HUMANITARIAN WISDOM IN PATIENT CARE AS A MORAL IMPERATIVE AND …

Posted on December 29, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

…. A MEDICAL RISK MANAGEMENT TOOL in 2018!

***

DEM white shirt

[Dr. David Edward Marcinko CMP™ MBA MBBS]

http://www.CertifiedMedicalPlanner.org

EDITOR-IN-CHIEF

***

In SECTION ONE, of our newest textbook, on medical practitioner personal risk management issues, let us all recall the Canadian physician Sir William Osler MD, one of the founders of Johns Hopkins Hospital in my hometown of Baltimore Maryland, and where I played stickball in the parking lot as a kid. He left a sizeable body of wisdom that has guided many physicians in the practice of medicine. So, allow me to share with you some of that accumulated wisdom and the quotes that have served me well over the years.

From Dr. Osler, I learned the art of putting myself in the patient’s shoes. “The motto of each of you as you undertake the examination and treatment of a case should be ‘put yourself in his place.’ Realize, so far as you can, the mental state of the patient, enter into his feelings.” Osler further stresses that we should “scan gently (the patient’s) faults” and offer the “kindly word, the cheerful greeting, the sympathetic look.”¹

“In some of us, the ceaseless panorama of suffering tends to dull that fine edge of sympathy with which we started,” writes Osler in his famous essay “Aequanimitas.”² “Against this benumbing influence, we physicians and nurses, the immediate agents of the Trust, have but one enduring corrective — the practice towards patients of the Golden Rule of Humanity as announced by Confucius: ‘What you do not like when done to yourself, do not do to others.’”

Medicine can be both art and science as many physicians have discovered. As Osler tells us, “Errors in judgment must occur in the practice of an art which consists largely of balancing probabilities.”² Osler notes that “Medicine is a science of uncertainty and an art of probability” and also weighs in with the idea that “The practice of medicine is an art, based on science.”^3,4

Osler emphasized that excellence in medicine is not an inheritance and is more fully realized with the seasoning of experience. “The art of the practice of medicine is to be learned only by experience,” says Osler. “Learn to see, learn to hear, learn to feel, learn to smell, and know that by practice alone can you become expert.”⁵

Finally, some timeless wisdom on patient care came from Osler in an address to St. Mary’s Hospital Medical School in London in 1907: “Gain the confidence of a patient and inspire him with hope, and the battle is half won.”⁶

Osler has also imparted plenty of advice on the business of medicine. In “Aequanimitas,” Osler says there are only two types of doctors: “those who practice with their brains, and those who practice with their tongues.”⁷

***

In a valedictory address to medical school graduates at McGill University, Osler suggested treating money as a side consideration in a medical career.⁸ “You have of course entered the profession of medicine with a view of obtaining a livelihood; but in dealing with your patients let this always be a secondary consideration.”

“You are in this profession as a calling, not as a business: as a calling which exacts from you at every turn self-sacrifice, devotion, love and tenderness to your fellow man,” explains Osler in the address to St. Mary’s Hospital Medical School.⁶ “Once you get down to a purely business level, your influence is gone and the true light of your life is dimmed. You must work in the missionary spirit, with a breadth of charity that raises you far above the petty jealousies of life.”

It is not easy for doctors to combine a passion for patient care, a knowledge of science and the maintenance of business, according to Osler in the British Medical Journal.⁹ “In the three great professions, the lawyer has to consider only his head and pocket, the parson the head and heart, while with us the head, heart, and pocket are all engaged.”

While some aspects of practice may fall short or be devoid of appropriate financial remuneration, the giving of one’s time, expertise and experience in improving patient outcomes and the quality of their lives may be the greatest gift. “The ‘good debts’ of practice, as I prefer to call them … amount to a generous sum by the end of each year,” says Osler.⁹

***

http://www.BusinessofMedicalPractice.com

***

MEDICAL Ethics for Challenging Times

[Finding Your Moorings in an Era of Dramatic Change]

Marcinko Ethics

By Render S. Davis MHA

By David Edward Marcinko

***

And so, as you read and reflect on the chapter of SECTION ONE, always remember the words and wisdom of Dr. William Osler, and keep patient welfare as your first priority.

Dr. David Edward Marcinko; CMP™ MBA MBBS [Hon]

[Chief Executive Officer]

iMBA Inc., Norcross, GA

References

Penfield W. Neurology in Canada and the Osler centennial. Can Med Assoc J. 1949; 61(1): 69-73
Osler W. Aequanimitas. Chapter 9, P. Blakiston’s Son and Co., Philadelphia, 1925, p. 159
Bean WB. William Osler: Aphorisms, CC Thomas, Springfield, IL, p. 129.
Osler W. Aequanimitas. Chapter 3, P. Blakiston’s Son and Co., Philadelphia, 1925, p. 34
Thayer WS. Osler the teacher. In: Osler and Other Papers. Johns Hopkins Press, Baltimore, 1931, p. 1.
Osler W. The reserves of life. St. Mary’s Hosp Gaz. 1907;13 (1):95-8.
Osler W. Aequanimitas. Chapter 7, P. Blakiston’s Son and Co., Philadelphia, 1925, p. 124
Osler W. Valedictory address to the graduates in medicine and surgery, McGill University. Can Med Surg J. 1874; 3:433-42.
Osler W. Remarks on organization in the profession. Brit Med J. 1911; 1(2614):237-9.
Jacobs. AM: PMNews, April, 2015.

***

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

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

***

Filed under: "Doctors Only", CMP Program, Ethics, Financial Planning, iMBA, Inc., Risk Management | Tagged: CMP, CMP Program, David E. Marcinko, Financial planning MDs, medical risk management, Render Davis | Leave a comment »

DOCs – Declare your INDEPENDENCE Day!

Posted on July 5, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

By Pamela Wible MD via Ann Miller RN MHA

***

9 out of 10 doctors wouldn’t recommend medicine as a profession

Why?

***

Here are a few factoids.

Pages in U.S. tax code: 74,608
Pages of Medicare regulations by which physicians must abide: > 132,000
Current number of diagnostic and procedure codes doctors must know: 17,000
Number of codes docs are responsible for with new guidelines in October: >140,000.
Percent of working hours doctors spend on non-patient-related paperwork: 22 percent
Percent of working hours doctors spend on patient-related paperwork: > 60 percent
Percent of time doctors spend looking at computers instead of patients: 40 percent
Percent of working hours new doctors spend face-to-face with patients: 12 percent
Which is how many minutes per patient: 8

Assessment

Maybe that’s why over 1 million Americans will lose their doctors to suicide this year.

More:

Join me this July 4th weekend to declare your independence

LINK: https://www.youtube.com/watch?v=VDF0kJpVpXw&feature=player_embedded

LINK: youtube https://www.youtube.com/watch?v=VDF0kJpVpXw?feature=player_detailpage&w=640&h=360

Filed under: "Doctors Only", Career Development, Risk Management, Videos | Tagged: Pamela Wible MD, physician suicide | 1 Comment »

2015 Harvard Medical School Class

Posted on June 1, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Congratulations to the 160 HMS and 37 HSDM

[By staff reporters]

#HarvardMed15

[By figure1 on Instagram]

Channel Surfing

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.

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More:

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:

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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

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An Educational Niche Resource Supporting Doctors and their Consulting Advisors

Posted on January 15, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

By Eugene Schmuckler PhD MBA MEd CTS [Academic Provost]

www.CertifiedMedicalPlanner.org

About the Medical Executive-Post

We are an emerging online and onground community that connects medical professionals with financial advisors and management consultants.

We participate in a variety of insightful educational seminars, teaching conferences and national workshops. We produce journals, textbooks and handbooks, white-papers, CDs and award-winning dictionaries. And, our didactic heritage includes innovative R&D, litigation support, opinions for engaged private clients and media sourcing in the sectors we passionately serve.

Through the balanced collaboration of this rich-media sharing and ranking forum, we have become a leading network at the intersection of healthcare administration, practice management, medical economics, business strategy and financial planning for doctors and their consulting advisors. Even if not seeking our products or services, we hope this knowledge silo is useful to you.

In the Health 2.0 era of political reform, our goal is to: “bridge the gap between practice mission and financial solidarity for all medical professionals.”

More: Letterhead.iMBA_Inc.

***

Enter the Certified Medical Planners™

There is no certification program, course of study or professional designation for FAs who wish to enter the lucrative financial planning space serving physicians and healthcare professionals.

That’s why the R&D efforts of our governing board of physician-directors, accountants, financial advisors, academics and health economists identified the need for integrated personal financial planning and medical practice management as an effective first step in the survival and wealth building life-cycle for physicians, nurses, healthcare executives, administrators and all medical professionals.

Now – more than ever – desperate doctors of all ages are turning to knowledge able financial advisors and medical management consultants for help. Symbiotically too, generalist advisors are finding that the mutual need for extreme niche synergy is obvious.

But, there was no established curriculum or educational program; no corpus of knowledge or codifying terms-of-art; no academic gravitas or fiduciary accountability; and certainly no identifying professional designation that demonstrated integrated subject matter expertise for the increasingly unique healthcare focused financial advisory niche … Until Now!

Enter the Certified Medical Planner™ charter professional designation. And, CMPs™ are FIDUCIARIES, 24/7.

Video: http://vimeo.com/84247360

An Interview with Bennett Aikin AIF®

Physician-Investors and the “F” Word

More:

Channel Surfing the ME-P

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

How may we assist you?

← Back

Thank you for your response. ✨

Filed under: "Doctors Only", Career Development, CMP Program, Experts Invited, Health Economics, iMBA, Inc., Investing, Portfolio Management, Practice Management | Tagged: certified medical planner, fiduciary, Financial Planning, Institute Medical Business Advisors, medical practice management | 1 Comment »

Doctor – What Do You Say When People Ask, “What Do You Do?”

Posted on January 2, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

The Lesson of Magnets?

[By Vicki Rackner MD]

http://www.CertifiedMedicalPlanner.org

Whether you’re a clinic employee or a private practitioner, you reap the greatest career satisfaction when you see more of your best-fit patients. How do you attract them?

Magnets

Magnets offer an important lesson.

Depending on the orientation, two magnets will either attract or repel each other. The strength of the magnetic force is called the magnetism.

The way you present yourself to would-be patients, referring physicians and other SENDERS–people who send you patients– will either attract them or repel them.

Your goal is to optimize your magnetism so you will attract the attention of people you want to engage.

It begins with hello. They say you only have one chance to make a first impression.

One of the first questions people ask you at a social event is, “What do you do?” To generate referrals, answer in a way that increases the chances of attracting your best-fit patients to your practice. You want your listener to say, “Wow! I know someone who needs to see you!”

***

The Three Answers

There are three ways of answering this question:

By title: You could say, “I’m a rheumatologist” or “I’m a pediatrician.”

The problem with this approach is that your title brings an image to the mind of the listener over which you have little control.

I was at a wedding when a budding Barbara Walters-type started interviewing me. This child said to me, “You’re a doctor.” I nodded. She asked , “What kind of doctor?” I told her, “I’m a surgeon.” She asked “What kind of surgeon?” I told her, “A general surgeon.” Her eyes got big as saucers as she said, “Oh, you’re the person who puts those warning labels on the cigarette packs!”

By diagnostic and therapeutic activity: You could say, “I treat orthopedic injuries.” or “I treat diseases of digestion.”

The problem with this approach is that you’re asking your listener to become a diagnostician. Is their mother’s sub-sternal burning angina or acid reflux?

By result: You could say, “I help women make a gracious transition through menopause.” Or , “I help parents set their kids up for a life of health.” This is the approach with the highest magnetism score.

The most attractive positioning statement answers these three questions:

Whom do you help?
What results do you help people get?
Why is this result important ?

Ideally you craft a simple, memorable, repeatable sound bite. You and your staff members use it. People calling your office repeat it.

