ESG Investing: Not So Hot … Anymore?

By Staff Reporters

Environmental, Social, and Corporate Governance

Florida is pulling $2 billion from BlackRock in the largest divestment ever made as part of the growing vendetta against Environmental, Social, and Governance (ESG) investing practices. Florida Governor Ron DeSantis and other Republican leaders claim that by taking ESG standards into account when making investment decisions, the firm isn’t prioritizing the bottom line. But, for a few years, things were good. In 2020 and 2021, ESG funds outperformed the market by ~4.3%.

DEFINITION: According to Wikipedia, ESG (environmental, social, and corporate governance) data reflect the externalities (costs to others) an organization is generating with respect to the environment, to society and to corporate governance. ESG data can be used by investors to assess the material risk the organization is taking and by the organization itself as metrics for strategic and managerial purposes. Investors may also use ESG data beyond assessing material risks to the organization in their evaluation of enterprise value, specifically by designing models based on assumptions that the identification, assessment and management of sustainability-related risks and opportunities in respect to all organizational stakeholders leads to higher long-term risk-adjusted return. Organizational stakeholders include but not limited to customers, suppliers, employees, leadership, and the environment.

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

Since 2020, there has been accelerating interest in overlaying ESG data with the Sustainable Development Goals (SDGs), developed based on work by United Nations beginning in the 1980s.

LINK: http://www.ESG.org

The term ESG was popularly used first in a 2004 report titled “Who Cares Wins”, which was a joint initiative of financial institutions at the invitation of UN. In less than 20 years, the ESG movement has grown from a corporate social responsibility initiative launched by the United Nations into a global phenomenon representing more than US$30 trillion in assets under management. In the year 2019 alone, capital totaling US$17.67 billion flowed into ESG-linked products, an almost 525 percent increase from 2015, according to Morningstar, Inc.. Critics claim ESG linked-products have not had and are unlikely to have the intended impact of raising the cost of capital for polluting firms, and have accused the movement of greenwashing.

PODCAST: https://medicalexecutivepost.com/2022/10/10/podcast-what-is-financial-green-washing/

Now All Mad

DeSantis ran his most recent campaign on fighting the “woke ideology” he believes is infiltrating the state. As part of the fight, Florida passed a resolution in August that said ESG standards should be ignored when investing state funds.

And he’s not the only one:

  • Other Republican-controlled states, including Missouri and Louisiana, have moved almost $1.3 billion away from BlackRock for similar reasons.
  • Texas flagged BlackRock as a financial firm that boycotts the state’s energy industry (something BlackRock has denied).

Meanwhile, Democrats aren’t happy either…they criticize BlackRock and ESG investing in general for not going far enough (and for using lax standards that let oil giants onto lists of ESG investments).

Bottom line: According to the Morning Brew, BlackRock and Florida are now cursed to yell “How could you prioritize politics over returns?” back and forth for eternity, and the debate over ESG investing is far from over. Republicans are poised to take over the House—after a campaign season that BlackRock poured record cash into—so we’re likely to see more drama play out at the federal level soon.

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Americans Feel Politicians Lost Touch With Public Health Care Needs

A SURVEY-POLL

By Staff Reporters

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A recent poll of 2,510 American adults by Ipsos found:

 •  87% of Americans feel politicians have lost touch with what the public needs from their health care.
 •  86% of Americans agree that Congress should focus on cracking down on abusive health insurance practices that make it harder for people to get the care they need.
 •  71% of Americans would rather see Congress focus more on reducing the overall costs of health care coverage such as premiums, deductibles, and co-pays.

Source: Ipsos, “Americans frustrated with insurance coverage and costs,” March 1, 2022

CDC: https://www.cdc.gov/publichealthgateway/publichealthservices/essentialhealthservices.html

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

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RIP: Intel Co-Founder Gordon Moore, 94

By Dr. David Edward Marcinko MBA

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Gordon Earle Moore (January 3, 1929 – March 24, 2023) was an American businessman, engineer, and the co-founder and emeritus chairman of Intel Corporation. He proposed Moore’s law, the observation that the number of transistors in an integrated circuit (IC) doubles about every two years

A childhood hero of mine. Although I was never a “fair”child.

READ: https://www.paloaltoonline.com/news/2023/03/24/gordon-moore-co-founder-of-intel-and-a-philanthropist-who-donated-billions-dies

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ORDER: https://healthcarefinancials.wordpress.com/wp-admin/post.php?post=291615&action=edit

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ORGAN TRANSPLANTS: Overhauling the System

By Staff Reporters

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The Biden administration just unveiled a plan to revamp the problem-ridden system for organ procurement and transplants.

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

One nonprofit, United Network for Organ Sharing, has had a monopoly on running the system for nearly four decades, but the government’s proposal includes potentially bringing more organizations in, as well as upping funding and modernizing the computer systems involved.

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

NOTE: There are ~104,000 people currently waiting for an organ transplant, and 17 people die per day while waiting.

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Harvesting: https://medicalexecutivepost.com/2017/09/05/on-organ-harvesting/

Dialysis: https://medicalexecutivepost.com/2021/09/22/podcasts-more-dialysis-center-investigative-reporting/

Body Brokers: https://www.msn.com/en-us/news/us/new-cbs-reports-documentary-body-brokers-explores-realities-of-donating-bodies-to-science/vi-AA18WVZ8?ocid=U521DHP&pc=U521&cvid=11f7cdab99224f1aa9290a2a3dbed05b&ei=33

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BOND HOLDERS: Credit Suisse

AT1 BONDS = OH NO!

By Staff Reporters

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DEFINITION: Junk bonds are bonds that carry a higher risk of default than most bonds issued by corporations and governments. A bond is a debt or promise to pay investors interest payments along with the return of invested principal in exchange for buying the bond. Junk bonds represent bonds issued by companies that are financially struggling and have a high risk of defaulting or not paying their interest payments or repaying the principal to investors. Junk bonds are also called high-yield bonds since the higher yield is needed to help offset any risk of default.

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

AT1 DEFINITION: Additional Tier 1 bonds are also known as “contingent convertibles,” or “CoCos”. They were created in the wake of the 2008 financial crisis as a way for failing banks to absorb losses, making a taxpayer-funded bailout less likely. They are a risky bet — if a lender gets into trouble, this class of bonds can be quickly converted into equity, or written down completely. Because they are higher-risk, AT1s offer a higher yield than most other bonds issued by borrowers with similar credit ratings, making them very risky. If AT1s are converted into equity, this supports a bank’s balance sheet and helps it to stay afloat. They also pave the way for a “bail-in”, or a way for banks to transfer risks to investors and away from taxpayers if they get into trouble.

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

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UBS’s emergency takeover of Credit Suisse may have been necessary to avert a financial crisis, but at least one group is Yosemite Sam-level angry over how the deal shook out. Investors holding $17 billion worth of Credit Suisse’s additional tier-one bonds were shocked to discover that their $17 billion was now worth a grand total of…$0. The value of those bonds had been completely wiped out in the deal.

Additional tier-one bonds, or AT1 bonds for short, were established after the 2008 financial crisis to reduce the likelihood that taxpayers would have to bail out a failed bank. AT1s are considered riskier assets, but with that risk comes higher potential returns.

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

So, if these bondholders knew they were taking on risk, why are they so upset?

According to MorningBrew, mainly because, in this unusual deal, they got wiped out while shareholders didn’t. That’s not how the order of operations usually works:

  • When a write-down happens, shareholders traditionally suffer losses before bondholders get hit.
  • This deal flipped the food chain, and livid AT1 bondholders are now huddling up with lawyers about potential legal action.

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PHYSICIANS: “Aging Out”

By Staff Reporters

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According to HealthcareBrew, thousands of doctors are expected to reach retirement age in the next three years, and their replacements won’t be physicians. Instead, physician assistants (PAs) and nurse practitioners (NPs) will increasingly provide primary care services, according to a report from consulting firm Mercer.

By 2026, 21% of family medicine, pediatric, and obstetrics and gynecology physicians—or about 32,000 doctors—will be 65 or older, and Mercer anticipates about 23,000 physicians will leave the profession permanently. At the same time, demand for primary care physicians is expected to grow 4%, the report found.

PAs and NPs—also called advanced practice providers (APPs) or physician extenders—are highly trained medical professionals. To become a PA, you have to have both a bachelor’s and a master’s, some clinical work experience, pass the Physician Assistant National Certifying Exam, and then apply to get licensed in your state (you know, easy peasy). It takes seven to nine years to go through that process, compared to 11+ years to become an MD.

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

To become an NP, you must have both a bachelor’s and a master’s in nursing, become a registered nurse, and pass a national NP board certification exam. It takes between six to eight years to become an NP.

Compared to physicians, PAs and NPs are “considerably younger professions with less than half the retirement risk,” the Mercer report stated. Roughly 40,000 PAs and NPs join the workforce annually.

“We’re certainly going to see increasing demand for APPs,” David Mitchell, a partner in Mercer’s career consulting business and a specialist in the healthcare industry, told Healthcare Brew.

While most state licensing boards require a physician to oversee APPs, both PAs and NPs have the authority to do many services primary care physicians do, like seeing and diagnosing patients, ordering lab tests, and writing prescriptions, said Mitchell.

READ HERE: https://www.healthcare-brew.com/stories/2023/03/16/non-mds-will-provide-primary-care?cid=30859907.17846&mid=349b552221c994e2540a304649746d7c&utm_campaign=hcb&utm_medium=newsletter&utm_source=morning_brew

MORE: https://www.aamc.org/data-reports/data/2022-physician-specialty-data-report-executive-summary

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MEDICAL RESIDENCY “MATCH” DAY: 2023

By Dr. David Edward Marcinko MBA

SPONSOR: http://www.CertifiedMedicalPlanner.org

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Each year in the middle of March, tens of thousands of graduating American medical students find out where they are going for their residency — and whether they will be whisked away from their families, friends, and romantic partners.

For many relationships in which one or both people are in medical school, residency “Match Day” — which falls today, on March 17th this year — can be the end of another match. This mass breakup and match happened to many of my own classmates, and to students at medical schools all around the country. But, fortunately not to me years ago.

And, it all ultimately ended well.

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READ: https://www.nydailynews.com/opinion/ny-oped-the-residency-match-is-a-match-breaker-too-20230312-5e4hg25ki5g63mdgxhkvfppxvm-story.html?utm_campaign=hcb&utm_medium=newsletter&utm_source=morning_brew

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PODCAST: Behavior Modification and the Science of Change in Healthcare

By Eric Bricker MD

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

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MARCH “IDES”: Banking, Markets and Labor

IN BRIEF

By Staff Reporters

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The Ides of March (today) is infamous for being the date Julius Caesar was killed. But before that happened, it was mostly known as the deadline by which the ancient Romans had to settle their debts.

