PODCAST: Financial Planning and Medical Business Management Mistakes of Independent Doctors

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

By Entrepreneurial MD

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In this episode, host Christopher Hughey talks to Steven Huskey about the financial, management and planning mistakes many independent doctors make when setting up their own medical practice.

PODCAST: https://www.theentrepreneurmd.com/search?query=mistakes

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PODIATRY PREP: Pass All Your Board Certification Examinations

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

Celebrating 30 Years of Your Success!

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Pass ALL the Certification Boards!

By: http://www.PodiatryPrep.org

The Foot and Ankle Research Consortium, Inc. (FARC) is the leading publisher of Podiatric educational software. Since 1992, we have been producing the most effective and innovative method of preparing for ALL the Podiatry Board Examinations.

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This includes: The American Board of Podiatric Surgery, The American Board Of Podiatric Orthopedics and Primary Podiatric Medicine, the American Podiatric Medical Specialties Board, ABLES and the PMLexis. (Now includes the latest information for all Board Re-Certifications).

CONTENTS: https://podiatryprep.org/compatibility-test/

Customization and private  tutoring services also available.

FAN CLUB: https://podiatryprep.org/podiatryprep-fan-club/

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ADVISORY OPINION: Allows Nurse Practitioner Support in Hospitals

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

NURSE PRACTITIONERS [NPs]

By Health Capital Consultants, LLC

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Advisory Opinion Allows Nurse Practitioner Support in Hospitals

On December 19, 2022, the Department of Health and Human Services (HHS) Office of Inspector General (OIG) published Advisory Opinion (AO) No. 22-20, analyzing the utilization of nurse practitioners (NPs) in lieu of attending physicians within medical units. The OIG concluded that the arrangement utilizing NPs in certain medical units, subject to several safeguards, presented a low risk for fraud or abuse.

CITE: https://www.r2library.com/Resource/Title/0826102549

As noted by legal experts, this AO deviates from OIG’s typical approach to limiting arrangements involving potential remuneration from a hospital to its referring physicians. (Read more…)

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RECESSION: Healthcare Industry Layoffs

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

Not even the healthcare industry is recession-proof

By Staff Reporters

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According to Kristine White of Healthcare Brew, New York City-based Memorial Sloan Kettering Cancer Center (MSK), one of the country’s top cancer treatment facilities, laid off 337 employees on Jan. 17 in response to ongoing financial challenges, according to a New York State Department of Labor filing.

The 337 employees, who worked across 14 sites and in multiple departments, represent about 1.5% of MSK’s 22,500 employees. This is a slight decrease from the expected 3% of layoffs announced in November 2022.

“This reduction was necessary to ensure that MSK can continue to invest in the future of cancer care, research, and education for the benefit of generations to come, and every effort has been made to ensure that patient care is not impacted,” spokesperson John Connolly said in a statement shared with Healthcare Brew.

The institution’s operating losses totaled $116.1 million for Q3 of 2022, compared to a loss of $8.7 million during the same period in 2021, according to a quarterly financial report released in November last year.

Factors such as increased patient activity, wages, and supply costs from inflation pushed the system’s operating expenses up by 7.5% from Q3 of 2021 to Q3 of 2022. The cancer center hired more staff in 2022 with the expectation that patient volume would increase, according to the financial report.

CITE: https://www.r2library.com/Resource/Title/0826102549

Health systems like MSK often reevaluate their biggest expense (workers) when business is down, Lori Kalic, a healthcare senior analyst at consulting firm RSM, told Healthcare Brew.

Just this year, multiple hospitals and health systems have also announced layoffs, including Tufts Medicine in Boston and Integris Health in Oklahoma, according to White.

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DAILY UPDATE: January Job Cuts as the Technology Markets Blast Off Along with Flying Motorbikes

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

By Staff Reporters

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US employers in January announced the most job cuts since 2020, according to data compiled by Challenger, Gray & Christmas, Inc. Businesses reported 102,943 cuts in the month, more than twice those announced in December and up 440% from January 2022. The technology sector made up 41% of the planned reductions. Announced layoffs at retailers and financial companies also climbed from a year ago.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Meanwhile, U.S. stocks ended the day mixed, with the S&P 500 and NASDAQ adding to yesterday’s rally that came as the Fed hiked rates by a decelerated amount and suggested that it may be nearing the end of its tightening cycle. The global markets also reacted to 50-basis point rate increases from the European Central Bank and Bank of England.

Earnings continued to pour in, with Meta Platform jumping after some upbeat guidance, and Eli Lilly and Company saw pressure after some softer-than-expected revenue growth. The economic calendar delivered some positive news, with Q4 productivity much stronger than expected and unit labor costs slowing more than anticipated, and jobless claims continued to slide, while factory orders missed estimates.

Treasury yields were unchanged, and the U.S. dollar gained ground, while crude oil and gold prices declined. Asian stocks finished mixed following the Fed’s decision, and markets in Europe were mostly higher in the wake of the monetary policy decisions in the region.

