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Filed under: Glossary Terms, Health Economics, Health Insurance, Health Law & Policy | Tagged: corona virus, pandemic | Leave a comment »
WHAT IS THE VELOCITY OF MONEY?
Posted on June 1, 2020 by Editor-in-Chief
It’s the Rate of [Physician] Circulation and Consumption
Courtesy: https://lnkd.in/eBf-4vY
The VM is a measure of the number of times that the average unit of currency is used to purchase goods and services within a given time period. The concept relates the size of economic activity to a given money supply. This speed of money exchange is one of the variables that determine inflation.
VM is the ratio of gross national product (GNP) to a country’s money supply. The more often money changes hands, the greater the level of commerce. The VM is determined by money supply, interest rates, inflation, commerce and the Federal Reserve.
LINK: https://lnkd.in/eZxrhtp
Physicians, like most consumers, tend to hold less money as interest rates and inflation increase, and therefore the velocity of money increases.
ESSAY: https://lnkd.in/e6TvuVM
VM is reduced when people increase money holdings in periods of low interest rates and low inflation; the opposite when rates and inflation are high.
CMP® CURRICULUM: https://lnkd.in/eDTRHex
Assessment: Comments appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
1 – https://lnkd.in/ebWtzGg
2 – https://lnkd.in/ewJPTJs
THANK YOU
***
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Filed under: Financial Planning, Glossary Terms, iMBA, Inc. | Tagged: Velocity Money | Leave a comment »
WHAT IS A “VACCINE ENHANCED IMMUNE RESPONSE”?
Posted on May 24, 2020 by Editor-in-Chief
Study Confirms Some Flu Vaccines Cause a Stronger Response in Older Patients
Courtesy: www.CertifiedMedicalPlanner.org
Back in December 2019, a study published journal “Clinical Infectious Diseases” offered more evidence that certain specially formulated flu vaccines may offer people 65 years and older better protection than standard-dose flu vaccines.
LINK: https://www.cdc.gov/flu/spotlights/2019-2020/vaccine-stronger-immune.htm
People in this age group are considered at high risk of developing serious flu complications, yet vaccines may not work as well for them as they do in younger people.
There are at least three relatively newer influenza vaccine options that may improve vaccine protection among older adults, and this is the first study to directly compare the antibody responses from these newer vaccine options with standard flu vaccines among people in the same age group during the same influenza season.
QUERY: What are the implications of this study on the Corona Virus pandemic?
Assessment: Your thoughts and comments are appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
***
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Filed under: Glossary Terms | Tagged: VACCINE ENHANCED IMMUNE RESPONSE | Leave a comment »
THE “Rational” AND “Adaptive” Expectations Theory
Posted on May 22, 2020 by Editor-in-Chief
Two Well Known But Doubtful Economic Theories
Courtesy: www.CertifiedMedicalPlanner.org
[By Staff Reporters]
1 – RATIONAL EXPECTATIONS state that one will conform to what can logically be expected in the future. That is, a person will invest, save or spend according to what s/he rationally believes will happen in the future. An investor thinks a stock is going to go up, and by buying it, this act actually causes the stock to go up.
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
DOUBT: An investor notices that a stock is undervalued, buys it, and watches as other investors notice the same thing, thus pushing the price up to its proper market value. This creates a self-fulfilling prophecy that helps bring about the future event. So, RE can be changed to explain everything, but it tells us nothing.
2 – ADAPTIVE EXPECTATIONS suggest that people form their expectations about what will happen in the future based on what has happened in the past.
DOUBT: Past data is only one of many factors that influence future behavior. In the financial world, change is the only true constant.
ESSAY: https://medicalexecutivepost.com/2013/04/24/more-on-money-psychology/
ESSAY: https://medicalexecutivepost.com/2014/08/08/on-financial-psychology-and-money-scripts/
ASSESSMENT: Your thoughts and comments are appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
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THANK YOU
***
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Filed under: Glossary Terms | Tagged: Adaptive Expectations, Economic Psychology, financial psychology, Rational Expectations | Leave a comment »
Medical Practice “Prior Authorizations”
Posted on May 21, 2020 by Editor-in-Chief
THE “SIREN CALL” OF MEDICAL PRACTICE PRIOR AUTHORIZATONS
Courtesy: www.CertifiedMedicalPlanner.org
“The Doctor Can’t See You – She’s Too Busy Doing Prior Authorizations.”
By Dr. David Edward Marcinko MBA
Somewhere along the way, physicians took a wrong step. Colleagues said OK to the SERPENT who whispered: “this saves money,” and now we’re entangled. We should’ve asked, “Whose money?”
PRIOR AUTHORIZATIONS for medical treatment and prescription drug are killing medicine and all those who would follow into this once great profession.
And so, here is an excerpt [blinded and abbreviated] from an email we received from a medical physician colleague.
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DOCTOR: For every hour that I spend with a patient, I spend another three hours documenting and begging.
TYPICAL DAY: 4 hours of seeing patients, sprinkled between 12 hours of doing what we used to call “paperwork”.
EMRs: Calling it Electronic Medical Records and data collection doesn’t make this nonsense any more appealing.
ASSESSMENT: Patients get turned away because PCPs are too busy with paperwork. People are sick and dying while I’m calling clerks and pleading for RXs. I’d rather be doctoring.
BOTTOM LINE: 1/5 of my day, over 12 hours a week as a PCP, is now spent on prior authorizations. 1/3 of my assistant’s day is on prior authorizations. That’s why he couldn’t call you back.
CONCLUSION: Next time you can’t get a doctor’s appointment, you’ll know why.
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Assessment: Your thoughts and comments are appreciated.
BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
***
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Filed under: Drugs and Pharma, Glossary Terms | Tagged: prior medical authorizations | 1 Comment »
Active v. Passive v. Acquired Immunity
Posted on May 20, 2020 by Editor-in-Chief
On Basic Epidemiology and Public Health
Courtesy: www.CertifiedMedicalPlanner.org
Active Immunity develops after exposure to a disease-causing infectious microorganism or other foreign substance, such as following infection or vaccination.
Acquired Immunity develops during a person’s lifetime. There are two types of acquired immunity: active immunity and passive immunity.
Passive Immunity develops after a person receives immune system components, most commonly antibodies, from another person. Passive immunity can occur naturally, such as when an infant receives a mother’s antibodies through the placenta or breast milk, or artificially, such as when a person receives antibodies in the form of an injection (gamma globulin injection). Passive immunity provides immediate protection against an antigen, but does not provide long-lasting protection.
LINK: https://aidsinfo.nih.gov/understanding-hiv-aids/glossary/2/acquired-immunity
Assessment: Your comments are appreciated.
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Filed under: Glossary Terms | Tagged: acquired immunity, active immunity, passive immunity | Leave a comment »
WILL THE CORONA VIRUS PANDEMIC DECIMATE THE L.T.C.I. INDUSTRY?
Posted on May 17, 2020 by Editor-in-Chief
WILL THE CORONA VIRUS PANDEMIC DECIMATE THE L.T.C.I. INDUSTRY?
Courtesy: https://lnkd.in/eBf-4vY
By Dr. David E. Marcinko MBA
I admit that I held a state insurance license.
LINK: https://lnkd.in/e9AmEhd
A 22 minute computer test was the barrier to entry. There aren’t many with both medical and insurance licenses; and even fewer who actually practiced inside a [skilled] nursing home, long term care facility or geriatric hospital; etc.
ESSAY: https://lnkd.in/ebJPN3V
EESSAY: https://lnkd.in/gMZP-T9
Of course, agents sell policies but doctors treat patients. And, most Long Term Care Insurance policies are sold; not bought. I would not want to live in such a facility.
ESSAY: https://lnkd.in/etQwcP6
ESSAY: https://lnkd.in/eCBuPeq
ESSAY: https://lnkd.in/eKCFAhG
My combined experience led me to advocate for the age-in-place movement; despite the exploding aging population.
ESSAY: https://lnkd.in/eK54jfq
ESSAY: https://lnkd.in/eFzDUju
ESSAY: https://lnkd.in/gMyFFVz
QUERY: Has the recent pandemic exposed the structural weakness endemic to our LTC system and made institutional out breaks more deadly?
LINK: https://lnkd.in/eR8KeQt
LINK: https://lnkd.in/eqkneqq
Assessment: Any thoughts or comments?
BUSINESS, FINANCE AND INSURANCE TEXTS
1 – https://lnkd.in/ebWtzGg
2 – https://lnkd.in/ezkQMfR
3 – https://lnkd.in/ewJPTJs
***
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Filed under: Glossary Terms, Health Insurance | Tagged: Covid-19, long term care insurance, LTCI, WILL THE CORONA VIRUS PANDEMIC DECIMATE THE L.T.C.I. INDUSTRY? | Leave a comment »
“UNIVERSAL PRECAUTIONS” EXISTED LONG BEFORE THE CORONA VIRUS
Posted on May 11, 2020 by Editor-in-Chief
WHAT’S OLD – IS NEW AGAIN?
Courtesy: www.CertifiedMedicalPlanner.org
Dr. David E. Marcinko MBA
Universal Precautions refer to the medical practice of avoiding contact with patients’ bodily fluids, by means of the wearing of nonporous articles such as medical gloves, goggles, and face shields.
The infection control techniques were essentially good hygiene habits, such as hand washing and the use of gloves and other barriers, the correct handling of hypodermic needles, scalpels, and aseptic techniques.
Following the AIDS outbreak in the 1980s the US CDC formally introduced them in 1985–88. Every patient was treated as if infected and therefore precautions were taken to minimize risk.
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ASSESSMENT: Your thoughts and comments are appreciated.
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Filed under: Glossary Terms, Quality Initiatives | Tagged: UNIVERSAL PRECAUTIONS | Leave a comment »
SDOH – Building the Case
Posted on May 8, 2020 by Editor-in-Chief
Why SDOH?
[By MCOL.com and staff reporters]
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Filed under: Glossary Terms, Health Economics, LifeStyle, Quality Initiatives | Tagged: SDOH, Social Determinants of Health | Leave a comment »
Parkinson’s Law of Triviality in Time Management, Economics and Finance
Posted on May 3, 2020 by Editor-in-Chief
The Attention a Problem Gets is Inverse to its’ Importance
Courtesy: http://www.CertifiedMedicalPlanner.org
By Dr. David Edward Marcinko MBA
Historian Cyril Parkinson’s wrote in his book Parkinson’s Law,
“The time spent on any item of the agenda will be in inverse proportion to the sum [of money] involved.”
EXAMPLE: Parkinson described a fictional finance committee with three tasks: approval of a $10 million nuclear reactor, $400 for an employee bike shed, and $20 for employee refreshments in the break room.
The committee approves the $10 million nuclear reactor immediately, because the number is too big to contextualize, alternatives are too daunting to consider, and no one on the committee is an expert in nuclear power.
Bike Shed Effect: The bike shed gets considerably more debate. Committee members argue whether a bike rack would suffice and whether a shed should be wood or aluminum, because they have some experience working with those materials at home.
Employee refreshments take up two-thirds of the debate, because everyone has a strong opinion on what’s the best coffee, the best cookies, the best chips, etc.
Absurd: The world is filled with these absurdities. In personal finance, Ramit Sethi recently said we should stop asking $3 questions (should I buy coffee?) and ask more $30,000 questions (should I buy a smaller home?). Most people don’t, because it’s hard and intimidating. In any given moment the easiest way to deal with a big problem is to ignore it and fill your time thinking about a smaller one.
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Assessment: Your thoughts and comments related to the Corona Virus Pandemic, meetings and time management and psychology are appreciated; especially the CARES Act.
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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
***
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Filed under: Glossary Terms, Investing, LifeStyle | Tagged: Cyril Parkinson, Parkinson’s Law of Triviality | Leave a comment »
Global Death Statistics
Posted on May 3, 2020 by Editor-in-Chief
January – March 2020
[By staff reporters]
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Assessment: Your thoughts are appreciated.
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Filed under: Glossary Terms, Health Insurance, LifeStyle | Tagged: cause of death, Global Deaths, Leading Cause Death | Leave a comment »
WHAT IS AN “ENTREPRENEUR” ACCORDING TO AUSTRIAN ECONOMISTS
Posted on May 2, 2020 by Editor-in-Chief
The Methodology of Thinking on Your Own
Courtesy: http://www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA
The Austrian school of Economics uses the logic of a priori thinking—something a person can think on their own without relying on the outside world—to discover economic laws of universal application.
The other mainstream schools of economics, like the neoclassical school, the new Keynesians and others, make use of data and mathematical models to prove their point objectively.
In this respect, the Austrian school can be more specifically contrasted with the German historical school that rejects the universal application of any economic theorem.
PODCAST: https://www.youtube.com/watch?v=MxK8FKU3BPs
And so, colleague Peter Quinones – Free Man Beyond The Wall – welcomes Per in this podcast presentation. Per talks about the role of the entrepreneur, not only in society, but according to the Austrian School of Economics!
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PODCAST: http://freemanbeyondthewall.libsyn.com/episode-312
Assessment: Your thoughts and comments are appreciated.
BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
THANK YOU
***
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Filed under: Glossary Terms, Health Economics | Tagged: Austrian Economics, FA Hayek, Ludwig Von Mises Institute, Peter Quinones | Leave a comment »
What is “COMPASSION FADE?”
Posted on May 1, 2020 by Editor-in-Chief
A Cognitive Bias of the Corona Virus Pandemic
Courtesy: www.CertifiedMedicalPLanner.org
By Dr. David E. Marcinko MBA
Compassion Fade is a cognitive bias that predisposes people to behave more compassionately towards a small number of identifiable victims than to a large number of anonymous ones.
It is the psychological explanation to the known phenomenon alluded to by Joseph Stalin in his famous quote “The death of one man is a tragedy; the death of millions is a statistic”.
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LINK: https://www.publichealthpost.org/research/compassion-fade/
Assessment: Your thoughts and comments are appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
THANK YOU
***
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Filed under: Glossary Terms, LifeStyle | Tagged: compassion fade | 1 Comment »
What is Anscombe’s Quartet?
Posted on April 29, 2020 by Editor-in-Chief
The Need for Data Visualization
Courtesy: www.CertifiedMedicalPlanner.org
Anscombe’s Quartet comprises four data sets that have nearly identical simple descriptive statistics, yet have very different distributions and appear very different when graphed. Each dataset consists of eleven (x,y) points.
They were constructed in 1973 by the statistician Francis Anscombe to demonstrate both the importance of graphing data before analyzing it and the effect of outliers and other influential observations on statistical properties. He described the article as being intended to counter the impression among statisticians that “numerical calculations are exact, but graphs are rough.”
So, always plot that data!
***Assessment: Your thoughts and comments are appreciated.
BUSINESS TEXTS FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXOs
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Do Three Men Still Make a Tiger?
Posted on April 28, 2020 by Editor-in-Chief
Moral Suasion, Investing and the Corona Pandemic
Courtesy: http://www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA
People will believe anything if enough people tell them it’s true.
This thought comes from a Chinese proverb that if one person tells you there’s a tiger roaming around your neighborhood, you can assume they’re lying.
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
If two people tell you, you begin to wonder. If three say it’s true, you’re convinced there’s a tiger in your neighborhood and you panic.
MORE: https://www.omsj.org/science/three-men-make-a-tiger
INVESTING: https://www.caseyresearch.com/daily-dispatch/three-men-make-a-tiger/
MONEY PSYCHOLOGY: https://medicalexecutivepost.com/2018/09/19/money-beliefs-and-luxury-lifestyle-tv/
INVESTING: https://medicalexecutivepost.com/2013/04/24/more-on-money-psychology/
Assessment: Your thoughts and comments related to the Corona Virus Pandemic, Money and Investing psychology are appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
***
THANK YOU
***
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Filed under: Glossary Terms, Investing, Research & Development | Tagged: corona, financial psychology, money psychology, Three men make a tiger | Leave a comment »
What is Apophenia?
Posted on April 27, 2020 by Editor-in-Chief
AND … What is Pareidolia?
Courtesy: www.CertifiedMedicalPlanner.org
Apophenia is the tendency to mistakenly perceive connections and meaning between unrelated things. The termwas coined by psychiatrist Klaus Conrad in his 1958 publication on the beginning stages of schizophrenia.
Conrad defined it as “unmotivated seeing of connections [accompanied by] a specific feeling of abnormal meaningfulness”. He described the early stages of delusional thought as self-referential, over-interpretations of actual sensory perceptions, as opposed to hallucinations.
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Man in the Moon refers to any of several pareidolic images of a human face, head or body that certain traditions recognize in the disc of the full moon.
Pareidolia is the tendency for incorrect perception of a stimulus as an object, pattern or meaning known to the observer, such as seeing shapes in clouds, seeing faces in inanimate objects or abstract patterns, or hearing hidden messages in music. Pareidolia is a subcategory of apophenia.
Your thoughts and comments are appreciated.
BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
***
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Filed under: Glossary Terms | Tagged: Apophenia, Pareidolia | Leave a comment »
The “WOOZLE EFFECT” is Not a GOOZLE!
Posted on April 26, 2020 by Editor-in-Chief
Evidence by Citation
By Dr. David E. Marcinko MBA
Courtesy: www.CertifiedMedicalPlanner.org
“A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth.” – Daniel Kahneman
As I was watching with interest more [fake] news such as stories surrounding evidence by citations of Russian involvement in US elections and fake prices leading to some violent market gyrations as in Bitcoin and the Corona Virus Pandemic, and societal musings around the thematic of hoaxes … we decided to offer this theme.
Enter the WOOZLE
And so, the Woozle effect, also known as evidence by citation, or a woozle, occurs when frequent citation of previous publications that lack evidence misleads individuals, groups and the public into thinking or believing there is evidence, and non-facts become urban myths and factoids.
Not a GOOZLE: https://www.daredictionary.com/view/dare/ID_00024696
H INDEX: https://medicalexecutivepost.com/2014/11/07/understanding-the-scientific-publication-h-index/
GOOGLE SCHOLAR INDEX: Google Scholar Search
LINK: https://en.wikipedia.org/wiki/Woozle_effect
Assessment: Your thoughts are appreciated.
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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS:
***
THANK YOU
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Filed under: Glossary Terms, Touring with Marcinko | Tagged: david marcinko, google scholar index, H INDEX, Woozle Effect | Leave a comment »
The Yerkes-Dodson Law, Management, Investing and the Corona Pandemic?
Posted on April 26, 2020 by Editor-in-Chief
Performance Increases with Anxiety and Excitement to a Point
By Dr. David E. Marcinko MBA
Courtesy: www.CertifiedMedicalPlanner.org
The Yerkes–Dodson law is an empirical relationship between arousal and performance, originally developed by psychologists Robert M. Yerkes and John Dillingham Dodson in 1908.
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
The law dictates that performance increases with physiological or mental arousal, but only up to a point. When levels of arousal become too high, performance decreases. The process is often illustrated graphically as a bell-shaped curve which increases and then decreases with higher levels of arousal.
LINK: https://juniperpublishers.com/gjidd/pdf/GJIDD.MS.ID.555606.pdf
MONEY: https://medicalexecutivepost.com/2018/09/19/money-beliefs-and-luxury-lifestyle-tv/
INVESTING: https://medicalexecutivepost.com/2013/04/24/more-on-money-psychology/
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Assessment: Your thoughts and comments related to the Corona Virus Pandemic, Investing and Money Psychology are appreciated.
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
THANK YOU
***
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Filed under: Glossary Terms, Investing, Research & Development | Tagged: Investing, money psychology, Yerkes-Dodson Law | 1 Comment »
WARD CUNNINGHAM’S LAW OF INTERNET INQUIRIES!
Posted on April 25, 2020 by Editor-in-Chief
Does the Internet Promote the Same Dynamic as “Road Rage?”
Courtesy: https://lnkd.in/eBf-4vY
The best way to get an answer on the Internet is not to ask a question. It’s to post the wrong answer.
This “law” by Ward Cunningham is known to those with social media accounts. Once you’re arguing with a computer – social norms vanish! People like to fight online more than they like to help.
They’re quicker to point out flaws than to become a friendly resource.
In fact, psychologist Jonathan Haidt wrote that if you constantly express anger in your private conversations, your friends will likely find you tiresome. But, when there’s an audience, the payoffs are different and outrage can boost your status.
A study by William J. Brady at NYU measured half a million tweets and found that each moral or emotional word used in a tweet increased its virality by 20 percent.
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Finally, another 2017 study, by the Pew Research Center, showed that posts exhibiting “indignant disagreement” received nearly twice as much engagement [likes and shares] as other types of content.
MORE: https://lnkd.in/emU7F5c
Assessment: Your thoughts are appreciated
TEXTS FOR PHYSICIAN-EXECUTIVES & MEDICAL CXOs:
1 – https://lnkd.in/eEf-xEH
2 – https://lnkd.in/e2ZmewQ
Thank You
***
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Filed under: Experts Invited, Glossary Terms | Tagged: WARD CUNNINGHAM'S LAW OF INTERNET INQUIRIES!, William J. Brady | 1 Comment »
WHAT IS THE “LUXURY PRODUCT” ECONOMIC PARADOX?
Posted on April 24, 2020 by Editor-in-Chief
WHAT IS THE “LUXURY PRODUCT” ECONOMIC PARADOX?
By Dr. David Edward Marcinko MBA
Courtesy: http://www.CertifiedMedicalPlanner.org
he more expensive something is – the less likely you are to use it. This relationship between price and product utility is graphed as an “inverted U.”
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
So, super car Ferraris sit in garages; but Fords get driven.
My own Jaguar touring sedan illustrates this paradox.
ESSAY: https://medicalexecutivepost.com/2018/09/02/my-jaguar-mechanic-vs-doctor-story/
This theory may even be valid for services; as well as products?
THINK: Plastic and cosmetic surgery?
Assessment: Your thoughts and comments are appreciated.
BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
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Filed under: Glossary Terms, Health Economics, LifeStyle | Tagged: luxury paradox, UXURY | Leave a comment »
WHAT IS BIOLOGICAL STATISTICS
Posted on April 23, 2020 by Editor-in-Chief
A GLOSSARY AND GUIDE TO MEDICAL AND BIOLOGICAL STATISTICS
Courtesy: www.CertifiedMedicalPlanner.org
Biostatistics is the development and application of statistical methods to a wide range of topics in biology. It encompasses the design of biological experiments, the collection and analysis of data from those experiments and the interpretation of the results.
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
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So, here is a white paper and glossary of important epidemiological concepts and common bio-statistical terms to help doctors, graduate students and related professionals translate medical research into everyday practice.
Link: http://www.medpagetoday.com/Medpage-Guide-to-Biostatistics.pdf
Assessment: Your thoughts are appreciated.
BUSINESS TEXTS FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXOs
THANK YOU
***
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Filed under: Glossary Terms | Tagged: BIOLOGICAL STATISTICS | Leave a comment »
What is the McNamara [Bio] Statistical Fallacy?
Posted on April 23, 2020 by Editor-in-Chief
A Metaphor for the Corona Virus Pandemic!
Courtesy: www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA
A belief that rational decisions can be made with quantitative data and measures alone, when in fact the things you can’t measure are often the most consequential.
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
Named after Defense Secretary McNamara, who tried to quantify every aspect of the Vietnam War.
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QUERY: Is this also a metaphor for the “Art” and Science of Medicine and Economics?
Assessment: Your thoughts and comments are appreciated.
BUSINESS TEXTS FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXOs
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Filed under: Glossary Terms, Health Economics, Healthcare Finance | Tagged: McNamara Fallacy, McNamara [Bio] Statistical Fallacy | Leave a comment »
A 4/20 [Medical] Cannabis Culture Day Pictorial
Posted on April 20, 2020 by Editor-in-Chief
About Four-Twenty Day
[By Anonymous DEA Agent]
Today is … 420, 4:20, or 4/20 (pronounced four-twenty).
And, it refers to consumption of cannabis and, by extension, a way to identify oneself with cannabis subculture. Observances based on the number include the time (4:20 p.m.) as well as the date (April 20).
Again … that’s today as this ME-P was published @ 4:20 p.m., EST!
THE DEA DESTROYS A POT FARM
PHOTOS:
- Photo taken after the “grow” was eradicated. There is still no “pot” of gold at the end of the rainbow.
- DEA taking one of many seized vehicles/equipment.
- The marijuana farm was operating under the name “Brian’s Green Thumb Farm.”
- Inside the barn, Agents found rows and rows of drying marijuana.
- Over 2,000 pounds of drying marijuana from the barn, bagged and ready for destruction.
- Air view of the massive “grow” from the guard tower.
- One of two sleeping shelters, each guarding the middle perimeter. In the back, one of four tents, each positioned in the corners for guards.
- The plant being ripped out of the ground by the backhoe.
© iMBA Inc. All rights reserved.
Assessment
Link: http://en.wikipedia.org/wiki/420_(cannabis_culture)
UPDATE 2019: Carl’s Jr. will become the first major fast-food chain to debut a cannabis-infused burger:
Conclusion
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- FINANCE:Financial Planning for Physicians and Advisors
- INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors
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WHAT IS “MEDICAL SENTINEL” CASE SURVEILLANCE IN PUBLIC HEALTH?
Posted on April 20, 2020 by Editor-in-Chief
WHAT IS “MEDICAL SENTINEL” CASE SURVEILLANCE IN PUBLIC HEALTH?
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By Dr. David E. Marcinko MBACourtesy: https://lnkd.in/eBf-4vY
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SENTINEL SURVEILLANCE is a medical case observation system in which a designated group of reporting sources, hospitals and agencies agrees to report all cases of one or more notify-able conditions; such as the Corona Virus.
LINK: https://lnkd.in/e9AmEhd
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I first became interested in this concept during the HIV/AIDS epidemic of the early 1980s. In fact, it prompted me to later become a Certified Physician in Healthcare Quality [CPHQ].
LINK: https://lnkd.in/e5tRw6R
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Now recently, Deborah Leah Birx MD coordinator for the White House Corona Virus Task Force mentioned the term on the daily presidential briefings.
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QUERY: But, what really is modern sentinel surveillance; anyway?
PODCAST: https://lnkd.in/eArBiHQ Finally, John Ionnadis MD opines on health data.
LINK: https://lnkd.in/eW6huCA Your comments are appreciated.
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WHAT IS A MEDICAL “SENTINEL EVENT”
Posted on April 19, 2020 by Editor-in-Chief
WHAT IS A MEDICAL “SENTINEL EVENT”
Courtesy: www.CertifiedMedicalPlanner.org
Terms in the Covid Virus Pandemic News
The Joint Commission suggests a Sentinel Event is any unanticipated occurrence in a healthcare setting resulting in death or serious physical or psychological injury to a patient or patients, not related to the natural course of the patient’s illness.
Sentinel Events specifically include loss of a limb or gross motor function, and any event for which a recurrence would carry a risk of a serious adverse outcome. Sentinel events are identified to help aid in root cause analysis and to assist in development of preventive measures.
TJC tracks events in a database to ensure they are adequately analyzed and undesirable trends or decreases in performance are caught early and “mitigated”.
Deborah Leah Birx MD coordinator for the White House Corona Virus Task Force mentioned the term in the daily presidential briefings on the Covid-19 pandemic. And so, your thoughts and comments are appreciated.
Assessment: Your thoughts are appreciated.
BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
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COVID-19 and Pre-Existing Conditions
Posted on April 16, 2020 by Editor-in-Chief
Cases Per Condition
[By staff reporters]
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WHAT IS “CONTACT TRACING” IN PUBLIC HEALTH?
Posted on April 9, 2020 by Editor-in-Chief
WHAT IS “CONTACT TRACING” IN PUBLIC HEALTH?
Courtesy: www.CertifiedMedicalPlanner.org
When a patient tests positive, you make a list of everyone they came in close contact with. Then, you find those people and make sure they self-isolate before infecting others.
That sounds straightforward, but contact tracing a new patient typically takes three days, which is “an insurmountable hurdle in the U.S., with its low numbers of public health workers and tens of thousands of new cases every day.”
ELSEWHERE: South Korea used high-tech contact tracing to tame its outbreak. The government compiled GPS data, credit card swipes, and other info into a public log showing where COVID-19 patients had traveled.
Some countries (including the U.S.) are trying other methods, including looking at smart-phone location data and developing Bluetooth systems that provide warnings if you’ve crossed paths with an infected person.
PROBLEMS: Despite its widespread use in places like Singapore, contact tracing has raised concerns about privacy and governments following citizens’ whereabouts.
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PODCAST: https://www.youtube.com/watch?v=hlHCLXv2HQs
PODCAST: https://www.youtube.com/watch?v=CQBO_DHBtzw
And so, Contact Tracing is a term you’ll be hearing a lot more of in the coming weeks.
Assessment: Your thoughts and comments are appreciated.
BUSINESS TEXTS FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXO
THANK YOU
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What is a BALACLAVA?
Posted on April 4, 2020 by Editor-in-Chief
What is a Balaclava; Anyway?
Courtesy: www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA CMP®
What it is?
A Balaclava, also known as a balaclava helmet or Bally or ski mask, is a form of cloth headgear designed to expose only part of the face, usually the eyes and mouth.
Now, depending on style and how it is worn, only the eyes, mouth and nose, or just the front of the face are unprotected. Versions with a full face opening may be rolled into a hat to cover the crown of the head or folded down as a collar around the neck.
Here is my version for the Corona Virus pandemic! Glasses and a mouth cover complete the look and proposed utility.
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So, I’ve written 30 major medical, business, economics and finance textbooks including three dictionaries of 30,000 peer-reveiwed terms. But, this was a new word previously unknow to me. How about you?
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RUNNER-UPS
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ASSESSMENT: Your thoughts and comments are appreciated.
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BUSINESS TEXTS FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXOs
THANK YOU
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SHELTER-IN-PLACE?
Posted on March 24, 2020 by Editor-in-Chief
What it is – How it works?
Courtesy: www.CertifiedMedicalPlanner.org
“Shelter-in-Place” means to seek safety within the building one already occupies, rather than to evacuate the area or seek a community emergency shelter.
The American Red Cross says the warning is issued when “chemical, biological, or radiological contaminants may be released accidentally or intentionally into the environment” and residents should “select a small, interior room, with no or few windows, taking refuge there.”
LINK: https://www.redcross.org/get-help/how-to-prepare-for-emergencies/make-a-plan.html
And now, the term is being applied to the Corona Virus?
Yet, it is a politically contentious issue.
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Assessment: Your thoughts and comments are appreciated.
THANK YOU
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Medical Laboratory Test SENSITIVITY “versus” SPECIFICITY
Posted on March 20, 2020 by Editor-in-Chief
Obvious Covid-19 Implications
By Dr. David Edward Marcinko; MBA, CPHQ, CMP
We’ve discussed biologic false positives and false negatives before on this ME-P.
LINK: https://medicalexecutivepost.com/2019/09/14/what-are-false-positive-and-false-negative-tests/
Courtesy: www.CertifiedMedicalPlanner.org
So, now is the time to discuss and conquer the medical laboratory concepts of Sensitivity and Specificity.
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Sensitivity and specificity are statistical measures of the performance of a binary classification test, also known in statistics as a classification function, that are widely used in medicine.
- Sensitivity (also called the true positive rate, the recall, or probability of detection in some fields) measures the proportion of actual positives that are correctly identified as such (e.g., the percentage of sick people who are correctly identified as having the condition).
- Specificity (also called the true negative rate) measures the proportion of actual negatives that are correctly identified as such (e.g., the percentage of healthy people who are correctly identified as not having the condition).
LINK: https://www.differencebetween.com/difference-between-sensitivity-and-vs-specificity/
NOTE: The terms “positive” and “negative” don’t refer to the value of the condition of interest, but to its presence or absence; the condition itself could be a disease, so that “positive” might mean “diseased”, while “negative” might mean “healthy”.
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And so, colleague Michael Lawrence Langan MD opines on a much deeper level.
Assessment: Your thoughts and comments are appreciated.
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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS
THANK YOU
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MEDICAL SENSITIVITY “versus” MEDICAL SPECIFICITY
Posted on March 19, 2020 by Editor-in-Chief
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Sensitivity and specificity are statistical measures of the performance of a binary classification test function widely used in medicine.
LINK: https://lnkd.in/e9AmEhd
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• SENSITIVITY (true positive rate, recall, or probability of detection) measures the proportion of actual positives that are correctly identified (percentage of sick people identified as having the condition).
• SPECIFICITY (true negative rate) measures the proportion of actual negatives that are identified (percentage of healthy people identified as not having the condition). LINK: https://lnkd.in/eJqhQYc
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NOTE: “Positive” and “Negative” don’t refer to the value of the condition, but to its presence or absence; so that “positive” might mean “diseased”, while “negative” might mean “healthy”.
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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS
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THANK YOU
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7 Lucky Facts about St. Patrick’s Day
Posted on March 17, 2020 by Editor-in-Chief
What is the Point?
At the ME-P, we love to educate and learn. So, here they are in brief.
In the Beginning
St. Patrick’s Day started out as a religious feast holiday celebrating the life of St. Patrick, a Christian missionary from Britain who is credited with bringing Christianity to Ireland.
And Today
Now, it’s a hodgepodge of non-religious celebrations of Irish culture, folklore and superstition. Oh, and let’s not forget [responsible] drinking.
Assessment
At the very least, you’re supposed to wear green, the national color of Ireland. If you want to get more involved, you could join one of hundreds of parades nationwide. The largest St. Patrick’s Day parade in the world is in New York City, with 150,000 marchers in a typical year. Other popular activities involve dyeing things green … everything from pancakes and beer to the Chicago River and the White House fountain.
But not this Corona Virus Year!
Source: Wikipedia
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MORE:
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Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
- PRACTICES: www.BusinessofMedicalPractice.com
- HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
- CLINICS: http://www.crcpress.com/product/isbn/9781439879900
- ADVISORS: www.CertifiedMedicalPlanner.org
- FINANCE: Financial Planning for Physicians and Advisors
- INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
- Dictionary of Health Economics and Finance
- Dictionary of Health Information Technology and Security
- Dictionary of Health Insurance and Managed Care
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Filed under: Alerts Sign-Up, Glossary Terms | Tagged: 7 Lucky Facts about of St. Patrick’s Day, St. Patrick’s Day, Ten Irish Inventions that Changed the World | 1 Comment »
Happy “Pi” Day 2020
Posted on March 14, 2020 by Editor-in-Chief
The Most Famous Number in History
[By Staff Reporters]
Pi Day is an annual celebration of the mathematical constant π. Pi Day is observed on March 14 since 3, 1, and 4 are the first three significant digits of π. In 2009, the United States House of Representatives supported the designation of Pi Day.
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Assessment: Your thoughts and comments are appreciated.
BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS:
THANK YOU
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What is Personal Protective Equipment?
Posted on March 3, 2020 by Editor-in-Chief
WHAT IS: Personal Protective Equipment?
Courtesy: www.CertifiedMedicalPlanner.org
On “Level One” Infection Control Practices
By Dr. David E. Marcinko MBA
QUERY: We’ve been hearing about PPE since the start of the Corvid-19 epidemic. But, what is it; really? One of my B-School students recently asked me.
ANSWER: PPE is protective clothing, helmets, goggles, garments or equipment to protect one from injury. The hazards include physical, electrical, heat, chemicals, biological and airborne particulates. It may be worn for occupational safety, health purposes, sports and other recreational activities.
INFECTIONS: In terms of high consequence infectious disease control however; we must get a bit more granular in detail.
LINK: http://rcctelemetrytechniciancourse.blogspot.com/2016/03/infection-control-practices.html
Assessment: Your thoughts are appreciated.
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MORE: Call 1-800-CDC-INFO
THANK YOU
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3 Theories on Human Behavior
Posted on March 1, 2020 by Editor-in-Chief
Modern Corono Virus Thoughts?
By: http://www.CertifiedMedicalPlanner.org
Here are a few theories of human behavior for the healthcare industrial complex that might help explain how sector thoughts may not work correctly; all the time.
WHY: Perhaps they might be considered in light of the CorVid-19epidemic?
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Erkson’s Paradox: Strong correlations can fall apart when combined with a larger population. For example, among motorcycle crash victims wearing helmets are more likely to be seriously injured than those not wearing helmets. But, that’s because most crash victims saved by helmets did not need to become hospital patients, and those without helmets are more likely to die before becoming a hospital patient.
Group Attribution Error: Incorrectly assuming that the views of a group member, like a physician, reflect those of the whole group in a different discipline.
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Baader-Meinhof Phenomenon: Noticing an idea or word everywhere you look as soon as it’s brought to your attention in a way that makes you overestimate its prevalence.
The 90-9-1 Rule: In social media networks, 90% of users just read content, 9% of users contribute a little content, and 1% of users contribute almost all the content.
QUERY: Does Social Media give a false impression of what ideas are popular or “average.”
ASSESSMENT: Your thoughts and comments are appreciated.
TEXTS FOR PHYSICIAN EXECUTIVES:
THANK YOU
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WHAT IS THE “NUMBER NEEDED TO HARM”?
Posted on February 17, 2020 by Editor-in-Chief
More on Epidemiology and Health Economics
Courtesy: www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA
We’ve talked about the “Number Needed to Treat”, before.
QUERY: But, what is the “Number Needed to Harm”?
ANSWER: The number needed to harm (NNH) is an epidemiological measure that indicates how many persons on average need to be exposed to a risk factor over a specific period to cause harm in an average of one person who would not otherwise have been harmed.
Colleague Aaron Carroll MD explains even more.
PODCAST: https://www.youtube.com/watch?v=e_ytF2-4NkI
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MORE: https://www.youtube.com/watch?v=90CWXT5zxjw
Conclusion: Your thoughts are appreciated.
TEXTS FOR PHYSICIAN EXECUTIVES AND HOSPITAL CXOs:
THANK YOU
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What is a “Potemkin” Village?
Posted on February 13, 2020 by Editor-in-Chief
“Fake It – Till You Make It”
Courtesy: www.CertifiedMedicalPlanner.org
By Dr. David E. Marcinko MBA
Originally, a Potemkin Village was any construction whose sole purpose was to provide an external façade making people believe a failing country was prosperous.
DEFINITION: https://en.wikipedia.org/wiki/Potemkin_village
The term comes from a fake portable village built to impress Empress Catherine II by her lover Grigory Potemkin, during her journey to Crimea, in 1787.
The term “Potemkin” has spawned other linguistic machinations, as well:
P-NUMBERS: Are made up and appear to be valid and legitimate but are not based in reality.
P-POLITICS: Candidates who say have a certain amount of donated money but have actually received less.
P-HOSPITALS: Impressive, but actually sham facades, in Wuhan, China?
P-NETWORKS: Erroneous quantitative data point like “counts”, “likes” or “winks” for posts on social media forums or e-boards; etc.
LINK: https://thefuturebuzz.com/2012/06/12/social-proofiness-spotting-digital-potemkin-numbers/
Conclusion: Do you know of any other word derivations? Please opine.
THANK YOU
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On Deductive & Inductive Reasoning; Null Semantics, Syllogisms and Expletive Logic
Posted on February 8, 2020 by Editor-in-Chief
On “WHAT’S-WHAT” and more!
By Dr. David E. Marcinko MBA
Is there a Difference? – Know the Difference!
DEDUCTIVE reasoning and logic is the process of reasoning from one or more statements (premises) to reach a logically certain conclusion. Deductive reasoning goes in the same direction as the conditionals, and links premises with conclusions. If all premises are true, the terms are clear, and the rules of deductive logic are followed, then the conclusion reached is necessarily true.
INDUCTIVE reasoning is a method in which the premises are viewed as supplying some evidence for the truth of the conclusion. While the conclusion of a deductive argument is certain, the truth of the conclusion of an inductive argument may be probable, based upon the evidence given. Many dictionaries define inductive reasoning as the derivation of general principles from specific observations, though there are many inductive arguments that do not have that form.
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SEMANTICALLY NULL doesn’t mean anything but is grammatically sound. A sentence as a whole can be semantically null because its internal inconsistencies prevent it from developing a meaning; ie., “I know what’s what?
An EXPLETIVE is a word or phrase inserted into a sentence that is not needed to express the basic meaning of the sentence. It is regarded as semantically null or a place holder.
A SYLLOGISM is a form of reasoning in which a conclusion is drawn (whether validly or not) from two given or assumed propositions (premises), each of which shares a term with the conclusion, and shares a common or middle term not present in the conclusion (e.g., all dogs are animals; all animals have four legs; therefore all dogs have four legs). This school of epistemology is highly advanced in syllogism and logical reasoning.
MORE: https://medicalexecutivepost.com/2019/05/14/what-is-epistemic-ambivalence/
MORE: https://medicalexecutivepost.com/2019/12/23/rationalism-versus-empiricism/
Conclusion: Your thoughts are appreciated.
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PANDEMIC “versus” EPIDEMIC
Posted on February 6, 2020 by Editor-in-Chief
PANDEMIC “versus” EPIDEMIC
Dr. David E. Marcinko MBA
Courtesy: www.CertifiedMedicalPlanner.org
Is there a Difference? – Know the Difference!
A Pandemic (from Greek πᾶν pan “all” and δῆμος demos “people”) is an epidemic of disease that has spread across a large region; for instance multiple continents, or even worldwide. A widespread endemic disease that is stable in terms of how many people are getting sick from it is not a pandemic.
Further, flu pandemics generally exclude recurrences of seasonal flu. Throughout history, there have been a number of pandemics, such as smallpox and tuberculosis. One of the most devastating pandemics was the Black Death, which killed an estimated 100 million people in the 14th century. Some recent pandemics include: HIV, Spanish flu, 2009 flu pandemic and H1N1.
An Epidemic is the rapid spread of infectious disease to a large number of people in a given population within a short period of time, usually two weeks or less.
For example, in meningococcal infections, an attack rate in excess of 15 cases per 100,000 people for two consecutive weeks is considered an epidemic.
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Key Differences
- Epidemics is the outbreak of the disease in a community while pandemic is the outbreak of the disease globally.
- SARS was an epidemic while AIDS was an pandemic.
- Pandemic disease has the same origin or source where so ever it gets spread while the same disease is spreading with different sources in each country, it refers to epidemic.
- Epidemic when extending to greater levels becomes a pandemic.
MORE: https://www.verywellhealth.com/difference-between-epidemic-and-pandemic-2615168
Conclusion: Your thoughts are appreciated.
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THANK YOU
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The “KUZNETS” Curve
Posted on January 26, 2020 by Editor-in-Chief
The “KUZNETS” Curve
Courtesy: www.CertifiedMedicalPlanner.org
In economics, a Kuznets curve (/ˈkʌznɛts/) graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality.
The hypothesis was first advanced by economist Simon Kuznets in the 1950s and 1960s.
Assessment: Your thoughts are appreciated.
BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS:
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On Bonini’s Paradox
Posted on December 24, 2019 by Editor-in-Chief
What it is – How it works!
[By staff reporters]
Bonini’s paradox, named after Stanford business professor Charles Bonini, explains the difficulty in constructing models or simulations that fully capture the workings of complex systems (such as the human brain
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MORE: https://en.wikipedia.org/wiki/Bonini%27s_paradox
Your thoughts are appreciated.
BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
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THANK YOU
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What is Hermeneutics?
Posted on November 4, 2019 by Editor-in-Chief
To Understand … and be Understood
By Dr. David E. Marcinko MBA
Hermeneutics (/ˌhɜːrməˈnjuːtɪks/) is the theory and methodology of interpretation, originally the interpretation of biblical texts, wisdom literature, and philosophical texts.
Hermeneutics is more than interpretive principles or methods we resort to when immediate comprehension fails. Rather, hermenetics is the art of understanding and of making oneself understood.
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MORE: https://medium.com/@danpantelo/hermeneutics-why-people-interpret-things-differently-870f35436fe8
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.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
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More on Concierge, Retail, Cash Pay and Boutique Medicine; etc
Posted on October 5, 2019 by Editor-in-Chief
Updates for 2019
By Dr. David E. MarcinkoMBA
I devoted a full chapter of my book; “The Business of Medical Practice” to concierge and boutique medicine, retail medicine, direct, cash and private pay medicine; etc. We included terms and definitions, process and methodologies, marketing and advertising, and examples, etc. In fact, who knew I was so prescient and the landscape would finally begin evolving.
For example, we recently learned about Sam’s Club offering targeted “bundles” of health care services collaborating with Humana. https://lnkd.in/ejHGGzk
And, earlier, we learned of Amazon’s new virtual / primary care clinic model. And of course, in the past couple of weeks, Walmart’s (Sam’s affiliate) opening their freestanding clinics, along with new behavioral health services, as well.
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Assessment: Your thoughts are appreciated.
BUSINESS, FINANCE AND ECONOMICS TEXTBOOKS FOR DOCTORS:
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Efficient V. Effective V. Affective
Posted on September 25, 2019 by Editor-in-Chief
Understand and Know the Difference
[By staff reporters]
Efficient – Performing or functioning in the best possible manner with the least waste of time and effort. The difference between effectiveness and efficiency can be summed up shortly, sweetly and succinctly right.
Effective – Produces the results you want. And that’s a very appropriate way to define effective, because we get the adjective from the noun effect—a result. It’s not too hard to remember the difference between affective and effective. You just have to use a small upside-down mnemonic device—when it comes to affective and effective, a is for emotion, and e is for action.
AFFECTIVE – Relating to moods, feelings, and attitudes.
MORE: https://www.grammarly.com/blog/affective-vs-effective/
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Assessment – In taking into consideration resource consumption furthermore, Effectiveness is only about the output while Efficiency is about the outcome. In other words, to be effective is to “do the right things” while to be efficient is to “do things right.”.
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.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
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On Quantitative Easing and Tightening
Posted on September 2, 2019 by Editor-in-Chief
The Theory
[By Staff Reporters]
Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective.
