BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on June 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By NIHCM Infographics
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Data Insights
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By the end of 2021, Americans found themselves in one of the worst nationwide mental health crises in years. Nearly 1 in 5 U.S. adults experience a mental illness each year, or more than 50 million people. Unfortunately, less than half of the people in need ever receive the mental health care they require. Due to physician burnout, a workforce shortage, and poor funding, this country has long struggled with handling the growing mental health crisis and providing equitable access to behavioral health care.
The mental health system in America may be largely broken, but conditions are ideal for transforming the system with scientific advances, improved coverage, and political consensus on the importance of mental health. Goals once thought to be long out of reach may soon be possible.
This NIHCM infographic highlights the many challenges contributing to America’s mental health crisis as well as steps to improve and strengthen mental health care and the behavioral health industry and promote individual resiliency.
Posted on June 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Between September of last year and May, audit rates have doubled “for taxpayers in every income category above $100,000,” the IRS said in a statement. Audit rates for incomes between $100,000 and $500,000 have risen to 0.6%, doubling from 2019, the IRS said. Audits for taxpayers making above $10 million in one year increased fourfold, reaching 8%.
Best States for Minimizing Taxes in Retirement: If decreased tax liability is high on your list of priorities, a few states stand out. These states either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income: Alaska, Florida, Georgia Mississippi Nevada South Dakota and Wyoming.
And, Amazon Worldwide Consumer CEO Dave Clark is leaving the company. The longtime executive has worked for Amazon since 1999.
Finally, colleague Michael Burry MDrecently compared the current market downturn to an aviation disaster, and said it reminded him of the collapse of the mid-2000s housing bubble. “As I said about 2008, it is like watching a plane crash,” the investor wrote in a since-deleted tweet on May 24. “It hurts, it is not fun, and I’m not smiling.” The Scion Asset Management chief warned that based on historic market slumps, the S&P 500 index could lose half its value and sink below 1,900. He also suggested it could be several years until Amazon, Microsoft, and other high-flying stocks record their bottom tick, as they did in 2002 and 2009. Mike Burry, who wrote a chapter in our financial textbook for physicians, shot to fame for anticipating and profiting from the 2008 crash. He diagnosed the “greatest speculative bubble of all time in all things” last summer, and warned buyers of meme stocks and cryptocurrencies that the “mother of all crashes” was coming.
Recently, a respected colleague noted that the “capitalistic goal of accumulation, consumption, and collecting” is responsible for a collective mindset in Americans that “I consume, therefore I am” and “more is better.” He passionately feels the “more is better capitalistic mentality” assures a predictable future of dwindling resources. He is not alone in his views.
Certainly, identifying our self-worth by what we accumulate or spend does not produce emotional, physical, or financial well-being.
Those who embrace a money script of “I consume, therefore I am” are likely to eventually encounter financial and emotional pain. Either they will run out of money to spend, lack products to buy, or discover the futility of trying to use money and possessions as a substitute for genuine self-worth.
More is Better?
What I found curious was my colleague’s attribution of the money script “more is better” as the product of capitalism. That money script has been around a lot longer than capitalism, which according to Investopedia originated during the Middle Ages when a variety of factors, including a labor shortage caused by the Black Plague, caused the collapse of the manorial system. More is better” was part of the human condition much earlier.
For example, in the Hebrew Scriptures, Ecclesiastes 5:10 says, “Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income.”
Greed
Greed, whether for money or food or anything else, is not produced by an economic model. Whether people live under a capitalistic, socialistic, or communist system—or in a Stone Age tribal group—greed is alive and well in all of them. Every human being experiences it in some way and on some level. It has been considered one of the seven deadly sins since the early days of the Christian church.
Definition
“Capitalism” is defined by Merriam-Webster as “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.”
There is nothing in that definition about greed or any goals of “accumulation, consumption, and collecting.”
Core to capitalism is a method of distributing limited resources in the most efficient manner possible, where the dynamics of the free market and competition drive down prices and improve quality. I find no other economic system that delivers this outcome. In fact, systems controlled by central planning have a track record of producing the opposite: economies where shortages prevail and those in charge prosper on the backs of the masses.
Research
Research shows capitalism has lifted more people out of poverty than any other economic system. Since 1945 the number of those living below the poverty line has decreased 57%, from 35% to 15%, while income inequality has risen just 15%. Any American earning over $30,600 is in the top 1% of income earners globally. Even the bottom 1% of Americans are in the top 33% of income earners globally.
Certainly there are business owners and wealthy people who are greedy, selfish, and materialistic, because such people are found in every walk of life. These traits are not tied to any particular economic system. They are signs of people who are trying to satisfy spiritual and emotional needs with material things that can never meet those needs.
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Assessment
Because one of the qualities that helps people create financial security is frugality, I actually agree with my colleague that excess consumption is often destructive and can be a genuine problem. Blaming it on capitalism, however, does nothing to offer any real solutions.
Conclusion
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Posted on June 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US roaring consumer demand has caused an increase in the price of goods and services, otherwise known as inflation. But with inflation at a 40-year high this year, Americans are finding their monthly income isn’t going as far as it used to. In April, the personal savings rate in the US ticked down to a 14-year low of 4.4%, according to the latest figures from the Commerce Department. That’s half the rate it was in December, and roughly a third of where it was the year before. And, many households are already in negative savings territory, meaning they are increasingly tapping into their savings to cover purchases each month.
And Oil prices moved higher as a production increase by OPEC+ countries was viewed as potentially too little to offset the absence of Russian supply, while US crude inventories declined sharply. West Texas Intermediate moved 1.249% higher to $116.70, while Brent crude, the international benchmark, jumped about 1% to $117.47
Finally, The Social Network twins are laying off 10% of the workforce at Gemini, the crypto exchange they own. Tyler and Cameron Winklevoss said that the industry has entered a “contraction phase that is settling into a period of stasis”—which is another way of saying that the total value of digital assets has plunged by about $2 trillion from its peak last November.