Assessment

The most magnetic positioning statements are deceptively simple. Keep working at it. You’ll know when you’ve found yours. You pique the curiosity of your listener. They want to learn more

About the Author

Vicki Rackner MD, author, speaker, ME-P thought-leader and President of Targeting Doctors, helps financial advisors accelerate their practice growth by acquiring more physician clients. She calls on her experience as a practicing surgeon, clinical faculty at the University of Washington School of Medicine and nationally-noted expert in physician engagement to offer a bridge between the world of medicine and the world of business.

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

Product Details

Filed under: "Doctors Only", Career Development, Practice Management | Tagged: Doctor - “What Do You Do?”, Vicki Rackner MD | 1 Comment »

About Crowd-Med [Case Review Service]

Posted on December 23, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

***

DR. DAVID EDWARD MARCINKO MBA

[By ME-P Staff Reporters]

CrowdMed Company Background

CrowdMed purports to harnesses the wisdom of crowds to collaboratively solve even the world’s most difficult medical cases quickly and accurately online.

The company offers individuals, insurance providers, and self-insured corporate customers the ability to more quickly diagnose medical conditions and reduce healthcare costs without compromising care.

***

The results speak for themselves?

Since launching publicly in April 2013, CrowdMed has helped solve hundreds of medical cases for patients around the world, and this number is quickly growing as word spreads of the new service. On average, these patients had been sick for 8 years, seen 8 doctors, and incurred more than $50,000 in medical expenses. Despite the difficulty of their cases, more than half of these patients tell us that the crowd successfully brought them closer to a correct diagnosis or cure.

Anyone can submit a case on the CrowdMed website for free (with a $50 refundable deposit), or along with a cash compensation offer to draw more attention to their case. They use incentives to increase participation, and the overall quality and confidence levels of suggested diagnoses. Thousands of people with diverse backgrounds in medicine, health care, education and research have already joined the crowd, and they are continually recruiting new medical and disease experts to help solve cases.

During early testing of the CrowdMed platform, the founder [Jared] submitted his own sister’s [Carly] anonymous case information to the crowd to test the system. More than 300 people participated, evaluating the same symptoms that had been provided to Carly’s original doctors. In just three days, the crowd gave Jared their answer: Fragile X-associated primary ovarian insufficiency

Founded by veteran technology entrepreneur Jared Heyman and based in San Francisco, CA, CrowdMed has received more than $2.4 million in funding from some of Silicon Valley’s top venture capital firms including NEA, Andreessen Horowitz, Greylock Partners, SV Angel, Khosla Ventures and Y Combinator. The company’s advisors have founded and run some the world’s most successful online healthcare companies including WebMD. CrowdMed graduated from Y Combinator’s Winter 2013 class, and was officially launched during the TEDMED 2013 conference in Washington DC.

You can read more about CrowdMed’s leadership team click here.

More:

Assessment

Check em’ out today: http://blog.crowdmed.com

Channel Surfing the ME-P

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

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October is “Cut Out Dissection” Month

Posted on October 4, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Appreciating the Pros and Cons of Animal Dissection

[Brought to you by PETA]

Every year, millions of frogs, rats, cats, mice, and other animals suffer and are killed for dissection. Luckily, there are far better ways to learn biology than by torturing animals, damaging the environment, and teaching insensitivity. With more and more states enacting dissection-choice policies, it’s never been easier to avoid dissection.

And so, October is “Cut Out Dissection Month” and PETA wanted to arm you with the “facts” on animal dissection in the easiest, most eyeball-friendly, sharable way—with our handy-dandy infographic!

Assessment by Dr. David Edward Marcinko MBA

As a Board-Certified surgeon, and Fellow of the American College, I disagree with this sentiment. Of course, I am not in favor of the wanton torture or harm of any animal. But, I still remember the first time I operated on a living, but anesthetized, German Shepard at Temple University in Philadelphia, almost 40 years ago. And, I still can feel the animal’s heart beating in my hands – powerful!

Of course, the anti-vivisectionist crowd scrawled graffiti on the anatomy building walls – the entire semester – to no avail. I also dissected frogs, fetal pigs, sharks, rabbits and several cats before reaching medical school.

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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: "Doctors Only", Ethics, Op-Editorials | Tagged: Anatomy Dissection, Animal Dissection, anti-vivisectionists, Cut Out Dissection Month, PETA | 7 Comments »

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES for DOCTORS and ADVISORS

Posted on August 30, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

UPCOMING: Our Newest Major Textbook Release

[By Ann Miller RN MHA]

Release: February 19th, 2015 by Productivity Press, Inc

744 Pages | 43 Illustrations

Editor(s): Dr. David Edward Marcinko MBA CMP™ and Professor Hope Rachel Hetico RN MHA CMP™

***

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES for DOCTORS and ADVISORS

[Best Practices from Leading Consultants and

Certified Medical Planners™]

Features:

Engaging content with case models, templates and examples for all medical professionals and their consulting advisors.
Combines holistic financial planning with new topics like hedge funds, investment banking, Wall Street practices and shenanigans; securities markets and margin accounts; alternative asset classes and investment policy creation – all integrated with emerging health industry concerns like the PP-ACA, ACOs, new tax laws and reimbursement models; practice sales, contracting and valuations; social media, hospital employee fringe benefits and PHO stock options.
Presents disruptive theories on industry suitability rules, fiduciary accountability and stewardship principles, and how to select the most knowledgeable and cost-efficient advisor for every life-cycle need.

Summary

Drawing on the expertise of multi-degreed doctors, and multi-certified financial advisors, COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS[Best Practices from Leading Consultants and Certified Medical Planners™]will shape the industry landscape for the next-generation as the current ecosystem strives to keep pace. Traditional generic products and sales-driven advice will yield to a new breed of deeply informed financial advisor, or Certified Medical Planner™.

The profession is set to be transformed by “cognitive-disruptors” that will significantly impact the $2.8 trillion healthcare marketplace for those financial consultants serving this challenging sector. There will be winners and losers. The text which contains 24 chapters, and champions healthcare providers while informing financial advisors, is divided into four sections compete with glossary of terms, CMP™ curriculum content, and related information sources:

For ALL medical providers and financial industry practitioners
For NEW medical providers and financial industry practitioners
For MID-CAREER medical providers and financial industry practitioners
For MATURE medical providers and financial industry practitioners.

Using an engaging style, the book is filled with authoritative guidance and health care–centered discussions, to provide tools and techniques to create a personalized financial plan using professional advice. Comprehensive coverage includes topics likes behavioral finance, medical risk management, Modern Portfolio Theory (MPF), the Capital Asset Pricing Model (CAP-M) and Arbitrage Pricing Theory (APT); as well as insider insights on commercial real estate; High Frequency Trading platforms and robo-advisors; the Patriot and Sarbanes–Oxley Acts; hospital endowment fund management, ethical wills, divorce and other special situations.

The result is a codified “must-have” book, for all health industry participants, and those seeking advice from the growing cadre of financial consultants and Certified Medical Planners™ who seek to “do well – by doing good”, dispensing granular physician-centric financial advice: Omnia pro medicus-clientis.

RAISING THE BAR

CERTIFIED MEDICAL PLANNER™

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

[Omnia pro medicus-clientis]

More:

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

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
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BLOG: www.MedicalExecutivePost.com
FINANCE:Financial Planning for Physicians and Advisors
INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors

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Join the ME-P [Membership Drive]

Posted on March 13, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

A Call to Increase Membership Rolls and Activity Levels

By Ann Miller RN MHA

[Executive-Director]

Dear Readers and Members,

We have some important updates for you!

Subscriber Map

We are making it easier to connect with physicians, management consultants and FAs from all 50 states, and beyond, in real-time fashion.

Channels

We currently have over 50 topic channels for your interest. You may post de-novo or comment on an existing post.

Dynamic Content

We are working on ensuring there is dynamic content on the site. This includes but is not limited to:

Latest activity constantly being updated
New blog posts added by members and non-members
New people of all stripes online at any given time
New member spotlight interviews
New videos added to breaking news
New polls and events added daily
New discussions by group moderators

Video News

We want to save our members time. We are going to the major websites to find the latest medical, management, financial planning, investing and HIT news.

We also seek to find related analog videos and upload them to the site.

ME-P Membership Drive

We are looking to add to our ME-P subscriber rolls in this membership drive. We need physician, medical management and FA subscribers and contributors to take us to new heights.

If you are interested, or know of someone who might be interested, please refer them to us, ask them to subscribe and/or reply to this post – or me – directly at: MarcinkoAdvisors@msn.com

Conclusion

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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

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How “Leaner” Hospitals Can Be Profitable in 2014

Posted on January 31, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Our Newest Textbooks with Checklists

Learn How to Profit and Thrive in the PP-ACA Era

BOOK FOREWORD / TESTIMONIAL

###

Filed under: "Doctors Only", Book Reviews, Breaking News, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Information Technology | Tagged: 6 sigma, Dr. David Edward Marcinko MBA, Healthcare Organizations, hospitals, Hospitals and Healthcare Organizations, medical clinics, Six Sigma | 15 Comments »

Pity the Poor Hospitals?

Posted on December 20, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

A Historical Look-Back to the Future?

By Wayne Firebaugh CPA, CFP® CMP™

www.CertifiedMedicalPlanner.org

Dr. Malcolm T. MacEachern, Director of Hospital Activities for the American College of Surgeons, presciently observed that:

… our hospitals are now involved in the worst financial crisis they have ever experienced. It is absolutely necessary to all of us to put our heads together and try to find some solution. If we are to have effective results we must have concerted and coordinated immediate action. … Repeated adjustments of expenses to income have been made. Never before has there been such a careful analysis of hospital accounting and study of financial policies. It is entirely possible for us to inaugurate improvements in business methods which will lead to greater ways and means of financing hospitals in the future. … It is true that all hospitals have already trimmed their sales to better meet the financial conditions of their respective communities. This has been chiefly through economies of administration. There has been more or less universal reduction in personnel and salaries; many economies have been effected. Everything possible has been done to reduce expenditures but this has not been sufficient to bring about immediate relief in the majority of instances. The continuance of the present economic conditions will force hospitals generally to further action. The time has come when this problem must be given even greater thought, both from its community and from its national aspect. [1]

In Agreement

Many health administration and endowment managers would agree that Dr. MacEachern accurately describes today’s healthcare funding environment. Although they might be startled to learn that Dr. MacEachern made these observations in 1932, there is the old truism that there is nothing new under the sun.

Today

More current healthcare statistics after the November 7th 2012 presidential election and Patient Protection-Affordable Care Act confirmation, suggest that the financial crises are much the same for today’s hospitals as they were for hospitals during the Great Depression. The American Hospital Association (AHA) recently reported a number of gloomy statistics for hospitals: [2]

Hospitals provided $39 billion in uncompensated care to patients in 2010 representing 5.8% of their expenses.
Technology costs are soaring as traditional technologies such as X-Ray machines, for $175,000, are being replaced by contemporary technologies such as CAT Scanners at $1 million, that are in turn being replaced by CT Functional Imaging with PET Scans costing $2.3 million. Even such a “simple” instrument as a scalpel that costs $20, is being replaced by equipment for electrocautery costing $12,000, that is then being replaced by harmonic scalpels costing $30,000.

More Metrics

A further review added more daunting numbers: [3]

In 2010, 22.4% of hospitals reported a negative total margin.
From 1997 through 2009, hospitals saw a small net surplus from government payments from sources such as Medicare and Medicaid deteriorate into a deficit approaching $35 billion.
Emergency departments in 47% of all hospitals report operating at, or over, capacity partially reflecting an approximate 10% decline in the number of emergency departments since 1991.
The average age of hospital plants has increased 22.5% from 8.0 years to 9.8 years in just fifteen years.
From 2003 through September 2007, hospital bond downgrades have outpaced hospital bond upgrades by 19%.

In a time when so much seems different yet so much seems the same, hospitals are increasingly viewing their endowments as a source of help. But what is an endowment?

