, stock-brokers | Leave a comment »

Trugman CPA Valuation Newsletter

Posted on August 25, 2009 by Editor-in-Chief

Summer 2009

By Linda B. Trugman; CPA, MBA

By Gary R. Trugman; CPA, MCBA

We hope this ME-P finds you happy, healthy and enjoying your summer! We have attached our most recent newsletter for your perusal and hope that you will find something of interest in it.

Link: Summer 2009

Assessment

We are available to assist doctors, and your medical or financial advisory clients with their valuation and litigation support needs and look forward to hearing from you. As a reminder, our updated website at www.trugmanvaluation.com includes a resource center that provides additional information that might be useful to you in your practice including sample reports, various conference presentations and podcasts.

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Tell us what you think. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Ask-an-Advisor", Accounting, Alerts Sign-Up, Experts Invited, Health Law & Policy, Monthly Reports, Practice Worth, Taxation | Tagged: Accounting, CPA, CVA, Gary Trugman, Linda Trugman, litigation support, medical practice appraisals, medical practice valuations, medical practice worth | Leave a comment »

Meet Richard A. Berning MD

Posted on June 13, 2009 by Editor-in-Chief

Our Newest “Thought-Leader”

By Ann Miller; RN, MHA

The Medical Executive-Post is proud to introduce Richard Berning MD as our newest thought-leader for medical practice management modernity.

About Dr. Berning

Dr. Richard A. Berning attended the University of Cincinnati – College of Medicine. He is a pediatric cardiologist and Assistant Clinical Professor of Pediatrics who practices in Hartford, CT. His patients call him “DrRichB.”

PrivatePractice.MD [An Emerging Network]

PrivatePractice.MD (pronounced “Private Practice dot MD”) is an emerging Health 2.0 community of experienced physicians in private practice, and the supporting experts and advisors who help them start and manage private medical practices. It is the brain-child of Dr. Berning who believes that a well-run medical practice results in better patient care, physician income and quality of life. Health care is rapidly changing and is destined to change at an even faster pace in the future.

The Website

According to the website, experienced doctors can discuss business decisions with other experienced experts in each of the listed aspects of managing the business side of medical practice. Questions about practice structure, partnership issues, medical billing, electronic medical records, quality control, staff and other medical office management issues are addressed; and others are in development. Physician-specific issues such as credentialing, medical malpractice, and insurance, investing, pensions and retirement planning are also discussed. A job board will soon list opportunities, and a classified ad section will list new and used equipment and real estate for sale, trade or barter. The goal for PrivatePractice.MD is to be a deep resource for all medical providers in private practice today.

Assessment

We are in luck, too! Rich has promised to publish his most exciting ideas and innovative works on our blog. He is also available through PrivatePractice.MD. So, let’s give a warm ME-P “shout-out” to Dr. Richard A. Berning, our newest “thought-leader.”

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Feel free to send in your comments whenever Rich posts. Visit his site, sign-up for his newsletter, and let the discussions begin.

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

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Sponsors Welcomed

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

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

Filed under: "Ask-an-Advisor", "Doctors Only", Breaking News, Career Development, Managed Care, Practice Management | Tagged: cardiologist, DrRichB, pediatric cardiology, pediatrics, PrivatePratice.MD, richard berning | 1 Comment »

Understanding the Health Maintenance Organization Delivery Model

Posted on April 24, 2009 by Editor-in-Chief

Defining Terms and Concepts

By Staff Writers

www.HealthcareFinancials.com

An HMO is a legal corporation that offers health insurance and medical care. It is a health care delivery system that provides comprehensive services for subscribing members in a particular geographic area. Most HMO care is provided through a managed network made up of MD/DOs, hospitals, and other allopathic/osteopathic professionals selected by the HMO. HMO enrollees are required to obtain care from this network of providers in order for their care to be covered, except in cases of emergency. All the care the members may need is paid for by the single monthly fee, plus nominal co-payments. HMOs typically offer a range of health care services at a fixed price (capitation).

Different Types

The types of HMOs are:

1. STAFF MODEL: Organization owns its clinics and employs its doctors.

2. GROUP MODEL: Contract with medical groups for services.

3. INDEPENDENT PHYSICIAN ASSOCIATION (IPA) MODEL: IPA contract that in turn contracts with individual physicians.

4. DIRECT CONTRACT or NETWORK MODEL: Contracts directly with individual physicians.

5. MIXED MODEL: Members get options ranging from staff to IPA models.

6. OPEN-PANEL MODEL: A managed care plan or HMO where members can see any provider for an extra premium cost.

Assessment

Link: www.HealthDictionarySeries.com

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated?