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Finally, a Japanese maker of flying motorbikes will list on the NASDAQ stock exchange and start trading in New York, making it the fifth company from the Asian nation to join the tech-heavy bourse, according to Bloomberg. Tokyo-based ALI Technologies Inc. is going public through a merger with the blank-check firm Pono Capital Corp. Under terms of the deal, ALI Technologies will become a fully owned unit of its US arm, Aerwins Technologies, the people said, asking not to be named because the information isn’t yet public. Its market cap is expected to be at least $600 million, in line with its target last year despite a market selloff. Its ticker will be AWIN. 

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PODCAST: Personal Branding for Doctors

Posted on February 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Entrepreneurial MD

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In this episode, we talk about the importance of building a personal brand, regardless of whether you own your own practice or are employed. We touch on why this is important, what are the most common mistakes doctors make when doing it and how to get started.

PODCAST: https://www.theentrepreneurmd.com/4

Related: https://medicalexecutivepost.com/2021/06/03/physician-branding-post-pandemic/

More: https://medicalexecutivepost.com/2011/03/15/self-branding-for-physicians/

Related More: https://medicalexecutivepost.com/2011/11/10/content-life-cycle-and-branding-management-for-physicians/

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GAS PRICES: Up Again!

Posted on January 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Gas prices are continuing to rise to start 2023, and experts say prices are “unlikely to turn around any time soon.” And, the current average for a regular gallon of gas $3.50, according to AAA.

While it’s nowhere near the record $5.01 reached in June, its far more than what the average was heading into New Year’s Day and what prices were one year ago.

And, experts say it’s possible the average price reaches $4 later this year.

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

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HEALTHCARE: Top A.I. Companies to Watch!

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

By Bertalan Mesko MD PhD

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TOP ARTIFICIAL INTELLIGENCE COMPANIES IN HEALTHCARE TO KEEP AN EYE ON 

More and more companies set the purpose to disrupt healthcare with the help of artificial intelligence. Given how fast these companies come and go, it can prove to be hard to stay up-to-date with the most promising ones.

CITE: https://www.r2library.com/Resource/Title/0826102549

So, I collected the most prominent names currently on the market ranging from start-ups to tech giants to keep an eye on in the future.

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PODCAST: How Doctors are Really Paid?

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

Learn the Incentives in Physician Compensation

BY ERIC BRICKER MD

RAND and Harvard University Researchers Recently Published a Study in the Journal of the American Medical Association Examining How Doctors are Paid by Hospital System-Owned Practices. The Study Found that only 9% of Primary Care Physician Compensation was Based on Value (Quality and Cost-Effectiveness) and only 5.3% of Specialist Compensation was Based on Value.

The Study Concluded: “The results of this cross-sectional study suggest that PCPs and specialists despite receiving value-based reimbursement incentives from payers, the compensation of health system PCPs and specialists was dominated by volume-based incentives designed to maximize health systems revenue.”

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MORE: https://medicalexecutivepost.com/2020/09/19/what-doctors-must-do-to-file-an-aetna-claim-to-get-paid/?preview_id=237387&preview_nonce=44f9028974&preview=true

RELATED: https://medicalexecutivepost.com/2008/09/12/how-doctors-get-paid/

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BUSINESS MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko

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HOSPITALS: https://www.amazon.com/Financial-Management-Strategies-Healthcare-Organizations/dp/1466558733/ref=sr_1_3?ie=UTF8&qid=1380743521&sr=8-3&keywords=david+marcinko

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Artificial Intelligence Passes U.S. Medical Licensing Exam

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

ChatGPT

By Staff Reporters

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Two papers show that large language models, including ChatGPT, can pass the USMLE. The papers highlighted different approaches to using large language models to take the USMLE, which is comprised of three exams: Step 1, Step 2 CK, and Step 3. ChatGPT is an artificial intelligence (AI) search tool that mimics long-form writing based on prompts from human users. It was developed by OpenAI, and became popular after several social media posts showed potential uses for the tool in clinical practice, often with mixed results.

According to Victor Tseng, MD, of Ansible Health in Mountain View, California, and colleagues, the results showed “new and surprising evidence” that this AI tool was up to the challenge. Tseng and team noted that ChatGPT was able to perform at >50% accuracy across all of the exams, and even achieved 60% in most of their analyses. While the USMLE passing threshold does vary between years, the authors said that passing is approximately 60% most years.

Source: Michael DePeau-Wilson, Medpage Today [1/19/23]

RELATED: https://medicalexecutivepost.com/2013/06/21/will-future-doctors-need-a-medical-license/

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IRS TAX FILING: Joint or Separate for Married Couples?

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

INTUIT

By Staff Reporters

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Married couples have the option to file jointly or separately on their federal income tax returns. The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together.

In the vast majority of cases, it’s best for married couples to file jointly, but there may be a few instances when it’s better to submit separate returns.