Latin Roots

The same Latin words that give rise to the word “dowry” also give rise to the word endowment.[4] Interestingly, the concepts of a dowry and an endowment are in many ways similar. Both are typically viewed as gifts for continuing support or maintenance.

With respect to the healthcare entity, an endowment is generally used to smooth variations in operating results and to fund extra programs or plant purchases. Any entity that enjoys the support of an endowment also encounters the conflicting objectives between current income and future growth.

Assessment

Dean William Inge, a 19th century cleric and author, aptly noted that: “Worry is interest paid on trouble before it is due.”

When managing an endowment, it is important that the institution focus its attention on those items that it can control rather than worrying about those it cannot control. Successful endowment managers seem to agree that there are at least two major areas subject to the endowment’s control: asset allocation (also known as investment policy) and payout policy.

More:

The Danger of Groupthink with Endowment Fund Portfolio Managers

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

[1] MacEachern, M.T., MD. “Some Economic Problems Affecting Hospitals Today and Suggestions for Their Solution.” The Bulletin of the American Hospital Association. July 1932.

[2] Steinberg, C. Overview of the U.S. Healthcare System. American Hospital Association (2003). Carline Steinburg is Vice President, Health Trends Analysis, for AHA.

[3] “Trends Affecting Hospitals and Health Systems.” TrendWatch Chartbook 2010. American Hospital Association (2010).

[4] Merriam-Webster Online.

Filed under: "Doctors Only", Health Economics, Practice Management | Tagged: A Hospital Industry Outlook, ACA, AHA, American College of Surgeons, American Hospital Association, Dean William Inge, Patient Protection-Affordable Care Act, Wayne Firebaugh | 7 Comments »

Seeking a Physician Leader of Population Health Management‏

Posted on December 7, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Centene Corporation Seeking Medical Director

By Paul Esselman

Dear Dr. Marcinko,

Centene Corporation is seeking a Medical Director to manage its newly formed health plan, Arkansas Health & Wellness Solutions.

Based in Little Rock, Arkansas with its core operational functions handled by NovaSys Health, this plan has been approved to participate as a Qualified Health Plan issuer in the Arkansas Health Insurance Marketplace.

The Medical Director will work with a well-established provider to help build a new business line from inception; partnering with NovaSys senior leadership, s/he will assist in development of a medical management infrastructure to position the organization to expand its membership with the Medicaid patients in the state.

Assessment

I would welcome your thoughts as to whom I may contact regarding this highly visible role.

Kind regards,

Paul Esselman
Cejka Executive Search
4 CityPlace Dr., Ste. 300
St. Louis, MO 63141
314.236.4588 Office
pesselman@cejkasearch.com
http://www.cejkaexecutivesearch.com

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Doctors Only", Career Development | Tagged: Arkansas Health Insurance Marketplace, Cejka Executive Search, Centene Corporation, medical director, Paul Esselman | 2 Comments »

Why Physician-Investors Must Understand TAMPs

Posted on November 21, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Third Party Outsourcing of Your Investments

By Dr. David Edward Marcinko MBA CMP™

Turnkey Asset Management Programs (TAMPs) allow independent financial advisors [FAs], Registered Investment Advisors [RIAs] – typically fiduciaries – to outsource the management of some or all of their clients’ assets.

More recently, Certified Public Accountants, law firms and banks also are using them to enter the financial advice marketplace

Managed Account Services

With a TAMP, financial advisors gain access to managed account services that allow them to offload time-consuming functions, such as research, portfolio construction, rebalancing, reconciliation, performance reporting, and tax optimization and reporting, which allows them to focus on clients’ personal financial needs, marketing, advertising and sales concerns

Fee-Based Accounts

TAMPs are a form of fee-account, which charge fees based on a percentage of the total assets managed in the program. TAMPs appeal to independent financial advisors who are building a fee-only business, because they can avoid the cost of building their own fee-accounts platform and can implement a TAMP in about 90 days, instead of the year or longer required to develop the same capabilities in-house.

TAMPs also help independent advisors avoid employee hiring and payroll costs related to internal administration and research, which for a modest program requiring a staff of 8-10 employees can typically cost $1 million per year in ongoing overhead. Because TAMPs serve financial advisors, individual retail investors are not able to directly invest their assets in a TAMP.

###

“Meet and Greet” Meetings

So, the next time your FA has a quarterly meeting with you to discuss the status of your investment account or retirement portfolio, just realize that s/he is usually only the middleman. S/he is not buying, selling or trading stocks for you. An “anonymous omniscient other” behemoth firm is actually doing the work and merely placing your name on a glossy automated printed report. Your FA passes the report along as his/her alone, complete with his/her name and firm embossed, therein. Usually with a supplication like this.

The courtesy of your referral is our only reward.

And, the day of your quarterly meeting, in his/her fancy office, is probably the first and only day the report is even reviewed by the FA. This is why most of the FAs time is spent prospecting, or in marketing, advertising and/or other sales activities. All the heavy-lifting is done elsewhere.

In the industry, this type of Financial Advisor is known as an asset aggregator. And, in the retail sector, most FAs are asset aggregators or gatherers.

http://en.wikipedia.org/wiki/Turnkey_Asset_Management_Program

Number Crunching

Now, let’s say you have one millions dollars to invest and the FA charges you one percent of your AUMs; annually. This is common in the industry with ranges up to 3%, or so. Yep; that’s ten grand out of your pocket.

The Financial Advisor thus receives about $5,000/per year and the TAMP gets the same; year after year. This is reduced to $2,500 or so, to the FA, after office overhead costs. It does not matter if the market, or your account, is up or down. Such the deal!

Nevertheless, the money is automatically flowing away from you much like an annuity; or cash cow. Since you do not actually write a check out to the FA or firm, you may forget about the fees. Get the idea!

Therefore, a firm with $100 million dollars in AUMs earns about: $1-M X 50% = $500,000/year. With scale-ability, it is easy to see how Wall Street has all those skyscrapers in Manhattan, Chicago, London or Tokyo. AUM fees go up drastically, with little increase in overhead. Remember the economic concepts of marginal revenues and marginal costs!

In the industry, we call this Recurring Income. RI is preferred over a one time stock-broker commission [one-time sale] because it’s producing revenue for the TAMP and FA 24/7/365.

To be sure, it is difficult for FAs to obtain such clients; but once in the fold, clients are loathe to leave.

Assessment

Is it a wonder why big firms and wire-houses [brokerages] place their employee FAs under non-compete clauses? In other words, you the client, are owned by the company. You are not a client of the individual FA. So, when an FA leaves or retires, your account stays with the firm unless you transfer it. Expect to receive a very hard sell to stay, when you threaten to leave.

More:

Conclusion

Now, you know why sales skills are needed – over financial acumen – in this business. A great personality trumps education and brain power, most every time.

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

***

Invite Dr. Marcinko

***

Filed under: "Doctors Only", iMBA, Inc., Investing, Portfolio Management | Tagged: TAMPS, Turnkey Asset Management Programs | 5 Comments »

Doctors as Private Financiers?

Posted on August 2, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Doctors Acting as Lenders, White-Knights and Venture Capitalists

By Rick Kahler CFP® http://www.KahlerFinancial.com

Every now and then I get a call from a doctor client wanting my opinion about starting a business with a friend, investing money in a business owned by a family member, or co-signing a loan to help a family member buy a business. Being in business with family is something I know a little bit about, having been in partnership with my father and brother for 40 years. Going into business with family members or close friends can carry a high degree of risk, both financially and emotionally.

In part this is because it is uncomfortable or difficult to ask the necessary dollars-and-cents questions. We don’t want to seem uncaring, unsupportive, or untrusting. We are concerned about damaging the relationship. Yet the relationship is far more likely to suffer if we don’t ask those questions and the venture fails.

My Rules

The following are some things to consider before you invest or go into business with someone close to you:

1. Don’t even consider putting money into a business without seeing a detailed business plan. Ask the same questions about risks, costs, and potential profits that you would ask if this person were not a family member.

2. Insist that the person at least talk to other possible investors who aren’t emotionally involved. This will give both of you some feedback from neutral third parties about the validity of the opportunity. A banker or a potential investor who isn’t a family member will ask questions you may not even think of asking.

3. Do your own research and seek out some independent advice. A financial advisor or someone with a lot of business experience can be a valuable source of questions, information, and alternatives.

4. Ask yourself whether you want to be involved in this business. Does it support your own goals? Do you know anything about this field or have any interest in it? Sometimes people invest on behalf of family members because they feel they “should.” Yet, had those same proposals come from acquaintances or business colleagues, they would almost certainly have said no without a second thought.

5. Try to think of other ways you might be supportive without putting money into the venture. Maybe you can think of lower-risk alternatives or other possible sources of funding. Remember, too, that if your wish is to support and encourage family members, helping them jump into an unacceptably risky investment isn’t exactly doing them any favors.

6. Pay close attention to any difficult feeling you are experiencing when considering investing in this enterprise. Explore any feelings like fear, anxiety, or sadness to determine if there is further wisdom to be gleaned. Perhaps you may be unconsciously ignoring some crucial warning signs.

7. Communicate clearly. Emphasize from the beginning that protecting the relationship is your most important consideration. If you decide not to get involved, be direct about it. Saying no right away is more respectful than is stringing the person along because you don’t want to hurt someone’s feelings. Yes, choosing not to invest in a family member’s project may cause some tension in the relationship. That’s minor compared to the damage the relationship could incur if you invest and the business fails.

###

Assessment

Sometimes, the best way for a successful doctor to support a family member’s financial well-being is to turn down an investment request. If outside parties are not willing to commit funds to a project, maybe there’s a message there that both of you need to hear. If you wouldn’t make an investment on its own merits, you almost certainly shouldn’t make it just because it involves a friend or family member.

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: "Doctors Only", Funding Basics, Risk Management | Tagged: funding, lenders, Rick Kahler CFP®, venture capitalists, White-Knights | 2 Comments »

A New Physician Compensation Report

Posted on July 31, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

A Physician Compensation Infographic and Review

Doctors saw a small salary increases in 2012 but they were smaller than those in 2011, according to a physician compensation survey released this week by global consulting firm, the Hay Group.

For example, in 2011, physician salaries increased by 2.7 percent but 2012 saw they increased only by 2.5 percent.

####

More

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: "Doctors Only", Career Development | Tagged: doctor pay, doctor paychecks, doctor salary, Hay Group., More on the Doctor Salary Conundrum, Physician Compensation Report | Leave a comment »

Medical Director Needed for NovaSys Health

Posted on July 30, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Physician Career Opportunity

By Paul Esselman

[Executive Vice President, and Managing Principal]

Cejka Executive Search

Dear Dr. Marcinko,

Centene Corporation is seeking a Medical Director for NovaSys Health, a full-service managed care company and health plan administrator based in Little Rock. This newly created position will be responsible for assisting in the development of a medical management infrastructure for the health plan as NovaSys expands their member base through the participation in the Arkansas Healthcare Exchange.

A Fortune 500 company, Centene is a national leader in low-cost solutions for high quality healthcare services for uninsured and underinsured patients. Centene’s subsidiary health plans bring better health outcomes to their 1.5 million members. Centene’s core philosophy is that quality healthcare is best delivered locally. This local approach enables them to provide accessible, high quality and culturally sensitive healthcare services to their members in their own communities.

The Medical Director will perform utilization review, quality assurance and medical review of services; oversee the activities of physician advisors; assist in provider network development and expansion; and participate in strategic program developments for improving quality of care while lowering costs. The Medical Director will also work closely with the Plan President and Vice President, Medical Management (RN) in establishing and carrying out the strategic vision of the organization working closely with external constituents as appropriate.

Successful candidates will be physician leaders with knowledge of quality improvement practices and familiarity with medical information systems, medical claims payment processing and coding. Knowledge of managed care, Medicaid and case management programs are preferred. Board certification in a recognized medical specialty, preferably in internal medicine, family practice, pediatrics or emergency medicine, and an active medical license are required.

###

Assessment

Qualified candidates should submit their resumes for consideration to me:

Thank you.

Paul Esselman Executive Vice President, Managing Principal Cejka Executive Search 4 CityPlace Dr., Ste. 300 St. Louis, MO 63141 314.236.4588 Office pesselman@cejkasearch.com http://www.cejkaexecutivesearch.com

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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: "Doctors Only", Career Development, iMBA, Inc. | Leave a comment »

Understanding the Spoils of Healthcare Fraud and Abuse

Posted on June 5, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Self Explanatory – Need we say more?

By ME-P Staff Writers

###

[Click on image to enlarge]

###

Assessment

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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: "Doctors Only", Ethics, Health Economics, Risk Management | Tagged: healthcare abuse, healthcare fraud | 6 Comments »

Health 2.0 Financial Planning for Medical Executive-Post Members

Posted on April 10, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

A By-Product of Health 2.0?

By Dr. David Edward Marcinko FACFAS MBA CMP*

[Founder and CEO]

www.MedicalBusinessAdvisors.com

A decade ago, Editor Gregory J. Kelley of Physician’s MONEY DIGEST and I reported that a 47 year old-doctor with $184,000 annual income would need about $5.5 million dollars for retirement at age 65. Then came the “flash-crash’ of 2007-08, the home mortgage fiasco and the Patient Protection and Accountable Care Act [PP-ACA] of 2010; etc.

No wonder that medical provider career panic is palpable. Much like the new medical home concept, the idea of holistic life planning was born.

Life Planning

Life planning has many detractors and defenders. Formally, life planning has been defined in the following way.

Financial Life Planning is an approach to financial planning that places the history, transitions, goals, and principles of the client at the center of the planning process. For the client, their life becomes the axis around which financial planning develops and evolves.

But, for physicians, life planning’s quasi-professional and informal approach to the largely isolated disciplines of medically focused financial planning, was still largely inadequate.

Why?

Today’s personal financial and practice environment is incredibly more complex than it was in 2007-08, as economic stress from HMOs, Wall Street, liability fears, criminal scrutiny from government agencies, IT mischief from hackers, economic benchmarking from hospitals and the lost confidence of patients all converged to inspire a robust new financial planning 2.0 approach for medical professionals.

Example of a financial planning mistake

Recall the tale of Dr. Debasis Kanjilal, a pediatrician from New York who put more than $500,000 into the dot.com company, InfoSpace, upon the advice of Merrill Lynch’s star but non fiduciary analyst Henry Bloget.

Is it any wonder that when the company crashed, the analyst was sued, and Merrill settled out of court? Other analysts, such as Mary Meeker of Morgan Stanley, Dean Witter and Jack Grubman from Salomon Smith Barney, were involved in similar fiascos.

Although sad, this story is a matter of public record. Hopefully, doctors now understand that the big brokerage houses that underwrite and recommend stocks may have credibility problems, and that physicians got burned with the adrenalin rush of “self-directed” investment portfolios.

Example of a medical practice management mistake

Just reflect a moment on colleagues willing to securitize their medical practices a few years ago, and cash out to Wall Street for perceived riches that were not rightly deserved

Where are firms such as MedPartners, Phycor, FPA and Coastal now? A recent survey of the Cain Brothers Physician Practice Management Corporation Index of publicly traded PPMCs revealed a market capital loss of more than 95%, since inception.

Another Approach?

This disruptive narrative shift was formally noted by the Institute of Medical Business Advisors Inc [iMBA, Inc] and introduced to the medical and financial services industry. This research and corpus of work resulted in hundreds of publications in the Library of Medicine, National Institute of Health (NIH) and the Library of Congress, along with related publications, a dozen textbooks and white papers

http://www.ncbi.nlm.nih.gov/nlmcatalog?term=marcinko

The iMBA approach to financial planning, as championed by the www.CertifiedMedicalPlanner.org professional charter designation, integrates the traditional concepts of fiduciary focused financial planning, with the increasing complex business concepts of medical practice management.

The former ideas are presented in our textbook on financial planning for doctors: Financial Planning for Physicians and Advisors

The later in our companion book: Business of Medical Practice [Edition 3.0]

A textbook for hospital CXOs and physician-executives: Hospitals & Healthcare Organizations

While most issues of risk management, liability and insurance are found in Risk Management and Insurance Strategies for Physicians and Advisors

And, for the perplexed, all definitions are codified in the dictionary glossary Health Dictionary Series

Health 2.0 Paradigm Shift

And so, the ME-P community now realizes that a more integrated approach is needed. The traditional vision of medical practice management, personal physician financial planning and how they may look in the future are rapidly changing as the retail mentality of medicine is replaced with a wholesale philosophy.

Or, how views on maximizing current practice income might be more profitably sacrificed for the potential of greater wealth upon eventual practice sale and disposition.

Or, how Yale University economist Robert J Shiller warns in “The New Financial Order” [Risk in the 21st Century] that the risk for choosing the wrong healthcare profession or specialty might render physicians obsolete by technological changes, managed care systems or fiscally unsound demographics.

My Assessment

Yet, the opportunity to re-vise the future at any age through personal re-engineering, exists for all of us, and allows a joint exploration of the medicine, business and the meaning and purpose of life.

To allow this deeper and more realistic approach, the advisor and the doctor must build relationships based on fiduciary trust, greater self-knowledge and true medical business and financial enhancement acumen.

Are you up to the task?

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: "Doctors Only", Career Development, Estate Planning, Financial Planning, Investing, Practice Management, Professional Liability, Research & Development, Risk Management, Taxation | Tagged: david marcinko, Dean Witter, Financial Planning, Jack Grubman, life planning, Morgan Stanley, Patient Protection and Accountable Care Act, physician's money digest, Salomon Smith Barney, Wall Street | 5 Comments »

Physician Financial Planning IS Medical Risk Management [video]

Posted on March 30, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

By Ann Miller RN MHA

Financial Planning Handbook for Physicians and Advisors

Insurance and Risk Management Strategies for Physicians and Advisors

[Click on icons for larger image]

###

Business protection strategies for small medical practices

A study recently released by insurance specialist firm The Hartford reveals that small businesses continue to succeed despite challenging economic conditions.

In this video, Ray Sprague, senior vice president for The Hartford’s small commercial insurance segment, shares key takeaways from the study and discusses strategies that small medical practices can implement to protect their business.

VIDEO

http://www.healthcarefinancenews.com/video/business-protection-strategies-small-medical-practices

###

Filed under: "Advisors Only", "Doctors Only", Book Reviews, Financial Planning, Risk Management, Videos | Tagged: Financial Planning, medical risk management | 3 Comments »

ME-P Book Reviewers Needed

Posted on March 22, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

New Text Book Testimonials Requested

By Dr. David Edward Marcinko MBA

[Editor-in-Chief]

Greetings all ME-P Readers from Atlanta, Georgia

###

After reading and being inspired by Dr. Atul Gawandi’s December 10, 2007 New Yorker article, “The Checklist”, as well as the Checklist Manifesto, I am writing to ask that you consider this request to write a 3-5 sentence testimonial review to our upcoming new textbook: Financial Management Strategies for Hospitals and Healthcare Organizations: Tools, Techniques, Checklists and Case Studies

It is the follow up to: Hospitals & Health Care Organizations: Management Strategies, Operational Techniques, Tools, Templates, and Case Studies

Book Focus

Please realize that the focus of the work is non-clinical in nature, and is replete with managerial case models and administrative checklists following each chapter.

Just as Atul believed the time is right for medical checklists, we believe in a similar philosophy for hospitals, health enitites, and healthcare administration. It is right for any physician or medical practitioner, regardless of degree or specialty designation.

Ideal Reviewers

Ideal book reviewers are doctors, financial advisors, economists, accountants, nurses, insurance agents, politicians and healthcare CXOs. So, please see the TOC links as we ask you to keep this request confidential. Regardless of your decision, we remain an apostle of your core vision whenever possible.

Fraternally,

Dr. David Edward Marcinko MBA

[Editor-in-Chief]

INSTITUTE OF MEDICAL BUSINESS ADVISORS, INC.

Suite #5901 Wilbanks Drive Norcross, Georgia, 30092 USA

Phone: 770.448.0769

MarcinkoAdvisors@msn.com

###

Filed under: "Advisors Only", "Doctors Only", Book Reviews, Breaking News, Career Development, iMBA, Inc. | Tagged: and Case Studies, Checklists and Case Studies, david marcinko, Financial Management Strategies for Hospitals and Healthcare Organizations: Tools, Hospitals & Health Care Organizations: Management Strategies, New Book Reviewers Needed, Operational Techniques, Techniques, Templates, Tools | Leave a comment »

Time-Line to Launching a New Medical Practice

Posted on February 15, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

A New Practice Checklist

Dr. David Edward Marcinko MBA CMP™

www.BusinessofMedicalPractice.com

It is important to develop a general checklist that touches some of the most important issues in launching a traditional medical practice; or an extended medical service line.

Link: Chapter 04: Strategic Operations

Once the checklist or “to-do” list is completed, and practically it never will be, a time-line may be developed, accelerated, decelerated or modified depending on circumstances. Just think of it as an overlapping continuum rather than discrete steps using appropriate elements of the checklist below.

Time-Line Milestones to Office Launch

12 Months Out:

Determine your strategic competitive advantage
Obtain medical license
Craft a business plan
Secure capital funding and living expenses
Secure office location for professional, demographic or lifestyle reasons
Retain a practice management consultant, accountant, banker and attorney.

9-11 Months Out:

Retain and hire contractor, architect or remodeling firm and build out the office space
Obtain certificate of occupancy or appropriate permits
Incorporate the business [S Corp, LLC, PC, etc]
Obtain state and federal tax ID and EIN, DEA number, NPI, Medicare and Medicaid provider numbers, etc
Contact insurance companies for credentialing applications to become a contracted provider
Contact local medical professionals, hospitals and ASCs, etc.

7-8 Months Out:

Establish a benefit and retirement plan
Obtain insurance coverage [life insurance, malpractice insurance, disability and worker’s compensation coverage, etc]
Complete Medicare/Medicaid paperwork and from private and commercial insurance companies, hospitals, ASCs, etc.

5-6 Months Out:

Complete building out the office
Obtain furniture, office equipment, medical and administrative supplies
Evaluate and order computerized HIT and eHR systems
Begin insurance discussions and obtain policies from agent/broker/counselor

3-4 Months Out:

Policy / procedure manuals in place [OSHA, HIPAA, ADA, PA, etc]
Interview and start hiring staff, personnel and office manager [FT and PT]
Begin marketing and advertising [websites, blogs, yellow pages, TV, radio, etc]
Contact drug representatives
Retain a CPA, or similar accounting or payroll services professional
Secure traditional and electronic “new” yellow page ads
Rent a PO box and open a business savings and checking bank account
Get a business credit/debt card and unsecured line of credit [LOC], if possible.

1-2 Months Out:

Systems check [phone system, answering service, laundry, lawn care, janitorial and cleaning, security, collections, bookkeeping and payroll.
Contact clinical laboratory, biopsy, blood analysis, C&S services, etc
Contact and set up an account with a medical waste company (unless the landlord includes this in the lease or sub-lease)
Secure credit card or similar payment services
Prepare for MCO, HMO, CAQH credentialing and walk-thru’s, etc
Order office stationary, logos, business cards, etc.
Open house parties.

Impending Opening

Commence patient care.

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.

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: "Doctors Only", Practice Management | Tagged: Business of Medical Practice, business of medicine, medical practice management, Starting A Medical Practice, Time-Line to Launching a New Medical Practice | Leave a comment »

How I Lost my Battle Against the NPI

Posted on January 24, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Refusing a National Provider Identifier Number

By Darrell K. Pruitt DDS

I can no longer refuse to apply for a National Provider Identifier (NPI). I lost that long battle. Anyone rejoicing?