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Filed under: "Ask-an-Advisor", Book Reviews, Career Development, Glossary Terms, Health Insurance, iMBA, Inc., Managed Care, Subscribe CD-ROM Journal | Tagged: david marcinko, Dctionary of Health Insurance and Managed Care, DDS, DO, DPM, Group Model HMO, health maintenance organization, HMO, hope hetico, IPA, Managed Care, MD, medical network, mixed model HMO, open panel HMO, staf model HMO, www.healthdictionaryseries.com | 1 Comment »

Understanding Collateralized Mortgage Obligations

Posted on April 23, 2009 by Editor-in-Chief

Defining Terms and Concepts for Medical Professionals

By Staff Reporters

www.HealthcareFinancials.com

A CMO is a debt security backed by mortgages. These mortgage pools are usually separated into different maturity classes called tranches (from the French word for “slice”). The securities were issued by private issuers, as well as the Federal Home Loan Mortgage Corporation (Freddie Mac). As the mortgages were usually government-guaranteed, CMOs usually carried AAA ratings until their current financial meltdown. The early versions of CMOs were known as “plain vanilla,” but recent developments gave us PACs (planned amortization certificates) and TACs (targeted amortization certificates); among too many others. They were all variations on how principal repayments in advance of maturity date were treated.

Assessment

Link: www.HealthDictionarySeries.com

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated?

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

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

Filed under: "Ask-an-Advisor", Alternative Investments, Book Reviews, Career Development, Glossary Terms, iMBA, Inc., Investing, Recommended Books, Subscribe CD-ROM Journal | Tagged: CMO, CMOs, collateralized mortgage obligations, david marcinko, Dictionary of Health Economics and Finance, Dictionay of Health Insurance and Managed Care, Federal Home Loan Mortgage, Freddie Mac, hope hetico, mortgages, PACS, planned amortization certificates, TACs, targeted amortization certificates, www.healthdictionaryseries.com | 3 Comments »

Will the SEC Protect eMRs [Welcome to my Healthcare Nightmare]

Posted on April 21, 2009 by Editor-in-Chief

A Frightening Progressive Policy Institute [PPI] Report – Redeux

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

It is no surprise to ME-P readers, that I am a big fan of Dr. Regina E. Herzlinger, the Nancy R. McPherson professor of business administration and chair at Harvard Business School. I quote her often, in our books, despite her recent MA fiascos chronicled here. I am also a competitive medical analyst, IT devotee and health economist, who was a CFP® designee for more than a decade; before my fiduciary reformation. In her books, Creating New Healthcare Ventures and Market Term in Healthcare, Regi rightly states that many medical professionals are becoming depressed at the current state of affairs in healthcare, and want to give up their careers, entirely. We all know that many doctors, like me, no longer wish their kids to follow our professional footstep [Busia; please don’t roll-over in your grave – I know what I am doing – RIP].

But, is the same emerging trend true for FAs?

Medical Career Changers

For example, Gigi Hirsch, MD, a former ER physician and instructor at Harvard Medical School grew so disenchanted with clinical medicine, that she ditched her career and started her own business, MD IntelliNet, in Brookline, Mass. The company places doctors in non-traditional jobs by pairing them with venture capitalists and other businesses seeking physicians. Of course, this re-engineering and formal re-education has been the experience of my personal career journey, as well.

“Don’t Give up Practice, Yet”

And, Herzlinger implores in her book, Market Driven Healthcare, “don’t give up practice, yet.”

Patients Concerned Too

On the other hand, patients and healthcare consumers are also worrying about the looming so-called governmental free-for-all regarding healthcare delivery, mandated benefits and taxes, federally mandated electronic medical records, and data collection reportage and security; etc. Can you say “Big Brother” or “Command and Controll?”

Assessment

So, now may be the time to review Regi’s op-ed piece and policy report, penned for the PPI back, in 1999. It concerns patient and consumer healthcare protections. And, in this time of an Obama administration push for national healthcare – perhaps a prescient word to the wise might be sufficient.

Link: herzlinger

Conclusion

Your thoughts and comments on this Medical Executive-Post are appreciated? Should there be a healthcare SEC surrogate, much link the financial SEC? Or, would another governmental agency be as incompetent as Wall Street’s SEC and FINRA? Do we want FA wonks directing our healthcare needs? As an SEC controlled broker-dealer, and/or FA drone, should you even pursue same in your financial planning practice? What about the independent’s, CFPs and RIA’s? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to this ME-P. It is fast, free and secure.

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

Get our Widget: Get this widget!

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Alerts Sign-Up, Book Reviews, Breaking News, Career Development, Ethics, Financial Planning, Managed Care, Op-Editorials, Practice Management, Quality Initiatives, Research & Development | Tagged: CFP, CMP, Creating New Healthcare Ventures, david marcinko, fiduciary financial advisors, financial advisors, FINRA, Gigi Hirsch, health economists, MA, Market Term in Healthcare, MD Intellinet, Medicare Advantage, ntional healthcare, obama, progressive policy institute, regina herzlinger harvard business school, SEC, socialized medicine | 5 Comments »

Dr. Somnath Basu Replies to the CFP® [Mis] Trust Controversy

Posted on April 16, 2009 by Editor-in-Chief

Restoring Trust in the CFP® Mark … the Ongoing Saga

By Ann Miller, RN, MHA

[Executive Director]

According to Professor Somnath Basu, PhD; Director – California Institute of Finance at the California Lutheran University,

A painful truth is that many financial practitioners are sales people masquerading as planners or advisors in an industry whose ethical practices have a shameful track record.