READ HERE: https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/L7gyjnqyM?dclid=CKzxz8Pzy_wCFeMBwQods3cDLQ

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PODCAST: Medicare Traditional [A and B] v. Advantage [C] v. Part [D] v. Supplements

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

By Eric Bricker MD

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

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Alphabet Soup: Financial Designations & Certificates

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

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financial-designationsjuly

AUTHOR: Dr. David Edward Marcinko; MBA, CMP™

POSITION: Publisher-in-Chief

dem26

TOPIC: Financial Designations and Certifications [Alphabet Soup of Industry Obfuscation and Self-Promotion, or Real Gravitas – You Decide?]

EXCERPT: “Until recently, most financial advisors were regulated by the NASD, the National Association of Securities Dealers. Now the Financial Industry Regulatory Authority or FINRA is the largest non-governmental regulator for all securities firms doing business in the United States. It is a self-regulatory agency comprised of the nation’s brokerage firms. Upon completion of a required exam the FINRA will issue a variety of licenses. The most common are the Series 6, 7, and 24.

The Series 6 is essentially a license to sell packaged products, namely mutual funds. It is most commonly held by insurance agents and bank representatives. It is considered a very easy test. Holding such a license allows the holder to collect commission income through its member firm.

The Series 7 exam is a bit more difficult and includes issues relating to individual securities such as stocks, bonds and limited partnership interests. The pass rate is lower than the Series 6. The probable culprit is the extensive questioning on margin and options, topics most are unfamiliar with prior to entering the securities business.

The Series 24 covers issues of compliance and supervision and is required of Branch Managers of brokerage firms. All registered representatives (the proper name for a broker) must be supervised by someone with a Series 24, also known as a principal’s license.

Checking the background of a registered representative, a branch manager or a member firm is easily done through NASD and/or FINRA Regulation, Inc. NASDR/FINRA maintains the Central Registration Depository (CRD). The CRD can be checked for a description of a disclosed event by phone or by Internet. One should request information on an advisor’s firm as well as the individual. A reputable advisor at a disreputable firm has its own set of potentially dangerous implications.

Regardless of the above, these tests produce licenses to sell financial products. They are not educational achievements. There is virtually no academic barrier to entry for them. Stock-brokers today – hate the term – and prefer “financial advisor”; yet the term has no real meaning other than as a sales license.

Some are college graduates, and beyond; while some other experts argue that too many are not!”

Hence, the need to “raise the bar to fiduciary accountability with deep knowledge of healthcare modernity.”

For more info: http://www.CertifiedMedicalPlanner.org

READ JULY HERE: financial-designationsjuly

Conclusion

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

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HOSPITALS: Financial Management Update

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

By Staff Reporters

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Hospitals saw a slight financial boost in November 2022, despite continued negative operating margins throughout the year, according to a new Kaufman Hall National Hospital Flash Report, as reported in Healthcare Brew.

Lower expenses and increased outpatient revenue help buoy their performance and increase margins by 12% month over month from October 2022. But Kaufman Hall, a management consulting firm, reported that its year-to-date operating margin index reflected an actual negative figure of -0.2% in November 2022.

The findings underscore the financial challenges hospitals continue to face as they recover from the Covid-19 pandemic.

And, Erik Swanson, senior vice president of data and analytics at Kaufman Hall, wrote that the “November data, while mildly improved compared to October, solidifies what has been a difficult year for hospitals amidst labor shortages, supply chain issues, and rising interest rates.”

ORDER: https://www.amazon.com/Hospitals-Healthcare-Organizations-Management-Operational/dp/1439879907/ref=sr_1_4?s=books&ie=UTF8&qid=1334193619&sr=1-4

The monthly report, which is based on data from more than 900 hospitals, partially attributed November’s lowered expenses to a decline in patient volume and slightly shorter lengths of stay. Decreased labor costs, likely due to a drop in a reliance on contract labor, also helped lower expenses, the Kaufman analysis found.

CITE: https://www.r2library.com/Resource/Title/0826102549

Hospitals further saw a 10% increase year over year in outpatient revenue in November 2022, despite inpatient revenue remaining flat, according to the report. Swanson said “[h]ospital leaders should continue to develop their outpatient care capabilities amid ongoing industry uncertainty and transformation.”

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PODCAST: “Sage Transparency” on Hospital Prices

Posted on January 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

EMPLOYER SPONSORED HEALTH INSURANCE PLANS

By Eric Bricker MD

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ORDER :https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

CITE: https://www.r2library.com/Resource/Title/0826102549

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ABOUT: “Turn-it-In”

Posted on January 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.CertifiedMedicalPlanner.org

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Turnitin (stylized as turnitin) is an Internet-based plagiarism detection service run by the American company Turnitin, LLC, a subsidiary of Advance Publications.

LINK: http://www.TurnItIn.com

Founded in 1998, it sells its licenses to universities and high schools who then use the software as a service (SaaS) website to check submitted documents against its database and the content of other websites with the aim of identifying plagiarism. Results can identify similarities with existing sources and can also be used in formative assessment to help students learn to avoid plagiarism and improve their writing.