I’m spent. My leverage has vanished. Telling insurers “I have no NPI” held much more inherent power than “I have an NPI but I won’t share it with you on principle.” Far too many words. My profession has become dominated by unresponsive, unaccountable 3rd parties that dental leaders in the ADA welcome as policy. Working together, they promote and commandeer the technology dentists purchase and clueless patients pay for in increased fees. I have painfully learned that principles are only for dentists who can still afford them, and it’s a bad economy for luxuries.

Non-HIPAA Entity

Since I am not a HIPAA-covered entity and therefore not required by law to adopt an NPI, my capitulation to extortion disappoints me as an American citizen. I still find it hard to believe that an anti-consumer HIPAA rule enthusiastically enforced by the dental benefits industry could force me to “volunteer” for a PERMANENT identifier. As I and 96% of dentists become jerked around by our NPIs, I hope dental historians note that I am the ONLY dentist who publicly asked “Why?” instead of “Why not?” After 6 years, I’m still awaiting an answer to that question from leaders who continue to promote the NPI to dentists while ignoring their questions.

Dental Benefits Providers

I was able to hold out up until Aetna, Delta Dental and other dental benefits providers deprived my office of access to details of patients’ dental benefits unless I have an NPI. I’m waiting for someone – anyone – to tell me how the identifier can possibly improve the dental care of those who pay Aetna and Delta Dental premiums, especially if their benefits are intentionally kept secret from their dentists. I am certain that if the nation’s employers who purchase dental benefits were aware of the transparent nonsense, they would never purchase such products. Where’s the US Chamber of Commerce? Where’s the FTC? How about the US Constitution?

This is exactly why there needs to be more openness in our profession, Doc. The cockroaches who were invited to quietly overrun dentistry cannot withstand transparency, yet I don’t know how much longer I can fight for it without further risking the health of my practice.

As anyone can understand – and as anticipated by corporate executives in the insurance industry as well as by those with vested interests in the ADA Department of Dental Informatics – to have to explain to new patients why I cannot estimate how much they will owe for treatment would destroy my practice. Outside the US, other societies deem it unethical to deny patients informed consent to treatment for any reason. The NPI is such an egregious blunder that I never expect those who promoted to accept ownership.

###

Assessment

If I lost the battle, who won? Do EDR enthusiasts in the ADA call this a glorious victory and a likely source of ADA pride for decades to come? Or is it much more shameful? Since I lost freedom, I want to know who won?

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: "Doctors Only", Information Technology, Practice Management, Pruitt's Platform | Tagged: ADA, Aetna, Battle against the NPI, Darrell K. Pruitt DDS, delta dental, eDR, EHRs, electronic dental records, electronic health records, electronic medical records, FTC, HIPAA, National Provider Identifier Number | 1 Comment »

US Income Distribution [Doctors versus Laymen]

Posted on December 31, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Fortunate Medical Professionals

www.CertifiedMedicalPlanner.org

The income gap between the 95th percentile and 80th percentile grew by $1,424 from 2010 to 2011. Indeed, income distribution appears to be widening, and fast, according to the graphic below.

Inequality Grows

Okay, we don’t have inequality figures for 2012 yet. But, we do have income data for 2011, and it suggests that the post-war trend of widening income gaps show little sign of abating.

Assessment

And so, the gap between the top 5 percent and the rest of the country just kept growing. But, what about doctors and related medical professionals?

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: "Doctors Only", Career Development, CMP Program | Tagged: certified medical planner, doctor income, physician income, rich doctors, US Income Distribution | 3 Comments »

Medical Practice and Health 2.0 Risk Management is Now a Part of Financial Planning for Doctors

Posted on November 10, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Ann Miller RN MHA [Executive-Director]

http://www.CertifiedMedicalPlanner.org

About Us

Our ME-P Editor, Dr. David Edward Marcinko MBA CMP™, is a nationally recognized healthcare financial and business advisor to physicians, clinics, hospitals and medical practices. Based in Atlanta Georgia, as a Certified Medical Planner™, Dr. Marcinko leads the industry delivering expert financial and managerial advice to all healthcare entities and stakeholders regarding managed care contracting, operations, strategic planning, revenue growth, health 2.0 business modeling and physician litigation support.

Dr. Marcinko is a sought-after author and speaker with three-decades of expert healthcare consulting experience. He has authored hundreds of healthcare business, finance, economics and management articles and dozens of text books. He is a chosen speaker among prominent national healthcare groups and financial services associations.

Committed to addressing the needs of each client, Dr. Marcinko and the iMBA Inc team takes great pride in personally leading every consulting team that produces effective response time and measurable results for satisfied colleagues and corporate clients www.MedicalBusinessAdvisors.com

Educational Inititatives

Enter the Certified Medical Planner™ charter professional designation www.CertifiedMedicalPlanner.org

Assessment

And so, for all financial services professionals interested in the fast-moving healthcare advisory space: Medical Practice and Risk Management is Now a Part of Financial Planning for Doctors

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Advisors Only", "Doctors Only", CMP Program, Financial Planning, Portfolio Management, Practice Management, Professional Liability, Risk Management | Tagged: CertifiedMedicalPlanner.org, CMP Program, CMP www.CertifiedMedicalPlanner.com, Dr. David Marcinko, financial planning for doctors, malpractice | 2 Comments »

Events Planner: September 2012

Posted on September 1, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

ADVERTISEMENT

Events-Planner: SEPTEMBER 2012

By Staff Writers

“Keeping track of important health economics and financial industry meetings, conferences and summits”

Welcome to this issue of the Medical Executive-Post and our Events-Planner. It contains the latest information on conferences, news, and relevant resources in healthcare finance, economics, research and development, business management, pharmaceutical pricing, and physician/entity reimbursement! Watch for a new Events-Planner each month.

First, a little about us!　The Medical Executive-Post is still a relative newcomer. But today, we have almost 175,000 visitors and readers each month from all over the country, in addition to our growing subscriber base. We have been a successful collaborative effort, thanks to your contributions. As a result, we are adding new resources daily. And, we hope the website continues to provide the best place to go for journals, books, conferences, educational resources, tools, and other things you need to establish the value your healthcare consulting and financial advisory intervention.

So, enjoy the Medical Executive-Post and this monthly Events-Planner with our compliments.

A Look Ahead this Month – And now, the important dates:

September 14-16: Physicians in Management Seminar, Atlanta, GA
September 16-19: Association Healthcare Environment, Phoenix, AZ
September 19-22: SHSMD Meeting, Philadelphia, PA
September 22-25: ASHHRA Meeting, Denver, CO

MarcinkoAdvisors@msn.com

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　

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

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Filed under: "Doctors Only", Breaking News, Career Development, Events-Planner | Tagged: Events-Planner | Leave a comment »

Doctors and Financial Advisors “Working 9 to 5”

Posted on August 1, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

What an “Old” Way to Make a Living

[Challenging the Current Business Process Model and Scheduling Paradigm]

By Dr. David Edward Marcinko FACFAS MBA CMP™

[Editor-in-Chief]

First off – my apologies to Dolly Parton for bastardizing the title of her song

My dad worked for General Motors; the 11-PM to 7-AM shift to be precise. The company ran 3 shifts [8hr. X 3da. = 24 hrs / day / 7 days / week]. He was always home during the day for his children. In fact, it seemed as though he never slept. My mom worked the 9-AM to 5-PM shift / 5 days / week as a banker. What a great arrangement; loving parental child care 24/7/365.

Then, after my own medical school, internship, residency training, fellowship, clinical practice and business school, I often wondered why corporate America and her white collar workers used the 9-5 work day paradigm and not the traditional blue collar 3 shift [24/7/375] manufacturing model – like GM?

Working

With a 24/7/365 work day schedule [3 shifts/day], fixed office costs would remain the same, while variable costs would increase slightly but be compensated for by increased revenues, less HR stress, fewer utilities and reduced private and public infra-structure maintenance, etc [old styled B-school pedagogy]. This would increase operating capacity and output [patient/client output, CPT® codes, hourly fees, AUMs, etc]. You know – real top line revenue and bottom line profits. And, that’s a good thing for business and commerce.

But, is this 3 shift model applicable to the healthcare industrial complex and the financial services industry? If not – why not? And, I mean real work – examining and treating patients and interviewing clients – not automatic websites or interactive blogs, etc. Doctors, consultants and FAs actually interacting with real folks; not avatars!

An Old but Novel Idea?

As a medical business process consultant, my simple idea is more than two decades old. Yet, it remains largely untested and still considered novel … Perhaps until now! Offering extended hours is one way that physicians – can position themselves for the changes coming in the new healthcare era. How else will we accomodate 34 million new Medicaid insured patients.

In fact, so should financial advisors and medical management consultants. Shoot, why can’t most professionals use this model. Why be constrained to person, place and time [3-Dimensions]?

The Decision

This decision, however, should not be taken lightly and should be evaluated both from a provider, patient, civics, cultural and business standpoint. So, please read this essay for an elegant description of this model.

Then, our ME-P text books can be used to go granular into the nitty-gritty details; with real-life tools, templates, case models and checklists, etc.

Assessment

Link: Ready to offer extended patient hours?

Link: New Medical Practice Entrepreneurial Business Rules for Young Physicians [circa 2012]

Conclusion

Your thoughts and comments on this ME-P are appreciated. Colleagues – when not if – are you going 24/5 … or 6 … or 7?

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: "Advisors Only", "Doctors Only", Book Reviews, Career Development, iMBA, Inc., Practice Management, Touring with Marcinko | Tagged: Dr. David Edward Marcinko MBA CMP™ | 2 Comments »

Do Self-Directed Accounts in Retirement Plans Spell TROUBLE for Physicians?

Posted on July 23, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Self-Directed Brokerage Accounts

By Jessica Maldonado AIFA® PPC™

Vice President – Searcy Financial Services Inc: www.SearcyFinancial.com

Self-directed brokerage accounts (SDBAs) have long been a loophole to allow plan participants with larger account balances (generally physicians, practice owners, principals, and partners) in a retirement plan the ability to “do their own thing” in investing their accounts.

The theory was that if you open a “window” and a separate account, then the assets held within that account would no longer be managed as part of the plan’s investments because the SDBA was considered a single investment option.

However, due to eleventh-hour guidance provided by the U.S. Department of Labor (DOL) in regard to the new 408(b)(2) service provider fee disclosure rule, now in effect, these SDBAs may create headaches large enough for plan sponsors to stop allowing these windows to operate if a manageable solution is not presented to account for all fees incurred and services offered within SDBAs.

The DOL Issue

The issue is how these accounts are being viewed by the DOL. While SDBAs have generally been accepted to lie outside the monitoring responsibility of plan sponsors (former laws didn’t actually allow this, but regulations were never strict enough to discourage the practice), they will now be viewed the same as all other investments in the plan. Thus, when plan sponsors account for all fees and services associated with their company’s retirement plan, they will now also be required to account for any fees and services associated with the SDBAs for everyone in their plan that has this type of account.

The New Rule

The purpose for the new rule requiring a reporting of all fees associated with the plan is to allow participants a transparent view of how and what fees are paid, and to allow plan sponsors an easy way to aggregate all fees and compare to a benchmark to see if their fees are “reasonable”. The terms “reasonable” and “reasonableness” occur in the regulation a whopping 49 times; clearly the primary focus of the regulation. According to the fact sheet distributed by the DOL, the first quarterly statement must “be furnished no later than November 14, 2012 … This quarterly statement need only reflect the fees and expenses actually deducted from the participant or beneficiary’s account during the July through September quarter to which the statement relates.” Plan sponsors and participants can anticipate seeing the new disclosed fee report at that time.

Lost Options

Participants utilizing the SDBAs as a way to purchase investments of their choice beyond the core offerings of their plan may become disgruntled if the option is no longer offered by their company-sponsored plan. However, the fiduciaries on the plan are responsible for making sure plan expenses are reasonable and are therefore “on the hook” from a liability standpoint for monitoring those expenses and the corresponding services provided. Therefore, plan sponsors must be proactive and prepared with a manageable solution.

Fee Disclosures

Fee disclosures will be required of all “covered service providers” that expect to receive $1,000 or more for providing services to a retirement plan. The $1,000 is cumulative over the entire life of the service provider relationship. These providers must supply actual expenses charged to each participant, including fees paid for fiduciary and non-fiduciary services, third-party administrator fees, record-keeping fees, and any other services provided. These expenses must reflect both direct and indirect compensation, including revenue-sharing between service providers.

Options for Plan Sponsors

Offer Core Investment Choices Only

By only offering a set number of core investment choices for plan participants, plan sponsors can account for the exact investments for which their participants have access. This option will utilize one main service provider (generally the record-keeper) who will be responsible for disclosing all fees related to that retirement plan to the participants. All service providers would therefore report their fees for services to both the plan sponsor and the record-keeper for consolidation onto participants’ statements.

However, taking away the optional window may result in disgruntled employees, especially those who viewed the SDBA as a perk to employment since they may have wanted to have a professionally managed portfolio by their advisor of choice. One possible solution to this would be to offer managed portfolio options within the core fund line-up. If you choose to go this route, make sure the money manager doesn’t cost extra. A professional ERISA 3(38) money manager should provide the managed portfolios and be responsible for the plan’s fund line-up for the same cost.

Require Employees’ Financial Advisors Supply Fee Disclosures for SDBAs

Plan sponsors have the option of continuing to offer SDBAs to employees and requiring their financial advisor deliver the fees disclosures for any fees associated with the account. This could include fees from opening a brokerage window, any third-party service providers utilized on the account and all investment related fees, as well as trading costs. Advisors would have to supply the information to plan sponsors within a reasonable period of time. If they fail to do so, plan sponsors should notify the advisor of the request for fee disclosures, and if they do not comply promptly, according to ERISA guidelines, the advisor MUST be fired immediately as approved service provider and they must be reported to the DOL, or the plan will be in violation of prohibited transactions rules. Prohibited transactions rules violations can disqualify a plan, so this is a very serious matter. Clearly, if a plan has hundreds of these SDBAs, this could be quite cumbersome for a plan sponsor.

Establish Delivery vs. Payment Accounts

A delivery vs. payment (DVP) account is a way for a plan to maintain all of the assets of the plan at one record-keeping and/or custodian platform, but allow outside advisors to trade on individual participants’ account. A DVP account acts as a transaction account and only contains a balance when a trade is being placed. The custodian essentially transfers the assets to the account where the DVP account is set up when the trade is placed, and then the assets are transferred back to the original custodian of the assets. That way, the original custodian and record-keeper always know exactly what’s in the account and they are responsible for all of the fee disclosures. So, this eliminates hundreds of SDBAs and instead keeps everything on one platform. If advisors are to be paid from plan assets, the advisors would submit their bills to the plan’s record-keeper for payment so the record-keeper would always know exactly what the fees are being paid from the participants account.

Engage an Expert Offering Both Plan-Level and Self-Directed Accounts

There are financial advisors who practice personal investment management and offer retirement plan solutions. By engaging a financial advisor who can offer both components to plan sponsors and participants (oversee the plan management for the plan sponsor and oversee the SDBAs for employees), the plan sponsor can rely on one source for the fee disclosures.

Assessment

Now, as a physician or medical professional, do Self-Directed Accounts in Retirement Plans spell trouble for you?

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Doctors Only", Investing, Research & Development, Retirement and Benefits, Risk Management | Tagged: 408(b)(2), delivery vs. payment (DVP) account, Do Self-Directed Accounts in Retirement Plans Spell TROUBLE for Physicians?, ERISA 3(38), Jessica Maldonado, SDBAs, www.SearchFinancial.com | 2 Comments »

Vital iMBA Inc Links for Savvy Doctors and their Financial Advisors

Posted on July 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

An Educational Resource Supporting Doctors and their Consulting Advisors

We are an emerging online and onground community that connects medical professionals with financial advisors and management consultants. We participate in a variety of insightful educational seminars, teaching conferences and national workshops. We produce journals, textbooks and handbooks, white-papers, CDs and award-winning dictionaries. And, our didactic heritage includes innovative R&D, litigation support, opinions for engaged private clients and media sourcing in the sectors we passionately serve.

In the Health 2.0 era of political reform, our goal is to: “bridge the gap between practice mission and financial solidarity for all medical professionals.”

Join the ME-P Nation today … and tell us what you think!

###

We are sponsored by the Institute of Medical Business Advisors, Inc

www.MedicalBusinessAdvisors.com

INSTITUTE OF MEDICAL BUSINESS ADVISORS, INC.
Suite #5901 Wilbanks Drive
Norcross, Georgia, 30092-1141 USA
Phone: 770.448.0769

ADMINISTRATORS: http://www.springerpub.com/Search/marcinko
PHYSICIANS:www.MedicalBusinessAdvisors.com
PRACTICE: www.BusinessofMedicalPractice.com
PODIATRISTS: www.PodiatryPrep.com
HOSPITALS:http://www.crcpress.com/product/isbn/9781439879900
ADVISORS:www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Assessment

Link: Letterhead.iMBA_Inc.

Link: Letterhead CMP

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: "Doctors Only", Estate Planning, Financial Planning, iMBA, Inc., Insurance Matters, Investing, Recommended Books, Retirement and Benefits | Tagged: CMP, Dr. David Edward Marcinko MBA, iMBA, Inc., institute of medical business advisors, www.certifiedmedicalplanner.com, www.medicalbussinessadvisors.com | 1 Comment »

About the Institute of Medical Business Advisors, Inc

Posted on July 8, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

iMBA, Inc

[www.MedicalBusinessAdvisors.com]

Championing the Financial Success of

Doctors and their Consulting Advisors

[Career Development Products and Services]

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

Your Personal DR. Invitation: Letterhead.iMBA_Inc.

Filed under: "Advisors Only", "Doctors Only", Career Development, CMP Program, Financial Planning, Health Insurance, iMBA, Inc., Information Technology, Insurance Matters, Investing, Marketing & Advertising, Portfolio Management, Practice Management, Practice Worth, Professional Liability, Recommended Books, Retirement and Benefits, Risk Management | Tagged: Championing the Success of, CMP, doctors, Dr. Marcinko, financial advisors, institute of medical business advisors, podiatrists, www.CertifiedMedicalPlanner.org, www.medicalbusinessadvisors.com, www.PodiatryPrep.com | 2 Comments »

Top Financial Challenges for Physicians‏

Posted on June 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Insufficient Income Rated as #1 Financial Challenge

The financial health of physicians continues to lag significantly behind other measures in the Physician Wellbeing Index:

Overall Wellbeing: 57%
Financial Wellbeing: 50%

Pre-Order Now:

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

Filed under: "Doctors Only", Career Development, Financial Planning | Tagged: Financial Challenges for Physicians‏, QuantiaMD | Leave a comment »

Rating Financial Advisors and Doctors Like Toasters

Posted on June 13, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Finding a Good Physician and Financial Planner in 2012

[By staff reporters]

What happens when patients and clients are able to compare the performance of primary care physicians and financial advisors? Well, for the first time ever, we’re about to find out.

RATING DOCTORS:

Consumer Reports for Doctors

Consumer Reports, best known for rating the nuts and bolts of cars, household appliances and other electronics, is getting into the business of rating primary care doctors.

The magazine is getting ready to mail out ratings for nearly 500 adult, family and pediatric physician practices in Massachusetts, the first step in a multistate project to evaluate doctors the way it has rated consumer products for decades.

RATING FINANCIAL ADVISORS:

AdviceIQ

www.AdviceIQ.com is an online service that educates all consumers about the need to hire a trusted, local financial advisor, while giving all pre-vetted advisors exposure to local investors. Also, their FAs write insightful articles that inform the public about investing and wealth management, and they syndicate them to top-branded media sites around the country.

BrightScope® for Wealth Managers and Plan Sponsors

BrightScope, Inc. is a financial information company that brings transparency to opaque markets. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors.

BrightScope primarily operates in two major segments: Retirement Plans and Wealth Management: http://www.brightscope.com/

Assessment

Ultimately, we hope and believe that the reliability of the data, the credibility of the organizations responsible for the research and reporting, and a process based on collaboration and the desire for continuous improvement, will combine to gain the confidence of clients and patients alike and help advance the cause of patient-centered health care and fiduciary focused financial planning.

www.CertifiedMedicalPlanner.org

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Advisors Only", "Doctors Only", Career Development, CMP Program, Ethics | Tagged: AdviceIQ, advisor rating websites, BrightScope, Consumer Reports, financial advisors, http://www.brightscope.com/, physician rating websites, Rating Financial Planners and Doctors Like Cars, www.CertifiedMedicalPlanner.org | 26 Comments »

A Resource For Financial Planners Who Advise Doctors and Medical Professionals

Posted on June 8, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Emerging Education Network with Professional CMP™ Designation

Wealth managers, CPAs, JDs, MBAs, MDs, RNs, CFPs, RIAs and financial advisors etc., with an interest in physician clients, the healthcare space, ecoonomics, practice management and medical social media, can now indulge their tastes in all with a new venture by the Institute of Medical Business Advisors, Inc.

Education and Certification: www.CertifiedMedicalPlanner.org

Professional Network: www.MedicalExecutivePost.com

Invitation to Matriculate: Letterhead CMP

Assessment

CERTIFIED MEDICAL PLANNER™ – Entering a niche market, with focused advice from educated advisors and consultants, is the ‘win-win’ business model of the future.

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: "Advisors Only", "Doctors Only", Career Development, CMP Program, iMBA, Inc. | Tagged: certified medical planner, CMP, physician career change, www.CertifiedfMedicalPlanner.org | 5 Comments »

Celebrating Geek Pride Day

Posted on May 25, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Not for Doctors … Only

This glorious 25 May is once again upon us, towels are being folded correctly and thousands of voices are suddenly crying out in pain as they discover another little tweak to a certain film that was first released 35 years ago today. If that isn’t enough for you to celebrate, today is also once again Geek Pride Day. Last year IT recruitment agency Modis commissioned a survey of 1,000 Americans on their opinions around the term geek, and they’ve run it again this year to see how things have changed.

Smart Geeks

Looking through the results it seems that Geeks are becoming even more acceptable than last year, with 54% of respondents rating Geeks as “extremely intelligent” (up from 45% last year). 71% reckon we’re the people to go for technology advice (up from 56%), and more than half of Americans (51%) define Geeks as professionally successful – like medical professionals and ME-P readers – a huge leap from the 31% in last year’s survey. Around two-thirds of respondents defined a “Geek” as someone who is addicted to technology and who spends more time online than offline, yet when given a list of items and asked which they would have trouble living without, 71% of the “Geeks” put a pen and paper above technology and gadgets such as a computer (58%), smartphone (41%), or MP3 player (25 %). The non-geeks listed their cars as the thing they couldn’t live without!

Results

The results show that our addiction to our smartphones is still increasing with 45% of “Geeks” admitting to using their phones whilst driving – but it’s not clear if this is simply for sat-nav or musical reasons, or whether Angry Birds on the go is really taking off. (Note: please don’t be among this number – it’s a really silly, and illegal, thing to do). Slightly less worrying is using them in other inappropriate places such and weddings, funerals, on a date or, in 3% of respondents’ cases, at a job interview! Bet that went down well.

Surprises

One result we find surprising is that 60% of “Geeks” would find it more stressful to lose the data from their hard drives than to go through a relationship breakup. All we can say to that is that the pool of respondents couldn’t have contained too many GeekDr.Dads and GeekDr.Moms because; a) we would definitely miss our other halves more than a bit of data, and b) we’d have all that data backed up securely. Then again, the docs do seem to love their mobile aps.