Restoring Trust in the CFP® Mark

Basu’s article, published in the Financial Advisor online news magazine on April 6, 2009, struck a chord with our ME-P readers the last few days. More than 75 opinions, calls, emails and faxes were received commenting on it.

Link: http://www.fa-mag.com/online-extras/4037-revisiting-cfp-credentialing.html

A Trickle – Not a Barrage

However, we did not receive the barrage of fire and brim-stone that one would have expected in the past [sans several abusive miscreants], attempting to feebly parse each phrase to an informed audience of insiders. Perhaps it is the dismal economy, the shenanigans of Wall Street, or the ire of blind-sided clients that has stunned many financial advisors and Certified Financial Planners® into sober silence – or shall we dare say it – shame. In fact, one caller ruefully said,

“Most everything that Basu and Marcinko said is true. We all know it, even though we pretend not to with a “nod and a wink” to the blind and trusting public; all while posturing as experts to friends and family. But, that’s not what bothers me the most about this whole situation … What I really hate now is that everyone else knows it too!”

I Jealously “Shake my Fist” at Somnath Basu

Rather than individual shame, the general reaction to Dr. Basu’s article – as well as this follow-up ME-P of Dr. David Edward Marcinko MBA [Publisher-in-Chief] – was an almost surreal and collective acceptance of its’ accuracy. The CFP® mark – while certainly premier in the flagging financial services industry – still leaves far too much to be desired in terms of education, competency, disclosure, ethical standing and real professionalism. And, except for some rather Herculean marketing advancements; the CERTIFIED FINANCIAL PLANNING Board of Standards’ stated goal of attaining professional stature for the marks, has fallen far short – or even regressed the past decade – seemingly abandoned for the sake of growth.

Link:https://healthcarefinancials.wordpress.com/2009/04/09/i-jealously-shake-my-fist-at-somnath-basu/

Stepping Up to Redemption and Independence

Since contemplative reflection is the first step toward redemption, we now ask all financial advisors, IAs, wealth managers, etc., and especially the CFP BoS, to step up their game and place client interests first – in writing – by demanding ERISA-like fiduciary status at all times. The public will demand it; soon enough – we guarantee it.

Link: www.fi360.com

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

Oh; to be Treated as Adults!

Now, wouldn’t it be a relief for example, if the arcane rules, and feigned or failed microscopic/micromanaged oversight of the SEC, FINRA and various BDs – that we all abhor – might be someday rendered obsolete? Wouldn’t it be nice to be treated as an adult; not a juvenile employee in need of constant supervision? Then, the march to autonomy may begin, as FAs/IAs/CFP® become treated as professionals, and not sub servant agents, or …. registered representatives.

Assessment

Therefore, we personally thank Dr. Basu’s for his attached and unedited reply, specifically written and personally addressed to our Publisher and all ME-P readers and subscribers:

Dear Dave:

My response is attached.

Best regards.

Som (Dr. B)

Link: soms-reply1

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Advisors Only", "Ask-an-Advisor", Alerts Sign-Up, Breaking News, Career Development, Ethics, Financial Planning, Insurance Matters, Interviews, Investing, Marketing & Advertising, Op-Editorials, Practice Management, Research & Development | Tagged: broker-dealers, california lutheran university, Certified Financial Planner Board of Standards, CFA, CFP, CMP, CPA, david marcinko, fiducairy advisor, financial advisor magazine, financial advisors, financial planners, FINRA, investoment advisors, MBA, PhD, registered representatives, SEC, Somnath Basu, Wall Street, wealth managers | 24 Comments »

Follow the MEDICAL EXECUTIVE-POST?

Member Statistics

ME-P Information & Content Channels

ME-P Archives Silo [2006 – 2021]

Ann Miller RN MHA [Managing Editor]

CERTIFIED MEDICAL PLANNER® program

Most Recent ME-Ps

PodiatryPrep.org

ME-P Free Advertising Consultation

Medical & Surgical e-Consent Forms

iMBA R&D Services

iMBA Inc., OFFICES

ME-P Publishing

SEEKING INDUSTRY INFO PARTNERS?

Reader Comments, Quips, Opinions, News & Updates

Start-Up Advice for Businesses, DRs and Entrepreneurs

Up-Trending ME-Ps

Capitalism and Free Enterprise Advocacy

OIG Fraud Warnings

Attention Texas Dental Patients

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this:

Share this:

Like this: