The status of African American insurance coverage

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A Struggling PP-ACA Sector    

By FinancesOnline.com

The Affordable Care Act has developed into one of the critical pivots on which the success of President Obama’s second term is expected to turn. Yet, one sector that’s already struggling is African Americans.

In 2012, 17.4 percent of non-Hispanic African Americans were uninsured. More critically, only 55.9 percent of African Americans are expected to continue to live in good health, while a more or less healthy life is expected in 69.4 percen of white Americans.

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infographic-health-insurance-of-african-americans

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Assessment

These and other alarming facts were revealed by the National Health Interview Survey of the Center for Disease Control and Prevention, and corroborated by data from the U.S. Census Bureau. Both these agencies were data sources for this infographic, which takes a closer look at the health insurance situation of African Americans.

Conclusion

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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But …. enough about me!

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Did you read my interviews?

Dr. David Edward Marcinko MBA

www.MedicalBusinessAdvisors.com

[CEO and Editor-in-Chief]

DEM 2013

AMA News:

Goodwill hunting – what’s your medical practice worth?

AMA News.Valuation.Marcinko

Best practices can help hospitals in recession

Arkansas Medical News:

Arkansas Medical News Interviews Dr. Marcinko

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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ME-P Book Reviewers Needed

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New Text Book Testimonials Requested
By Dr. David Edward Marcinko MBA
[Editor-in-Chief]
DEM 2013
Greetings all ME-P Readers from Atlanta, Georgia
###
After reading and being inspired by Dr. Atul Gawandi’s December 10, 2007 New  Yorker article, “The Checklist”, as well as the Checklist Manifesto, I am writing to ask that you consider this request to write a 3-5 sentence testimonial review to our upcoming new textbook:  Financial  Management Strategies for Hospitals and Healthcare Organizations: Tools,  Techniques, Checklists and Case Studies

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

Book Focus

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

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

New Book

Ideal Reviewers

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

Fraternally,

Dr. David Edward Marcinko MBA

[Editor-in-Chief]

INSTITUTE OF MEDICAL BUSINESS ADVISORS, INC.

Suite #5901 Wilbanks Drive Norcross, Georgia, 30092 USA

Phone: 770.448.0769

MarcinkoAdvisors@msn.com

Secrets

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Hiring a Director of Post-Surgical and Specialty Care

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For an independent community hospital in the Midwest

By B. Kim Woods RN

[National Healthcare Practice Manager]

Dear Dr. David E Marcinko,

GREETINGS!

Our client has engaged the THOR Group to assist them in hiring a Director of Post-Surgical and Specialty Care for their 260-bed, not-for-profit, JCAHO-accredited, independent community hospital located in the beautiful Midwest.

If any of your ME-P readers is a Registered Nurse with supervisory experience interested in furthering their career in an innovative, high- technology organization, and have a passion for leading a professional team in their provision of high quality patient care, this could be just the job for them.  So, if you know of someone who may be interested in this opportunity, please let me know!

Please see the overview and description of the location below and contact: Kim Woods, RN,  at (816) 401-6622 or email your resume to kimberlyw@thorgroup.com today!

OVERVIEW: 

This Nursing Director is responsible for 3 units: a 10-bed orthopedic post-operative unit, a 12-bed OB/GYN unit comprised of 4 surgical rooms and 8 LDRPs, and a 27-bed post-operative unit with a total of 65 FTEs. You will be leading a professional team to ensure the highest quality of patient care in an innovative, state-of-the art facility.  The organization strives to be the Employer of Choice, committed to upholding their core values, providing highly competitive compensation and benefits, as well as remaining focused on their vision of passionately pursuing excellence in collaboration with physicians, staff, and the community.

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ME-P Careers

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ABOUT THE LOCATION:

This beautiful Midwest location has a population of approximately 30,000, yet is just 35 miles from the largest city in the state and 50 miles from the state capitol. Educational, cultural, historic, and outdoor activities abound. The retail sector boasts a thriving downtown historic business district with a wide range of shopping choices that fill the needs of the most discriminating shopper. This community is just right for people who want to enjoy good neighbors, a low crime rate, and an exceptional quality of life.

ABOUT THOR:

For nearly 40 years, The THOR Group, Inc. has provided cutting-edge business solutions to 50,000 top companies and leading healthcare providers throughout the United States.

Regards,

Kimberly Woods, RN, BSN, MBA
National Healthcare Practice Manager
Direct Line: (816) 401-6622
kimberlyw@thorgroup.com

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“The Doctor’s Dilemma”

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On Hospital Monopolistic Powers

By Ann Miller RN MHA

As George Bernard Shaw, whose works include “The Doctor’s Dilemma” might have put it, that any lawmaker would grant hospitals monopolistic powers plus the freedom to price as they see fit is enough to make one despair of political humanity.

C.O.N.

And, here is a post on Certificates of Need, too.

http://www.ncsl.org/issues-research/health/con-certificate-of-need-state-laws.aspx

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Events Planner: February 2013

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Events-Planner: FEBRUARY 2013

By Staff Writers
Calendar Calculator“Keeping track of important health economics and financial industry meetings, conferences and summits”

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

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

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

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

  • February 04-05: IMCA New York Consultants Conference. Mariott Marquis, NY
  • February 10-12: Inside ETFs Conference. Hollywood, FLA
  • February 10-13: Rural Health Care Leadership Conference. Phoenix, AZ
  • February 17-20: Center for Health Care Governance Symposium. Phoenix, AZ.

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

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

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Crafting a Business Plan and Starting a Medical Practice “Live” Audio Conference

Medical Office Business PlanCrafting A Business Plan And Starting A Medical Practice
Speaker: Dr. David Edward Marcinko MBA CMP
Live Audio Conference
Date:Wednesday, January 30, 2013 Time: 1 pm Eastern | 12 pm Central | 11 am Mountain | 10 am Pacific Length: 60 Minutes
 Order
Do you need money to start or Grow your medical practice?
The “Business Plan” is a key tool for raising start-up capital for a new medical practice, or financing a medical / surgical service line extension for a mature one. It is also used for acquiring loans to finance growth of an existing practice. Although long recognized as a quintessential business tool, its’ formal structure and mental rigor are only now being recognized in the medical community as competition increases in the healthcare industrial complex. There are many reasons to write a medical practice business plan. The process of gathering, compiling and analyzing information is an invaluable experience to the beginning practitioner, or experienced veteran physician. Our expert Dr. David, will discuss all these, step by step in this 1-hour enlightening event. See the steps below:

  • Determine the feasibility of a new practice start-up.
  • Raise money from investment bankers for a new practice.
  • Obtain financing to expand an existing office or turn-around a declining satellite.
  • Develop an operational strategic plan and conduct due diligence.
  • Create a budget, time frame or business direction for a practice.
  • Unmask potential problems, risks or benefits of a medical practice.
  • Focus on market opportunities by determining revenue centers or cost drivers.
  • Persuade third party payers, networks and insurance carriers that your practice has a future and represents a viable synergistic partner for their organization.
  • And more
As a attendee you will get:

  • Power Point slide presentation.
  • Time-line checklist to new medical office launch.
  • Topical comprehensive white paper.
  • Electronic blog forum for further information.
  • And more
Dr. David in this 60-minute conference will present to you:

  • Executive Summary: Where you concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it’s needed.
  • Pro-forma Cash Budgets and Financial Statements:You’ll learn to how effectively use your data and underlying assumptions to prepare information that your banker can easily read and buy into.
  • Doctor’s Personal Financial Statements: Learn how to use copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
  • Representation: Here is where this presentation is invaluable.
  • And more
Order
Call 1-866-458-2965 and mention code STCIGH02
Ask a question at the Q&A session following the live event and get advice unique to your situation
About Our Speaker
Dr. David Edward Marcinko MBA CMP is founding CEO of the Institute of Medical Business Advisors, Inc www.MedicalBusinessAdvisors.com and Publisher of the Medical Executive-Post www.MedicalExecutivePost.com iMBA Inc is a leading national scope provider of real time medical practice management reports, books, dictionaries, journals, financial planning and advisory opinions, Fair Market Value appraisals and educational seminars www.CertifiedMedicalPlanner.org  The firm serves physicians, nurses and medical societies; financial advisors, wealth managers and CPAs; emerging healthcare entities, hospitals, clinics, IPAs and their CXOs; the press, media and all related organizations. Read more
Get $20 Off On Registering NOW!(Use Codé “David20” at Checkóut )

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Certified Medical Planner

How to Start a Private Medical Practice

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[Writing a Medical Practice Business Plan for Capital]

Speaker: Dr. David Edward Marcinko MBA CMP

 A Live Audio Conference with QA Session

Date: Wednesday, January 30, 2013 Time: 1 pm Eastern | 12 pm Central | 11 am Mountain | 10 am Pacific Length: 60 Minutes

 Dr. David E. Marcinko MBA

 

Live Audio Conference

Date: Wednesday, January 30, 2013 Time: 1 pm Eastern | 12 pm Central | 11 am Mountain | 10 am Pacific Length: 60 Minutes

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Automobile Windshield Maintenance Tips for Physicians

 Join Our Mailing ListCan you see clearly – now?

By Dr. David E. Marcinko MBA CMPvia Nalley Lexus Roswell, GA

Dr David E Marcinko MBA

Doctor – How often do you think about your windshield?

If you’re in the vast majority of doctors and drivers of all sort, chances are you only notice it when a large bug happens to meet an untimely end and creates a goopy mess on your glass.

But, as an insurance agent and Certified Medical Planner, I know there’s a long list of reasons why you should note the condition of your windshield, not the least of which is for clear vision. In fact, a quick visual check with each gas fill-up, and a more thorough inspection each month, is suggested

Think about it: Windshield. It’s a shield against the wind. But, it’s also a shield against many of the dangers that are commonplace out on the highways, such as those pesky bugs, wayward stones, or other roadway hazards. That’s not to mention how unpleasant a drive in the rain or cold would be without a barrier between you and the elements.

DEM's Jaguar

Importance

That’s why it’s incredibly important to take note of your windshield’s condition. Clear vision is of the utmost importance for safety and convenience, but there’s much more to it than that. If you were to be in an accident, your windshield can play a huge role in keeping you safe from the debris that might be flying due to the impact.

Shattered

Needless to say, if your windshield is shattered, there is no option: your windshield needs to be replaced as soon as possible. It’s tough to see out of, not that great for protection from the elements, and if something were to hit the glass, it’ll soon be sitting in the cabin with you. Not only that, but your local authorities might be paying you a visit, as vehicles with shattered windshields are often considered unroadworthy by law.

Cracked

If your windshield is cracked or has unrepaired rock chips, you’re not in much better of a situation. Though a small crack or chip may look harmless, the environment can cause big problems for you and your windshield. Small chips and cracks that go unrepaired can quickly consume the entire glass surface due to a shocking event, such as cold water on a hot day, or even hitting a pothole. Then you’re left with a much more expensive repair.

Road Rash

Road rash, in medicine, is a colloquial term for skin and bone injury caused by abrasion with road surfaces, usually as a consequence of cycling, automobile and motorcycling accidents. In this case, the pepper shotgun-like marks on a windshield.

Assessment

There is good news, however. If your windshield is foggy, discolored, cracked, shattered, chipped – you name it – many car dealers and local independent shops can help. Repairing your chipped windshield doesn’t cost much money and it can prevent an entire glass replacement further down the road. This service usually only takes a few minutes, but you must act fast, as repair isn’t always possible if the damage has spread. And, in many cases, insurance will help foot some, or all of the bill.

Conclusion

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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Hear Dr. Marcinko on Audio-Educator [Do you Need Money to Start or Grow Your Medical Practice?]

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Crafting a Business Plan and Starting a Medical Practice [A “Live” Audio-Conference]

Conference Registration: http://www.audioeducator.com/hospitals-and-health-systems/business-plan-for-medical-practice-013012.html

Wednesday, Jan 30th, 2013 at 1 PM, EST for 60 minutes

Order

By Staf Reporters www.CertifiedMedicalPlanner.org

Dr David E Marcinko MBAThe “Business Plan” is a key tool for raising start-up capital for a new medical practice, or financing a medical / surgical service line extension for a mature one. It is also used for acquiring loans to finance growth of an existing practice.
Although long recognized as a quintessential business tool, its’ formal structure and mental rigor are only now being recognized in the medical community as competition increases in the healthcare industrial complex.

Reasons for the Plan

There are many reasons to write a medical practice business plan. The process of gathering, compiling and analyzing information is an invaluable experience to the beginning practitioner, or experienced veteran physician. Our expert Dr. David E. Marcinko MBA CMPwill discuss all these, step by step in this 1-hour enlightening event.

See the steps below:

  • Determine the feasibility of a new practice start-up.
  • Raise money from investment bankers for a new practice.
  • Obtain financing to expand an existing office or turn-around a declining satellite.
  • Develop an operational strategic plan and conduct due diligence.
  • Create a budget, time frame or business direction for a practice.
  • Unmask potential problems, risks or benefits of a medical practice.
  • Focus on market opportunities by determining revenue centers or cost drivers.
  • Persuade third party payers, networks and insurance carriers that your practice has a future and represents a viable synergistic partner for their organization.

Medical Office Business Plan

As an attendee you will get:

  • Power Point slide presentation.
  • Time-line checklist to new medical office launch.
  • Topical comprehensive white paper.
  • Electronic blog forum for further information.

Dr. Marcinko in this 60-minute conference will present to you:

  • Executive Summary: Where you concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it’s needed.
  • Pro-forma Cash Budgets and Financial Statements: You’ll learn to how effectively use your data and underlying assumptions to prepare information that your banker can easily read and buy into.
  • Doctor’s Personal Financial Statements: Learn how to use copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
  • Representation: Here is where this presentation is invaluable.

Ask a question at the Q&A session following the live event and get advice unique to your situation, directly from our expert speaker.

Who should attend? Medical students, interns, residents and fellows, New, mid-career and mature medical practitioners, Office managers, clinic administrators, healthcare CXOs and physician / nurse executives, All doctors who wish to be employers; not employees.

http://businessofmedicalpractice.com/chapter-3-2/

Why use AudioEducator?

  • Save money on travel. Our conferences are available from the comfort and convenience of your own office or meeting room.
  • Meet your specific training needs. Whether you attend a live event, load up one of our encore broadcasts, or purchase a CD or PDF transcript — you’ll get the information you need on your schedule.
  • Keep learning after the event. Every conference purchase includes the speaker’s materials so you can keep learning long after the conference is over.
  • Save time training your whole staff. Gather around a speaker phone or computer and enlighten your entire team for one low price.
  • Do you work with a virtual team or multiple locations? Ask our customer specialists about discounts for your whole staff.

REGISTER HERE

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Selected NBER Papers of Note for MDs and FAs

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National Bureau of Economic Research

www.NBER.org

The 2012 No. 3 Bulletin includes the articles below:

1)  The Value of Planning Prompts
by Katherine Milkman, John Beshears, James Choi, David Laibson, and Brigitte Madrian
http://www.nber.org/aginghealth/2012no3/w17994.html

2)  The Effect of the Earned Income Tax Credit on Infant Health
by Hilary Hoynes, Douglas Miller, and David Simon
http://www.nber.org/aginghealth/2012no3/w18206.html

3)  Can Health Explain Differences in Employment of Older Men Across Countries?
by Kevin Milligan and David Wise
http://www.nber.org/aginghealth/2012no3/w18229.html

Assessment

Abstracts of Selected Recent NBER Working Papers:
http://www.nber.org/aginghealth/2012no3/WorkingPaperSummaries.html

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About Average Hospital Stay Costs

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About $33,079 … plus gratuity?

The cost of the average American hospital stay nearly doubled from 2000 to 2010 while average stay length declined. The decade was a period of low inflation, but some sectors of the economy didn’t get the memo. Charges for a hospitalization soared from an average $17,390 in 2000 to $33,079 in 2010.

Link: http://www.BusinessofMedicalPractice.com

The USA

In the U.S. we spend almost three times as much on a hospital stay as other industrialized countries, even though their average stay tends to be longer.

###

Hospital costs

Source: www.FaceThe factsUSA.org

Conclusion

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Our Newest Textbook Release

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

BOOK FOREWORD / TESTIMONIAL

A Guide to Patient Loyalty

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A Multi-Factorial Visual Approach

Link: Chapter 15: I-Doctors I-Patients

Many factors are involved when a patient has a good experience at a hospital, clinic or medical practice. One huge component in patient loyalty and satisfaction is the billing process.

This infographic colorfully shows what factors to consider in gaining and keeping loyal patients.

###

patient loyalty

Source:  www.connance.com and www.BusinessofMedicalPractice.com

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Merry Christmas 2012

All ME-P Readers and Subscribers

HAPPY HOLIDAYS

Holiday Greetings

###

 In warm appreciation of our association during the  past year, we extend our very best for a happy holiday season.

Best wishes for a happy New Year in 2013 filled with health, happiness, and spectacular success.

JOIN US IN 2013

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The Medical App Debacle

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Regulating the App Store

[By Adam Ghosh]

Back when Apple first released the idea of the app store to the public, they probably had no idea how proliferate it would be and how it would weave itself into countless workplaces and individuals’ hands.  A quick look on the store today will return you with some 700,000 apps of which 13,000 are health-related.  With so many apps being released on a weekly basis, the credibility as well as the usefulness of some of these applications began to be called into question (a good example of which is an “x-ray” app which just shows pre-rendered images and responds to movements made by the smartphone).

Enter the FDA

To combat this, the FDA has been working on a set of rules and guidelines that will better weed out the less than ideal applications that could potentially lead to misdiagnosis, as well as a host of other problems associated with individuals receiving information that has not been upheld by a healthcare professional or a credible source.

The problem with these apps comes down to one of categorization.  The FDA has the ability to regulate apps that enter the app store that have tags as “medical software,” but not those that have been submitted under the category of “wellness.”  As you can imagine, apps that have not had their credibility upheld generally don’t get submitted under the first category, but rather the second.  The real problem with this happens when a “wellness” app suggest or recommends healthcare advice that has not been backed up an industry professional and consequently may lead to some serious health problems.

Example:

Let’s take a closer look at a good example of this in action.  A ways back, a large number of software companies were capitalizing on the idea of the pedometer and the ability to track one’s footsteps throughout the day.  It was only a matter of time before the app store saw its versions enter the hands of iPhone users across the globe. The issue?  Some of these apps were just fine, giving users the ability to track their steps and better calculate the amount of calories burned over a given period of time.  However, if the same app has any wording linking the amount of steps you take to weight management or obesity then it moves out of the realm of simply being a wellness application and instead becomes a medical app that has not been thoroughly regulated.

Even though it is a suggestion that has become common knowledge (exercise leading to weight loss) the application has indeed violated the app stores regulatory language.  Often times, the software companies behind these aren’t even aware a violation has occurred until they receive a message detailing the removal of said app from the store. It is this exact problem that the FDA seeks to correct but the changes won’t come overnight.

The process will start with an evaluation of a given app to determine the risk level it poses and if the information given is inaccurate or not fleshed out enough.  Representatives in charge of this movement have stated several times that the process won’t be as all encompassing as once imagined.  The pedometer example is a good indicator of apps that might be passed by when a decision is being made.  While a certain pedometer app may not have a licensed professional substantiating its health claims, the risk an obese person has from exercising is fairly low and thus not a priority of the FDA to regulate said app.

smart phone mobile ME-P

Real Issues

The real issue lies with apps that are more closely tied to high-risk adverse health conditions like cancers, heart problems or acute viruses.  If an app gives you a series of pictures of individuals with a certain kind of rash that is indicative of “X” virus and a user then takes medical advice on the assumption that they share the same symptoms, a serious problem has occurred.

With such a high propensity for misdiagnosing, the FDA isn’t asking that you blatantly ignore or cease to use all applications that have not been backed up by an expert.  The FDA is rather suggesting that individuals use their best judgment when seeking out advice via the app store.  If something appears serious visit a physician or a doctor, not an automated response from an app you paid .99 cents for.

Assessment

The FDA hopes to put the final touches on their regulatory guidelines sometime in the next two months.  When the guidelines go live, you can expect to see a huge change to the quality and quantity of the medical apps that are released onto the iOS store.

About the Author:

Adam Ghosh has over twenty years experience as a researcher in the medical field. In that time he has worked with allergists and vascular surgeons, and everyone in between. Now he supplements his early retirement by contributing to: http://www.weatherbyhealthcare.com

Conclusion

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How To Stay Within Your Holiday Budget

   Yes – it Can be Done with these Secrets!
 By Dr. David Edward Marcinko MBA CMP
 www.CertifiedMedicalPlanner.org

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For some doctors and many Americans, the holiday season is all about excess, and all the gifts, travel, drinks, decadent food, and party dresses can leave a gaping hole in your personal finances. And so, as a Certified Medical Planner, I know that a holiday budget is a helpful tool for managing your spending during the holiday season, so that you don’t start out the New Year in the red. Of course, a holiday budget is only effective if you stick with it, and these shopping tips can help you do just that.

Hallelujah!

Shorten your gift list

Sure, the holiday season is about generosity, but that doesn’t mean you need  to buy an extravagant gift for everyone on the neighborhood block or office floor. Gifts are easily one of the largest expense categories during the holiday season, so the fewer gifts you have to buy; the easier it is to stay within your holiday budget. When times are tight, it’s okay to scrutinize your gift list and cut out anyone whom you don’t really need or even want to buy for. This important step should be done before you even make your holiday budget.

Set a spending limit for each person

Once you’ve whittled down your gift list, set a spending limit for each person on that list. You may want to spend the most on family and friends, but these are also the relationships that leave the most room for creativity.

For example, it might be fun to have your family make gifts for one another this year or create a challenge among friends to see who can find the best gift for the least amount of money. Your boss, CMO or CXO on the other hand, may not appreciate inexpensive gifts like your homemade fudge or a handcrafted ornament.

Shop ahead for deals

When the holiday season is fast approaching, you’re pretty much forced to pay whatever prices the stores are offering, although you can sometimes save money by shopping online at websites like Amazon and eBay. However, if you’re smart, you’ll start your holiday shopping early, leaving yourself time to hunt down only the very best deals.

Shop with cash

Putting the credit cards away and shopping with cash is another smart way to stay within your holiday budget. In fact, shopping with cash is a good general rule for living within your means year-round, but it’s especially effective during the holiday season, when impulse purchases really go through the roof. If you only bring a designated amount of cash with you on each shopping trip, you’ll be forced to stick within your budget. Setting a time limit on your holiday shopping can also have the same budget-bolstering effect.

ME-P Classified Blast!

Simplify holiday parties

For many medical professionals, lavish parties are another major expense of the holiday season. If you’re invited to tons of holiday parties every year, you can stay within your holiday budget by choosing to RSVP to only a few; this saves on party attire, gas, cab fare, parking, host/hostess gifts, drinks, and more.

If you plan to host your own party, forget about all the unnecessary decadence that your guests will have forgotten by mid-January; instead, keep things simple, but classy, and keep your guest list small to help stay within your holiday budget.

Assessment

These are just a few of the many ways that you can stay within your holiday budget this season. Nearly any money-saving tips that you employ year-round can be tailored to help you save on your holiday shopping. As long as you take the time to create a holiday budget, and then stick to that plan, you should save major green and subsequently stay out of the red.

How very festive of you!

Conclusion

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The Newtown, Conn School Massacre [Lessons to Learn?]

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REPRINT: This re-publication is provided as a service to our readers, as we mourn the children and victims of the Newtown, Conn massacre. The workplace – healthcare setting analogy is self-evident.

Hospital Workplace Violence Risk Factors

[An NIOSH Summary and Review]

By Dr. Eugene Schmuckler MBA CTS

By Dr. David Edward Marcinko MBA CMP™

www.CertifiedMedicalPlanner.org

Domestically, the impact of workplace violence in the US became widely exposed on November 6, 2009 when 39 year old Army psychiatrist Maj. Nidal M. Hasan MD, a 1997 graduate of Virginia Tech University who received a medical doctorate in psychiatry from the Uniformed Services University of the Health Sciences in Bethesda, Maryland, and served as an intern, resident and fellow at the Walter Reed Army Medical Center in the District of Columbia, went on a savage 100 round shooting spree and rampage that killed 13 people and injured 32 others.

In April 2010 he was transferred to Bell County Jail in Belton, Texas. An Article 32 hearing, which determined whether Hasan would be fit to stand trial at court martial, began on 12 October 2010. Hasan subsequently deemed fit, was arraigned on July 20 2011 and trial was scheduled for March 2012. It was rescheduled again, but is now ongoing and in the news; almost daily.

The NIOSH

The National Institute for Occupational Safety and Health (NIOSH) summarizes the risk factors for occupational violence to hospital workers. These include:

  • working directly with volatile people, especially if they are under the influence of drugs or alcohol or have a history of violence or certain psychotic diagnoses;
  • working when understaffed — especially during meal times or visiting hours;
  • transporting patients and long waits for service;
  • overcrowded, uncomfortable waiting rooms;
  • working alone;
  • poor environmental design;
  • inadequate and/or ineffective security;
  • lack of staff training and policies for preventing or managing crises with potentially volatile patients;
  • drug and alcohol abuse;
  • access to firearms;
  • unrestricted movement of the public; and
  • poorly lit corridors, rooms, parking lots, and other areas.

Occupational Violence 

Violence occurring in other occupational groups is most often related to robbery. In healthcare settings, however, acts of violence are most often perpetrated by patients or clients. Family members who feel frustrated, vulnerable, and out of control; and colleagues of patients (especially when the patient is a gang member) are also identified as perpetrators of abuse! However, the presence of co-workers has been identified as a potential deterrent to assault in healthcare.

Healthcare and social service workers face an increased risk of work-related assaults stemming from several factors, including:

  • the prevalence of handguns and other weapons — as high as 25% among patients, their families, and friends. Handguns are increasingly used by police and the criminal justice system for criminal holds and the care of acutely disturbed, violent individuals;
  • the increasing number of acute and chronically mentally ill patients now being released from hospitals without follow-up care, who now have the right to refuse medicine and who can no longer be hospitalized involuntarily unless they pose an immediate threat to themselves or others;
  • the availability of drugs or money at hospitals, clinics, and pharmacies, making staff and patients likely robbery targets;
  • situational and circumstantial factors such as:
    • unrestricted movement of the public in clinics and hospitals;
    • the increasing presence of gang members, drug or alcohol abusers, trauma patients, or distraught family members;
    • long waits in emergency or clinic areas, leading to client frustration over an inability to obtain needed services promptly;
  • low staffing levels during times of specific increased activity such as meal times, visiting times, and when staff is transporting patients. This also includes isolated work with clients during examinations or treatment;
  • solo work, often in remote locations, particularly in high crime settings, with no back up or means of obtaining assistance such as communication devices or alarm systems;
  • lack of training of staff in recognizing and managing escalating hostile and assaultive behavior; and
  • poorly lighted parking areas.

OSHA

The Guidelines established by the Occupational Safety and Health Administration (OSHA) seek to set forth procedures leading to the elimination or reduction of worker exposure to conditions causing death or injury from violence by implementing effective security devices and administrative work practices, among other control measures. Healthcare professionals need to be aware that violence can occur anywhere and in any practice settings.

In hospitals and clinics, which are more likely to report incidents of violence than private offices, the most frequent sites are:

  • psychiatric wards;
  • acute care settings;
  • critical care units;
  • community health agencies;
  • homes for special care;
  • emergency rooms; and
  • waiting rooms and geriatric units.

Impact

The impact of workplace violence is far-reaching and affects individual staff members, co-workers, patients/clients, and their families. Those who have been affected, directly or indirectly, by a workplace violence incident report a broad spectrum of responses — anger is the most common. There are also reports of:

  • difficulty returning to work;
  • decreased job performance;
  • changes in relationships with co-workers;
  • sleep pattern disturbance;
  • helplessness and symptoms for post-traumatic stress disorders;
  • fear of other patients; and
  • fear of returning to the scene of the assault.

Assessment

Link: Chapter 07: Workplace Violence

More: Medical Workplace Violence

BREAKING NEWS: 3 shot in Alabama hospital *** Two die in Nev. hotel shooting

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Physician / Medical Director Needed

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Kuwait (Middle East) position with growing Global Health Care Company‏

By Martin Jones
Research Associate
Sterling Life Sciences

Our firm was hired by a growing Global Health Care Company to help them find an experienced Physician / Medical Director.

The Search

Is there any chance you know of someone who might want to hear about it? They are doing well and have a good reputation so it will be a nice situation for someone who needs a change.

The Job

Here is a copy of job description: http://goo.gl/9yVU8

Assessment

Anyone interested can directly apply online and resume will come to me. They are looking to hire immediately so please feel free to share this information with anyone you think would want to learn more.

Best regards,

Email:martin@sterlinglifesciences.com

www.sterlinglifesciences.com

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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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Update on Pension Plans for 2013

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The IRS Announces Major Changes

By Children’s Home Society of Florida Foundation

In IR 2012 77 (18 Oct 2012), the IRS announced multiple pension adjustments for 2013:

1. Elective Deferral – An individual with a 401(k) or 403(b) plan may defer income up to $17,500.

2. Catch-Up Contributions – Individuals age 50 and older may contribute an additional amount of $5,500 to a 401(k) or 403(b).

3. IRA Phase-Out – Contributions to a traditional IRA are phased out for individuals with a workplace retirement plan and modified adjusted gross incomes from $59,000 to $69,000. For married couples where the contributing spouse is covered by a workplace retirement plan, the phase-out range is $95,000 to $115,000. If the married couple IRA owner is not covered by a workplace plan, the phase-out range is $178,000 to $188,000.

4. Roth IRA Contributions – Taxpayers who are married may make Roth IRA contributions with a phase-out AGI of $178,000 to $188,000. Singles and heads of household have a phase-out range of $112,000 to $127,000.

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Happy Birthday ME-P

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Celebrating our Sixth Year of Successful e-Publication

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Cardiac Director Needed in Philadelphia

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Cardiac Center Service Line

By Megan Morris
Sr. Recruiter
The Children’s Hospital of Philadelphia

Dr. Marcinko,

The Children’s Hospital of Philadelphia is currently putting out a call for applicants for a vacant Director role with oversight of the Cardiac Center Service Line. Based on your experience in the field, I’m reaching out to you for referrals and networking suggestions to ensure that qualified candidates are given every opportunity to apply.

CHOP

The Cardiac Center at The Children’s Hospital of Philadelphia is one of the largest cardiac programs in North America with over 1,700 inpatient admissions and 22,000 outpatient visits representing $350 million in hospital gross revenue.

The Director, Cardiac Service Line will work in partnership with physician leadership, physician practice leadership, and nursing leadership to support and lead the Cardiac service line. The Director, Cardiac Center is accountable for strategic and operational planning, business development, program development, financial management, project implementation, common administrative functions and allied health operations, as appropriate.

Candidates

Ideal candidates will have a Master’s Degree in Business Administration or a related degree; though skilled Bachelor’s level applicants will be considered. The role requires a minimum of 7 years of health care management, preferably in an academic setting.

Assessment

If you know of anyone who may be a strong fit for the role, please feel free to connect them with me directly.

Thank you in advance for your help.

MorrisM@email.chop.edu
Megan (LaFleur) Morris : LinkedIn 

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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The Rapid Rise of Mobile Health Management Tools

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Chronicling the rapid rise of mobile health management tools

By Staff Reporters

According to UK-based Juniper Research, the number of downloads for health-related apps in 2012 will total 44 million by the end of next year. The research firm also predicts that the number of health app downloads will jump to 142 million by 2016.

m-Health

This infographic created by Allied Health World highlights the rapid rise of mobile health management tools available to the consumer on their smart-phones.

Assessment

It identifies the following three major benefits of m-Health apps:

  • 2x Greater Access to Care
  • 24% Reduction in Lower Admin Costs
  • 25% Savings for Seniors

Conclusion

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Vote on Election Day 2012

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The ME-P … Endorses?

Dr. David Edward Marcinko MBA

[Publisher-in-Chief]

President Barack Obama and GOP nominee Mitt Romney are essentially neck-and-neck in the homestretch to the presidential election today with considerable healthcare, economic, tax and financial consequences at stake. All are integral topics of this electronic ME-P publication.

And so, although your publisher, editors and staff seek to remain fair, neutral and balanced on the presidential election, we encourage all Medical Executive-Post readers, subscribers and visitors to vote today.

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Exercise your franchise or loose it!

 

Election Day 2012

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Vinod Khosla’s Controversial Thoughts on Health Innovation Video [Exit the Doctors]

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Will technology replace doctors?

[By ME-P Staff Reporters]

Here is a video encore presentation of Silicon Valley investor Vinod Khosla‘s controversial interview with Thomas Goetz from last month’s Health Innovation Summit where he likens modern healthcare to witchcraft and says technology will replace 80% of doctors.

Video link: http://www.hitconsultant.net/2012/09/15/vinod-khosla-thoughts-health-innovation/

Channel Surfing the ME-P

Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these topics is dependent upon your input. Please take a minute to visit. And, to prevent that annoying spam, we ask that you register. It is fast, free and secure.

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A Review of Social Security Benefits

A Bird in Hand May Not Give Maximum Benefits

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By Rick Kahler MS CFP® ChFC CCIM

“A bird in the hand is worth two in the bush.”

That may be good advice for pheasant hunters, but it isn’t necessarily great financial advice for trying to decide when to file for Social Security benefits.

A Social Security Review in [Very] Brief

Social Security pays your full benefit amount at your full retirement age (FRA). Depending on your birth year, this is around age 65 to 67. You can choose to take a lesser amount beginning at age 62 or wait until age 70 and receive a greater amount.

Many people want to grab that bird in the hand by filing at age 62. The most common reason I hear for this choice is, “Why should I wait till age 66 or 70 to collect benefits? I might not even be around by then. There are no guarantees about how long I’ll live.”

Obviously, knowing when we can expect to die would be really helpful in making Social Security decisions. If you are going to leave the planet at age 70, you would be ahead to start receiving your Social Security benefit at age 62. For every year you will live past 62, however, the odds increase that delaying your benefit to the FRA or even age 70 is the wiser financial decision.

Are You Terminal?

Unless you have a terminal illness, you will most likely be better off to wait until age 70 to begin receiving your benefits. Here’s why:

  1. First, if you are still working between age 62 and your FRA, any earnings above the $14,160 limit will reduce your Social Security benefit by one dollar for every two dollars earned.
  2. Second, the average monthly check you receive by waiting till age 70 is 66% more than what you receive at age 62. If your benefit at full retirement age is $1,000, at age 62 it is around $750, but if you wait until age 70 it is probably closer to $1,250. On average, if you will live 15 to 20 years past age 62 you are ahead to wait until 70 to start receiving your benefits. And if you are alive at age 62 and don’t have a terminal illness, the odds are that you will live another 15 years.

Of course, Social Security benefits are also indexed to inflation. This advantage is much greater than it might appear. For example, if inflation averages 3.5% a year, your benefit check will double in 20 years. If your initial monthly benefit at age 66 is $1,000, by the time you’re 86 it will have doubled to $2,000.

And … Another Reason!

Financial planner and writer Michael Kitces has pointed out another reason to delay receiving Social Security benefits. The risks and rewards of delaying benefits are not equal when you consider the break-even point. This is the age, typically 77, when your total benefit from filing at age 62 equals your total benefit from filing at age 70. He says, “While the risks of delaying benefits and dying early are limited, the upside is potentially far greater.”

If you give up one year of early benefits, you risk losing that amount only if you don’t live to age 77. But you receive double that one year of benefits if you live to age 83, and you triple it if you live to 89. “The penalty for not living to life expectancy is modest, while the benefit for outliving life expectancy is tremendous,” Kitces says.

Assessment

It’s important to look at all the numbers, including your own probable life expectancy, before  you decide to file at age 62. If you settle too easily for that bird in the hand, it may turn out to be a turkey.

Conclusion

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In Case of ME-P Technical Emergency

Medical Executive-Post Disaster Preparedness Instructions

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By Ann Miller RN MHA [Executive-Director]

It occurrs to us that if this ME-P blog’s RSS feed fails (due to Feedburner troubles) those who subscribe that way won’t know it.

So, here’s a big hint: we rarely go a day without a post. It’s probably been years since we’ve gone two days without one. So, if you don’t see the ME-P in your reader for a day or two, check the site. We will have posted instructions for how to regain the RSS feed, or otherwise communicate what we’re doing to resolve the interruption.

By the way, another way to find out what is going on in an ME-P technical emergency is to contact me:

MarcinkoAdvisors@msn.com

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

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About the Certified Medical Planner™ Program

Certified Medical Planner

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The Virtual Certified Medical Planner™ Program, from iMBA Inc.

Our flagship 500 hour Certified Medical Planner™ professional designation program is designed for fiduciary focused FAs, CFPs®, CPAs, RIAs and other financial services professionals and/or doctors, nurses, health entity CXOs, managers and administrators [medical management consultants] and those in career transition looking to enhance their theoretical knowledge and practical experience in the integrated and expanding fields of medical practice management and personal financial planning.

In all our courses, we cover the full spectrum for any given topic.  Best of all, we utilize real-life case studies from the marketplace, either as a financial advisor or medical management consultant, so students can actively participate in a mock “working financial advisory group” or “medical managerial team”.

And, our unique CMP™ teaching methodology uses “live” dedicated instructors to help [adult-learners] students understand how to fully integrate quantitative and qualitative analysis when advising clients.

We offer 24/7/365 classes designed for working professionals with a heavy workload or travel schedule. In addition, our courses can be taken without ever having to leave your desk, home, office, practice, or even your hotel room.

Our training program is internet based so most of our students take the course virtually. Nevertheless, while our service delivery model is virtual – the educational benefits and notoriety you receive are REAL!

More info:

Ann Miller RN MHA

[Executive-Director]

www.CertifiedMedicalPlanner.org

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Case Model Illustration of a Six Sigma Healthcare Pioneer

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The Mount Carmel Health System

By Mark Matthews MD

A “Scrubbed” True Illustration

One of the earliest healthcare adopters of Six Sigma was the Mount Carmel Health System in Columbus, Ohio.

The organization was barely breaking even in the summer of 2000 when competition from surrounding providers made things worse. Employee layoffs added fuel to an already all-time low employee morale.

The CEO

Chief Executive Officer Joe Calvaruso was determined to stem the bleeding, break the cycle of poor financial performance and return the hospital system to profitability.  He sought the potential benefits of Six Sigma and began a full deployment of its methodology. The plan was a bold move, as the organization ensured that no one would be terminated as a result of a Six Sigma project having eliminated his or her previous duties. These employees would be offered an alternative position in a different department. Moreover, top personnel were asked to leave their current positions to be trained and work full time as Six Sigma expert practitioners who would oversee project deployment while their positions were backfilled.

Assessment

The Six Sigma deployment was the right decision. More than 50 projects were initiated with significant success. An example of an early Mount Carmel success story is the dramatic improvement in their Medicare + Choice product reimbursements, previously written off as uncollectible accounts. These accounts were often denied by HCFA due to coding of those patients as “working aged.”

Since the treatment process status often changed in these patients, HCFA often rejected claims or lessened reimbursement amounts, effectively making coding a difficult and elusive problem. The employment of the Six Sigma process fixed the problem, resulting in a real gain of $857,000 to the organization. The spillover of this methodology to other coding parameters also has dramatically boosted revenue collection.

A Glimpse of Lean Medical Management Tools and Techniques

Conclusion

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On Hospital Tax-Exempt Debt

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An important means of external financing for hospitals

By Calvin W. Wiese CPA CMA

By Dr. David Edward Marcinko MBA

www.CertifiedMedicalPlanner.org

Tax-exempt debt has become an important means of external financing for hospitals, primarily because its cost is very attractive. Interest rates on tax-exempt financing are lower than interest rates on financing that is not tax-exempt because the interest income earned by the holders is exempt from federal income tax. In some states, it is also exempt from state income tax and in some cities; it is also exempt from city income tax. Thus, the holders of these debt instruments (usually bonds) are willing to accept lower rates of interest.

State and Local Governments Only

Hospitals themselves are not capable of issuing tax-exempt debt. Only state and local governments are. A state or local government issues tax-exempt debt for hospitals and then loans the proceeds to hospitals. This is called “conduit” financing: the state or local government acts as a conduit through which hospitals can access tax-exempt debt markets. State and local governments are authorized to loan proceeds of their bond issues to hospitals through state statutes, and each state statute is different. Some states authorize any state or local government to issue bonds to loan to hospitals. Other states restrict such power to special purpose governmental entities only. And some states restrict this power to a single governmental entity that is specially formed for the sole purpose of issuing tax-exempt bonds on behalf of hospitals.

The IRS

The Internal Revenue Service (IRS) regulates the issuance of tax-exempt financing. While the IRS code nominally provides that debt instruments issued by state and local governments are exempt from federal income tax, it imposes special rules on conduit issues. Thus, tax-exempt issues whose proceeds are loaned to hospitals must comply with special IRS rules. Although very complex, these rules primarily regulate the use of proceeds, restricting the use of tax-exempt proceeds to the acquisition of property, plant components and equipment.

Given state statutes, IRS code and applicable security laws (both state and federal), issuing tax-exempt bonds is legally complex. Many lawyers get paid handsome fees every time tax-exempt debt is issued. The quarterback of the legal team is the bond counsel who represents the interests of the bondholders; the bond counsel issues the critical tax opinion that investors rely upon to claim tax-exemption on the interest from these instruments. Everything revolves around getting this opinion.

The Underwriter’s

Given its critical nature, only highly qualified lawyers are accepted by the market to provide this opinion. Underwriter’s counsel represents the interests of the investment bankers; their primary concern is compliance with security laws. Issuer’s counsel represents the interests of the state or local government, and hospital counsel represents the interests of the hospital; both have relatively minor roles. In the event credit enhancement is involved, credit enhancement counsel represents their interests and has significant influence on the process.

The Trustees

Another unique party to most tax-exempt bond issues is the bond trustee. The bond trustee is usually a bank who performs a fiduciary duty on behalf of the bond holders throughout the life of the bonds. The face of the faceless bond holders, they act on their behalf. And they, too, are represented by counsel in the bond issuance process.

State or local government typically appoints bond counsel. In many cases, they work with only a single firm. Not unusually, these relationships are quite cozy, and often result in fees being paid that are well in excess of what otherwise would be paid.

The Documents

An excess of documents is involved in most tax-exempt financings. The heart of the documents is the indenture, which is the agreement between the bond trustee (on behalf of the bond holders) and the state or local government issuer. It contains the promises made to the bond holders, and it describes the work of the bond trustee. The bond trustee will only perform actions on behalf of bond holders that are explicitly set forth in the bond indenture. The bond indenture is the security given to the bond holders, describing all their recourses.

Assessment

The bond indenture is typically supported by the loan agreement between the state or local government that issues the bonds and the hospital to which the proceeds are loaned. Its terms complement the terms of the bond indenture, which together, form the conduit.

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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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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On Vacation Cruises for Doctors

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Something for Everyone

By Rick Kahler MS CFP® ChFC CCIM

www.KahlerFinancial.com

My family and I recently took our 20th cruise-ship vacation. Obviously, we’ve found that cruising offers something for each of us. Perhaps more medical professionals can too?

First Time

I was reluctant to go on my first cruise, both because I’m prone to motion sickness and because I couldn’t see why anyone would want to spend a vacation cooped up on a boat. I quickly learned two things that changed my mind. First, a number of drugs, patches, and shots are available to prevent or cure seasickness. Second, if you get bored on a cruise ship, it’s only because you choose to.

Benefits

A major asset of cruising is the 18 hours a day of tailor-made, supervised activities available for kids of various ages, even when the ship is in port. This allows parents plenty of time to tour ports of call unencumbered by cranky kids who couldn’t care less about museums or ancient ruins. Our kids are now old enough that they enjoy most of the shore excursions, but this still leaves them the option to opt out of any port that doesn’t call to them.

Bargains

Most people assume cruising with a family must be prohibitively expensive. We’ve found it to be a highly affordable way to vacation if you follow a few rules.

You can get some incredible cruising bargains, but it does take a little legwork. You will want to get on the email lists of the major cruise lines; my top picks are Cunard, Celebrity, Holland America, and Princess. They send out sales and last-minute offers continuously.

One of the best places to shop and compare deals is Cruise.com. However, when I’ve run into issues like an incorrect booking or an issue with the cruise company, Cruise.com wasn’t much help. I was left pretty much on my own to resolve the problems. I’ve found it’s better to shop the deals online with sites like Cruise.com or Cruisecritic.com, but to place the order with my local travel agent or directly with the cruise company.

Food

It will come as no surprise that one of the main features I look for in a ship is really good food. Many of the newer ships offer alternative dining rooms, where for an additional $25 to $40 per person, you can dine in true gourmet fashion. Some of the best specialty dining is found on Cunard and Celebrity.

Cost Balance

To balance the cost of my specialty dining habit, I select the least expensive stateroom, typically an inside cabin. It’s the same size as 80% of the cabins on the ship; it just doesn’t have a window. You can enjoy the same view—water and sky—from a lounge on deck while you relax with a cool drink. And the cheaper cabin leaves several hundred extra dollars to spend on food and shore excursions. For our latest 12-day cruise, our inside cabin cost $800 per person.

Rates

You typically get the best rates by booking the cruise as far in advance as possible. A small deposit is due upon booking but is totally refundable until about 60 days prior to the cruise date. Often, the prices rise the closer you get to that 60-day deadline, when the cruise must be paid in full and your deposit becomes non-refundable. If you are flexible, another great time to shop for cruises is about 30 to 60 days prior to sailing.

Assessment

A cruise isn’t what we typically think of as a middle-class family vacation. Yet when you figure in lodging, food, and admission fees for visiting major US vacation destinations, cruising can be just as affordable and just as much fun.

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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Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Selling into a House Poor Market

When the Local Real-Estate Market is Challenging

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By Rick Kahler MS CFP® ChFC CCIM www.KahlerFinancial.com

An exciting new medical practice opportunity in another state …. Health problems that make one-level living an urgent necessity …. The need to downsize quickly because of a hospitalist job loss ….

These are just a few of the reasons medical professionals might need to sell a home sooner rather than later. The real problem arises when the local real estate market is a challenging one. Here are a few suggestions for anyone looking to sell a house under difficult conditions.

1. Evaluate the urgency of your situation. If you can wait a few months without harming your career, your finances, or your health, that may be the wiser choice. If you can’t make payments, or you need to relocate right away and can’t buy a new house until you sell the current one, waiting to sell is usually a losing proposition.

2. Take a hard look at the costs of waiting. You often can cut your overall housing costs significantly by biting the bullet and selling, rather than paying for two homes until you get the price you want. In addition to mortgage payments, add up expenses like property taxes, maintenance, utilities, and commuting costs.

Example:

For example, suppose you paid $400,000 for a house that’s worth $300,000 in the current market. Selling it now would mean a loss of $100,000, but holding onto it costs $3000 a month. Suppose the market improves by 33% in three years, which of course is not something you can count on. You sell the house then for $400,000. In the meantime, keeping it has cost you $108,000. If you keep the house on the market for a year, then give up and sell at $300,000, you’ve added $10,800 to the original $100,000 loss. You’re often better off to cut your losses and sell.

3. Grit your teeth, hold your nose, and be realistic about the market value of the home you are selling. Your original purchase price has NOTHING to do with current reality. The market is the market, and buyers couldn’t care less about what you paid for the home. They only care about the competition and getting the most home for their money, just as you did when you bought the property.

You need to research the housing market in your area or hire competent help (like an appraiser) to help you determine the market value of your property. Real estate agents can help with pricing, but you must proceed carefully. Some agents practice a technique of “tell them what they want to hear, get the house listed, and then work on getting them to reduce the price.”

4. Think like a buyer as well as a seller. Many sellers forget that the pain of selling at a loss is eased if the replacement home they buy is also valued less than it was several years ago. The loss in the home being sold can often be offset by the bargain price of the home being purchased.

5. Do your best to negotiate with your lender. If your mortgage is more than the sale price of the house, you’ll owe money to the lender at closing. Depending on the circumstances, it may be possible to get the lender to accept a lower payoff. Before the closing date, find out exactly how much you’ll need to pay and know where you’re going to get it.

Assessment

Our reluctance to sell a property for less than the amount we’ve put into it is described as “sunk cost fallacy.” Holding on until we get our money back sometimes works. More often, though, all it does is sink us deeper into a financial hole.

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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Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Succeed with the “Business of Medical Practice” Textbook

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[Transformational Health 2.0 Skills for Doctors]

By Ann Miller RN, MHA

www.BusinessofMedicalPractice.com

December 23rd, 2011 – The Institute of Medical Business Advisors [iMBA] Inc, in Atlanta, GA www.MedicalBusinessAdvisors.com and Springer Publishing Company of New York, just released the third edition of “The Business of Medical Practice” [Transformational Health 2.0 Skills for Doctors] edited by iMBA founder Dr. David Edward Marcinko MBA, CMP™ and President Hope Rachel Hetico RN, MHA, CPHQ, CMP™

Internal Contents

The 37 chapter, 750 page hard-cover textbook provides a comprehensive resource for those physicians, medical professionals, practice managers, nurse executives, health care administrators and graduate students seeking working knowledge on running a private facility or medical clinic.

Three Major Sections

The BoMP is comprised of three enterprise-wide sections: [1] Qualitative Office Operations, [2] Quantitative Aspects of Medical Practice and [3] Health Policies, Ethics and Leadership. Topics like ARRA, HITECH, ACA and the social networking aspects and ramifications of health 2.0 connectivity for all stakeholders are included for modernity.

Tools and Templates

Tools used throughout the book help readers reference and retain complex information. These tools include:

  • Sidebars. Key terms, key concepts, key sources, associations, and factoids all serve to enhance and reinforce the core takeaways from each chapter.
  • Tables. Tables are used to display and reference benchmark data, draw comparisons, and illustrate industry data trends.
  • Figures. Graphical depictions of concepts help you comprehend the material.
  • Charts. Charts allow easily referenced standard industry taxonomies alongside comparisons of related topics.

Assessment

For a further description of the Business of Medical Practice, with online “live’ community, please click: www.BusinessofMedicalPractice.com

To order directly: http://www.springerpub.com/product/9780826105752 

Conclusion

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BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Doctors and Financial Advisors “Working 9 to 5”

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What an “Old” Way to Make a Living

[Challenging the Current Business Process Model and Scheduling Paradigm]

By Dr. David Edward Marcinko FACFAS MBA CMP™

[Editor-in-Chief]

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

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

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

Working

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

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

An Old but Novel Idea?

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

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

The Decision

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

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

Assessment

Link: Ready to offer extended patient hours?

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

Conclusion

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

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

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Understanding The Federal Reserve Act

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[By Staff Reporters]

Uncovering The FED

In the early 20th century, a financial crisis led panicked citizens to withdraw all their money at once, damaging banks. By 1913, Congress responded with the Federal Reserve Act, creating 12 regional banks acting as a federal bank to deal in local and global affairs with both private banks and the federal government.

Balancing v. Manipulation

Some say the Fed was meant to create a balanced economy, while others argue its purpose was to inorganically manipulate free enterprise, rescuing banks that we’d be better off without.

Assessment

Is the Fed still doing its job today? What secrets are being kept from us and how are the Fed’s actions impacting our economy?

Channel Surfing the ME-P

Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these topics is dependent upon your input. Please take a minute to visit. And, to prevent that annoying spam, we ask that you register. It is fast, free and secure.

Conclusion

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

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

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Vital iMBA Inc Links for Savvy Doctors and their Financial Advisors

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An Educational Resource Supporting Doctors and their Consulting Advisors 

Healthcare OrganizationsMedical Business AdvisorsCertified Medical PlannerHDS

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

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

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

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

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PRACTICE: www.BusinessofMedicalPractice.com
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ADVISORS:www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Assessment

Link: Letterhead.iMBA_Inc.

Link: Letterhead CMP

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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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:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Transitioning and Appraising a Podiatry [Medical] Practice

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A Round Table Fair Market Valuation Discussion of One

By Dr. David Edward Marcinko MBA CMP™

[Former – American Society of Health Economists (ASHE) member]

[Editor-in-Chief]

www.CertifiedMedicalPlanner.org

Recently, I was asked to participate in a roundtable of expert’s discussion on the worth or fair market value [FMV] of a typical podiatric [medical] practice on an “ongoing concern” basis.

Of course, this is the type of engagement we often perform at the www.MedicalBusinessAdvisors.com And, I have written about this topic informally on this blog, and more formally in our white-papers and books: www.BusinessofMedicalPractice.com

So, I was pleased to add my experienced opinion to the discussion sponsored by a trade industry magazine upon the invitation of Editor Dr. Barry H. Block JD.

LINK: Podiatry Mgmt Round Table

Assessment

Due to copyright issues, I posted only my comments to the questions posed to all participants. Nevertheless, they are very representative of most medical practices with the exception of the noted podiatric-specific differences.

Invitation: Letterhead.iMBA_Inc.

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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.

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Promoting the ME-P Holistic Physician Lifestyle

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Enter the Certified Medical Planners™

By Ann Miller RN MHA

[Executive-Director]

Life planning and behavioral finance, as proposed by physicians and financial advisors, and as integrated by the Institute of Medical Business Advisors (iMBA), emanates from a holistic union of personal financial planning and medical practice management solely for the healthcare space.

Source: https://www.mapsforthat.com/map.php?m=587

The CMP™ Difference

Unlike pure life planning, pure financial planning, or pure management theory, it is both a quantitative and qualitative “hard and soft” science. It has an ambitious economic, psychological and managerial niche value proposition never before proposed and codified, while still representing an evolving philosophy. Its’ zealous practitioners are called Certified Medical Planners (CMPs).

Assessment

Health 2.0 focused physician baby boomers & modern Gen-X financial advisors can help transition you successfully through medical practice and life changing financial events by exchanging knowledge, experiences and inspiration with industry professionals and peers in the casual and friendly atmosphere of the ME-P. Join us today.

More: https://medicalexecutivepost.com/2009/10/20/understanding-behavioral-finance/

Conclusion

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

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About the Institute of Medical Business Advisors, Inc

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iMBA, Inc

[www.MedicalBusinessAdvisors.com]

Championing the Financial Success of

Doctors and their Consulting Advisors

[Career Development Products and Services]

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

Your Personal DR. Invitation: Letterhead.iMBA_Inc.

Events Planner: July 2012

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Events-Planner: JULY 2012

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

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

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

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

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

Contact: MarcinkoAdvisors@msn.com

Conclusion

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A Resource For Financial Planners Who Advise Doctors and Medical Professionals

Emerging Education Network with Professional CMPDesignation

Certified Medical Planner

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

Education and Certification: www.CertifiedMedicalPlanner.org

Professional Network: www.MedicalExecutivePost.com

Invitation to Matriculate: Letterhead CMP

Assessment

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

Conclusion

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

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Some Ways to Lower the Cost of Higher Education

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Exploring Solutions to the College Tuition Bubble

By Rick Kahler MS CFP® ChFC CCIM www.KahlerFinancial.com

My daughter is a high-school sophomore, so any essay on the cost of college is uncomfortably personal for me.

Nevertheless, let’s take a look at some possible solutions to the problem of high college costs.

Some Possible Solutions to the High Cost of College

1. Don’t just hope for scholarships, pursue them.

The most important college-saving strategy a student can have may be focusing on getting top grades in high school in order to qualify for scholarships. Even straight-A students, however, shouldn’t sit passively and wait for scholarship offers to roll in.

Instead, actively go after them. Research online and through your high school to find out what is available. Many organizations, individuals, and institutions offer small, specialized scholarships. Most of these are only a few hundred dollars, but they are well worth trying for. Surprisingly often, there are few applicants for these awards because people don’t take the time to research them and apply. One warning: don’t pay a service to find scholarships. Even if a so-called agency isn’t a scam, the service is unnecessary since the information is readily available.

2. Explore career options early.

Volunteering, summer jobs, internships, and shadowing programs are all valuable ways to find out more about careers a student might be interested in. I know my first job, cleaning cages at a veterinarian’s office, was enough to prove to me that animal medicine wasn’t my career niche. If schools don’t offer career shadowing opportunities, many professionals would be glad to let a student follow them around for a day or two. It’s important to make sure students are interested in the career a given degree prepares them for, not just the subject area of the degree itself.

3. Summer jobs.

If your children have summer jobs, require them to save half their earnings for college. Be wary of letting kids overdo it with part-time jobs during the school year. If their grades and scholarship opportunities suffer as a result, the job may cost more than it’s worth in the long term.

4. Shop for value.

Find out whether neighboring states offer reciprocal in-state tuition rates. Compare tuition costs, fees, housing and travel costs, class sizes, and career placement numbers. Don’t just assume a big-name school offers more opportunities. Depending on the career field, a degree from a state institution may be a far better value than one from an Ivy League school.

5. Two or Four years.

Remember that “higher education” doesn’t have to mean “four-year college”.  Don’t overlook other options such as vocational schools or apprenticeship programs. Careers such as massage therapy, welding, and medical technology can pay very well without requiring a four-year degree. Compare values here, as well. Some for-profit technical schools can be more expensive than state universities. Also investigate jobs in high-demand fields that may offer on-the-job training or tuition reimbursement.

6. Postpone college.

Consider encouraging your kids to work for a year or two and postpone college until they know what their career goals are. The risk with this approach, of course, is that they may end up not going to college at all.

7. Plan.

Have a five-year plan, or even six or seven. There’s no rule that says a student has to graduate in four years. One option is to “pay as you go” as much as possible by taking fewer classes and working part-time or even full-time. Even if it takes longer, graduating with much less debt can still mean starting out ahead.

Assessment

Although some of the ideas above may be anathema to some highly educated and well-heeled doctors, lawyers and accountants, we all realize that education certainly is an important way to invest in higher earnings and career success. Planning ahead and doing plenty of homework before classes start is a good way to make sure that investment is a wise one.

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Increasing Operating Room Efficiency and Flow-Thru Logistics

Achieving Better Prep, Execution, and Discharge in the OR

By Denice Soyring Higman

By Adam Higman

By Dragana Gough

http://www.soyringconsulting.com

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Pre-Operative Phase

The OR should run like a well-oiled machine with patients moving through each stage seamlessly as the slightest factor can have lasting negative effects.  As with most things, the process of improvement must start at the beginning with Pre-admission Preparation.  Ensuring that patient files have an up-to-date History and Physical (H&P) and Laboratory and Radiology reports, as well as financial clearance will aid in the improvement process.

Some Vital Queries

One of the keys to improving preoperative performance is involving physicians. Assess where things stand by asking these questions:

  • Is Anesthesia involved in team decision making?
  • Are Medical Staff taking an active role in throughput?
  • Is your Anesthesia staff reviewing patient charts for the next day?
  • Anesthesia staff should assess a scheduled patient when the health history suggests potential problems

Holding Area or Not?

It depends.  Most hospitals do not use holding areas for all patients, even though the areas may exist.  Typical uses for holding areas include inpatient surgery patients and anesthesia services for line insertions, etc.  For smoother transitions in the OR, you should consider elimination of multiple stops for outpatients.

Operative Phase

Operative throughput should start with an assessment of your instrument and supplies. This begins with a review of your case cart readiness, including the number of trays and instruments, used and unused.  The goal of this review is to eliminate any additional unneeded instrument counting/processing.  To avoid case delays, ensure that all materials and supplies pulled for the case are correct and your preference cards are updated.  As with any procedure, make sure that the equipment is functioning correctly and that all personnel are fully trained for the job.  Perform proper maintenance checks ahead of time and review storage and organization procedures to ensure that the equipment is readily available for the next case start time.  Unreliable items that frequently break/malfunction can have a huge effect on turnover.

Team Approach to Operating Room Turnover

It is imperative that the OR staff be ready to start on time and every person in surgery should have a part of the turnover process.  Surgeons can set the stage for expectations, especially if they are present during turnover/set-up.  Do not let them perform a disappearing act.  Work with surgeon’s office staff on scheduling issues if there continues to be a problem.  For Anesthesia, Scrub, and Circulator staff, create buy-in for quick turnover time, utilize specialty teams, if possible, publicize turnover results (monthly), and celebrate improvements.  Anesthesia can help transport patients from Holding/Day Surgery to OR and housekeeping needs to be readily available to assist with cleanup.  Nursing staff can assist with cleanup of rooms and patient transport.  The bottom line, everyone needs to pitch in whether it is in their “job description” or not.

Post-Operative Phase

To continue the momentum, make strides in post-op procedures starting with discharging from the post-anesthesia care unit (PACU).  Acute care facilities should consider discharging select, low acuity patients directly from PACU.

Pre-Order Now

We are now preparing the next edition of our book: “Healthcare Organizations” [Management Strategies, Tools, Techniques and Case Studies]. In-Process from: (c) Productivity Press 2012
http://www.crcpress.com/product/isbn/9781439879900

Conclusion

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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The High Cost of College Loans

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Slowing Down the Speeding Train of Educational Debt

By Rick Kahler MS CFP® ChFC CCIM

www.KahlerFinancial.com

Trying to improve on the free market system almost always ends badly. Take medical school or college tuition as an example. It’s an important segment of our economy, since for most a college education is a door to higher wages and a better lifestyle.

Tuition Due in Cash

In the days before college loans were as ubiquitous as mountain pine beetles in the Black Hills of SD, college costs were like any other service. They were due in cash. Students and their parents had to save money or pay tuition out of their earnings. Many students worked their way through college. Those whose parents didn’t save, who couldn’t or didn’t want to work, or who didn’t have high enough grades to get scholarships didn’t go to college.

Supply and Demand Basics

Since colleges competed for students, of course, schools had to keep a close watch on their tuition rates. Raising tuition too much resulted in fewer students. Fewer students meant falling revenues. The two forces of supply (college capacity) and demand (the ability to pay the tuition) kept college costs in check.

Political Fiat

Understandably, getting a loan to pay for college tuition was difficult. What sane bank or investor would make a loan to an unemployed teenager with no collateral to speak of? If you could find someone willing to make such a risky loan, the interest rate was more like the high rates charged by credit card companies.

Well-intended politicians decided it wasn’t fair that those who didn’t have the means to pay the tuition were denied college educations. They decided the solution would be to require the taxpayers to loan unemployed teenagers the money they needed to pay their tuition, sometimes at interest rates lower than what the most creditworthy could obtain.

Easy Money

With tuition money easy to obtain through loans, demand for a college education increased. With the increased demand came higher tuition costs. This easy money is the primary reason that college tuition costs have far outpaced inflation and gone up twice as fast as medical costs since 1985.

Unfortunately, one consequence of loaning money to someone the private sector deems a poor risk is that many of those borrowers will be unable to repay the debt. That’s why the private sector took a pass on making the loans in the first place. It should come as no surprise that 60% of all student loans are currently in default. According to The Kiplinger Letter, December 2, 2011, that default rate will only get worse, as the unemployment rate of those aged 20 to 24 is around 14%. Today, taxpayers are on the hook for over 70% of the $1 trillion in outstanding student loans.

Rising Appetites

And the appetite for loans continues to rise. This year we will add another $100 billion in college debt to the books. Today, the average student graduates with over $27,000 of debt owed to institutions or the government and another $7,000 owed to parents. It isn’t uncommon for a medical student to amass over $200,000 of student loan debt.

College Loan Debt

The more college loan debt that graduates take into the workplace, the less they have to spend for vehicles, rent, and consumer goods. The 60% who are in default on their debt will also mar their credit ratings, so their purchasing power will suffer for years to come.

Assessment

If taxpayers ever decide to quit footing the bill, many colleges’ tuition rates will fall. They may crash as hard as housing prices did in Florida, Arizona, and California. It will be a buyer’s market. But, that day could be years away. In the meantime, savvy students will do whatever they can to minimize their college tuition and graduate debt-free. 

Conclusion

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Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Evaluating ACOs at Mid-Launch

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Moving Forward but Challenges Ahead

[By ME-P Staff]

Accountable Care Organizations [ACOs] are generating considerable attention for their potential to improve the value of our health care spending through better coordination of care and new payment incentives that focus on quality and efficiency of care.

The Challenges

Yet, even as ACOs develop at a fairly rapid clip across the nation, they face substantial challenges.

For example, In this essay, Steven Lieberman reviews the ACO landscape in both the public and private sectors and examines the major obstacles confronting these emerging organizations, including limited tools for influencing patient choice, the need for immediate and sustained cost savings, and system-wide concerns about rising costs due to enhanced market power.

Assessment

Link: http://nihcm.org/images/stories/EV_Lieberman_FINAL.pdf

Conclusion

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How to Avoid Whitney Houston’s Estate Planning Mistakes

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Look at Money Scripts

By Rick Kahler MS CFP® ChFC CCIM

Since the death of singer Whitney Houston, I’ve seen several articles from attorneys and financial advisors about the errors in her estate planning. They have summarized three areas where it was badly flawed:

1. Lack of privacy. Ms. Houston had a simple will that was subject to public probate, rather than a living trust that would have kept her affairs private. Anyone with thumbs and access to the Internet can see a copy of her will.

2. Lack of protection from claims, con artists, and circumstances. The estate, estimated to be worth over 20 million dollars, was left to Ms. Houston’s daughter, Bobbi Kristina Brown. A vulnerable young woman just barely of legal age will receive three huge payouts over the next decade and become a multi-millionaire by the time she’s 30. A trust could have given her some limits and structure, as well as providing for advisors to help her learn how to manage her wealth and protect herself from predators.

3. Lack of tax planning. The federal estate tax of 35% on anything over $5,120,000 will apply to the estate, so Uncle Sam will take around a third of it off the top.

Estate Planning – How Time Flys By

Unfortunately, this lack of skilled estate planning isn’t all that rare among wealthy people; or even some medical professionals. So, here are a few of the money beliefs that may be behind inadequate estate planning:

  1. “Complicated estate planning is for rich people, and I’m not rich.” This may especially apply to owners of small businesses – like some doctors – who don’t have a particularly high income or lifestyle but whose land or businesses may be worth several million dollars. Yet good estate planning advice is especially important for them, because their heirs aren’t necessarily aware of or prepared for a substantial inheritance.
  2. “The financial advice that was good enough when I was just starting out is good enough now that I’m successful.” A tax preparer, accountant, or financial advisor who is highly competent with small individual or business matters may not have the knowledge necessary for more complex estate planning. Seeking out different financial advisors as your income and net worth grow is no different from consulting a specialist rather than a general practitioner if you have specific medical needs.
  3. “When you can afford the best, you’ll get the best.” Trying to save money by hiring bargain-basement financial advisors is almost always a mistake. It can also be a mistake to assume that someone who charges top-tier fees will always have top-tier skills and integrity. Even if a financial planner or other professional has a reputation as an advisor to the wealthy, it’s still essential to verify that the person or firm is right for you. Ask for references and be willing to ask hard questions about compensation, investment philosophy, and services. Make sure you are a client, not a customer. Work only with financial advisors who, like accountants or attorneys, have a fiduciary duty to put your interests first.
  4. “I know how to make money, so of course I know how to manage money.” Many highly educated and skilled professionals are high earners but don’t necessarily have the knowledge to manage their earnings well. In order to know whether the advisors you hire are competent, it’s important to learn the basics of investing and money management. Look for advisors who don’t set themselves up as “gurus” but are willing to teach and to work in partnership with you.

Assessment

When it comes to financial advice, it isn’t enough to find someone who will “make you feel like a million dollar bill.” It’s more important to find advisors who will help you take good care of all your dollars.

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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Doctors and the “Buffett Rule”

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Once Earned – Twice Taxed

By Rick Kahler MS CFP® ChFC CCIM www.kahlerfinancial.com

The recent discussion of the “Buffett Rule” proposal to increase taxes on the wealthy [medical professionals and dividend seeking investors?] has focused attention on U. S. tax rates. It’s giving Americans a chance to better understand our tax policy and the economics of the free market system.

Mitt Romney, the probable Republican Presidential candidate, has come under attack from both Democrats and other Republican primary candidates for his high income and net worth and his low overall tax rate. The arguments are that Romney made his money by the wrong type of capitalism and that he pays too little in federal taxes.

A Tale of Two Tax Returns

The tax returns Romney has made public show most of his money comes from investment returns on his holdings rather than from wages or a salary. His overall tax rate in 2010 was 13.9% and his estimated rate for 2011 is 15.4%. This caused a predictable outcry that his tax rate is lower than the income tax bracket of many middle class Americans.

President Obama’s 2011 tax return shows a tax rate of just over 20%. Former Republican candidate Newt Gingrich paid 31% of his 2010 income in federal taxes.

Unfair Appearance

To the uninformed, these varying tax rates initially look unfair. What many people don’t understand is the big difference between “ordinary income” (from wages, a salary, short-term capital gains, and interest) and “passive income” (from stock dividends and long-term capital gains). The federal government taxes ordinary income at up to 35% and passive income at 15%.

Why the different rates?

First, let’s look at dividend income and long-term capital gains taxes on investments held over 12 months. Dividends come from corporations that must first pay income taxes on any profits. Long-term capital gains come from shares of a company purchased and held for more than 12 months.

Since the effective corporate rate is 39.2% (the top federal rate and the average state tax rate), the corporation has already paid taxes on all income, including what is paid out to investors as dividends. Prior to the Bush tax cuts in 2001, dividends were then additionally taxed at almost 40%. This meant every dollar of dividend income was taxed twice, once at the corporate level and again at the individual level. The result was that 60 cents out of every dollar of profit made by a company was paid to the federal government. The Bush tax cuts continued the practice of double taxation, but lowered the amount paid at the individual level to 15%.

The same double taxation applied to long-term capital gains, except that the tax rate was a flat 28% before the Bush tax cuts reduced it to 15%.

This double tax makes it seem that the wealthy pay less tax than they really do. An individual may pay 15% on passive income of, say, five million dollars. Yet corporations have already paid taxes of around 39.2% on that same income, for a total tax rate of 54.2%. Of the five million in profit, over two and a half million goes to Uncle Sam. That would seem to be more than a “fair share.”

Assessment

According to Congressional Budget Office figures from 2011, the top 1% of taxpayers pay an average of 29.5%, those in the percentiles from 81% to 99% pay 22.8%, those from 21% through 80% pay 15.1%, and the bottom 20% pay 4.7%. Those numbers, of course, don’t include the 49.5% of Americans who pay no federal income tax at all.

Even factoring in the different tax rates on ordinary and passive income, it’s clear that the more money Americans earn, the more tax they pay. What could be more fair than that?

Conclusion

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

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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How Smart Doctors Can Save Big at the Pump

Easing the Pain of High Gas Prices

By Dr. David Edward Marcinko MBA CMP®

[Editor-in-Chief]

We published a popular post on Easter Sunday 2012 about high gas prices. It was well received. So, since medical professionals often drive expensive, and inefficient cars [read expensive gas guzzlers], I thought it might be a good idea to relay my personal driving tips on how medical and all ME-P colleagues [MDs and FAs], can save big [or at least a bit] at the gas pump.

Link: https://medicalexecutivepost.com/2012/04/08/pain-at-the-2012-easter-sunday-pump/

Guilty – as Charged?

Look, I am a doctor and financial advisor, as well as journalist, editor, surgeon and expert legal witness. I wear many hats and my one indulgence is my pearl white Jaguar XJ-V8-LWB. This classic baby was a gift from my wife who bought it from a singular previous owner [software mogul] in pristine physical and engineering condition after years of meticulous and loving garaged care.

In other words, she let some someone else take the huge depreciation hit on a luxury European touring vehicle that originally sold for up to $100,000 direct from Coventry England. Fortunately, this is not a primary vehicle and I use it only on the weekends, weather permitting. What a joy to drive. Smooth and quiet; just like a hybrid vehicle. And, it is not unusual for nearby folks to stop, stare and even wave at me as I drive by.

 

Why?

So, if rising gas prices are making a huge dent in your wallet, I have a solution to save you money at the pump! Try these simple tips and you’ll find the savings quickly add up.

Tips and Quips

* At least once a month, make sure your tires are properly inflated according to the vehicle’s specifications. Over-inflating tires by even a pound or two might improve fuel mileage in the short run, but it causes tires to wear prematurely. The money you save in fuel is less than what you would pay to replace the tires. But, I am guilty of this tactic because I have Pirelli tires on my Jag.

* Buy the right octane. Look in your vehicle’s owner’s manual for the correct octane level for your car’s engine. Odds are that it will be regular unleaded. Your vehicle should run just fine on regular if that’s what the manual recommends; and it costs less. Again, I use and need 93 plus Octane.

* An annual full-vehicle inspection, including the air conditioning system, may help you avoid costly repairs. I detail and check out my automobile every quarter.

* Vehicles use less fuel the more slowly they travel. Try dropping your highway speed by 10 mph to see big savings at the pump. Here, I follow the rules.

* Extra weight in your vehicle makes it work harder, hence less fuel mileage. If you have a trunk full of junk, empty it out for better fuel economy and to save money. My Jag weighs 4,800 pounds.

* Nothing can put a damper on spring travel plans more than unpredictable gas prices. Search for the best price before you go to fill up. I use a smart-phone and auto navigation system for this chore.

Assessment

With such gorgeous weather, driving your car with sunroof open might be the first thing on your mind. So, just by taking a few small steps, you’ll save money on your vehicle, meaning more money stays in your wallet – while enjoying it more.

Conclusion

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More photos: DEM’s JAGUAR