Assessment

In several different locations, the ME-P and Modis is also running a little “GeekStakes” competition in conjunction with our friends at ThinkGeek over on their Facebook page until June 1st, where you can win some more gadgets to distract you from doing the thing that you’re supposed to be doing right now!

And so we ask – Doctors – Geeks, Nerds or NOT?

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: "Doctors Only", Alerts Sign-Up, Information Technology | Tagged: are doctors nerds?, Celebrating Geek Pride Day, doctor geeks, doctor nerds, ME-P geeks, Modis, nerd pride day, physician geeks | 1 Comment »

More on the Art of “Slow” Medicine

Posted on May 22, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

And … Slow Dentistry, too!

By Ann Miller RN MHA

[ME-P Executive-Director]

BOOK REVIEW

We don’t know exactly when, but the practice of medicine has morphed into the delivery of health care.

Of course, if healthcare has become big business, we at the ME-P through our publication, text and handbooks, advertisers and sponsors, as well as speaking and consulting engagements may be partially to blame. But, hopefully not to the extreme it has become in some cases.

For example, did you know that Medicare has a CPT® medical payment code for a ten minute “treadmill” office visit?

God’s Hotel – The Book

So, if you aren’t sure – or are too young to know – of what’s happening today, the new book “God’s Hotel” is for you. It’s an engaging book by Dr. Victoria Sweet, a general internist from Laguna Honda Hospital that chronicles her perspectives from the last almshouse in the United States.

IOW: She is off the insurance grid and has discovered a way to benefit patients, not necessarily medical providers, by practicing something called “slow” medicine.

THINK: Marcus Welby MD

Slow Dentistry

Of course, our own ME-P investigative reporter Darrell K. Pruitt DDS, has been commenting and opining on this issue vis-a-vie the dental insurance industry treadmill of “fast” production line oral care.

For example, he often asks his colleagues: Are you fed up with successfully doing intricate handwork to exacting tolerances in mouths of anxious patients and then having to fight to get the patients’ insurance company to pay what they rightfully owe THEIR CLIENT.

IOW: Working faster and faster, for less and less compensation.

Assessment

“God’s Hotel”: A Doctor, a Hospital, and a Pilgrimage to the Heart of Medicine

Link: http://www.amazon.com/Gods-Hotel-Hospital-Pilgrimage-Medicine/dp/1594488436/ref=sr_1_1?ie=UTF8&qid=1337177871&sr=8-1

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: "Doctors Only", Book Reviews, Ethics, Practice Management | Tagged: business of medicine, Darrell Pruitt, delta dentall, dental managed care, God’s Hotel, managed medical care, medical ethics, slow medicine, victoria sweet | 4 Comments »

Why Physicians Should Double-Check Their 2012 Taxes

Posted on May 20, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A New AICPA Service

The American Institute of CPAs (AICPA) is offering a new service on the Total Tax Insights Website.

Surveys by the AICPA show that most Americans do not realize how much they are paying in federal, state and local taxes. AICPA President Barry C. Melancon noted, “Our recent national poll showed that taxpayers do not know the percentage of their income that goes to pay taxes or how many types of tax they pay annually. AICPA’s goal is to make federal, state and local taxes more transparent and the total tax insights calculator does that.”

In AICPA surveys, two-thirds of Americans did not understand the amount of tax that they were paying. Many did not realize that they were paying 10 to 20 different taxes over the course of a year.

The Total Tax Insights Website

AICPA’s website, www.totaltaxinsights.org is designed as a public service to help everyone understand taxes. AICPA believes that understanding taxes will be very helpful to Americans in their monthly financial planning.

The Total Tax Insights calculator enables taxpayers to enter their basic information. This includes their city, marital status, adjusted gross income and number of dependents. The optional entries include medical deductions, property taxes, charitable deductions and similar items.

After entering in your information, the calculator will show your federal income tax, state income tax and 10 to 15 other potential taxes. In addition to the list of potential taxes, there also is a pie-chart that shows the total amount and the percentage of each tax.

Assessment

Your identification is protected on the site. There is no name or identification required. The AICPA offers the educational website and calculator as a public service. So doctors, check it out and tell us what you think?

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: "Doctors Only", Financial Planning, Taxation | Tagged: AICPA. CPAs, American Institute of CPAs, Barry C. Melancon, Financial Planning, Income taxes, IRS, tax, tax planning, Total Tax Insights Website | 1 Comment »

Seeking Nominations for Medical Hepatology Director

Posted on April 28, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Medical Hepatology

By Janice Perino
Associate Consultant

Dr. Marcinko and ME-P Readers,

Cejka Executive Search has been retained by Banner Health, one of the nation’s premier health care systems, to recruit an innovative physician leader as Medical Director, Medical Hepatology for Banner Good Samaritan Medical Center (BGSMC) in Phoenix, AZ.

The Medical Director will provide strategic leadership, program development and processes to improve patient safety, error reduction, and appropriateness and quality of patient care. The Medical Director will build partnerships with key stakeholders; participate in research; teach residents, fellows and medical students; and serve as mentor and coach to other physicians and employees.

Criteria

Candidates must be board-certified in Gastroenterology/Hepatology, be eligible for an Arizona medical license, and possess a minimum of eight years clinical experience plus prior leadership experience. Nominations for a role of this caliber are greatly appreciated.

Cejka Executive Search
4 CityPlace Dr., Ste. 300
St. Louis, MO 63141
314.236.4419 Office
jperino@cejkasearch.com

Thank you, in advance, for your consideration.

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: "Doctors Only", Breaking News, Career Development | Tagged: Cejka Executive Search, Hepatology Director, Janice Perino, Seeking Nominations for Medical Hepatology Director | Leave a comment »

When I Grow Up I Want to be a Doctor [Consultant, Financial Advisor, etc]. So I Can … ?

Posted on April 24, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Finish the Sentence ……

From The New Yorker

Sample Response:

Help patients who can pay out of pocket.

Conclusion

Your thoughts and comments on this comical 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

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

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: "Doctors Only", Jokes and Puns | Tagged: Why I wabt to be a dioctor?, Why I want to be a consultant?, Why I want to be a financial advisor? | 2 Comments »

Some Physicians are Tenants, Too!

Posted on April 23, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Tenant Improvements Can Be Good Investment

By Rick Kahler MS, CFP®, ChFC, CCIM

Recently I read a news story about a physician [small business owner] whose landlord was not renewing her lease. A chain restaurant was buying the building and intended to raze it. The doctor [business owner] was distraught, as she had recently spent $30,000 to remodel the property.

Dual Perspectives

One common reaction to stories like this is anger at a landlord for unfairly selling a building out from under a tenant.

Another is, “Why would tenants spend so much money remodeling a building they didn’t own?”

Neither response sees the whole story.

I empathized with this doctor’s loss as a result of a bad business decision. The bad decision wasn’t spending $30,000 to remodel a space she didn’t own. Business owners make such “tenant improvements” all the time. Every tenant or doctor’s office you see in a mall has poured thousands of dollars into fixing up and customizing their space. Tenant improvements can range from repainting a space to building a fast food restaurant on leased land.

Poor Decisions

The poor business decision this owner made was not being sure the lease term ran for long enough to recoup the cost of the tenant improvements. The cost of any tenant improvement is a pure expense that needs to be factored in as part of rent and amortized over the life of the lease. This is because when the lease expires, both parties have the right to not renegotiate a new lease. Any tenant improvements become the property of the owner. Landlords who choose to use property for something different when a lease expires aren’t abusing or taking advantage of tenants—they are simply exercising the contractual rights agreed to by both parties.

Mall Shells – Not Sea Shells

Most new strip centers or malls lease relatively unimproved spaces, sometimes called shells. Tenants get four walls, a cement floor, and bare girders above. It’s the tenants’ responsibility to finish the spaces in the manner they want. This makes a lot of sense, as usually each retailer is very specific about the floor plan, colors, and building materials they use in their spaces. At the end of the lease the relinquished tenant improvements, with years of wear and tear, are typically worth very little. New tenants will rip them out and finish the space according to their needs.

Example

Let’s take an example of a 5,000-square-foot shell that rents for $8 a square foot annually. Let’s say it will cost $100 a square foot for the retailer to finish the space. If the lease extends for 20 years, the annual cost of the tenant improvements is $5 a square foot ($100 divided by 20 years). This brings the total cost for the leased space to $13 a square foot ($8 shell rent plus $5 for improvements).

With a four-year lease, however, the amortized cost would be $27 a square foot. A one-year lease would cost $108 a square foot. Either one would make the space too expensive. A doctor business owner unable to get a longer term would either substantially reduce the cost of the tenant office improvements, or look elsewhere.

Sometimes a tenant needs to spend a lot to improve a space, but doesn’t want to commit to a long-term lease. In this case the tenant’s best strategy is to get the landlord to improve the space so the tenant isn’t left losing a substantial amount of money if either party doesn’t renew the lease.

Assessment

Medical provides who are business owners need to understand their rights and responsibilities as tenants. They also need to be sure the costs of rent and tenant improvements are reasonable over the life of the lease. It’s a good idea to consult both an attorney and an accountant before signing any lease.

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: "Doctors Only", Practice Management | Tagged: doctor tenants, leases, rick kahler, Some Physicians are Tenants, tenant leases, tenant rights | Leave a comment »

How Brand Loyal Are Orthopedic Surgeons?

Posted on April 22, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

On Consolidating DME Vendors

As hospitals look to lower costs, one popular option is to consolidate to a single vendor in categories such as knee implants. To do this, hospitals need to convince surgeons to change the brand that they use. This is difficult in any hospital as surgeons tend to be loyal and rarely change over time.

Therefore most hospitals have multiple brands per category, especially in service lines with 4+ surgeons.

Conclusion

Your thoughts and comments on this ME-P are appreciated. How brand loyal are orthopods, dental, podiatric or other surgeons? 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

Hospitals & Healthcare Organizations: Management Strategies, Operational Techniques, Tools, Templates and Case Studies

Filed under: "Doctors Only", Alerts Sign-Up, Career Development, iMBA, Inc. | Tagged: DME, How Brand Loyal Are Orthopedic Surgeons?, medical vendors, orthoods | Leave a comment »

How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit

Posted on March 15, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Sponsored: www.CertifiedMedicalPlanner.com

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.

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.

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

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

###

TESTIMONIAL

In his book Financial Planning Handbook for Physicians and Advisors, Dr. David E. Marcinko, MBA CMP® CFP® provides us with a simple and yet very complete view on the basics of financial planning that every physician should know in order to maximize our chances for success in the financial aspect of our medical careers and personal lives.

The book is well structured, organized and easy to read. Divided in ten chapters, it covers important aspects of personal financial planning such as insurance, home mortgages, retirement plans, auto buying, taxes and more. In an era where doctors must have a solid understanding of the basics of financial management, this book is a must-have on every physician’s private book collection.

Although not a substitute for a formal business education, this book will help physicians navigate effectively through the hurdles of day-to-day financial decisions with the help of an accountant, financial and legal advisors. This book would make an excellent reference for teaching medical students and residents the basics of monetary management.

I highly recommend this book and commend Dr. Marcinko and the Institute of Medical Business Advisors, Inc. on a job well done.

Manuel J. Colón, MD

Filed under: "Advisors Only", "Doctors Only", CMP Program, Financial Planning, iMBA, Inc., Recommended Books | Tagged: CMP, david marcinko, Financial Planning for Physicians and Advisors, How the ME-P Helps Doctors Become and Remain Professionally and Personally Fiscally Fit, Manuel J. Colon MD, www.certifiedmedicalplanner.com | 2 Comments »

Videos on Setting up an ACO

Posted on March 8, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Opposing Viewpoints in Context?

The Theory

In this first didactic video, Thomas Cassels, Executive Director of the Advisory Board Company’s Health Care Advisory Board, summarizes the forces driving accountable care, outlines the steps necessary for a hospital or health system to transition toward operating as an accountable care organization (ACO), and provides insight into the question of whether all providers must plan to become ACOs.