Students may be required to submit work to Turnitin as a requirement of taking a certain course or class. The software has been a source of controversy, with some students refusing to submit, arguing that requiring submission implies a presumption of guilt. Some critics have alleged that use of this proprietary software violates educational privacy as well as international intellectual-property laws, and exploits students’ works for commercial purposes by permanently storing them in Turnitin’s privately held database.

ChatGPT: https://medicalexecutivepost.com/2023/01/17/chatgpt-a-microsoft-start-up-venture/

Turnitin, LLC also runs the informational website plagiarism.org and offers a similar plagiarism-detection service for newspaper editors and book and magazine publishers called iThenticate. Other tools included with the Turnitin suite are GradeMark (online grading and corrective feedback) and PeerMark (student peer-review service).

NOTE: According to Wikipedia, in March 2019, Advance Publications acquired private Turnitin, LLC for US$1.75 billion.

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PODCAST: Employee Engagement and Health Plans

Posted on January 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Eric Bricker MD

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

ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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PODCASTS: Digital Health + Health I.T.

Posted on January 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Becker’s Hospital Review

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LISTEN: https://www.beckerspodcasts.com/health-it-digital-health-podcast

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More Orthopedic Physicians Sell Out to Private Equity Firms, Raising Alarms About Costs and Quality

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

STAFF REPORTERS

Private Equity Partnerships in Orthopedic Groups: Current State and Key Considerations

CITE: https://www.r2library.com/Resource/Title/0826102549

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READ HERE: https://journaloei.scholasticahq.com/article/17721-private-equity-partnerships-in-orthopedic-groups-current-state-and-key-considerations

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PROFESSIONAL DESIGNATION: Certified Medical Planner™

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

By Ann Miller RN MHA CMP

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[WHERE LEARNING IS A plus+™]

Career Development, Products and Services

“The informed voice of a new generation of fiduciary advisors for healthcare”

http://www.CertifiedMedicalPlanner.org 

CMP

[Best Practices from Leading Consultants and Certified Medical Planners™]

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“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

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CMP™ CLASS

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METAVERSE: Expert Consensus in Medicine?

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

By Staff Reporters

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A multi-disciplinary panel of doctors and IT experts from Asia, the United States, and Europe analyzed published articles regarding expert consensus on the Medical Internet of Things, with reference to study results in the field of metaverse technology.

READ HERE: https://reader.elsevier.com/reader/sd/pii/S2588914122000016?token=4509ACBB9748F76769BCB6562B7413EAFAA5D83509412E53E17AC36F08A581B66B0F4E7B2D31A444F80A603E8FF22792&originRegion=us-east-1&originCreation=20221015174759

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MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?s=books&ie=UTF8&qid=1287563112&sr=1-9

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

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

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PODCAST: Value Based Healthcare Delivery by Dr. Michael Porter PhD

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

HARVARD BUSINESS SCHOOL

By Staff Reporters

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

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ORDER: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko

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CENTENE CORPORATION: Medicaid Over-Billing?

Posted on December 31, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Centene Corporation showers politicians with millions as it courts contracts and settles over-billing allegations by Samantha Young, Andy Miller, and Rebecca Grapevine (Kaiser Health News)

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Somehow KHN made Medicaid over-billing sound sexy.

This deep dive into Centene, “the nation’s largest private managed-care provider for Medicaid,” shows how the company has maintained good relationships with politicians as it looked to keep its market share and settle over-billing allegations.

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

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PODCAST: https://medicalexecutivepost.com/2021/11/12/podcast-centene-giant-medicaid-hmo/

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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DAILY UPDATE: Unemployment Up, Amazon Down as Markets Quiet

Posted on December 30, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ending December 24th, the Labor Department reported, in line with the median estimate among economists polled by Reuters. Meanwhile, the number of people receiving benefits after an initial week of aid rose 41,000 to 1.710 million in the week ending December, 17th, 2022.

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

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Meanwhile, Amazon stock closed the December 22 trading session at $83.79, which represents a 49.7% drop compared to December 31, 2021. This is the lowest closing level for the Amazon stock since March 12, 2019. Basically, the group, founded by Jeff Bezos, has completely erased all the gains during the two years when strict restrictions were put in place to limit the spread of COVID-19. It closed today at $84.18.

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Finally, U.S. stocks rose sharply, ending a two-session losing streak, though trading volumes remain subdued in the final days of the year. The heavyweight Information Technology sector led the rally, rebounding from a recent drop that has weighed on the markets this week. The equity front continued to offer little in terms of headlines, though shares of Cal-Maine Foods fell after the company missed earnings estimates.

The economic calendar introduced labor data, as jobless claims ticked slightly higher compared to the prior week.

Treasury yields were mixed, the U.S. dollar dropped, crude oil prices were lower, and gold traded higher.

