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The “Medical Executive-Post” is about connecting doctors, health care executives and modern consulting advisors. It’s about free-enterprise, business, practice, policy, personal financial planning and wealth building capitalism. We have an attitude that’s independent, outspoken, intelligent and so Next-Gen; often edgy, usually controversial. And, our consultants “got fly”, just like U. Read it! Write it! Post it! “Medical Executive-Post”. Call or email us for your FREE advertising and sales consultation TODAY [678.779.8597] Email: MarcinkoAdvisors@outlook.com
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THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By Eric Bricker MD
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COMMENTS APPRECIATED
Thank You
***
***
Filed under: Op-Editorials, Managed Care, Practice Management, Career Development, Experts Invited, "Doctors Only", Quality Initiatives | Tagged: healthcare quality, william osler, osler, Eric Bricker, apathy, healthcare diligence, medical apathy, due diligence | Leave a comment »
MARCINKO ASSOCIATES, Inc.
http://www.MarcinkoAssociates.com
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READ – STUDY – LEARN – PROSPER
The Marcinko & Associates case study and white-paper compendium is a teaching vehicle that presents potential clients with a critical management issue that serves as a spring board to lively debate in which participants present and defend their analysis and prescriptions. The average case is 2 to 100 pages long (prose, tables, graphs, charts, spread sheets and figures, etc).
CASE MODEL Sample Privatization: https://tinyurl.com/3af5nf7s
Our two main types of cases are actual “field cases” based on onsite research, and “library cases”, written from public reference sources. We also write “Marcinko & Associates “armchair cases” based entirely on our general knowledge and subject matter experience.
PURCHASE: $99 PURCHASE “CASE MODELS IN HEALTHCARE“: https://tinyurl.com/26ke3n9w
Unfortunately and regardless of specialty, most doctors quickly realize there are few case model guidelines available to steer them through the day-to-day management maze. One solution is to discuss best-of-breed practices with leading practitioners in order to discern what successful doctors are doing [coaching concept].
READ MORE: https://marcinkoassociates.com/case-studies/
***
Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Experts Invited, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Marcinko Associates, Op-Editorials, Portfolio Management, Practice Management, Research & Development | Tagged: business management, case models, case studies, david marcinko, Marcinko, Marcinko Associates, medical management, Practice Management | Leave a comment »
By Eric Bricker MD
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***
COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Doctors Only", Career Development, Ethics, Health Economics, Interviews, Op-Editorials, Practice Management, Quality Initiatives, Videos | Tagged: Eric Bricker JD, Physician performance reviews | Leave a comment »
[Transformational Health 2.0 Skills for Savvy Doctors]
By Ann Miller RN MHA [Executive-Director]
For the first time anywhere, we offer our loyal ME-P readers and subscribers an exclusive first look at the new book: The “Business of Medical Practice” from the Institute of Medical Business Advisors Inc, in Atlanta, GA www.MedicalBusinessAdvisors.com
Synopsis
Now in its 3rd edition, the book explores a variety of issues and seeks to answer these questions:
A Tool for all Stakeholders
Answering these questions and more, this newly updated and revised edition is an essential tool for doctors, nurses, and healthcare administrators; management and business consultants; accountants; and medical, dental, business, and healthcare administration graduate, doctoral students and virtually all stakeholders of the healthcare industrial complex.
Management and Operational Strategies for Private Practice
Written in plain language using nontechnical jargon, the text presents a progressive discussion of management and operation strategies. It incorporates prose, news reports, and regulatory and academic perspectives with Health 2.0 examples, and blog and internet links, as well as charts, tables, diagrams, and Web site references, resulting in an all-encompassing resource. It integrates various medical practice business disciplines-from finance and economics to marketing to the strategic management sciences-to improve patient outcomes and achieve best practices in the healthcare administration field. With contributions by a world-class team of expert authors, the third edition covers brand-new information, including:
Front Matter: Front Matter BoMP – 3
Assessment
Please send any question/and or comments directly to us at: MarcinkoAdvisors@msn.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.
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:
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
Filed under: Book Reviews, Breaking News, Experts Invited, Health Economics, Information Technology, Managed Care, Practice Management, Practice Worth, Quality Initiatives, Recommended Books | Tagged: business appraisals, Business Medical Practice, Marcinko, medical clinics | 1 Comment »
THE THREE VITAL ELEMENTS
SPONSOR: http://www.MarcinkoAssociates.com
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A strong online presence is crucial for any medical or healthcare businesses, but many are struggling to figure out where to invest their marketing dollars. It is important to diversify marketing efforts and not rely solely on one channel, as changes in the industry are inevitable. Search marketing, direct marketing, and social media are three key components that healthcare organizations should incorporate in their marketing campaigns.
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Overall, a well-rounded marketing strategy that incorporates these three elements is crucial for success. A strong online presence is crucial for healthcare businesses, and diversifying marketing efforts across search marketing, direct marketing, and social media is important for success. Search marketing has changed with Google’s algorithms and increased ad costs, while direct marketing and social media have become more popular. Social media also affects search engine rankings.
COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Doctors Only", Career Development, Information Technology, Marcinko Associates, Marketing & Advertising, Practice Management, Touring with Marcinko | Tagged: digital marketing, internet marketing, Marcinko, medical advertising, medical internet marketing, medical marketing, Medical Sales, search marketing, social media | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business – Financial Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
***
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
***
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
HSAs and FSAs
By Staff Reporters
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As cold and flu season truly sets in, major home delivery platforms are now allowing customers to purchase products using their health benefits.