The Reality

The second video is a real world look at negotiation between a hospital administrator and a PCP over setting up an Accountable Care Organization [ACO].

Video links:

Assessment

True or not?

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: "Doctors Only", Career Development, Point-Counter Point, Practice Management, Videos | Tagged: Accountable Care Organization, Advisory Board Company, Setting up an ACO, Thomas Cassels | 6 Comments »

What Did You Do When the Stock Market was Down?

Posted on March 2, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Investing Hero or Zero … On Market Timing or NOT!

By Staff Reporters

Here at the ME-P, we believe we have some of the most intelligent and savvy readers in the blog-o-sphere. And – why not?

Most are physicians, nurses and medical specialist of all stripes. Others are CPAs, financial advisors and wealth managers. And, some are medical management and HIT consultants with PhDs and MBAs, etc. More than a few more even have dual and triple degrees and professional designations, like www.CertifiedMedicalPlanner.com

The Question

Accordingly, our friends over at The Finance Buff recently asked:

Q: Do you remember those days last summer when the Dow went down 400 points one day and then it went up 400 points the next day, before it went down another 400 points the following day?

Going Granular

Well – if you do – what did you, or your clients do about it? Did you invest more, stay put, bail out or something else? Go granular on us and your fellow ME-P readers, subscribers and lurkers.

Assessment

Please tell us who you are, what you did during the “flash-crash” a few years ago, or last summer’s mini-meltdown, and how it turned out in hindsight?

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", "Doctors Only", CMP Program, Experts Invited, Investing | Tagged: CPM, Financial Planning, Flash Crash, Investing, Stock Market Timing, wealth management, www.certifiedmedicalplanner.com | 5 Comments »

How the ME-P Helps Doctors Avoid Malpractice Lawsuits and Related Litigation

Posted on February 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

ADVERTISEMENT

Insurance and Risk Management Strategies for Physicians and Advisors

Conclusion

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

***

TESTIMONIAL

Physicians are all too familiar with the risks and liabilities inherent in the clinical practice of medicine. An exploding scientific literature, increasing sub-specialization, and a public awareness of “quality healthcare” have challenged conventional practice. Some of our colleagues have a very personal understanding of issues like illness, divorce and disability that accompany these professional challenges. Physician executives perceive even greater threats arising not only from the innumerable personal and professional issues of a singular practice, but also the complexities associated with operating a healthcare organization including personnel agreements, conflict mediation, and asset protection.

Understanding the risks associated with these very divergent areas and providing useful information to protect the physician from liability are the primary aims of Dr. David Marcinko’s latest book, Insurance and Risk Management Strategies For Physicians and Advisors.

This book is an excellent primer for physicians of all levels and interests providing important personal and professional advice. It is “must reading” for all medical students who need a fundamental understanding of the current healthcare environment and is equally important to the established physician executive looking for a reference on topics like capitation or the Health Insurance Portability and Accountability Act (HIPAA).

The book begins with a discussion of personal issues for the physician including life, homeowner’s and disability insurance as well as the financial and professional risks associated with divorce. Next the physician’s practice is considered with clear and concise coverage of issues ranging from documentation to business operations. Of importance, the book extends beyond the first layer of practice management to address important topics like sexual harassment and workplace violence.

Dr. David E. Marcinko and his twenty authors from http://www.MedicalBusinessAdvisors.com are all knowledgeable contributors. They have prepared a product that is excellent in its content and organization. The book is organized in a way that is highly useful for a busy practitioner. Topics are introduced without the overuse of jargon and more than adequately explained. There are numerous subheadings and bulleted lists to assist the reader with moving through the text or highlighting a particular topic. Robust examples throughout the book provide the reader with an applied knowledge that complements the didactic sections. The book is well referenced for more in-depth reading on a particular topic with materials from both the written and electronic media.

Of its few limitations, Insurance and Risk Management Strategies For Physicians and Advisors ambitiously attempts to briefly cover a large number of topics. For the most part, this is accomplished well. However, some of the topics were unexpected by the book’s title. While the physician executive will still require a financial or insurance advisor after reading this book, this well written text assists in providing the necessary background on what type of assistance is needed. As a result, physician executives will be in a better position to address insurance, risk management, and financial decisions for themselves, their families, their practices or the organizations they lead.

David C. Stockwell, MD

Anthony D. Slonim, MD, MPH

ORDER HERE

Filed under: "Advisors Only", "Doctors Only", iMBA, Professional Liability, Risk Management | Tagged: Dr. David Edward Marcinko MBA | 13 Comments »

Why Your Medical Office or Financial Advisory Practice Must “Go-Social”

Posted on February 19, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Go Social -OR- Go Home?

By Staff Reporters

Likes, followers, circles, networks and shares are all jargon used around the internet. Social media is the new language and being fluent is very necessary in business today. In fact, we have written about it before on this ME-P. Why?

Social media allows you to connect with your patients, clients, customers and viewers on a level that becomes personalized and more intimate. This in turn brings loyal patients and clients who become a part of your business model; both professionally and socially.

However, social media integration is a gradual process with huge long term rewards, potential benefits and pitfalls. And, the jury is still out on its’ relevance to medical practices, financial advisors and medical management consultants? Or, is it?

Assessment

So, here is an infographic breaking down the important facts and tips of social media.

Source: wix.com

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

###

ORDER HERE

Filed under: "Advisors Only", "Doctors Only", Marketing & Advertising, Practice Management | Tagged: Dr. David Edward Marcinko MBA, Dr. James Winston Phillips, Facebook, Hospitals & Healthcare Organizations, More On Social Media in Healthcare, Prof. Hope R. Hetico, social media, Social Media in Healthcare, Y UR Medical / Advisory Practice Must “Go-Social” | 8 Comments »

Doctor – Are You Better than Average?

Posted on January 26, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

For Male Medical Professionals Only

Source: Frugaldad

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: "Doctors Only", Career Development | Tagged: average debt level, average doctor, average fitness, average height, average income, average physician, average weight, Doctor - Are You Better than Average?, frugal dad | 2 Comments »

Chief Medical Officer [CMO] Search

Posted on January 22, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Major Teaching Hospital

By Julie Vetter – Associate Consultant

Dear Dr. Marcinko and ME-P Physician Executives

One of the top 15 major teaching hospitals in the country is seeking a Chief Medical Officer [CMO] to serve as the clinical strategist to drive improvement in hospital and system-wide services, and quality measures. The CMO will be instrumental in integrating primary and specialty physician initiatives, as well as aligning cultures in preparation for health care reform.

St. John Providence Health System

A member of St. John Providence Health System, which is a part of Ascension Health, Providence Hospital & Medical Center is recognized by Thomson Reuters and a recipient of the prestigious Everest Award for quality improvement. In addition to responsibilities at Providence, the CMO will be a member of the senior leadership team for Providence Park Hospital, a state-of-the-art, 200-bed facility recently built in 2008.

Assessment

If your ME-P readers have any interest or recommendations, I would be happy to provide more detail:

Cejka Executive Search

4 CityPlace Dr., Ste. 300
St. Louis, MO 63141
314.236.4407 Office
jvetter@cejkasearch.com
http://www.cejkaexecutivesearch.com

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: "Doctors Only", Breaking News, Career Development | Tagged: Cejka Executive Search, Chief Medical Officer Search, CMO, Everest Award, Julie Vetter, St. John Providence Health System, Thomson Reuters | Leave a comment »

The Americans with Disabilities Act and Deaf Patients

Posted on January 21, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

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 »

Financial Planning for Physicians

Posted on January 20, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

A Handbook for Doctors and their Financial Advisors

ADVERTISEMENT

Book Review and Summary

Financial Planning for Physicians and Advisors describes a personal financial planning program to help doctors avoid the perils of harsh economic sacrifice.

It outlines how to select a knowledgeable financial advisor and develop a comprehensive personal financial plan, and includes important sections on: insurance and risk management, asset diversification and modern portfolio construction, income tax and retirement planning, and medical practice succession and estate planning, etc.

When fully implemented with a professional’s assistance, this book will help physicians and their financial advisors develop an effective long-term financial plan.

Order now: http://www.jblearning.com/catalog/0763745790/

###

Filed under: "Advisors Only", "Doctors Only", Book Reviews, Financial Planning, Investing, Portfolio Management | Tagged: Dr. David Marcinko, Estate Planning, Financial Planning for Physicians, insurance planning, investing for doctors, medical practice worth, medical risk management | 2 Comments »

Seeking Chief Medical Director [CMD] for LHCs

Posted on January 6, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

Professional Opportunity

By Janice Perino
Associate Consultant
Cejka Executive Search

Dr. Marcinko,

Centene Corporation is seeking a Chief Medical Director (CMD) for Louisiana Healthcare Connections (LHC), a joint venture between Centene Corporation and Louisiana Partnership for Choice and Access comprised of 19 non-profit Louisiana FQHCs. The regional headquarters for Louisiana Healthcare Connections is located in Baton Rouge,Louisiana.

Establishing the Strategic Vision

The Chief Medical Director will be integral in establishing the strategic vision and clinical policies and procedures for LHC. The CMD will provide leadership and direction to the medical management, quality improvement and credentialing functions for the health plan based on, and in support of, the company’s strategic plan. The CMD will review analyses of activities, costs, operations and forecast data to determine progress toward stated goals and objectives.

Also within the purview of CMD will be oversight for compliance with National Committee on Quality Assurance (NCQA) and/or Joint Commission on Accreditation of Healthcare Organization (JCAHO) standards as determined for accreditation of the health plan.

Assessment

Successful candidates will be physician leaders with thorough knowledge of quality improvement practices and familiarity with medical information systems, medical claims payment processing and coding. Knowledge of managed care, Medicaid and case management programs are also essential. Board certification in a recognized medical specialty and an active medical license are required.

I would welcome your interest or nominations.

4 CityPlace Dr., Ste. 300
St. Louis, MO 63141
314.236.4419 Office
jperino@cejkasearch.com
http://www.cejkaexecutivesearch.com

Conclusion

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

Filed under: "Doctors Only", Alerts Sign-Up, Career Development | Tagged: Cejka Executive Search, Centene Corporation, Janice Perino, JCAHO, Joint Commission on Accreditation of Healthcare Organization, Louisiana Healthcare Connections, National Committee on Quality Assurance, NCQA, Seeking Chief Medical Director | Leave a comment »

A Message to all ME-P Readers about Physician Nexus TV for Doctors

Posted on December 23, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Launching a New Video News TV Channel for Physicians

By Omar Baig

Dear ME-P Community,

Drum roll please!

We have just launched a 24/7 video news channel.

Now every hour every day we will be adding valuable video content to Nexus. Our community is composed of physicians from 81 countries in time zones that span the world. So regardless of where the member is or what time of the day it is there will be new and valuable content added within the hour.

You can search by specialty, latest videos, most popular, keyword, etc.

http://physiciannexus.com/video/

We are going through great lengths to ensure you get the highest value content possible. If there is anything you would like us to add, just let us know. We are here to serve you.

Instead of having to go to multiple sites to get the content you need, just come to Nexus. Every minute that is saved is time that you can use to see patients or spend with your family.

We have also included a poll on the homepage which asks the type of information you seek (alternative/additional revenue opportunities, free CME, jobs, or other). This feedback will be used to better serve our global physician community.

http://physiciannexus.com/main

Finally, I want to thank our entire team, including your ME-P publisher Dr. David Edward Marcinko, and all the members of our Medical Advisory Board for helping to make this vision a reality!

About the Author

Omar Baig – Physician Nexus Team

2530 Berryessa Road – San Jose, CA 95132

www.PhysicianNexus.com

Assessment

Visit Physician Nexus at: http://physiciannexus.com/?xg_source=msg_mes_network

Conclusion

And so, your thoughts and comments on Physician Nexus 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.

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

Filed under: "Doctors Only", Information Technology, Videos | Tagged: david marcinko, medical executive post, Omar Baig, Physician Nexus | 1 Comment »

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