Asian stocks finished mostly lower after yesterday’s downturn in the U.S., while markets in Europe were higher despite uncertainty regarding the ultimate global impact of aggressive monetary policy tightening across the world.

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

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FTX: Celebrities Named in Lawsuit

Posted on December 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

SUSPICIOUS AFFINITY MARKETING?

By Staff Reporters

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DEFINITION: Affinity marketing is a concept that consists of a partnership between a company and an organization that gathers persons sharing the same interests to bring a greater consumer base to their service, product or opinion. This partnership is known as an affinity group.

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

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So, after the collapse of Sam Bankman-Fried’s crypto exchange FTX, a number of celebs who had acted as ambassadors for the company were named as defendants in a class-action suit against it.

Comedian and Seinfeld creator Larry David, Tampa Bay Buccaneers quarterback Tom Brady, and basketball stars Shaquille O’Neal and Stephen Curry were likely trading lawyer recommendations in the A-lister group chat.

Beware celebrity and affinity marketing!

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DIGITAL SECURITY and the American Dental Association [ADA]

Posted on December 22, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Darrell K. Pruitt DDS

Digital security and the ADA

I wrote the following letter four years ago today. Neither The Digital Dental Record nor its sponsor, The American Dental Association, responded. In fact, a few years later, The Digital Dental Record was predictably hacked and more than 500 dentists, including many ADA members, were victims of a breach of the ADA’s favored digital record system. The ADA is still silent, but they did however, terminate their business relationship with The Digital Dental Record.

Dear The Digital Dental Record,

Thanks for your response on Linkedin to my concerns about the security of EHRs compared to paper. To be honest with you, I’m pleasantly surprised. Contrary to the norm of what I consider an open and free market, very few vendors in the dental IT industry seem willing to openly discuss the dangers or cost of software they hope to sell to dentists – who obviously don’t ask the right questions. That is why I respectfully decline your offer of a private telephone conversation.

You know my name is Darrell Pruitt because it heads my post. I never hide it. Whoever you are, you should probably show potential customers the respect of accountability through transparency. After all, The Digital Dental Record is the only EHR system endorsed by the ADA. I hope that still stands for something of value.    

If you have any non-anecdotal evidence on which you base your bold claim that DDS Safe R2 is more secure than paper dental records, please share it. I’ll be transparent:  Nobody believes you. Then again, maybe “Luddites” who question the security of digital records are simply wrong. Here’s your chance to show the nation why the ADA chose to endorse The Digital Dental Record above all other electronic dental record systems.

D. Kellus Pruitt DDS

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PHARMACISTS: Retail Burnout Shortage?

Posted on December 21, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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DEFINITION: Retail pharmacist work in a retail setting rather than in a hospital. They are responsible for dispensing and controlling both prescription and non-prescription medicine, advising customers on general healthcare and must work to high legal and ethical guidelines.

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

Today, retail pharmacies across the board are struggling to hire and retain enough pharmacists and pharmacy technicians to keep up with the increased pandemic-related demand for vaccinations and prescriptions. On top of that, pharmacist burnout has prompted companies like Walgreens to reduce the workloads of their employees.

The stakes are high. A decline in pharmacy school enrollees and a seemingly tight job market for those graduates makes it hard to replace departing staff.

“One of the challenges in healthcare in general is that it has been a difficult couple of years for those working in this industry. And pharmacy isn’t immune to that,” said Nate Shenck, a managing director and senior partner at Boston Consulting Group.

To tackle the worker shortage, Walgreens announced it would invest $265 million in its pharmacy staff in FY 2023. Those funds are earmarked for raises, additional training and career development opportunities, and larger scholarships for pharmacy students, Erin Loverher, a spokesperson at Walgreens, said via email.

MORE: https://www.msn.com/en-us/money/companies/pharmacies-are-cutting-hours-and-closing-stores-what-it-means-for-customers/ar-AA15iBOC?cvid=bfc3491382f64937b71476a89016ae5b

PS: Some retailers, such as CVS and Kroger, are limiting the sale of children’s pain relievers. Demand for pediatric pain meds has spiked due to the “tripledemic” of respiratory illnesses spreading right now.

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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DAILY UPDATE: Winter Solstice, Tele-Health, Retiree Withdrawal Rates, Crypto and the Markets

Posted on December 21, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The Winter Solstice, or the December Solstice, is the point at which the path of the sun in the sky is farthest south. At the Winter Solstice, the sun travels the shortest path through the sky resulting in the day of the year with the least sunlight and therefore, the longest night.

Telehealth extension: Tucked in the new Congress’ spending bill is an extension of HHS rules that made telehealth more accessible during the pandemic. But the provision, which extends the flexibility through the end of 2024, falls far short of a push from some lawmakers who wanted to make that flexibility permanent.