Speaking of debts?

Markets: Banking debt crisis averted? While many questions remain over the collapse of Silicon Valley Bank, stocks boomed yesterday in a sign Wall Street has moved past the “panic” stage of this drama. Regional banks like First Republic, whose shares got trounced on Monday, rebounded as the threat of an SVB-like bank run dissipated.

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Finally, while the US labor market remains strong, layoffs have spiked in 2023. Companies announced 180,713 job cuts in January and February—the most to start any year since 2009, according to Challenger, Gray & Christmas. About one-third of the layoffs took place at tech companies, like Meta which just announced another 10,000 more..

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HONcode: Reliable health and medical information on the internet

By Staff Reporters

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The HONcode commitment to reliable health and medical information on the internet

The HONcode certification is an ethical standard aimed at offering quality health information. It demonstrates the intent of a website to publish transparent information. The transparency of the website will improve the usefulness and objectivity of the information and the publishment of correct data.

HONcode is the oldest and the most used ethical and trustworthy code for medical and health related information available on the Internet.The HONcode is designed for three target audiences: the general public, the health professionals and the web publisher, actively involving the site owner in the process of certification.

The HON Foundation is a Non-Governmental Organization, internationally known for its pioneering work in the field of health information ethics, notably for the establishment of its code of ethical conduct, the HONcode.

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

The HONcode: Principles

Principle 1: Authority

Give qualifications of authors

Principle 2: Complementarity

Information to support, not replace

Principle 3: Confidentiality

Respect the privacy of site users

Principle 4: Attribution

Cite the sources and dates of medical information

Principle 5: Justifiability

Justification of claims / balanced and objective claims

Principle 6: Transparency

Accessibility, provide valid contact details

Principle 7: Financial disclosure

Provide details of funding

Principle 8: Advertising

Clearly distinguish advertising from editorial content

THANK YOU

VISIT: http://www.CertifiedMedicalPlanner.org

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BREAKING NEWS: Oil, Distressed Banks and Banking

By Staff Reporters

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Saudi Aramco made what is s probably the “highest net income ever recorded in the corporate world,” Saudi Aramco’s CEO Amin Nasser just said. The state-owned oil giant brought in an astonishing $161.1 billion in net income in 2022, up 46.5% from the previous year. Rising oil prices lifted all energy companies last year, but Aramco raked in almost triple ExxonMobil’s 2022 profits (record for any Western oil company).

So, after getting mixed signals about the economy from Friday’s jobs report, the Fed will take a fine-toothed comb to the consumer price index, which drops tomorrow.

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

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Banks: At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they would be made whole. Yesterday evening, the US government informed anxious SVB depositors that they’d have access to all the money they stashed with the lender today, even if the amount exceeded the $250,000 limit insured by the FDIC. In addition to backstopping depositors, the Fed is offering additional funding to some banks to limit the contagion from spreading across the banking sector.

And, according to MorningBrew, the Fed’s aggressive action shows how the implosion of Silicon Valley Bank on Friday could have quickly turned into a full-blown banking crisis when markets open this morning.

  • Banking is a confidence game, and if people and businesses felt their uninsured deposits were at risk, they could start pulling money from other banks in a catastrophic bank run.
  • The government had a hard deadline of 9:30am ET this morning to restore confidence in the banking system, and it beat it.
  • However, in their announcement, regulators also noted the closure of a second bank, New York-based Signature Bank, over “systemic risk.” All of Signature’s depositors will be made whole, they said.

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ALERT: HSBC Holdings PLC just said that it purchased Silicon Valley Bank UK Ltd., the U.K. arm of the collapsed Silicon Valley Bank, for 1 pound ($1.20). HSBC said the acquisition will help strengthen its franchise in the U.K. As of March 10th, SVBUK had loans of around GBP5.5 billion and deposits of around GBP6.7 billion, while tangible equity is expected to be around GBP1.4 billion. The acquisition was completed immediately.

The Bank of England said it took the decision to sell SVBUK to stabilize the business, ensure continuity of banking services, minimize disruption to the country’s technology sector and support confidence in the financial system.

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On Cultural Sensitivity in Education and Medicine

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A Modern Integral Component of Healthcare Training

[By Render S. Davis MHA CHE]

[By Dr. David Edward Marcinko MBA]

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While America has often been called a “nation of immigrants,” it has never been more true than today. Consequently, the challenge for physicians and other health care providers, in both large cities and small communities, is meeting the health care needs of increasingly diverse and multi-cultural populations who speak different languages and have social norms, traditions, and values that may substantially differ from their own. Problems arise when clinicians expect, even demand, that patients and their families discard their cultural foundations and adhere to the health care provider’s view of the care and decision-making process.

Instead, the health care team should be more aware of and sensitive to the values and beliefs of patients who come from other cultures; working within to assure that the patient’s individual rights are supported and wishes honored to the fullest extent possible.

In her award-winning book, The Spirit Catches You and You Fall Down, Ann Fadiman chronicled this tragic clash of two cultures in medical care for a child of the traditional Hmong people of Laos, transplanted to California after the Vietnam War.

In the book, Fadiman recounts a conversation with Professor Arthur Kleinman of Harvard University, a highly regarded expert in multicultural relations and conflict, who noted that “If you cannot see that your own culture has its own set of interests, emotions, and biases, how can you expect to deal successfully with someone else’s culture?”

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Former U.S. Surgeon General David Satcher, M.D., Ph.D., now Director of the Satcher Health Leadership Institute at Morehouse College of Medicine in Atlanta, Georgia, helped develop a special curriculum designed to foster greater cultural competence among physicians and health care providers.

Called the “CRASH Course,” the program emphasizes:

  1. Cultural Awareness. Acknowledging the diversity and legitimacy of the many cultures that make up the fabric of American Society;
  2. Respect. Valuing other cultural norms, even if they differ or conflict with your own;
  3. Assess and affirm. Understanding the points of both congruence and difference among cultural approaches to decision-making; learning how to achieve the best outcomes within the cultural framework of the patient and family unit;
  4. Sensitivity and self awareness. Being secure in your own values; while willing to be flexible in working through cultural differences with others;
  5. Humility. Recognizing that every culture has legitimacy and that no one is an expert in what is best for others; being willing to subordinate your values for those of another to achieve the goals of treatment.

There is little doubt that multi-cultural sensitivity will continue to grow as an increasingly integral component of medical education and risk management in health care practice.

Dr. Marcinko Teaching Philosophy

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About the Author

Render Davis was a Certified Healthcare Executive, now retired from Crawford Long Hospital at Emory University, in Atlanta, GA He served as Assistant Administrator for General Services, Policy Development, and Regulatory Affairs from 1977-95.  He is a founding board member of the Health Care Ethics Consortium of Georgia and served on the consortium’s Executive Committee, Advisory Board, Futility Task Force, Strategic Planning Committee, and chaired the Annual Conference Planning Committee, for many years.  

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

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Dig Deeper Than CFP® To Find a Financial Planner

CFP® is a Designation  – Not a Guarantee!

By Rick Kahler CFP®

I have long recommended that consumers look for a Certified Financial Planning (CFP) certificant when shopping for a financial planner.

But don’t stop there. A CFP is no guarantee that someone is a competent, ethical, fiduciary professional. It only ensures that you are choosing from a pool of 85,000 financial services providers who are educated in the technical aspects of financial planning. It doesn’t mean the person is engaged in financial planning, is a fiduciary, or has a spotless ethical history.

In a troubling Wall Street Journal article on August 9, 2019, columnist Jason Zwieg writes that the “CFP Board’s online search directory neglected to inform the public that thousands of planners listed” have known “customer complaints, criminal histories, financial problems or regulatory proceedings.”

“Among these CFPs were 499 who have faced criminal charges, 324 who left a previous firm amid allegations of misconduct, 323 who had been disciplined or investigated by regulators and 68 who filed bankruptcy within the past 10 years,” Zweig notes. Yet none were ever disciplined by the CFP Board.

Let’s not lose perspective—these “bad apples” amount to less than 2% of CFP certificants. Every profession has those few who use its licensing and credentialing as a cover to manipulate, deceive, and abuse consumers. No amount of regulation or oversight will ever eliminate all the crooks.

In addition, you cannot simply assume because a professional has a certain license, designation, or formal degree that they are competent. In the graduate class I teach at Golden Gate University, not all students earn As and Bs. Many earn Cs. A few earn Ds and Fs. While I am not sure the D and F group ever graduate, I am sure I would not want them doing my financial planning without convincing evidence that their poor performance in my class was a one-off due to extenuating circumstances.

As the consumer, you cannot know if a prospective financial planner was that student. Nor can you know if they have a tainted criminal background, unless you dig deeper.

That digging includes looking for any past criminal or disciplinary charges brought by licensing agencies. It also includes determining whether the advisor is legally bound to a fiduciary standard—required to put your interests ahead of theirs—but has any conflicts of interest, especially by making a significant amount of their income from commissions on the sale of financial products.

Here are a few tips for digging deeper:

  1. Go to brokercheck.finra.org to see if FINRA has brought disciplinary actions against the advisor.
  2. Go to the SEC’s website to look for disciplinary actions.
  3. Have the prospective advisor sign a written disclosure that you are a client and they have a fiduciary duty to put your interests above their own, rather than a customer where they have no such obligation and will usually put the interests of their company first. Many advisors, especially those not legally bound to be fiduciaries, don’t understand the difference, so insist on getting this assurance in writing.
  4. Have the prospective advisor sign a statement disclosing what percentage of their company’s gross revenues comes from fees charged to clients.  These might be paid as hourly fees, annual retainers, or separate charges for advice. The lower the percentage of income from fees, the greater the chance of a significant conflict of interest. I recommend finding firms receiving over 90% of gross revenue from fees; I prefer 100% because such firms advertise themselves as “fee-only” or will offset any commissions against a flat fee.

Assessment

To find a trustworthy financial planner, I still recommend the CFP designation. Just remember that it’s a starting point, not a guarantee.

Conclusion

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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

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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DAILY UPDATE: Credit Suisse Down While US Equities Mixed

By Staff Reporters

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  • CREDIT SUISSE:
  • Equities revenue plummeted 95% in the fourth quarter
  • CS earlier informally looked at options for unit -sources
  • CS declined comment on ‘rumors and speculation’, and
  • In the latest piece of troubling news, the beleaguered Swiss bank delayed the publication of its 2022 annual report following a “late call” from the US Securities and Exchange Commission on Wednesday evening. The SEC got in touch over revisions the bank had previously made to its cash flow statements for 2019 and 2020,

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U.S. equities finished mixed following yesterday’s rout, as investors digested a second day of testimony from Fed Chair Jerome Powell. The Chairman remained hawkish in his commentary, where he suggested rates may need to accelerate more than initially expected and may need to stay higher for longer than originally anticipated. Adding to the uncertainty, the afternoon release of the Fed’s Beige Book showed little change from the last installment.

Treasury yields were mixed with the yield curve inversion worsening, and the U.S. dollar was flat after yesterday’s rally. Crude oil prices were lower, and gold was little changed in choppy action. News on the equity front was light, as CrowdStrike topped quarterly earnings estimates and offered upbeat guidance, while UPS reiterated its full-year outlook.

The economic calendar was tilted toward labor data, as job openings dipped but remained elevated, and ADP’s private sector employment report bested forecasts ahead of Friday’s key non-farm payroll release.

Elsewhere, mortgage applications snapped a three-week losing streak, and the trade deficit came in slightly smaller than projected. Asia finished mixed and Europe also diverged, as the global markets processed the testimony from Fed Chairman Powell.

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

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NEUROLINK: Brain Chips Rejected by the FDA?

By Staff Reporters

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The FDA has reportedly rejected an application from Neuralink.

Recall, Neuralink is Elon Musk’s medical device company to test its brain implants in humans.

LINK: https://neuralink.com/

Neuralink Corporation is an American neurotechnology company that develops implantable brain–computer interfaces (BCIs) based in Fremont, California. Founded by Elon Musk and a founding team of seven scientists and engineers, Neuralink was launched in 2016 and was first publicly reported in March 2017.

Since its founding, the company has hired several high-profile neuroscientists from various universities. By July 2019, it had received $158 million in funding (of which $100 million was from Musk) and was employing a staff of 90 employees. At that time, Neuralink announced that it was working on a “sewing machine-like” device capable of implanting very thin (4 to 6 μm in width) threads into the brain, and demonstrated a system that read information from a lab rat via 1,500 electrodes. They had anticipated starting experiments with humans in 2020, but have since moved that projection to 2023.

Several neuroscientists and publications, including the MIT Technology Review, have been critical of claims made by Musk about Neuralink, calling some of the technological promises “highly speculative”. In March 2023, Reuters reported that the Food and Drug Administration rejected a 2022 application for human trials.

The agency had several concerns, including the risk of tiny wires in the chip shifting to other areas of the brain.

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SECRET: Ways A.I. Companies Might Use Your Personal Data

By Bertalan Mesko MD PhD

The Medical Futurist

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Pictures, text prompts, documents and health metrics are just a few examples of data we’re giving away to different AI applications and thus, to different companies/organizations.

What happens to this data? Who owns the various outputs generated by us and/or algorithms? We dig into this topic and were not feeling at ease by the end of the trip.

READ MORE

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HOSPITALIST DAY: March 2nd, 2023

A NATIONAL DAY OF RESPECT

SOCIETY OF HOSPITAL MEDICINE

By Staff Reporters

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SHM: National Day Thursday, March 2, 2023, is National Hospitalist Day Occurring the first Thursday in March annually, “National Hospitalist Day celebrates the fastest-growing specialty in modern medicine and hospitalists’ enduring contributions to the evolving healthcare landscape.”

HERE: https://www.hospitalmedicine.org/about/national-hospitalist-day/

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

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NATIONAL: Endometriosis Awareness Day 2023

MARCH FIRST

By Staff Reporters

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Endometriosis Awareness Day is observed on March 1st, during Endometriosis Awareness Month.

Endometriosis is an inflammatory condition that occurs in women when tissue starts growing outside the uterus. This tissue is the same as that which lines the womb internally. While there are many studies now on this condition, there is still no cure, and awareness is a huge problem. The month, and day, are dedicated to raising awareness and promoting research to find a cure for Endometriosis.

They are also aimed at addressing the stigma that comes with Endometriosis in the form of infertility.

READ:https://endometriosisassn.org/

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

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DAILY UPDATE: The WHO Calls for Radiology Readiness and Bonds Sell-Off

By Staff Reporters

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A new World Health Organization (WHO) report calling for an increased global preparedness for radiological and nuclear emergencies doesn’t spell out any particular current conflict, but it doesn’t need to. The world has become fully aware of the increased dangers of radiological and nuclear threats.

  • The World Health Organization’s updated list of critical medicines puts a focus on radiological and nuclear emergencies.
  • The WHO says governments need to have treatments available for citizens exposed to radiation.
  • New formulas developed in the last decade have, in part, prompted the updated guidelines from WHO.

In the just-issued report, the WHO updated its list of medicines that governments should stockpile for these types of emergencies, including medicines that “either prevent or reduce exposure to radiation or treat injuries once exposure has occurred.”

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Finally, a major sell-off in bonds sent Treasury yields higher, making stocks less attractive to investors. Last week, the major US stock indexes posted their biggest weekly losses of the year.

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META Launches LLaMA

Large Language Model Meta AI

By Staff Reporters

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Meta joins the AI race with LLlaMa

Well, not *a* llama, but LLaMA, which stands for Large Language Model Meta AI, Meta announced yesterday. Large language models are the tech that fuels applications like OpenAI’s ChatGPT or Google’s Bard.

But LLaMA may be more democratized than its peers in two ways: 1) Any researcher can see its inner workings, which isn’t the case for Google, OpenAI, or Bing and 2) It’s petite compared to its peers, which means it costs less to operate.

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PODCAST: Out-Patient Hospital Pricing Explained

By Eric Bricker MD

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HOSPITAL RANSOMWARE ATTACKS: A Delivery and Patient Outcomes Analysis

NIHCM GRANTS

By Hannah Neprash

By Sayeh Sander Nikpay

By Claire McGlave

UNIVERSITY OF MINNESOTA

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Despite increased occurrences, the lack of data on ransomware attacks has impeded research.

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

This research team will use a newly developed database to analyze how hospital ransomware attacks affect health care delivery and patient outcomes. The findings will provide new evidence for ongoing debates and legislative proposals about improving the cybersecurity of critical US infrastructure – including hospitals.

The Effect of Hospital Ransomware Attacks on Health Care Delivery and Patient Outcomes

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GSK: Zantac Risks and American Depository Receipt Shares

By Staff Reporters

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GlaxoSmithKline

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GSK (GSK) American Depository Shares lost ~2% pre-market yesterday after a new report from Bloomberg Businessweek claimed that the British drug maker chose to keep quiet on the cancer risks of the recalled heartburn medication Zantac. Zantac, also known as ranitidine, was pulled from the U.S. market in 2020 amid concerns over the unacceptable levels of potential human carcinogen, N-nitrosodimethylamine (NDMA).

Since then, the makers of Zantac generics, including Sanofi (SNY) (OTCPK:SNYNF), GSK (GSK), Pfizer (PFE), and Boehringer Ingelheim GmbH, have faced thousands of lawsuits for failure to adequately warn health risks of the antacid.

Citing court filings, studies, FDA transcripts, and new drug applications obtained through the Freedom of Information Act requests, Bloomberg said that the FDA considered the cancer risks when green lighting the medication, but GSK (GSK) withheld key study data.

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

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The FIDUCIARY OATH for “Financial Advisors”

“Will you sign a fiduciary oath?”

PHYSICIAN COLLEAGUES AND MEDICAL PROFESSIONALS ASK

By Dr. David Edward Marcinko MBA CMP®

CMP

SPONSOR: http://www.CertifiedMedicalPlanner.org

https://certifiedmedicalplannerdotorg1.files.wordpress.com/2012/03/cmp-logo17.jpg

“SIGN IT -OR- FORGET IT”

Asking a “Financial Advisor” if they’re a fiduciary isn’t always enough to hire them. People can “ice skate” around that terminology and give fuzzy or unclear answers to that question. Instead, you may consider asking them to sign a fiduciary oath.

“If someone is fee-only, not “fee-based”, they shouldn’t have a problem signing a document stating how they get compensated.” “If someone is, for example, a broker dealer, insurance agent or investment advisor who works on commissions, they probably wouldn’t be allowed to sign it.” Just say NO to contract arbitration clauses, too! As well as “Dual Registration.” Remember Bernie Lawrence Madoff.

THE FIDUCIARY OATH

This one-page document outlines five fiduciary principles a financial adviser must follow to put the client’s interests ahead of their own. They include acting with prudence, not misleading the client, avoiding conflicts of interest, and disclosing and managing unavoidable conflicts.

The oath, meant to be printed out and signed by an adviser, has been around for several years. But recent events, such as the 5th Circuit Court of Appeals striking down the DOL rule, have increased the urgency to get it into circulation.

“With the 5th Circuit ruling, it is just so important to have this oath out there because it states fiduciary principles,” said Ms. P. Houlihan, president of Houlihan Financial Resource Group. “The oath is the answer, given that the DOL rule is gone.”

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;,nbv

 fiduciaryoath_individual

Conclusion

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

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Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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HOSPITAL PARTNERSHIPS: CBOs and SDOH

COMMUNITY BASED ORGANIZATIONS

SOCIAL DETERMINANTS OF HEALTH

NIHCM GRANTS

By Yunyu Xiao Weil of Cornell Medicine

By Timothy Brown of UC Berkley Medicine

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This study will determine the causal effects of hospital-CBO partnerships on hospital re-admissions and mortality for the leading mental health and injury-related causes of death (suicidal ideation or suicide) and the leading physical cause of death (heart attack).

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

Findings may inform how, where, and for whom targeted hospital partnerships with CBOs can reduce hospital readmission and mortality.

Do Hospital Partnerships with Community-Based Organizations (CBOs) that Address Social Determinants of Health Reduce Hospital Readmission and Mortality?

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USA HEALTHCARE QUALITY: Confidence Down

Confidence in the caliber of the American health system has never been lower

A GALLUP POLL

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ANNUAL GALLUP HEALTHCARE QUALITY REPORT

More than one in five adults (21%) living in the US now rate the country’s healthcare as “poor” quality—a record high, according to Gallup’s annual health and healthcare poll.

Less than half of all respondents (48%) surveyed in 2022 said they’d rank the quality of healthcare in the US as “excellent/good”—a new low since Gallup began tracking the issue in 2001. (That’s down from 50% in 2021 and a record high of 62% in 2010 and 2012.) About a third (31%), meanwhile, said they’d rate the quality of US healthcare as “only fair,” a slight drop from 35% in 2021.

Gallup partially attributed the drop in perceived quality to politics, noting that “Republicans’ positive ratings have been subdued since President Donald Trump left office.” Other likely factors, the organization offered, could be “changes to healthcare that have taken place amid the Covid-19 pandemic or curtailed access to abortion since the Supreme Court’s Dobbs decision.”

Survey Reports:

  • Respondents reported a rosier take on the care they personally receive. Over 70% rated it as “excellent/good” compared to 6% who rated it as “poor.” But that high “excellent/good” mark is still down from 76% in 2021 and 82% in 2020.
  • Costs remained a point of contention in 2022. Less than a quarter (24%) of respondents said they were “satisfied” with the total cost of healthcare in the US, and this proportion is on par with rates from the past two decades. But only 56% of those surveyed reported being satisfied with the total cost they pay for care—the lowest level since 2016.
  • One in five respondents think the US healthcare system is in a “state of crisis” (20%) or has “major problems” (48%).

EDITOR’S NOTE: As a former CPHQ [Certified Physician in Healthcare Quality], I find this report alarming and confusing – David EdwardMarcinko MBA CMP

CMP Program: http://www.CertifiedMedicalPlanner.org

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Product Details

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RISK: Default U.S.A.

By Staff Reporters

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The U.S. risks defaulting on its debts as early as July unless the borrowing limit is raised, the nonpartisan Congressional Budget Office said in a report just released.

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

The federal government on January 19th reached its approximately $31.4 trillion debt ceiling — which legally caps how much the U.S. can borrow to pay for what tax and other revenue doesn’t cover — and the Treasury Department has since been using “extraordinary measures” along with its current cash flow to keep the government’s obligations paid.

“CBO estimates that under its baseline budget projections, the Treasury would exhaust those measures and run out of cash sometime between July and September of this year,” according to the report.

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What Do Women Really Want on St. Valentine’s Day?

Even Female Doctors, Financial Services Professionals and Medical Management Consultants?

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Source: pronto.com

Conclusion

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New CDC Guidelines on COVID

AN UPDATE

By Centers for Disease Control and Prevention

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The CDC is the nation’s leading science-based, data-driven, service organization that protects the public’s health. For more than 70 years, it put science into action to help children stay healthy so they can grow and learn; to help families, businesses, and communities fight disease and stay strong; and to protect the public’s health.

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And now, Emory University in Atlanta Georgia says goodbye to COVID vaccine requirements and updates guidance. For those who would like to read a copy of the most recent CDC guidelines on COVID: click here. 

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FTC: Proposes Banning [Healthcare] Non-Compete Employment Contract Clauses

By Health Capital Consultants, LLC

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FTC Proposes Banning Non-Compete Clauses

On January 5, 2023, the Federal Trade Commission (FTC) published a proposed rule that would ban employers from imposing non-competes on their employees. The FTC asserted that this practice is widespread and often exploitative, and such actions can suppress wages, hamper innovation, and block entrepreneurs from starting their own businesses. Notably, while the proposed rule will affect all industries, not just healthcare, this proposal comes at a time when healthcare employers across the U.S. are struggling with staffing shortages.

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

This Health Capital Topics article will discuss the proposed rule, reactions from healthcare industry stakeholders, and potential implications. (Read more…)

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FINANCIAL HEALTH INSURANCE CO-PAY CARDS & DRUG COUPONS?

The “Real Deal”

A co-payment is a fixed amount ($20, for example) you pay for a covered health care service after you’ve paid your deductible.

Let’s say your health insurance plan’s allowable cost for a doctor’s office visit is $100. Your copayment for a doctor visit is $20.

  • If you’ve paid your deductible: You pay $20, usually at the time of the visit.
  • If you haven’t met your deductible: You pay $100, the full allowable amount for the visit.
  • Partial deductible payments incur hybrid fees.

Copayments (sometimes called “copays”) can vary for different services within the same plan, like drugs, lab tests, and visits to specialists. Generally plans with lower monthly premiums have higher copayments. Plans with higher monthly premiums usually have lower copayments.

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

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Invite Dr. Marcinko | The Leading Business Education Network for Doctors,  Financial Advisors and Health Industry Consultants

BY DR. DAVID E. MARCINKO MBA CMP®

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SPONSOR: http://www.CertifiedMedicalPlanner.org

Co-Pay Cards May Be Creating More Controversy Instead of Solutions

Instead of reducing the actual price of their excessively priced medications, many companies have opted to provide co-pay cards / coupons as an affordable solution. However, co-pay cards may only lower the cost for some consumers and patients.

Novartis: https://www.copay.novartispharma.com/nvscopay/#

Pfizer: https://www.pfizerpro.com/co-pay-cards-patient-savings-offers

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See the source image

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But – The insurer is still left to pay the high price, which will eventually be passed back on to the patient / consumers in the form of higher health insurance deductibles. So – It doesn’t really seem like much of a solution when we all end up paying for these co-pay cards / coupons; does it?

Find out more here. (Source: Rebecca Mayer Knutsen, MM&M, 8/26/16)

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MEDICAL OFFICE CREDIT CARDS:

We stopped taking credit cards altogether. The only credit cards we take are for call-in payments of balances. We have placed ATM machines in our lobbies and we educate patients in advance of their visits that we only take cash or check. Our cash income has increased, our credit card fees have decreased, and we make $1.50 from each transaction through our ATM. Our patients have taken to the idea so much that they use the ATM for personal cash for other transactions because our fee is the lowest of any ATM. It has been a win-win-win.  