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Quantitative tightening (QT) is a contractionary monetary policy applied by a central bank to decrease the amount of liquidity within the economy. The policy is the reverse of quantitative easing aimed to increase money supply in order to “stimulate” the economy.
Assessment: Your thoughts are appreciated.
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All about Titles and University Professors in the USA
Posted on August 28, 2019 by Editor-in-Chief
Academic Titles are Different in Europe
By Dr. David E. Marcinko MBA
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I’ve taught in medical, graduate and business school academia for a while now, and served as instructor, adjunct, assistant, associate and full professor in the USA and Europe. I even held chair and endowed positions. But, the precise definition of these titles has always eluded me. So, I did a bit of research to arrive at the following conclusions mingled with my personal experiences..
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A “Professor-of-the-Practice” or P-O-P is a non-tenured person appointed to the academic staff of an American university with exceptional experiences in their “practice” (profession) and holding a terminal doctoral degree.
I’ve seen this position in medical schools and allied health care institutuions.
NOTE: In American universities, a “professor” is practically any lecturer with a doctor’s degree, whereas in most of the world the title is reserved for senior academics; including most Commonwealth Nations (United Kingdom), German-speaking nations and Northern Europe. It may also be a department head or specifically bestowed chair. A professor is a highly accomplished and recognized academic, and the title is awarded only after decades of scholarly work. In the United States and Canada the title of professor is granted to all scholars with doctorate degrees (typically Ph.D.s) who teach in two and four year colleges and universities, and used in the titles Assistant Professor and Associate Professor, which are not considered full professorship level positions elsewhere.
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A Scholar-in-Residence can serve a university in a full-time, visiting, or part-time capacity. A full-time SIR will be provided on-campus housing and is asked to: hold 2-5 office hours/programs per week in the community. A part-time SIR will host at least 2 programs/activities during the appointment and attend appropriate community meetings.
I’ve seen this position mostly in the graduate school universe.
Finally, an “Entrepreneur-in-Residence” is a position typically held by successful entrepreneurs in venture capital firms, private equity firms, startup accelerators, law firms, or business schools. The EIR typically leads a small, early-stage, emerging company deemed to have high growth potential, or has demonstrated high growth. The university endowment fund provides the Entrepreneur-in-Residence with working capital to nurture expansion, new-product development, or restructuring of the company’s operations, management, and/or ownership.
This is likely the newest business school nomenclature iteration IMHO.
Assessment: So, how did I do with these definitions which still may vary among different colleges, universities and institutions? Your thoughts are appreciated.
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Invite Dr. Marcinko
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Why are CERTIFIED MEDICAL PLANNER® Textbooks SO DARN Popular?
Posted on August 5, 2019 by Editor-in-Chief
The Big Surprise
[By Dr. David Edward Marcinko MBA CMP®]
http://www.CertifiedMedicalPlanner.org
OK – I was a Certified Financial Planner® before my academic team launched the Certified Medical Planner™ online and on-ground chartered education and board certification designation program a few years ago. I am now CFP reformed and in remission.
Enter the Certified Medical Planner™ Chartered Designation
Today, we are of course, gratified that Certified Medical Planner™ mark notoriety is growing organically in the healthcare, as well as financial services, industry.
Even uber-blogger Mike Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL has taken note of us in his musings on the Nerd’s Eye View website. And, the reality is that there are a growing number of CFP educational programs at the post-CFP niche market level.
But, none for healthcare industrial complex: for doctors … by doctors!
Popularity of our Text Books
However, it is our modern, innovative and proprietary Certified Medical Planner™ textbooks and dictionaries that have exploded in the academic marketplace.
In fact, they are now redacted in thousands of medical, graduate, law and B-schools and libraries, as well as colleges and universities throughout the nation. This includes the Library of Congress, National Institute of Health and the Library of Congress.
What Gives?
We have been told that this textbook popularity and publishing success is because of their balanced and peer-reviewed nature; something not very widespread in the financial services industry that is prone to gross and overstated advertising, salesmanship and marketing hyperbole. And, for this we are very gratified.
But, is there another reason our books are so popular?
A bit of networking and research suggests that interested folks may be eschewing the actual course work in favor of just the high quality textbooks! UGH!
Another reason may be that our books and curricula are kept fresh and updated on our corporate website: http://www.MedicalBusinessAdvisors.com
Assessment
So, what do you think? Matriculation with the professional mark versus self study without the designation mark. Please opine.
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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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
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HOSPITALS:
“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d
“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5
Adult Learners and Students:
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Accuracy versus Precision?
Posted on July 9, 2019 by Editor-in-Chief
YES – There is a Difference
[By staff reporters]
ACCURACY Defined
The degree to which a measurement, or an estimate based on measurements, represents the true value of the attribute being measured. In the laboratory, accuracy of a test is determined when possible by comparing results from the test in question with results generated using reference standards or an established reference method.
PRECISION Defined
Precision is a description of random errors, a measure of statistical variability. It refers to the closeness of two or more measurements to each other.
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ACCUAACY versus PRECISION
Both accuracy and precision reflect how close a measurement is to an actual value, but accuracy reflects how close a measurement is to a known or accepted value, while precision reflects how reproducible measurements are, even if they are far from the accepted value.
MORE: https://www.thoughtco.com/difference-between-accuracy-and-precision-609328
Assessment: Your thoughts are appreciated
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What is a Portmanteau?
Posted on June 25, 2019 by Editor-in-Chief
Word Play, Anyone?
[By staff reporters]
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A portmanteau or portmanteau word is a linguistic blend of words, in which parts of multiple words, or their phones (sounds), and their meanings are combined into a new word.
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Originally, the word “portmanteau” refers to a suitcase that opens into two equal sections.
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Assessment: Can you think of any others; or construct de-novo?
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What is the Goodhart Economics Principle?
Posted on April 25, 2019 by Editor-in-Chief
The Goodhart Principle, and related
[By staff reporters]
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Goodhart’s law is a sociological analogue of Heisenberg’s uncertainty principle in quantum mechanics. Measuring a system usually disturbs it. The more precise the measurement, and the shorter its timescale, the greater the energy of the disturbance and the greater the unpredictability of the outcome.
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HEISENBERG PRINCIPLE: HOW THE “FIDUCIARY CONUNDRUM” DEFIES PHYSICS?
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***CAMPBELLS LAW:
“The more any quantitative social indicator is used for social decision-making, the more subject it will be to corruption pressures and the more apt it will be to distort and corrupt the social processes it is intended to monitor.”
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Filed under: Glossary Terms, Health Economics | Tagged: CAMPBELLS LAW:, Goodhart Principle, HOW THE “FIDUCIARY CONUNDRUM” DEFIES PHYSICS? | Leave a comment »