Traditional guidance says not to spend more than 4% of your retirement savings in the first year to protect yourself from running out of money in your golden years. A new recommendation puts that figure at 3.8% with a 30-year time horizon, according to researchers at Morningstar Inc., a half-point higher than the 3.3% withdrawal they recommended in 2022 due to expectations for lower future investment returns. That means if you retire this year with a $640,000 portfolio invested 50% in stocks and 50% in bonds, you should take out no more than $24,320 in 2023.

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

Following the downfall of Sam Bankman-Fried and FTX in November, cryptocurrency trading volumes plummeted 50%. Since last year, crypto’s market cap has lost nearly three-fourths of its value, with bitcoin and ethereum, both down nearly 75% from their record-highs in November of 2021.

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U.S. equities finished higher in choppy action, posting the first gains in four sessions, as investors digested a host of monetary policy decisions from central banks in Asia. The Bank of Japan and People’s Bank of China kept their respective benchmark interest rates unchanged, but the former surprisingly tweaked its yield curve control policy.

Equity news was on the light side today, as General Mills beat earnings estimates and raised its full-year guidance, and shares of Steel Dynamics gained ground after it was announced that it would replace ABIOMED in the S&P 500.

On the economic front, housing starts declined less than anticipated, while building permits fell much more than expectations. Treasury yields rose, particularly on the long end of the curve, while the U.S. dollar fell, crude oil prices saw a modest increase, and gold prices rallied.

Asian stocks finished broadly lower and market in Europe diverged amid the host of monetary policy decisions.

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Performance Coaching for Doctors? [A Voting and Opinion Poll]

Posted on December 20, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

On the Need  for Coaching Medical Professionals

Join Our Mailing List

Like some other folks, doctors may benefit from having an objective, outside consultant or coach advise them on how to maximize their medical practice and/or personal performance.

In fact, it’s becoming a popular service, particularly as the ACA, market volatility, heightened insurer and patient demands, and profit pressures are challenging physicians in ways that may not be familiar to them.

But, not all coaches are created equal. What is a coach? What are the risks and benefits? Is this a real need or perceived marketing ploy in a time of tumult?

Q: And so, should doctors hire a performance coach?

Conclusion            

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

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

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

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TURQUOISE HEALTH? Compare Prices Before Receiving Medical Care

Posted on December 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Last year, all hospitals were required to list their prices for elective services on an annual basis. Whether you have insurance or plan to pay cash – find and compare prices.

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

So, just like you wouldn’t buy a car, rent an apartment or even order food without knowing the cost, you shouldn’t pay blindly for healthcare.

Now you can compare prices before showing up for treatment.

READ MORE: https://turquoise.health/

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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PODCAST: Industrial Revolution – Healthcare Revolution

Posted on December 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

SEE THE FUTURE BY LOOKING BACK

By Eric Bricer MD

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

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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PODCAST: Financial Deception in Healthcare

Posted on December 15, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

THIRTY EXAMPLES

By Eric Bricker MD

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Citation: https://www.r2library.com/Resource/Title/0826102549

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

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PODCASTS: Direct Primary Care Medicine

Posted on December 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

NO HEALTH INSURANCE – NOT FEE for SERVICE

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ON THE RISE: Healthcare Consumerism!

Posted on December 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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As technology continues to rapidly evolve, a corresponding transformation in the healthcare industry is occurring. One of the most significant changes is the shift from traditional healthcare to healthcare consumerism. Patients now have more information available to them than ever before, and they are using this information to make more informed healthcare decisions. Patients are no longer passively accepting the care that is provided to them.

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

Instead, they are actively choosing the care that they receive, and are more selective about the providers that they use. As a result, healthcare providers must now focus on providing a better patient experience to attract and retain patients.

Source: Hari Prasad, Physicians Practice [12/8/22]

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Join the ME-P and Become a CERTIFIED MEDICAL PLANNER™

Posted on December 8, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

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Sponsored by: http://www.CertifiedMedicalPlanner.org

As a medical professional, are you looking for ways to make your practice more profitable and boost your efficiency?

Or, as a financial advisor to doctors, are you looking to develop deeper relationships of knowledge and trust with your physician clients?

We can help!

Well, look no more! We can help. Designed with both advisors and physicians’ needs in mind, the ME-P website is filled with practical advice on the most-requested topics. Join us by subscribing so you can read about practice management and physician focused financial planning, and network with your fellow physicians and FAs. You don’t even have to leave the office!

More than 50 topics

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  • Employment Contracts
  • eHR Incentives are Here
  • How Health Reform Will Affect You
  • 5010 Transaction Standards
  • Malpractice and liability
  • Fiduciary standards
  • Financial advisors versus planners
  • SEC and FINRA rules and regulations
  • Health economics, finance and insurance
  • Medical business models
  • ACA, and so much more!

Enter the Certified Medical Planners™

A Working-White Paper:

Enter the CMPs

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Get all the benefits of a personal consultant without the hassle and expense of traveling. Subscribe today. Read posts and comment on more than 50 topical channels addressing the hottest topics in medical practice and financial management today.

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Link: http://www.CertifiedMedicalPlanner.org

Conclusion

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

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

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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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How to NAME Your New Medical Practice?