Dr. Farshid Nejad, Beverly Hills, CA [PM Magazine]

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For anyone contemplating taking credit cards for payments or copayments in your office, please be aware that some of the credit card companies require you to sign a contract. Don’t do that! If you do and you either have a problem with the company or find out that they are overcharging you, they will hold you responsible for the contract and may take you to court. There are enough credit card companies out that that do not require contracts and are highly competitive. 

-Dr. Elliot Udell, DPM, Hicksville, NY [PM Magazine]

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PODCAST: Nuance DAX: Conversational Healthcare A.I.

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In the patient-physician relationship, time is precious. Nuance DAX helps physicians to focus on patient care during appointments—instead of paperwork and documentation. Nuance DAX uses sophisticated conversational AI and ambient technology to capture and contextualize the patient encounter, reducing documentation time by 50%.

Learn more.

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ARTIFICIAL INTELLIGENCE: Google V. Microsoft

The AI Gloves are Coming Off?

By Staff Reporters

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Google (GOOG, GOOGL) just announced several new AI-powered features for its Search, Maps, and Lens apps. The announcement comes just a day after rival Microsoft (MSFT) rolled out a new version of its Bing search engine complete with generative AI capabilities, bringing a rare threat to Google’s search supremacy.

But, shares of Google parent company Alphabet were down more than 7% today as investors expressed skepticism about these new features.

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ADVISORY OPINION: Allows Nurse Practitioner Support in Hospitals

NURSE PRACTITIONERS [NPs]

By Health Capital Consultants, LLC

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Advisory Opinion Allows Nurse Practitioner Support in Hospitals

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

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

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

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ENTER Guatam Adani – EXIT Adani?

A Reprint by Staff Reporters

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In the week since the Indian mogul was targeted by a short seller, his businesses have lost a combined $108 billion in value and his own net worth has plummeted by $52 billion. Adani was once the second-richest person in the world. But, as Bloomberg notes, his downfall “defies just about every historical comparison.”

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

Given Adani’s sprawling business empire and his cozy relationship with India’s leadership class, this crisis has echoed across both markets and politics. Here’s a rundown of what you need to know about the most important story in global business this week.

According to Morning Brew, Adani grew up middle-class, dropped out of college to trade diamonds and eventually formed his own business hawking other physical products. During the ’90s his ambitions expanded along with the Indian economy, and he now runs a conglomerate that encompasses energy, transportation infrastructure such as ports and airports, defense manufacturing, and media.

On January 24th, a US short seller named Hindenburg Research claimed Adani’s empire pulled “the largest con in corporate history,” accusing it of stock manipulation and accounting fraud in a 100-page report. Adani has denied the allegations, but his push-back hasn’t comforted spooked investors…especially after he scrapped a $2.5 billion share sale a few days ago. 

Adani responded that Hindenburg’s report wasn’t just an attack on him, it amounted to a “calculated attack on India…and the growth story and ambition of India.” Adani’s business ventures have aligned closely with the priorities of Indian Prime Minister Narendra Modi, and Modi’s political opponents are seizing on the fiasco to highlight the relationship between India’s leader and Adani.

Adani emphasized that his company’s fundamentals remain “very strong” and its balance sheet “healthy.” Still, some experts say the accusations could leave a lasting reputational stain on India’s largest corporations and hamstring their ability to grow

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RECESSION: Healthcare Industry Layoffs

Not even the healthcare industry is recession-proof

By Staff Reporters

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

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

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

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

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

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

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

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

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Medical CBD: No FDA Advocacy

By Staff Reporters

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The Food and Drug Administration said it can’t vouch for the safety of cannabidiol (CBD)—a nonpsychoactive compound found in marijuana and hemp plants—and because of that, it can’t regulate it. Instead, it’s calling on lawmakers to help supervise $12 CBD lavender sodas.The FDA said that CBD doesn’t fit the mold of the dietary supplements and food additives it typically monitors, such as ginseng and caffeine.

POT: https://contrarianedge.com/should-you-invest-in-marijuana-stocks/?uid=5f78aa3cd815b&utm_source=IMA++-+Main+Articles&utm_campaign=b43e790647-MARIJUANA_STOCKS_RESEND&utm_medium=email&utm_term=0_f1c90406d1-b43e790647-55139025

The agency claims the science is lacking on the safety of long-term CBD use, let alone on any potential perks—like preventing diabetes or aiding sleep.

No-2-Drugs: https://medicalexecutivepost.com/2022/04/20/just-say-no-to-drugs/

Derived from Hemp

Congress legalized hemp four years ago, and most CBD is derived from hemp, not marijuana. As a result, CBD got kicked off the controlled substances list and got lobbed from the Drug Enforcement Administration’s desk to the FDA’s.

Mental Health Drugs: https://medicalexecutivepost.com/2022/10/07/drugs-and-county-mental-health-programs/

Since then, the FDA’s been less active in regulating CBD than a teen in a ’90s anti-marijuana ad. That’s resulted in a chaotic and confusing marketplace, and CBD industry players were hoping the FDA would soon start reining it in.

Drug Middlemen: https://medicalexecutivepost.com/2022/03/14/drugs-money-and-the-middleman/

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

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