***
Two major healthcare deals closed last week, including a $3 billion merger between Virgin Pulse and third-party administrator HealthComp, on the heels of a relatively quiet year for healthcare M&A deals.
CITE: https://www.r2library.com/Resource
And … Redesign Health has launched Harmonic Health. The digital health company’s care team will partner with PCPs, neurologists, healthcare systems and ACOs to deliver comprehensive dementia care.
***
COMMENTS APPRECIATED
Thank You
***
Filed under: "Ask-an-Advisor", "Doctors Only", Alerts Sign-Up, Breaking News, Experts Invited, Funding Basics, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Information Technology, Managed Care, Practice Management | Tagged: ACO, ACOs, dementia, Fierce Health Finance, FSA, FSAs, Harmonic Health, HealthComp, HSA, HSAs, neurologists, PCPs, Redesign Health, VBC, Virgin Pulse | Leave a comment »
By Eric Bricker MD
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COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Doctors Only", Career Development, Drugs and Pharma, Experts Invited, Health Economics, Health Insurance, Interviews, Managed Care, Practice Management, Videos | Tagged: elion healthcare, elon, elon musk, Eric Bricker, managed care treatment algorithms, musk, musk healthcre | Leave a comment »
By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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Hospital and health system deal activity is finally starting to rebound following a pandemic-era plunge, according to consulting firm Kaufman Hall, but hospitals are increasingly citing “financial distress” as the reason behind the deals.
In more than a third of the 18 hospitals and health systems deals made in Q3 2023—including mergers and acquisitions (M&A) and partnerships—at least one party cited financial distress as the impetus for the transaction. That figure is “well above historical benchmarks,” according to the firm.
CITE: https://www.r2library.com/Resource
“Hospitals and health systems have been under extreme financial pressure since 2022, when median operating margins remained in negative territory for the full year,” Kaufmann Hall analysts wrote in an October 12 report. “These challenges are reflected in the 39% percent of announced transactions in Q3 in which a party has cited, or publicly available information has enabled Kaufman Hall to infer, an element of financial distress as a transaction driver.”
***
COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Advisors Only", "Doctors Only", Accounting, Investing, Practice Management, Practice Worth, Professional Liability, Taxation | Tagged: acquisitions, healthcare acquisitions, Kaufman-Hall, M&A, M&As, medical mergers, medical mergers acquisitions, mergers | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At D.E. Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
D.E. Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
By Staff Reporters
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Nearly two dozen pharmacists at the nation’s largest retail pharmacy chain staged a walkout in the Kansas City metro area this week over working conditions they say put CVS Health pharmacists and patients at risk.
***
The walkout began Thursday and continued into Friday. Organizers said they had shuttered numerous pharmacies across the metro area, which covers a portion of eastern Kansas and western Missouri. Some pharmacies outside the metro area also have joined. They estimated at least 22 locations had closed.
CITE: https://www.r2library.com/Resource
While the group’s specific complaints focus on store staffing and quotas, the walkout reflects a rising outcry from pharmacists at several national pharmacy chains. They say their work requirements leave them unable to safely fill and verify prescriptions, putting patients at risk of serious harm or even death.
***
COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Doctors Only", Breaking News, Career Development, Drugs and Pharma, Health Economics, Health Insurance, LifeStyle, Managed Care, Op-Editorials, Practice Management | Tagged: CVs, CVS Health, CVS pharmacists walk out, CVS walk out, druggist, pharmacist walk out, pharmacists, pharmacists walk put, RPh | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
MISSION & PHYSICIAN COACHING STATEMENT
Open Letter from the CEO
Dr. David Edward Marcinko MBA CMP™
http://www.MarcinkoAssociates.com
ALL MEDICAL AND HEALTHCARE COLLEAGUES
Did you know that at MARCINKO & Associates, all medical colleagues throughout the United States may contact us when they are considering the sale, purchase, strategic operating improvement, merger, acquisition and/or other financial business or related personal financial planning transaction?
MORE: https://marcinkoassociates.com/welcome-medical-colleagues/
***
Our difference is “hard” knowledge and insider financial guidance that helps medical colleagues, nurses, private practitioners, clinics, ambulatory surgery, radiology and outpatient wound care centers realize their ultimate economic goals. This typically includes managerial and cost accounting, financial ratio analysis, fair market valuation business appraisals, business plan creation and personal financial planning.
MORE: https://marcinkoassociates.com/fmv-appraisals/
Our “expert witness” business litigation support service and divorce mediation, arbitration, asset division, settlement and second opinion offerings are always available, as well.
MORE: https://marcinkoassociates.com/expert-witness/
And, our “soft” skill professional career guidance and mentoring center includes executive coaching, consulting and mentoring advisory programs for stressed, conflicted or burned-out physicians and medical practitioners.
Our DIY BOOKS:
***
Most importantly, our professional fees are reasonable and always transparent.
MARCINKO & Associates also serves universities, medical, business, graduate and nursing schools; physicians, dentists, podiatrists, optometrists and legal societies. This includes accountants, financial service providers, wealth and hedge fund managers, emerging entities, hospitals, CEOs and their BODs, the press, media and related organizations.
MORE: https://marcinkoassociates.com/speaking-seminars/
Contact us for an educational white-paper on most any topic.
MORE: https://marcinkoassociates.com/case-studies/
***
Now, please review our website to learn more.
And, always retain us when needed.
How May We Serve You?
DAVID EDWARD MARCINKO
email: MarcinkoAdvisors@msn.com
© Copyright: Institute of Medical Business Advisors, Inc. All rights reserved, USA. Present to 2024.
Filed under: "Advisors Only", "Doctors Only", Career Development, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Insurance Matters, Investing, Marcinko Associates, Media Mentions and PR, Nominations Sought, Op-Editorials, Portfolio Management, Practice Management, Practice Worth, Recommended Books, Research & Development, Risk Management, Touring with Marcinko | Tagged: david marcinko, Dr. David E. Marcinko, Dr. David Edward Marcinko, Dr. David Marcinko, Dr. Marcinko, economics, estate, finance, Investing, INVESTMENT BANKING, Marcinko, Marcinko Associates, retirement, Venture Capital | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At D.E. Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
D.E. Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At D.E. Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
D.E. Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
MISSION STATEMENT
Open Letter from the CEO
Dr. David Edward Marcinko MBA CMP™
http://www.MarcinkoAssociates.com
ALL MEDICAL AND HEALTHCARE COLLEAGUES
Did you know that at MARCINKO & Associates, all medical colleagues throughout the United States may contact us when they are considering the sale, purchase, strategic operating improvement, merger, acquisition and/or other financial business or related personal financial planning transaction?
MORE: https://marcinkoassociates.com/welcome-medical-colleagues/
***
Our difference is “hard” knowledge and insider financial guidance that helps medical colleagues, nurses, private practitioners, clinics, ambulatory surgery, radiology and outpatient wound care centers realize their ultimate economic goals. This typically includes managerial and cost accounting, financial ratio analysis, fair market valuation business appraisals, business plan creation and personal financial planning.
MORE: https://marcinkoassociates.com/fmv-appraisals/
Our “expert witness” business litigation support service and divorce mediation, arbitration, asset division, settlement and second opinion offerings are always available, as well.
MORE: https://marcinkoassociates.com/expert-witness/
And, our “soft” skill professional career guidance and mentoring center includes executive coaching, consulting and mentoring advisory programs for stressed, conflicted or burned-out physicians and medical practitioners.
Most importantly, our professional fees are reasonable and always transparent.
MARCINKO & Associates also serves universities, medical, business, graduate and nursing schools; physicians, dentists, podiatrists, optometrists and legal societies. This includes accountants, financial service providers, wealth and hedge fund managers, emerging entities, hospitals, CEOs and their BODs, the press, media and related organizations.
MORE: https://marcinkoassociates.com/speaking-seminars/
Contact us for an educational white-paper on most any topic.
MORE: https://marcinkoassociates.com/case-studies/
***
Now, please review our website to learn more.
And, always retain us when needed.
How May We Serve You?
DAVID EDWARD MARCINKO
email: MarcinkoAdvisors@msn.com
© Copyright: Institute of Medical Business Advisors, Inc. All rights reserved, USA. Present to 2024.
Filed under: "Advisors Only", "Doctors Only", Career Development, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Insurance Matters, Investing, Marcinko Associates, Media Mentions and PR, Nominations Sought, Op-Editorials, Portfolio Management, Practice Management, Practice Worth, Recommended Books, Research & Development, Risk Management, Touring with Marcinko | Tagged: david marcinko, Dr. David E. Marcinko, Dr. David Edward Marcinko, Dr. David Marcinko, Dr. Marcinko, economics, estate, finance, Investing, INVESTMENT BANKING, Marcinko, Marcinko Associates, retirement, Venture Capital | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
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But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
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Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
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http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
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Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
WHAT WE DO AND HOW WE ASSIST MEDICAL COLLEAGUES
Hard Business Advice AND Personal Lifestyle Coaching
http://www.MARCINKOASSOCIATES.com
By Ann Miller RN MHA CMP™
At Marcinko & Associates our clients traditionally include physicians [MD, MBBS and DO], dentists [DDS and DMD], podiatrists [DPM], Registered Nurses [RNs], Certified Registered Nurse Anesthetists [CRNA], Physician Assistants [PA] and Nurse Practitioners [NP]. A growing cohort of clients include medical technologists, physical, speech and occupational therapists, etc.
The above are naturally segregated into three career tranches: 1. New practitioners, 2] Mid-Career practitioners and 3] Mature practitioners. We serve them all and are fully prepared for any special needs situation that may arise in any tranche [death, divorce, adverse risk event and/or bankruptcy, etc].
Marcinko & Associates understands the complexity of financial and non-financial deal terms because we are also doctors. Our “hard” knowledge of your business comes from being actual healthcare facility owners, operators and medical practitioners [with additional professional licenses and expertise] enabling us to effectively analyze your business, take corrective measures and present your healthcare entity in the best possible and accurate light.
***
But, if you’re looking at this website, chances are you are fed up, burned out, seeking practice management techniques or a better work-life balance. Or, you are looking for a new non-clinical career, thinking of finance, investing, retirement, or all of the above. Perhaps you are just looking to regain the joy and meaning in your medical or professional career? This is known as “soft” psychology, coaching, personal consulting or fraternal advice.