Posted on December 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

PRAGMATIC BUSINESS – NOT PERSONAL – MANAGEMENT ADVICE

By Dr. David E. Marcinko MBA CMP®

Invite Dr. Marcinko to Your Next “Big Event”

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SPONSOR: http://www.CertifiedMedicalPlanner.org

THE MEDICAL PRACTICE NAME

Did you know that most experts recommend against naming a practice with your own name because it limits future growth and you may lose the benefits that a more descriptive name would bring?

Your business name will likely be incorporated using your practice’s name, although larger (multi-specialty group) practices may use a more general name for the entire enterprise; and then having multiple “dba’s” (”Doing Business As”) for the individual practices under the umbrella. It is important to discuss these options with an attorney if you believe this arrangement has advantage; others find it confusing.

Healthcare Marketing: How to Name Your Medical Practice - The Medically

Usually, your medical specialty can be used as a base-name, and then some descriptor to differentiate it from local competing practices. Selecting a name like “The Allegiance Partners” does not indicate that medicine is your service. On the other hand, naming your practice “Podiatry Associates of Your Town” won’t be helpful to patients looking for you in the yellow pages, health insurance provider network list, or internet search engines, and finding your practice listed just before “Your Town Podiatry Partners”. It is therefore good to be cognizant of your competitors’ names when choosing your own. And, you should select a name that will hopefully grow with you into a larger enterprise.

For example, are you a solo doctor, but are pretty sure you’ll take on one or more partners in the future? Then besides not naming your practice after yourself, you may choose to add “Group” or “Partners” to your name initially even if you’re the only doctor. Is there any possibility you’ll open a second office in another town? Naming your medical practice something like the ”Apple Street Internal Medicine Group” may not make sense when your second office is opened on Main Street in a nearby city, in a few years.

Order Forms and Practice Stationary

Orders forms, invoices, purchase and estimate forms, business cards, envelopes, stationary and specialty labels can all be personalized for your medical practice name, script, colors and logo. Often, local or regional printers are the most cost effective and you support another entrepreneur, as well.

Well-know internet companies that print stationary are: www.nebs.com; www.paperdirect.com; and www.vistaprint.com

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HOSPITALS: https://www.amazon.com/Hospitals-Healthcare-Organizations-Management-Operational/dp/1439879907/ref=sr_1_4?s=books&ie=UTF8&qid=1334193619&sr=1-4

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PODCAST: Drugs AVERAGE WHOLESALE PRICE

Posted on December 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

AWP EXPLAINED

By Eric Bricker MD

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

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ORDER: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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How to THRIVE in Private Independent Medical Practice, Today?

Posted on December 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

Click to access foreword-hashem-md-phd.pdf

Click to access foreword-silva.pdf

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INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

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My Academic “Chair” and “Teaching Philosophy”

Posted on December 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

Colleges and Universities

TO H.R. RECRUITERS, UNIVERSITY HIRING MANAGERS & SEARCH COMMITTEES

Sooth My Academic Teaching and Classroom Withdrawal Pangs!


cropped-dem

I’m screening for my next university Dean, Chair or teaching Professorship opportunity.

Currently, an endowed Resident-Scholar completing a text book production assignment complete with aligned case models, tests, quizzes, rubrics, curriculum teaching portfolio, and accreditation review.

Two-decades of domestic and international teaching experience and credentials in health economics, finance, investing, business, policy, risk management, IT and administration. Hundreds of peer-reviewed and trade publications [TNTC] with 30 major textbooks redacted in more than a thousand university libraries [NIH, Library of Congress and National Institute Health, etc]. Public and population health global speaker and thought leader. Wall Street experience as start-up founder, entrepreneur and CXO.

Ideal mentor for under graduate thru post-doctoral and fellowship students [PhD, DBA, MD/DO, MHA and MBA, etc].

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CV available upon request.

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SMS Texting: Happy 30th Anniversary!

Posted on December 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Seattle, US – December 2, 2022: Infobip, a global leader in omnichannel communications, today announced new data from its 2022 “30th Anniversary of the SMS” survey, which sheds light on how, where and when Americans are communicating with each other.

The report was commissioned to commemorate the anniversary of the first text message, sent on Dec. 3, 1992, by Neil Papworth, a software programmer from the U.K. who had been working as a developer and test engineer to create a short message service (SMS). That very first text simply said, “Merry Christmas.” In the three decades that ensued, SMS has exploded in popularity, and today, the humble text message has emerged as the go-to form of communication for billions of people and an ever increasing number of businesses.

READ MORE: https://www.infobip.com/news/infobip-releases-30th-anniversary-of-the-sms-report

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What is a Rapid Learning Health System?

Posted on December 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

The RLH – From Concept to Action

[By Staff Reporters]

According to Greene, Reid and Larson, clinicians and health systems are facing widespread challenges, including changes in care delivery, escalating health care costs, and the need to keep up with rapid scientific discovery.