Posted on June 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
So far this year, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), and Tesla (NASDAQ: TSLA) have announced plans for splitting their stocks.
And, the FOMC’s $9 trillion portfolio is about to be reduced in a process intended to supplement rate hikes and buttress the central bank’s fight against inflation. “Quantitative tightening” is the opposite of “quantitative easing”. It’s basically a way to reduce the money supply floating around in the economy and helps to augment rate hikes in a predictable manner — though, by how much remains unclear.
Finally, the market for public listings [IPOs] has essentially stalled. No companies, including SPACs, went public in the US last week for the first time in two years, according to Renaissance Capital.
Welcome, and thank you for joining us for the 5th annual Top Economics Blogs list! We are happy, once again, to introduce you to a freshly updated list of economics blogs for 2022. As always, our winners list provides blogs for many different audiences, ranging from the budding economic enthusiast to the seasoned academic. The list also covers a variety of economics topics, whether it be traditional economic theory or the application of economics to current events and issues. In this meticulously curated list, we’ve condensed the most unique elements of each blog into short descriptions, so that you can see which ones catch your eye.
For 2022, a few newcomers have emerged, while many mainstays from previous years are present as well. Like previous years, we’ve done our best to capture the blogs which stand out for their quality rather than their popularity. As such, the list is an eclectic group that represents a wide range of tastes and perspectives.
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Regardless of your school of thought or political affiliation, you can find valuable new content in this list of engaging, high-quality economics blogs.
Posted on May 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
MUSK versus TWITTER
By Staff Reporters
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DEFINITION: A shareholder rights plan, colloquially known as a “poison pill“, is a type of defensive tactic used by a corporation‘s board of directors against a takeover. In the field of mergers and acquisitions, shareholder rights plans were devised in the early 1980s as a way to prevent takeover bids by taking away a shareholder’s right to negotiate a price for the sale of shares directly.
Typically, according to Wikipedia, such a plan gives shareholders the right to buy more shares at a discount if one shareholder buys a certain percentage or more of the company’s shares. The plan could be triggered, for instance, if any one shareholder buys 20% of the company’s shares, at which point every shareholder (except the one who possesses 20%) will have the right to buy a new issue of shares at a discount. If all other shareholders are able to buy more shares at a discount, such purchases would dilute the bidder’s interest, and the cost of the bid would rise substantially. Knowing that such a plan could be activated, the bidder could be disinclined to take over the corporation without the board’s approval, and would first negotiate with the board in order to revoke the plan.
The plan can be issued by the board of directors as an “option” or a “warrant” attached to existing shares, and only be revoked at the discretion of the board.
Posted on May 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Twitter shares moved firmly higher after Tesla CEO Elon Musk added another $6.25 billion in equity to the financing package in his $44 billion takeover bid.
And, Tesla shares moved higher after Musk closed out a margin loan linked to his $44 billion takeover of Twitter , although gains were capped by a price target cut from analysts at Jefferies.
In March, the House of Representatives voted 414-5 in favor of the Securing a Strong Retirement Act of 2022. If passed by the Senate, and then signed into law by President Joe Biden, the act could represent a massive economic policy shift regarding retirement savings and investment. Now, the next generation known as the SECURE Act 2.0, expands on the original SECURE Act and includes provisions to boost the required minimum distribution (RMD) age from 72 to 75 over time, broaden automatic enrollment in retirement plans, and enhance 403(b) plans.
The DJIA rose for its fifth straight day, as the S&P and NASDAQ are poised to snap their seven-week losing streaks. Retailers are upbeat as shares of Macy’s, Dollar Tree, and Dollar General all soared after exceeding expectations and forecasting positive outlooks. But, Microsoft, Meta, Uber, and Nvidia slowed hiring, and Netflix and Robinhood recently laid off staff. SoftBank’s Vision Fund posted its worst annual loss as a result of the tech downturn.
Posted on May 26, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Guggenheim Partners Chief Investment Officer Scott Minerd said he expects Bitcoin to fall to $8,000 and that cryptocurrency has become a market of “a bunch of yahoos.” Minerd said his firm bought Bitcoin at $20,000 and sold when it reached $40,000. Guggenheim no longer holds any Bitcoin, but recommend short selling it. Bitcoin fell from a high of more than $65,000 in November to trade at less than $29,000.
Tesla stock is down more than 40% this year amid a broad-based sell-off in high growth companies. Analysts warn the car maker’s difficulties in China have become impossible to ignore. Elon Musk’s offer to buy Twitter is also weighing heavily on the stock (NASDAQ: TSLA).
Federal Reserve officials suggested that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high. They believed that the Fed should “expeditiously” raise its key rate to a level at which it neither stimulates nor restrains growth, which was set as a rate of about 2.4%.
The USbudget deficit is expected to fall from $2.7 trillion in 2021 to $1 trillion this year, reflecting lower government spending and faster economic growth.
The SEC proposed rule changes that would crack down on misleading claims made by ESG funds and require more transparency from them.
Posted on May 26, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
–OR–
Worse Care for All?
THE CBO OPINES
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Senate Budget Committee Chairman Bernie Sanders (I-Vt.) has announced that as early as next week, his committee will hold a hearing “on the need to pass a Medicare for All single-payer program.”
Sanders gets an “A” for passion, but an “F” in compassion.
But, the non-partisan Congressional Budget Office has cautioned that Sanders’ Medicare for All bill would create “a shortage of providers, longer wait times, and changes in the quality of care.”
Posted on May 24, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Snapchat shares tanked 30% in extended trading after the social media company told Wall Street that it would not meet revenue and profit targets this quarter.
Starbucks joins the Russian exodus as thecoffee chain will fully exit the Russian market several days after McDonald’s sold its Russian business. Russia is not a significant market for Starbucks, which derives less than 1% of its revenue from its 130 locations in the country.
Conan O’Brien has sold his digital media company, Team Coco, to SiriusXM in a heavyweight deal valued around $150 million. The acquisition is further proof that companies see big money in long conversations.
T-Bond: 2.854%
Capitalism:
Airbnb may shut down all of its mainland China listings by the summer.
Pfizer and BioNTech said that three doses of their Covid vaccine offer strong protection for kids younger than five, and they’ll submit the data to health regulators this week. No other vaccines are authorized yet for this age group.
Chipmaking giant Broadcom is in talks to acquire VMware in what would be among the biggest tech deals ever (nearly $60 billion, potentially).
Posted on May 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Vitalik Buterin tweeted Friday that he’s no longer a billionaire. Crypto has crashed in recent weeks amid a broad sell-off in traditional markets. Ethereum cofounder Vitalik Buterin tweeted Friday that he’s no longer a billionaire. Buterin, who cofounded the blockchain network in 2014, has seen its Ether token crash by 59% since hitting a high of around $4,800 in November 2021, when his holding was valued at around $1.5 billion.
Historically, the S&P 500 has fallen an average of 29% around recession (median of 24%). With the S&P 500 currently showing a peak-to-trough decline of almost 19%, the market is effectively already pricing in a 60%-75% chance of recession based on the average and median.
Thanks to a surging US dollar and a faltering Euro, many analysts expect that the two currencies could reach parity this year—meaning one dollar would fetch you one euro. The two currencies haven’t reached a 1:1 exchange rate since 2002, three years after the euro was introduced in an effort to bring stability to Europe. The euro closed at $1.057 against the dollar, just 5% above equal value with the US currency.
Finally, the current market plunge hasn’t yet scared investors like downturns in years past. Bank of America’s private clients are still dedicating 63% of their portfolios to stocks, compared to 39% after the 2008 financial crisis.
Posted on May 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Social determinants of oral health and tooth loss
A study led by investigators at the Harvard School of Dental Medicine suggested that “machine-learning algorithm models incorporating socioeconomic characteristics were better at predicting tooth loss than those relying on routine clinical dental indicators alone.”
adults living in urban areas visited the dentist more than those in rural areas
women were more likely than men to visit the dentist in both rural and urban areas
the number of adult dental visits increased as family income increased
non-Hispanic white adults were more likely than Hispanic and non-Hispanic black adults to have a dental visit in urban areas.
Therefore, it is important to consider how disparities in access to and use of dental care impact not only tooth loss but also oral and overall health.
Posted on May 22, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Equal Employment Opportunity Commission (EEOC) and the Department of Justice (DOJ) Civil Rights Division each put employers on notice: When using AI in employment processes, employers are responsible for inspecting tools for disability bias, and they better have a plan to provide reasonable accommodations, because federal agencies say they have their eyes on how using artificial intelligence could lead to discrimination under the Americans with Disabilities Act (ADA).
The Yen has the potential to drop to levels last seen in 1990 on Japan’s deepening monetary policy divergence with the US. And, selling the yen has become a favorite macro trade this year as rising Treasury yields spur investors to ditch Japan’s currency for the higher-yielding greenback. The Bank Of Japan has vowed to maintain its easing bias even in the face of the currency’s losses, making it unlikely that the declines will reverse anytime soon.
Berkshire Hathaway Inc (NYSE: BRK-B) bought $3 billion worth of shares in Citigroup Inc (NYSE: C) in Q1, giving the group a stake of about 2.8%, according to filings with regulators. The investment came as Berkshire sold the remainder of its position in Wells Fargo & Co (NYSE: WFC), a rival bank that had been a staple in Buffett’s portfolio for more than three decades, Financial Times reported.
Finally, Tesla shares continued their fall, dropping ~35% since the announcement that Elon Musk was buying Twitter. That may imperil Musk’s ability to complete the deal, given that he’s taken out meaty loans tied to the value of Tesla’s stock.
Posted on May 21, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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“The Big Short” celebrity investor and colleague Michael Burry MD recently disclosed that he is short Apple stock. Could he be right about AAPL dipping even further from here? Famous hedge fund manager Michael Burry, the real-life character in “The Big Short”, became famous for his short position on subprime CDOs ahead of the 2008 crash. This time, he is shorting Apple stock. The bombshell news has come recently via a 13F filing released by Burry’s hedge fund.
People searching for a respite from inflation have flooded the Treasury Department phone lines and website to try to buy Series I savings bonds, causing much longer waits than usual. It’s the latest example of outdated government computer systems causing anguish for Americans. On May 2nd, the Treasury Department announced that the inflation-protected I bonds will earn 9.62 percent interest at least until the end of October. A day later, TreasuryDirect, the website that people have to use to purchase the bonds, crashed.
Finally, Wall Street rumbled to the edge of a bear market after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year. The S&P 500 index, which sits at the heart of most workers’ 401(k) accounts, was down as much as 2.3% for the day before a furious comeback in the final hour of trading sent it to a tiny gain of less than 0.1%. It finished 18.7% below its record, set on January 3rd. The tumultuous trading capped a seventh straight losing week, its longest such streak since the dot-com bubble was deflating in 2001.
Posted on May 20, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
SIX REASONS
By Vitaliy Katsenelson CFA
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DEFINITION: In economics, inflation is a general increase in the prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
The war in Ukraine will likely pour more gasoline on the already raging inflationary fire, threatening to send the global economy into stagflation. Stagflation is a slowdown of economic activity caused by inflation.
Posted on May 19, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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As part of its Mental Health initiative, MTV’s second-annual Mental Health Action Day – an open-source movement of brands, organizations, government agencies, and cultural leaders to drive culture of mental health from awareness to action – will bring together more than 1,600 organizations in cities across the country to encourage and empower people to take action for mental health on Thursday, May 19, 2022.
Posted on May 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Is Stagflation Risk Real?
By Merk Insight
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DEFINITION: In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment.
A few days ago, I had the pleasure of attending the Hoover Monetary Conference – I would call it a Powwow of central bankers, if there had not been an actual Powwow a few steps outside the venue. While Hoover is known to reflect “hawkish” views, “hawks” and “doves” alike used the question of whether the Fed is “behind the curve” to argue all things inflation and stagflation.
I left the conference even more concerned about the risk of stagflation; let me explain.
Posted on May 17, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The US COVID death toll officially reached 1 million, an amount greater than the combined populations of Boston and Orlando. Coming three months after the country reached 900,000 deaths and less than two and a half years after the first recorded US cases. It’s a reminder that despite dropped mask mandates and summer months approaching, the virus continues to be a threat.
New Omicron sub-variants that appear adept at eluding immunity from prior infections have caused yet another spike in reported cases and hospitalizations. US cases have jumped 60% over the past two weeks, to an average of 90,000 new cases every day.
That figure is far short of the real infection rate, as states have shuttered many large testing sites, and cases discovered from at-home tests often go unreported.
Posted on May 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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More than $11 trillion in value has been erased from global stocks since the end of March. And, despite a a pop last Friday, many analysts don’t think we’ve hit the bottom yet. Fewer than 30% of S&P companies have hit a one-year low during this downturn, compared to almost 50% during 2018’s rout and 82% during the financial crisis in 2008, according to Bloomberg.
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Capitulation means surrender. In financial markets, capitulation marks the point in time when a large enough proportion of investors simultaneously give up hopes of recouping recent losses, typically as the decline in prices gathers speed.
According to MarketWatch, the latest bull market for U.S. stocks remains on the brink of expiring, with the benchmark S&P 500 just shy of the threshold that marks bear territory.
Going ganular, the S&P 500 SPX, +2.39% finished 0.1% lower at 3,930.08 on Wednesday, after falling as far as 3,858.87 at its session low. That was the index’s lowest close since March 25, 2021, and left it 18.1% below its record finish from early January. A Friday bounce for stocks saw the S&P 500 nearly halve its decline for the week to 2.4%, closing at 4023.89.
Here were a few floating around the internet this week, according to Neal Freyman:
When Matt Damon said, “Fortune favors the brave” in a Crypto.com commercial in October 2021. (It actually was kinda the top, because bitcoin peaked at $69,000 a few weeks later.)
When one investor went on CNBC last year to promote his investment in a lending platform called Upstart, he was asked what Upstart does. He hesitated, told the anchor his audio had cut out, and never responded.
When Dogecoin surged more than 10,000% to become the fourth most valuable cryptocurrency ahead of Elon Musk hosting SNL.
When electric vehicle startup Rivian was worth more than $110 billion and didn’t bring in any revenue.
When NFT platform OpenSea raised money at a $13.3 billion valuation—more than the value of American Airlines.
Posted on May 15, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters and MCOL
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Outcomes of In-Person and Tele-Health Encounters During COVID-19
• Ambulatory encounters decreased by 1.0% and the number of in-person encounters per enrollee decreased by 17.0% from 2019 to 2020. • For members with an initial telehealth encounter for a new acute condition, the adjusted odds ratio was 1.44 for all follow-ups combined and 1.11 for an emergency department encounter. • For members with an initial telehealth encounter for a new chronic condition, the adjusted odds ratios were 0.94 for all follow-ups combined and 0.94 for in-patient admissions.
Posted on May 14, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Until recently, giga-cap technology stocks like Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) had large avoided the full brunt of the bear market in the NASDAQ, even as smaller companies lost 50% to 80% or more of their value.
However, over the past couple of months, some of the largest companies in the market, including Meta Platforms (NASDAQ: FB), Netflix (NASDAQ: NFLX), and Amazon.com (NASDAQ: AMZN), started to move sharply lower. Those big-name moves put a bigger dent in market capitalization-weighted benchmarks.
BroaderMarkets: But, the good news is that stocks surged on the best day for the NASDAQ since November 2020. The bad news is the S&P is now in its longest weekly losing streak since 2011, and the Dow’s weekly losing streak is its longest since 2001.
Posted on May 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
It’s Friday the 13th
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The IRS destroyed data for an estimated 30 million filers in March 2021, according to the Treasury Inspector General for Tax Administration. The decision, prompted by a backlog of paper filings, has sparked anger in the tax community. “It just further damages the IRS’ reputation in the business community and in the public,” said Larry Harris, director of tax services at Parsec Financial.
More than $200 billion has been wiped off the cryptocurrency market today alone, as investors are sent into a panic. Ethereum, the world’s second largest digital currency plummeted by 20% in the space of 24 hours. Bitcoin, the original cryptocurrency started in 2009, dropped by 9%, but overall it is down 50% since its all time high in November. Chaos on the market has seen other currencies such as Shiba Inu and Dogecoin losing 30% and 25%, respectively. Meanwhile Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin.
Immediately after becoming the interim CEO of Starbucks (NASDAQ: SBUX), Howard Schultz suspended the company’s share-repurchase program. “This decision will allow us to invest more into our people and our stores — the only way to create long-term value for all stakeholders,” he said in a press release.
Snowflake, Meta, Microsoft and Uber — are all down from 20% to as much as 60% year to date. The technology stock sector, especially unprofitable firms and richly valued software names, have been hit the hardest as of late. The NASDAQ Composite slid more than 13% in April, dropping almost 30% from its all-time high.
President Biden, anticipating the milestone of one million American lives lost to Covid-19, said in a formal statement on Thursday that the United States must stay committed to fighting a virus that has “forever changed” the country.
Finally, Microsoft founder Bill Gatessaid on Tuesday that he tested positive for COVID-19 and is experiencing mild symptoms. In a series of tweets, the billionaire shared that he was “lucky to be vaccinated” and will be isolating until he’s healthy again.
Posted on May 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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By Jules Lipoff, MD: Senior fellow at the Leonard Davis Institute of Health Economics and an assistant professor of clinical dermatology at Perelman School of Medicine, both of the University of Pennsylvania. Erica Mark, medical student at the University of Virginia, contributed to this article.The opinions expressed in this article do not necessarily represent those of the University of Pennsylvania Health System or the Perelman School of Medicine.
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If you follow the news or your social media feed, you know that crowdsourcing medical expenses is increasingly popular for financing health care costs. In fact, you might have contributed to one; 22 percent of American adults report donating to GoFundMe medical campaigns.
As of 2021, approximately $650 million, or about one-third of all funds raised by GoFundMe, went to medical campaigns. That staggering amount of money highlights how dysfunctional our health care system is, forcing people to resort to crowdsourcing to afford their medical care — but it’s not surprising. In the United States, 62 percent of bankruptcies are related to medical costs. This should be a wake-up call to address and reform the system further.
Posted on May 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters and MCOL
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WTW: Employee Healthcare Affordability Survey
• By the end of 2023, most employers (95%) are expected to offer virtual care for medical and behavioral health issues, and 61% expect to offer lower cost sharing for virtual care. • Over half (55%) think the expansion of virtual care will help decrease costs in the long run, and 50% think it will improve outcomes. • Employer confidence in sponsoring healthcare benefits over the next 10 years is at its highest point in over 10 years (84% in 2022 versus 38% in 2011). • One in 10 employers (9%) currently offer genetic testing as a screening for early-stage cancer with another 5% planning to do so by 2023.
In a recent article on the Mises Institute’s Power and Market blog, Kyle Ward appealed to the subjective theory of value to castigate Peter Schiff for his notorious skepticism of Bitcoin:
Posted on May 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Types with Guide
By Staff Reporters
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According to Investopedia, a stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference.
Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity’s price such as gold.
Stablecoins achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives.
Posted on May 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
MAY 8 – 14th, 2022
By Staff Reporters
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Prioritizing your health – both physical and mental – has never been more important. Over the past few years, many women have put off taking care of their general health and wellness needs. They have adjusted their daily routines, including the way they connect with family and friends. The combination has led to serious health problems for some women.
Posted on May 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bitcoinis now almost 50% off its all-time high. If bitcoin is a store of value, it certainly hasn’t proven itself yet. With bitcoin’s price falling below $30,000 for the first time since July 2021, at least 40% of bitcoin investors are underwater.
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Markets: The S&P fell below 4,000 points for the first time in more than a year as inflation concerns trampled a day down on Wall Street. Big Tech companies lost more than $1 trillion in market value over the past three trading sessions alone.
Posted on May 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Altered and Poorly Written Rx for Vicodin
By Dr. David Edward Marcinko MBA
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Poorly-written Rx for vicodin
Drug: Rx Vicodin
Disp: # 10
Sig: Take I, as needed for pain.
Refills: 1 2 3 4 or 5
AM2685591
David Edward Marcinko, MBBS DPMMBA
The patient abuser may change drug quantity numbers, copy or remember the doctors’ DEA number, or take extra Rx pads. For this reason, a physician’s Rx pad should contain his/her name, address and telephone number. The doctor’s DEA number should not be pre-printed on the pad, for fear of mis-use.
Example:
Increase the quantity 10, to 100, by adding a zero, so that the additional capsules can be used, sold or bartered with on the street.
Change the directions to take 2 capsules, rather than 1 in order to produce greater euphoria.
Increase the Rx refills, from one to two, by extending the underline, or checking an additional quantity box.
Pre-printed DEA number can be stolen, sold or reused.
Pre-printed (not original) physician signature can be reproduced and widely distributed for more prescriptions.
Altered Rx for vicodin
Drug: Rx Vicodin
Disp: # 100
Sig: Take II, as needed for pain.
Refills: 1 2 3 4 or 5
AM2675591
David Edward Marcinko, MDBBS DPM MBA
The doctor drug addict, or a doc in need of funds, may write for more narcotic agent than needed, and receive the additional pills back from the patient-shill for personal consumption, sell them on the street himself for money, or receive a monetary kickback from the patient-shill.
A pharmacist may also indirectly alter a prescription using the above methods, or simply short-change the patient with fewer narcotic capsules than the prescription intends. This is more difficult to do with pills or tablets in the out patient setting, but easy to do in the in-patient setting when liquid IV drugs are used, by dilution and placing less than the full amount in IV bottles or bags. The harm to patients, of course, may be fatal.
Well-written Rx for vicodin
Drug: Rx Vicodin
Disp: # 10 (ten) capsules
Sig: Take one or two capsules, po, prn pain.
Refills: 1 2 3 4 or 5
AM2685591
David Edward Marcinko, MBBS DPM MBA
Example:
Drug quantity can-not be changed.
Directions can-not be changed. Route of administration (by mouth) indicated.
Rx refills clearly indicated.
Handwritten, not pre-printed, DEA number.
Original physician signature, only.
Doctor Rx prescription abuse foibles are legendary in the DEA and include a Maryland podiatrist who wrote prescriptions for more than 1,235 Mepergan Fortis capsules ostensibly for his wife following minor foot surgery. Or, the Florida physician who prescribed more than 2,150 Vicodin capsules for a patient with whom he was having an extra-marital affair in order that his consort not disclose the fling to his wife. Or, the osteopath from New Jersey who wrote more than 100 narcotic prescriptions every 8 hour day, for more than a year, to any patient standing in a line in front of his office. And, finally the California dentist whose excuse for writing more than 1,845 narcotic tablet prescriptions in a six month period for the same patient was that they would be needed in his next reincarnation. Yes, all of these incidents are laughable if not for their serious consequences to the involved individuals, and society, alike. The bastards!
Fortunately, unlike drug local domestic drug kingpins or international narco-traffickers who ply their trade virtually undetected, these naive white-collared nerds, always get caught by the Drug Enforcement Agency. Their Rx abuse tactics are so amateurish!
Posted on May 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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By Staff Reporters
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• 108,700 additional physicians became employees of hospitals or other corporate entities – 83,000 of that shift occurred after the onset of COVID-19. • Hospital and other corporate entities acquired 36,200 additional physician practices over the three-year period, resulting in a 38% increase in the percentage of corporate owned practices. • 58,200 additional physicians become hospital employees – 51,000 of that shift occurred after the onset of COVID-19. • 50,500 additional physicians became employees of corporate entities – 32,000 of that shift occurred after the onset of COVID-19.
Posted on May 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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By Dr. David Edwarrd Marcinko MBA
Rx DRUG ABUSE
Traditional medicinal agents come in a variety of ways, known as dispensing vehicles. Drugs may be in liquid, pill or inject able form, they may be compounded in capsules, caplets, gelatin tablets, powders or suppositories, or they may come in creams or ointments for the eye, anus and vagina. They may be ingested into the stomach, placed and dissolved under the tongue, put into the eyes, popped, injected or smeared and transported through the human skin from patches.
A valid drug prescription is a written order, by a doctor, to a pharmacist. In this country, prescriptions are written by physicians, podiatrists, osteopaths, dentists. and some optometrists, physician assistants and nurse practitioners. In addition to the name of the patient and that of the medical prescriber, the prescription contains the name of the drug (not necessarily a narcotic), its quantity, instructions to the pharmacist, and directions to the patient. Narcotic prescriptions may not be prescribed to a drug addict to prevent withdrawal symptoms, as there must be some other therapeutic purpose for such an order.
The art of medicinal prescription writing, and pharmaceutical compounding, has declined in modern medicine for several reasons. Most drugs are made by pharmaceutical companies, and the role of the pharmacist, in most cases, consists only of compounding and error prevention. Many drugs are even automatically dispensed, and tracked, in the hospital setting with bar coding technology and modern inventory tracking mechanisms. Also, the practice of writing long and complicated prescriptions, containing many active ingredients, adjuvants, correctives, and elegant vehicles, has been abandoned in favor of using pure compounds.
Drugs may be prescribed by their official names, which were first given by the United States Pharmacopeia (USP), in 1920, or by the National Formulary (NF), since 1906. Unofficial or generic names may be used, known as New and Non-Official Drugs (NND) or by the United States Adopted Names (USAN), or by the manufactures trade name. For example, the generic narcotic meperidine or pithidine, is also known by the trade named, demerol. The designation USAN does not imply endorsement by the American Medical Association (AMA) Council on Drugs (CODs), or by the USP.
Of course, there is an advantage and disadvantages to prescribing drugs by their trade name, or generic names. Advantages of generics include economies of scale for both the patient and pharmacist, and although the active ingredient in generics are identical to trade drugs, they are often less expensive since research and development costs are absent, and various binders, colorizing agents, preservatives or dispersing agents are of an inferior quality, and hence cheaper for the patient. Appearance, size and taste issues are common. For the pharmacist, generics are cheaper since a multiplicity of very similar drugs need not be shelved.
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For example, the tablet or capsular form of many drugs contains inactive ingredients, such as: ammonio methacrylate copolymer, hydroxypropyl methylcellulose, lactose, magnesium stearate, povidone, redironoxide, stearyl alcohol, talc, titanium dioxide, triacetin, yellowironoxide, yellowironoxide with FD&C blue No.2 (80 mgstrengthtablet only), FD&C blue No.2 and other ingredients. And yes, I’ve seen an addict do into shock, or die from acute anaphylaxis, after taking drugs containing ingredient he was highly allergic to.
Shock is a life-threatening condition where blood pressure falls too low to sustain life. It occurs when low blood volume (due to severe bleeding, excessive fluid loss or inadequate fluid uptake), inadequate pumping action of the heart or excessive dilation of the blood vessel walls (vasodilation) causes low blood pressure. This in turn results in inadequate blood supply to body cells, which can quickly die or be irreversibly damaged.
Anaphylactic shock is the severest form of allergy that is a medical emergency. It is a Type I reaction according to the Gell and Coombs medical classification, and is often severe and sometimes fatal systemic reaction in a susceptible individual upon exposure to a specific antigen (such as wasp venom or penicillin) following previous sensitization, or drug use. Characterized especially by respiratory symptoms, fainting, itching, itching and swelling of the throat or other mucous membranes and a sudden decline in blood pressure! The victim literally cannot breathe and drowns in its own congested and fluid filled lungs
So, patients in need of routine drugs for acute or chronic conditions like arthritis, high blood pressure, asthma, acne, hay fever, performance enhancing steroids or, so called life style drugs, like Viagra for a limp woody, or hair growth stimulator Rogaine, may get a good deal by going to Canada or Mexico for generics. But for important drugs, like nitroglycerine fro your heart, blood thinner coumadin, birth control pills or various anti-cancer agents, stick with brand names.
The main disadvantage of trade drugs is increased cost, due to R & D, patents, trademarks, marketing and company advertising expenses. Of course, trade drug are first to market, and hence may be beneficial as a new treatment modality, or injurious if significant side affects or other complications arise.
Today, the prime source for drug information is probably the well known, Physicians Desk Reference (PDR). Now, in its 58th edition, the PDR® provides the latest information on prescription, but not illegal street drugs. It is considered the standard reference that can be found in virtually every physician’s office, hospital and pharmacy in the United States. The current edition is over 3,000 pages long, and is where you can find data on more than 4,000 drugs, by brand and generic name, manufacturer and product categories. The PDR also provides usage information and warnings, drug interactions, plus full-size, full-color photos cross-referenced to specific drugs. For the layman, it also includes: phonetic spelling for each listing, a key to controlled substances, adverse reactions and contraindications, pregnancy ratings, dosages and all other FDA-required information. Of course, on the street, or in Mexico, none of this information matters.
Latin abbreviations, sometimes still used by doctors on prescription blanks include:
Rx = take thou (receipe)
po = by mouth (para orbis)
prn = as needed (pro re’nata)
hs = at bed time (hora somnae)
BID = twice daily
TID = three times daily
QID = four times daily
M = Mix
Traditionally, a medical prescription is written in a certain order, well known to drug abusers, and DEA agents, and consist of six basic parts:
Superscription: This is the Rx, or recipe. In Latin it means take thou.
Inscription: Represents the ingredients and amounts.
Subscription: Represent the description for drug dispensing, and may be represented by the letter M, for mix.
Signature: Often abbreviated as Sig, and contains the directions for patient use.
Refill Status: Indicates the number of refills allowed.
DEA Number: This is nine-character alpha-numeric sequence, used by all licensed physicians who prescribe narcotic agents. An example is AM2685591. The second letter is the first letter of the doctor’s last name, (ie, Marcinko) and the first two digits add up to the third (ie, 2+6=8).
Finally, in addition to the basic parts of a prescription, it should have the patient’s name, and physician signature written in ink, followed by degree designation, such as MD, DPM, DO or DDS, etc.
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Perhaps the most egregious narcotic prescribing habits recently encountered by DEA agents have been by doctors of all degrees and medical designations. Reasons are generally two-fold. First, the doctor may become a drug addict himself, either by accident or through initial legitimate therapeutic use, and over-prescribe the narcotics. Or, increasing office costs, and decreased reimbursement fee reductions of many managed medical care have so economically destabilized the medical community, that economically impoverished doctors desperately sell prescriptions to finance their personal lifestyles, automobiles, clothes, fancy vacations or own addictions.
For example, a staggering medical student loan debt burden of $100,000-$250,000 is not unusual for new practitioners. In fact, the federal Health Education Assistance Loan (HEAL) program reported that for the Year 2001, it squeezed significant repayment settlements from its Top 5 list of deadbeat doctor debtors. This included a $303,000 settlement from a New York dentist, $186,000 from a Florida osteopath, $158,000 from a New Jersey podiatrist, $128,000 from a Virginia podiatrist, and $120 from a Virginia dentist. The agency also excluded 303 practitioners from Medicare, Medicaid and other federal healthcare programs and had their cases referred for non-payment of debt.
These facts indicate that the current healthcare reimbursement climate has caused more pain and tumult to doctors than the pubic realizes. Older medical practitioners are retiring prematurely, mature providers are frustrated and in despair, and young physicians have no concept of the economic servitude to which they are about to be subjected. Frustration is high and physician suicides have been documented. Many doctors get divorced at the start of their careers. Even the U.S. Inspector General has declared healthcare providers to be public enemy #2,behind international narco-traffickers, for their federal drug, fraud and abuse initiatives. Still, the statistic above lends itself to narcotic drug prescription abuse, either on the part of the doctor or patient, since only these two parties that can directly alter a prescription for illicit drug use, as illustrated by this poorly written prescription for a narcotic pain killer, vicodin.
Posted on May 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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Markets: All three indexes closed lower (the Dow’s sixth-straight week) following the FOMC’s guidance on future interest rate hikes. Peloton shares fell to a record low yesterday with new CEO Barry McCarthy’s revival plan not inspiring confidence.
Economy: The April jobs report showed a labor market that continues to chug along. US employers added a more-than-expected 428,000 jobs and the unemployment rate remained low at 3.6%. The economy has recovered almost 95% of the jobs lost due to Covid pandemic.
Posted on May 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: After booming stocks had their worst day of the year because of raging inflation, slowing economic growth, and a potential recession.
Crypto: Bitcoin and other major cryptos like ethereum also tumbled in the aftermath of the FOMC announcement. They’ve typically tracked the performance of growth stocks, which have gotten hammered on the prospect of higher interest rates.
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Almost every major online retailer reporting earnings with signs of a decline:
Wayfair shares cratered nearly 26% yesterday after announcing that its active customer count dropped 23.4% from a year ago.
Bed Bath & Beyond reported an 18% nosedive in online sales.
Etsy and eBay shares both dropped by double digits yesterday after giving weak guidance for the current quarter.
At least five senior executives from Meta’s fledgling e-commerce division have fled in the last six months.
Shopify shares plummeted about 15% on Thursday after posting much lower-than-expected earnings.
Posted on May 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Advancing Medical Practice Success with Strategic Relationships
By Staff Reporters
To be efficient in healthcare delivery today, doctors must partner and understand the resources and affiliations that are available to them. Here is a brief list of several healthcare trade associations and leading industry vendors submitted for your review.
AHIMA
The American Health Information Management Association (AHIMA) is the premier association of health information management professionals. AHIMA’s 51,000 members are dedicated to the effective management of personal health information needed to deliver quality healthcare to the public. Founded in 1928 to improve the quality of medical records, AHIMA is committed to advancing the health information management profession in an increasingly electronic and global environment through leadership in advocacy, education, certification, and lifelong learning.
EHRA
HIMSS EHRA is a trade association of Electronic Health Record (EHR) vendors that addresses national efforts to create interoperable EHRs in hospital and ambulatory care settings. HIMSS EHRA operates on the premise that the rapid, widespread adoption of EHRs will help improve the quality of patient care and the productivity of the healthcare system. The primary mission of the association is to provide a forum for the EHR vendor community relative to standards development, the EHR certification process, interoperability, performance and quality measures, and other EHR issues that may become the subject of increasing government, insurance and physician association initiatives and requests.
HIMSS
HIMSS (Healthcare Information and Management Systems Society) is the healthcare industry’s membership organization exclusively focused on providing leadership for the optimal use of healthcare information technology and management systems for the betterment of human health. Founded in 1961 with offices in Chicago, Washington D.C., and other locations across the country, HIMSS represents approximately 17,000 individual members and some 275 member corporations that employ more than 1 million people. HIMSS frames and leads healthcare public policy and industry practices through its advocacy, educational and professional development initiatives designed to promote information and management systems’ contributions to ensuring quality patient care.
HITSP
The Healthcare Information Technology Standards Panel serves as a cooperative partnership between the public and private sectors for achieving a widely accepted and useful set of standards specifically to enable and support widespread interoperability among healthcare software applications, as they will interact in a local, regional, and national health information network for the United States. Comprised of a wide range of stakeholders, the Panel will assist in the development of the U.S. Nationwide Health Information Network (NHIN) by addressing issues such as privacy and security within a shared healthcare information system. The Panel is sponsored by the American National Standards Institute (ANSI) in cooperation with strategic partners such as the Healthcare Information and Management Systems Society (HIMSS), the Advanced Technology Institute (ATI), and Booz Allen Hamilton. Funding for the Panel is being provided via the ONCHIT contract award from the U.S. Department of Health and Human Services.
HL7
Health Level Seven is an American National Standards Institute (ANSI)-accredited Standards Developing Organization (SDO) operating in the healthcare clinical and administrative data arena. It is a not-for-profit volunteer organization made up of providers, vendors, payers, consultants, government groups, and others who develop clinical and administrative data standards for healthcare. Health Level Seven develops specifications; the most widely used being a messaging standard that enables disparate healthcare applications to exchange keys sets of clinical and administrative data.
MSHUG
Microsoft Healthcare Users Group (MS-HUG) unified with the Healthcare Information and Management Systems Society (HIMSS) as part of the HIMSS Users Group Alliance Program in October 2003. The unification strengthens the commitment of HIMSS and MS-HUG to better serve their members and the industry through a shared strategic vision to provide leadership and healthcare information technology solutions that improve the delivery of patient care.
WEDI
The Workgroup for Electronic Data Interchange [WEDI’s] goal is to improve the quality of healthcare through effective and efficient information exchange and management. They aim to provide leadership and guidance to the healthcare industry on how to use and leverage the industry’s collective knowledge, expertise, and information resources to improve the quality, affordability, and availability of healthcare.
Assessment
As the health information technology industry evolves, we will continue to contribute our expertise to foster ideas that shape the future of healthcare by offering more examples similar to the above.
Conclusion
And so, your thoughts and comments on this Medical Executive-Post are appreciated. Who did we miss? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe
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:
Marthe Gautier (10 September 1925 – 30 April 2022) was a French medical doctor and researcher, best known for her role in discovering the link of diseases to Down’s Syndrome and chromosome abnormalities
Posted on May 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Led by energy, stocks posted their second straight day of gains. But some see danger ahead given the FOMC raising interest rates with slowing growth [stagflation]. Hedge fund billionaire Paul Tudor Jones told CNBC, “You can’t think of a worse environment than where we are right now for financial assets.”
Posted on May 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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17% of Healthcare Execs Said AI Would Affect Financial Outcomes
• 60% of respondents expect AI to impact clinical outcomes. • 17% said AI would affect financial outcomes. • 13% said AI would impact their operation outcomes. • 9% said AI would impact administrative outcomes. • 61% of executives hope to bring about a complete digital transformation in their organizations within three to five years.
Posted on May 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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By Staff Reporters
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Markets: Stocks rallied very late in the day to close in the positive green. It may be the start of a turnaround or just a rest before they resume their decline.
Bonds: Over in the bond market, the yield on the 10-year Treasury note touched 3% for the first time since 2018, continuing an upward trend that coincides with the Fed’s move to raise interest rates and shrink its balance sheet.
Economy: The US economy is projected to recover all of the 22 million jobs it lost at the beginning of COVID by this summer, according to Fitch Ratings. Back in the fall of 2020, Moody’s warned that the US wouldn’t recoup all of those jobs until 2024.
Posted on May 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
RIP NAOMI JUDD
[Original Rebroadcast]
The Common Bridge by Rick Helppie
Mental Health, Jury Bias, and Judicial Reform, with the Honorable Milton L. Mack Jr.
Rich brings back the Honorable Milton L. Mack, Jr. for a discussion on Mental Health, Jury Bias, and Judicial Reform. Judge Mack has been a leading voice on how mental health issues affect over half of the court cases in the US and how this needs to be addressed in judicial reform. He has also been on the forefront of bringing cutting edge technology into the courtroom.
Posted on May 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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DEFINITION: In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to tender their stock for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares.
In a tender offer, the bidder contacts shareholders directly; the directors of the company may or may not have endorsed the tender offer proposal.