***
Regardless, of your “soft” personal or “hard” corporate needs, our transparent Fees for Service [FFS] model is moderated for all colleagues based on the acuity and urgency of their engagements. Reduced rates and/or limited charity work may also be possible.
***
http://www.DavidEdwardMarcinko.com
CONTACT US TODAY – THRIVE TOMORROW!
Suite #5901 Wilbanks Drive
Norcross, Georgia USA 30092-1141
email: MarcinkoAdvisors@msn.com
***
***
Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Estate Planning, Ethics, Experts Invited, Financial Advisor Listings, Financial Planning, Health Economics, Health Law & Policy, Healthcare Finance, Interviews, Investing, LifeStyle, Managed Care, Marketing & Advertising, Media Mentions and PR, mental health, Op-Editorials, Practice Management, Practice Worth, Risk Management, Sponsors, Touring with Marcinko | Tagged: advising, coaching, David Edward Marcinko, david marcinko, Dr. David Edward Marcinko, Dr. Marcinko, Marcinko advisors, Marcinko Associates, psychology | Leave a comment »
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***
Good will should be protected in a sale of a practice because much of the value of such a practice is encompassed by the element of good will. A medical practice may include a building or suite of offices, either owned or leased; the equipment, furniture, and supplies on hand, records of patients, and other financial interests.
Propensity of existing patients
But, the biggest value of a practice is the propensity of existing patients to come to that location for medical services; and more recently, inclusion in insurance, hospital or third party provider networks. The good will has been created by the practitioners who have provided those services in the past. To the extent that patients have liked Dr. Washington and have been satisfied with his medical treatment, they will tend to come to his office after Dr. Adams has acquired the practice. A large part of what Dr. Adams has paid for is the likelihood of transfer of that patient loyalty from Dr. Washington to him.
A necessary part of the sale of the practice then is a commitment from Dr. Washington not to compete with Dr. Adams in that location or nearby for some reasonable amount of time. If Dr. Adams were not to require such a commitment from Dr. Washington, Dr. Washington would be free to open a new office across the street from the old one and attract the patients who were loyal to him in the old office to come to the new office. Unless Dr. Adams only bargained for some second-hand equipment and shop-worn office space, he would not have gotten the good will he paid for.
Covenants not to compete
Covenants not to compete which are incident to the sale of a practice are favored by the law, almost universally enforced, and play a logical and necessary part of the sale or transfer of good will. Disputes and litigation over these covenants arise when the seller tries to find a way to get around the commitment.
Example:
For example, “Yes, I signed the covenant not to compete with Dr. Adams, but my wife, Dr. Martha Washington did not. She can start up a competing practice across the street from the old office. She doesn’t use the business name “Washington Internal Medicine Associates” that I sold to Dr. Adams; she uses “Dr. M. Washington Internal Medicine, P.C.” I don’t practice medicine in any way at her office; I just sit out in the waiting room and drink coffee and chat with the patients.”
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Reasonable terms
Sellers who try such tactics usually lose. In negotiating the sale of a practice, either as seller or buyer, use an attorney who is expert in the area of covenants not to compete. Don’t use a real estate lawyer, your tax attorney, or your divorce attorney! Don’t use your brother’s former college roommate just because he would do it cheap! You would never have a psychiatrist set your broken leg; so pay for the appropriate specialist. Make sure that the terms of the covenant are reasonable. A covenant whose terms are draconian may be voided by a court, leaving the purchaser with no protection at all.
More:
Assessment
With HMOs and the various managed care initiatives, ACOs, and PP-ACA with “skinny networks”- is good will still as important as it was in the FFS past?
Even More:
Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
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[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]
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Filed under: Health Economics, iMBA, Inc., Practice Management | Tagged: business valuations, good will, Medical Practice Covenants, Medical Practice good will, Medical Practice’s Fair Market Value, William "Duffy" LaCava JD PhD | 2 Comments »
By Ann Miller RN MHA CMP™
INTRODUCING OUR NEXT GENERATION e-BOOK LIBRARY FROM iMBA, Inc.
An e-book is an electronic or digital book that can be read on a computer or a handheld device.
Our new e-books consists of text, images, and are fixed to a specific spot on the page.
And, our e-books are a data files similar in content and structure to a word-processing document that comes in a PDF format. To use our e-books, you need to purchase and download it to a device that has a .pdf file reader app, such as ADOBE® or similar on a smartphone, tablet or computer. A PDF, also known as a portable document format, is the format most people are familiar with and used in our e-books. PDFs are known for their ease of use and ability to hold custom layouts. They are the most commonly used e-Book formats, especially by professionals and adult-learners.
You can then access the e-book and read it, or highlight pages and even take side notes.
With no manufacturing, printing, binding or shipping costs, e-Books are cheaper than traditional hard or paper back books.The price of each specialized and highly niche focused e-Book [50-100 pages] is only $25, whereas similar paperback printed books of this type generally cost $145, or more!
Payable thru PayPal [3% courtesy surcharge applies].
MORE HERE: https://medicalexecutivepost.com/me-pr-a-new-feature/
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Filed under: "Advisors Only", "Doctors Only", Accounting, Career Development, Experts Invited, Financial Planning, Funding Basics, Health Economics, Health Insurance, Health Law & Policy, iMBA, Inc., Information Technology, Investing, Managed Care, Portfolio Management, Practice Management, Practice Worth, Professional Liability, Recommended Books, Research & Development, Retirement and Benefits, Risk Management | Tagged: .pdf files, e-books, electronic books | Leave a comment »
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MARCINKO & ASSOCIATES, Inc.
Dr. David Edward Marcinko MBA CMP®
Certified Medical Planner®
SPONSOR: http://www.CertifiedMedicalPlanner.org
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FINANCIAL PLANNING
CAREER DEVELOPMENT
MEDICAL PRACTICE BUY IN / OUT
INVESTMENT ANALYSIS
PORTFOLIO MANAGEMENT
MERGERS AND ACQUISITIONS
PRACTICE APPRAISALS AND VALUATIONS
RETIREMENT PLANNING
FEE-ONLY
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CONTACT: Ann Miller RN MHA
EMAIL: MarcinkoAdvisors@msn.com
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Filed under: "Ask-an-Advisor", "Doctors Only", Alternative Investments, Career Development, CMP Program, Ethics, Financial Advisor Listings, Financial Planning, iMBA, Inc., Investing, LifeStyle, Managed Care, Marketing & Advertising, Portfolio Management, Practice Management, Practice Worth, Touring with Marcinko | Tagged: acquisitions, David Edward Marcinko, fiduciary, Financial Planning, Investing, mergers, Portfolio Management, retirement planning | Leave a comment »
By Health Capital Consultants, LLC
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Valuation of MA Plans: Regulatory Environment
Healthcare provider organizations, including Medicare Advantage organizations (MAOs), face a range of federal and state legal and regulatory constraints, which affect their formation, operation, procedural coding and billing, and transactions.
CITE: https://www.r2library.com/Resource
This final installment of the three-part series on the valuation of Medicare Advantage (MA) plans will review the regulatory environment in which these plans operate. (Read more…)
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Filed under: "Doctors Only", Accounting, Experts Invited, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Investing, Practice Management, Professional Liability | Tagged: Health Capital Consultants LLC, medicare, Medicare Advantage, Medicare C, Medicare Part C, Part C, Valuation Medicare Advantage Plans, Valuation Part C | Leave a comment »
By Health Capital Consultants, LLC
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Congress Mulling Medicare Site-Neutral Payment Policy
Congress is actively considering several bills related to site-neutral payment that has hospitals across the U.S. significantly concerned. The proposed legislation would lower the price that Medicare pays hospitals for common outpatient services, such as x-rays and general checkups, and match what it pays outpatient facilities such as physician offices. Facilities that are owned by hospitals (known as hospital outpatient departments, or HOPDs) earn more than twice what an independent outpatient facility earns for providing the same services.
CITE: https://www.r2library.com/Resource
This Health Capital Topics article will review the changes that are being considered by Congress, as well as the responses from stakeholders. (Read more…)
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Filed under: "Doctors Only", Accounting, Experts Invited, Health Economics, Health Insurance, Healthcare Finance, Practice Management, Risk Management, Taxation | Tagged: Health Capital Consultants LLC, mediare payments, medicare, medicare payment options, Medicare Site Neutral Medicare Payment Policy, Site Neutral Payment Policy | Leave a comment »
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Dr. David Edward Marcinko MBA CMP®
Certified Medical Planner®
SPONSOR: http://www.CertifiedMedicalPlanner.org
***
FINANCIAL PLANNING
CAREER DEVELOPMENT
MEDICAL PRACTICE BUY IN / OUT
INVESTMENT ANALYSIS
PORTFOLIO MANAGEMENT
MERGERS AND ACQUISITIONS
PRACTICE APPRAISALS AND VALUATIONS
RETIREMENT PLANNING
FEE-ONLY
***
CONTACT: Ann Miller RN MHA
EMAIL: MarcinkoAdvisors@msn.com
***
Filed under: "Ask-an-Advisor", "Doctors Only", Alternative Investments, Career Development, CMP Program, Ethics, Financial Advisor Listings, Financial Planning, iMBA, Inc., Investing, LifeStyle, Managed Care, Marketing & Advertising, Portfolio Management, Practice Management, Practice Worth, Touring with Marcinko | Tagged: acquisitions, David Edward Marcinko, fiduciary, Financial Planning, Investing, mergers, Portfolio Management, retirement planning | Leave a comment »
BUT MEANINGFUL?
By Eric Bricker MD
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CITE: https://www.r2library.com/Resource
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Filed under: "Doctors Only", Career Development, Drugs and Pharma, Ethics, Experts Invited, Health Insurance, Health Law & Policy, Practice Management, Risk Management, Videos | Tagged: Eric Bricker MD, Health Insurance, insurance, Prior Approval, Prior Authorization, prior drug authorization, prior medical authorizations | Leave a comment »
By Ann Miller RN MHA CMP™
INTRODUCING OUR NEXT GENERATION e-BOOK LIBRARY FROM iMBA, Inc.
An e-book is an electronic or digital book that can be read on a computer or a handheld device.
Our new e-books consists of text, images, and are fixed to a specific spot on the page.
And, our e-books are a data files similar in content and structure to a word-processing document that comes in a PDF format. To use our e-books, you need to purchase and download it to a device that has a .pdf file reader app, such as ADOBE® or similar on a smartphone, tablet or computer. A PDF, also known as a portable document format, is the format most people are familiar with and used in our e-books. PDFs are known for their ease of use and ability to hold custom layouts. They are the most commonly used e-Book formats, especially by professionals and adult-learners.
You can then access the e-book and read it, or highlight pages and even take side notes.
With no manufacturing, printing, binding or shipping costs, e-Books are cheaper than traditional hard or paper back books.The price of each specialized and highly niche focused e-Book [50-100 pages] is only $25, whereas similar paperback printed books of this type generally cost $145, or more!
Payable thru PayPal [3% courtesy surcharge applies].
MORE HERE: https://medicalexecutivepost.com/me-pr-a-new-feature/
COMMENTS APPRECIATED
Thank You
***
Filed under: "Advisors Only", "Doctors Only", Accounting, Career Development, Experts Invited, Financial Planning, Funding Basics, Health Economics, Health Insurance, Health Law & Policy, iMBA, Inc., Information Technology, Investing, Managed Care, Portfolio Management, Practice Management, Practice Worth, Professional Liability, Recommended Books, Research & Development, Retirement and Benefits, Risk Management | Tagged: .pdf files, e-books, electronic books | Leave a comment »
By Eric Bricker MD
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CITE: https://www.r2library.com/Resource/Title/0826102549
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Filed under: "Doctors Only", Accounting, Experts Invited, Practice Management, Risk Management, Taxation, Videos | Tagged: CPA, Dr. Bode, Eric Bricker, Gary Bode, maedical practice managers, medical office abuse, medical office fraud, office medical theft, stealing from doctors | Leave a comment »
Understanding the Difference
[By Dr. David Edward Marcinko MBA]
Many times, individuals will use the terms management and leadership synonymously. In actuality the terms have significantly different meanings.
For example, Warren Bennis describes the difference between managers and leaders as “Managers do things right, Leaders the right thing.”
Managers are those individuals who have as their primary function managing a team of people and their activities. In effect, managers are those who have been given their authority by the nature of their role and ensure that the work gets done by focusing on day to day tasks and their activities.
On other hand, a leader’s approach is generally innate in its approach. Good leadership skills are difficult to learn because they are far more behavioral in nature than those skills needed for management. Leaders are also very focused on change recognizing that continual improvement can be achieved in their people and their activities can be a great step towards continued success.
Training Camps
Perhaps some of the best training grounds for the development of leaders are the military. The Marine Corps slogan is “A Few Good Men” and the military academies at Annapolis (Navy), New London, Connecticut (Coast Guard), Colorado Springs (Air Force), and West Point (Army) all have as their main mission, the development of leaders.
This is done by a number of different techniques. At graduation, the new officers, regardless of the branch of service, have been taught, and more importantly, have internalized the following: communicate the missions, sensitivity matters, real respect is earned, trust and challenge your soldiers. It is due to these lessons that many graduates of the military academies go on to positions of leadership in the private sector as well as in government. Communicating the mission refers to conveying to those who work with us what are practice is hoping to accomplish and the role of each employee in achieving that goal. Given an understanding and awareness of the mission, when confronted with a barrier, employees are able to face hard problems when there is no well-defined approach by which to deal with them.
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Sensitivity Does Matter
This is my area to improve; as I can be glib on occasion.
A leader treats each employee with respect and dignity, regardless of race, gender, cultural background or particular role they actually perform in the practice. Consider how many legal suits are filed against any type of organization, whether it is a medical practice or a large manufacturing facility due to perceived disparate treatment towards the employee based on race, religion, gender sexual preference or other non-work related issues.
Real respect is earned – Having initials after one’s name and the wearing of a lab coat does not automatically entitle an individual to respect. Formal authority has been found to be one of the least effective forms of influence. Only by earning the respect of your staff as well as your patients can you be sure that your intent will be carried out when you are not present. Setting the example in performance and conduct, rather than ‘do as I say, not as I do,” level of activity enables one to exert influence far greater than titles.
Trust and challenge your employees – How many times have practices sought to hire the best and brightest only to second guess the employee. Eric Schmidt, the CEO of Google, describes his management philosophy as having “… an employee base in which everybody is doing exactly what they want every day.” Obviously there are certain policies and procedures, but at the same time, the leader enables decision making to the lowest possible level. This also enables employees to question why certain policies and procedures are still being followed when more effective and efficient methods are available. (How the Army Prepared Me to Work at Google, Doug Raymond, Harvard Business)
The phrase “Physician, heal thyself” (Luke 4:23, King James Version) means that we have to attend to our own faults, in preference to pointing out the faults of others. The phrase alludes to the readiness of physicians to heal sickness in others while sometimes not being able or will to heal themselves.
By the same token, it now is necessary for us to learn how to manage ourselves. It suggests that physicians, while often being able to help the sick, cannot always do so, and when sick themselves are no better placed than anyone else (Gary Martin, phrases.org.uk/meanings/281850.html, 2010).
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Self-Development
“We will have to learn how to develop ourselves. We will have to place ourselves outside the boundaries where we can make the greatest contribution. And we will have to stay mentally alert and engaged during a 50-year working life, which means knowing how and when to change the work we do” (Managing Oneself, Harvard Business Review – Jan. 2005 – pp 100-109, by Peter Drucker).