Re-organizing U.S. health care and changing its practices to render better, more affordable care requires transformation in how health systems generate and apply knowledge. The “rapid-learning health system” is posited as a conceptual strategy to spur such transformation – leverages and recent developments in health information technology and a growing health data infrastructure to access and apply evidence in real time, while simultaneously drawing knowledge from real-world care-delivery processes to promote innovation and health system change on the basis of rigorous research.

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TLHCS

[A Rapid Learning Health System]

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The Essay

This article describes an evolving learning health system at Group Health Cooperative, the 6 phases characterizing its approach, and examples of organization-wide applications.

Link: http://www.ncbi.nlm.nih.gov/pubmed/22868839

It is a practical model that promotes bidirectional discovery and an open mind at the system level, resulting in willingness to make changes on the basis of evidence that is both scientifically sound and practice-based.

Assessment

Rapid learning must be valued as a health system property to realize its full potential for knowledge generation and application.

Citation

Implementing the learning health system: from concept to action. Greene SM1, Reid RJ, Larson EB. Author information: Group Health Cooperative, 320 Westlake Avenue North, GHQ E2N, Seattle, WA 98109, USA. greene.sm@ghc.org

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PHYSICIAN PAYMENTS: The Financial Compensation Battle Continues

Posted on December 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Paying paying doctors and medical providers for their services may seem simple on the surface, but it’s actually extremely complex. Enter two of the most commonly heard phrases in healthcare: “fee-for-service” and “value-based care,” two models insurers use to decide how much to pay providers. According to Healthcare Brew:

  1. Under a fee-for-service model, providers are paid for each individual service they perform, like a blood test or an X-ray, according to Jennifer Clawson, partner and director of value-based health systems at Boston Consulting Group. A service is provided, and the doctor gets a fixed fee for providing it. Simple enough.
  2. The value-based care model is a bit more complicated, as there are many types of value-based payments. What makes them “value-based” is that payers take patient outcomes into consideration, aka they consider the relative value. “The core of value-based care is ultimately, ‘How do I get a better outcome for less money?’” said Sam Hendler, managing director at private equity firm Thomas H. Lee Partners.

One type of value-based payment is called a bundled payment, Clawson said. Say you have a heart condition and need to get a stent put in. There are usually several providers involved in that process, e.g., a primary care doctor, cardiac surgeon, and anesthesiologist. An insurer gives the health system a set amount of money to cover everyone involved in the procedure, and the health system decides how to divvy it up.

Another type of value-based payment is called capitation, and there’s multiple types of capitation payments. It’s sort of like a bundled payment, but instead of insurers paying a set amount per procedure, they’re paying a set amount to cover an entire population of patients with a specific disease, like diabetes.

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

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METAVERSE: Dentistry and Dental Education

Posted on November 30, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The use of artificial intelligence (AI) is now a reality in dentistry. A significant advancement is the use of haptic gloves that would let dental students feel virtual objects while practicing suturing or giving a nerve block – this can significantly improve the students’ technique over time and give them, for example, immediate feedback with respect to needle point insertion.

While initial costs for such systems might seem high now, the hardware is proven to be cost-effective in the long term.

READ HERE: https://www.nature.com/articles/s41415-022-3990-7

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

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EDRs: Still think going paperless was the right decision, Doc?

Posted on November 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

(ARE YOU PISSED, YET?)

By Darrell K. Pruitt DDS

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Still think going paperless was the right decision, Doc? (Are you pissed yet?) If you haven’t adopted digital records, now is NOT the time to do so. 

“Just last quarter, U.S. cyber insurance prices increased 79% from a year earlier, according to Marsh’s Global Insurance Market Index…. IBM determined the average ransomware attack cost $4.54 million last year, not including the cost of the ransom, and that 83% of the organizations have had more than one data breach.” (There goes your retirement stash). From “Amid Surge in Ransomware Attacks, More Organizations Are Being Rejected for Cyber Insurance — What Can Leaders Do?”

By Raj Dodhiawala for CPO Magazine, November 28, 2022

LINK: https://www.cpomagazine.com/cyber-security/amid-surge-in-ransomware-attacks-more-organizations-are-being-rejected-for-cyber-insurance-what-can-leaders-do/

QUESTION: So, now that the American Dental Association no longer sells its for-profit digital records system to intentionally uninformed dues-paying members, is the not-for-profit organization still encouraging dentists to go paperless?

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RIP: Tiantian Kullander – Crypto AMBER GROUP FOUNDER Dies

Posted on November 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Tiantian Kullander, the influential young founder of cryptocurrency company Amber Group, died suddenly in his sleep on Nov. 23, the company confirmed.

The group had just received a $3 billion valuation earlier this year, and was in the process of raising another $100 million—a meteoric success in which he played an integral role after launching Amber in 2017 with a group of finance insiders, including former Goldman Sachs Group Inc and Morgan Stanley workers.

MORE: https://www.ambergroup.io/

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