Although one’s IQ and certain personality characteristics are more or less innate and appear to remain stable over time there are individual capabilities that enable leadership and can be developed. Enhancement of these capabilities can lead to the individual being able to carry out the leadership tasks of setting direction, gaining commitment, and creating alignment. These capabilities include self-management capabilities, social capabilities and work facilitation capabilities.
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Assessment
Without question, while it is possible to cram for at test and graduate at the top of one’s class, that does not assure leadership ability. We all know at least one person who scores at the highest levels on cognitive measures but would be incapable of pouring liquid out of a boot if the instructions were written on the heel.
So, here is my philosophy:
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Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
Filed under: Career Development, Ethics, Practice Management | Tagged: Daivd Marcinko, Doug Raymond, Healthcare Leadership VS Management, leadership, Management, Peter Drucker | 3 Comments »
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By Dr. David Edward Marcinko MBA CMP®
SPONSOR: http://www.CertifiedMedicalPlanner.org
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2nd. Opinion HERE: https://medicalexecutivepost.com/schedule-a-consultation/
CONSULT: https://davidedwardmarcinko.com/coach/
CONTACT: Ann Miller RN MHA CMP®
PHONE: 770-448-0769
EMAIL: MarcinkoAdvisors@msn.com
THANK YOU
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Filed under: "Advisors Only", "Doctors Only", Financial Planning, Practice Management, Touring with Marcinko | Tagged: coaching, david marcinko, doctor financial planning, Financial Planning, medical practice management, physician coaching, second opinions | Leave a comment »
All about the Medical Executive-Post Business Model
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One of the questions we receive most often from readers of the Medical Executive-Post is how can we “afford” to give away so much content for free. Or stated another way, “how do we get paid for all of this?”
The simple answer is that we know many (or even most) of you will simply take the ideas that we share and implement them yourself. Do-It-YourSelfers can always simply purchase our texts, books and peer reviewed handbooks redacted in more than a thousand, medical, law, business and graduate schools, as well as the Library of Congress, Institute of Health and Library of Congress.
On the other hand, some of you will realize you need some additional help.
For example:
Maybe as a financial advisor you’re “stuck” in your financial planning business and recognize that some outside assistance is necessary to help you get to the next level of niche specificity thru our Certified Medical Planner™ chartered certification program designation. Helping physicians of all specialty types in a fiduciary focused manner is the proverbial Win-Win for all concerned.
LINK: http://www.CertifiedMedicalPlanner.org
OR, perhaps you are seeking a glossary of terms and definitions in heath economics, finance, accounting, insurance, managed care, health information technology and security; found in our Health Dictionary Series Wiki Project? Free and print versions are available.
LINK: http://www.HealthDictionarySeries.org
LINK: https://medicalexecutivepost.com/2011/09/17/order-our-three-newest-best-selling-dictionaries/
OR, as a doctor maybe your medical practice is growing so much you just hit a wall where you don’t have time to do it all for your patients. After all, with only “so much” time available every day and week, it’s vital to delegate or outsource anything that isn’t really core to your practice and management skill set.
LINK: http://www.MedicalBusinessAdvisors.com
OR, maybe you are even starting, buying or selling your medical practice and need our financial and valuation services. Part (1) – Part (2) – Part (3) Financial, estate, investing and retirement planning services are also available.
OR, you may just need a second informed opinion about a topic not listed; there are a myriad of issues to consider in the competitive ecosystem today.
LINK: https://medicalexecutivepost.com/schedule-a-consultation/
Regardless, we may have solutions to help!
So, in the meantime, I hope that the ME-P content continues to be helpful food for thought, and perhaps we’ll have an opportunity to cross paths soon at a future conferences or podcasts. Feel free to invite us to speak at your own seminar/podcast online V-log, as well.
INVITATION LINK: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/
With warm regards.
Fraternally.
Ann Miller RN MHA CMP™
[Managing Director]
email: MarcinkoAdvisors@msn.com
Phone: 770-448-0769
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Filed under: "Advisors Only", "Ask-an-Advisor", "Doctors Only", Book Reviews, Career Development, CMP Program, Ethics, Experts Invited, Financial Planning, Health Insurance, Healthcare Finance, iMBA, Inc., Investing, Practice Management, Practice Worth, Recommended Books, Risk Management | Tagged: Ann Miller RN MHA, Certified Medical Planner™, CMP, david marcinko, David Marcinko MBA, Financial Planning, IInstitute of Medical Business Advisors, iMBA, Investing, ME-P, Medical Executve-Post | Leave a comment »
By Staff Reporters
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CVS expects to finalize its $8 billion acquisition of Signify Health this week, the retail pharmacy giant said yesterday. CVS beat out both Amazon and UnitedHealth Group to buy Signify, a value-based provider network. The company announced the deal last September, and executives said they expect it to close “on or around March 29th.”
In a phone call following the deal announcement, Shawn Guertin, EVP and CFO at CVS, said the company anticipates that acquiring Signify will “generate attractive returns” for CVS. The acquisition strengthens CVS’s goal of becoming a value-based healthcare company and could give it a leg up over rival Walgreens. Both companies have doubled down on value-based care in the last couple of years, making several multi-billion dollar deals, such as Walgreens’s $5.2 billion VillageMD acquisition in 2021 and CVS’s $10.6 billion takeover of Oak Street Health.
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The U.S. Food and Drug Administration has approved NARCAN, an overdose-reversing nasal spray, for over-the-counter, non-prescription sale, the agency just announced. The FDA green light marks the first naloxone product approved for use without a prescription. Naloxone rapidly reverses the effects of an opioid overdose, including situations where fentanyl is involved. In the 12-month period ending in October 2022, the United States recorded 101,750 overdose deaths, primarily from opioids including fentanyl, according to the FDA.
“Today’s action paves the way for the life-saving medication to reverse an opioid overdose to be sold directly to consumers in places like drug stores, convenience stores, grocery stores and gas stations, as well as online,” the agency said in a news release.
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Here’s how the major indexes performed yesterday:
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Malpractice Allegations Alter Practice Patterns of Emergency Department Doctors
QUERY: When physicians are accused of malpractice, how does this experience affect their practice of medicine?
Researchers Caitlin Carroll, David M. Cutler and Anupam Jena use administrative data on all emergency medicine physicians in Florida to answer this question in How Do Physicians Respond to Malpractice Allegations? Evidence from Florida Emergency Departments (NBER Working Paper 28330).
WHITE PAPER: https://www.nber.org/system/files/working_papers/w28330/w28330.pdf
ASSESSMENT: Your thoughts and comments are appreciated.
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http://www.CertifiedMedicalPlanner.org
Managed Care Organizations (MCOs) that accept capitated risk contracts face a potentially significant tax burden for Incurred but Not Reported (IBNR) claims. It is not uncommon that IBNR claims at the end of a reporting period equal one to two months premiums for MCOs under a fee-for-service model. The Internal Revenue Service (IRS) has taken a very strong position relative to the deductibility of these claims by saying that an MCO cannot deduct such losses if they are based on estimates.
Incurred But Not Reported [IBNR] Claims
IBNR is a term that refers to the costs associated with a medical service that has been provided, but for which the carrier has not yet received a claim. The carrier to account for estimated liability based on studies of prior lags in claim submission records IBNR reserves. In capitated contracts, MCOs are responsible for IBNR claims of their enrollees (Kennedy, 1).
For example, if an enrollee is treated in an emergency room, a plan may not know it is liable for this care for at least 30-60 days. Well-run plans devote considerable attention to accurately estimating such claims because a plan can look healthy based on claims submitted and be financially unhealthy if IBNR claims experience is increasing substantially but is unknown.
Why a Problem for HMO’s/MCOs
Section 809(d)(1) of the Code provides that, for purposes of determining the gain and loss from operations, a insurance company shall be allowed a deduction for all claims and benefits accrued, and all losses incurred (whether or not ascertained), during the taxable year on insurance and annuity contracts. Section 1.809-5(a) (1) of the Income Tax Regulations provides that the term “losses incurred (whether or not ascertained)” includes a reasonable estimate of the amount of the losses (based upon the facts in each case and the company’s experiences with similar cases) incurred but not reported by the end of the taxable year as well as losses reported but where the amount thereof cannot be ascertained by the end of the year. By taking into account for its prior years only the reported losses but not the unreported losses, the taxpayer has established a consistent pattern of treating a material item as a deduction. The effect of the taxpayer’s claim for the first time of a deduction for an estimate of losses incurred but unreported under section 809(d)(1) of the Code, was to change the timing for taking the deduction for the incurred but unreported losses.
Due to the taxpayer consistently deducting losses incurred in the taxable year in which reported, a change in the time for deducting losses incurred under section 809(d)(1) is a change in the method of accounting for such losses to which the provisions of section 446(e) apply (IRS, 14-30).
In order to qualify for an insurance company under the current IRS regulations, the MCO must have the following criteria (Kongstvedt, 235-256):
· At least 50% of the MCO must come from insurance related activities.
· The MCO must have an insurance company license.
If an MCO did not have these two criteria, the IRS will not deem the manage care company as an eligible insurance company. Therefore, the MCO would not be able to file for IBNRs with the IRS.
How MCOs/HMOs Intensify IBRN Claims
There is a high degree of uncertainty inherent in the estimates of ultimate losses underlying the liability for unpaid claims. The only reason the IRS would not allow an MCO to deduct IBNR because the financial statements is based on an estimate (IRS, 134-155).
Except through the insurance company exclusion IRS does not allow any taxpayer to deduct losses based on estimates. There has been some precedence set that the IRS will accept an amount for incurred but not reported claims if the amount is supported by valid receipts of claims that the company has in-house prior to the filing of the tax return.
There has been some controversy as to how long of a period of reporting time the IRS will allow you to include in those estimates. There are ranges from 3-6 months to file a claim (IRS, 137). The process by which these reserves are established requires reliance upon estimates based on known facts and on interpretations of circumstances, including the business’ experience with similar cases and historical trends involving claim payment patterns, claim payments, pending levels of unpaid claims and product mix, as well as other factors including court decisions, economic conditions and public attitudes.
There has been no clear indication from the IRS that it will accept an accrual for these losses and entities. Therefore, companies deducting such losses may eventually find themselves in a position where the IRS may challenge the relating deductibility of those losses.
Evaluating IBNRs from a New Present Value Perspective
The best measure of whether or not a stream of future cash flows actually adds value to the organization is the net present value (NPV). The best decision rule for NPV to accept or reject a decision problem is if the NPV is greater than zero, the project adds value to the organization. Although – if the NPV is exactly zero it neither adds nor subtracts value from the organization (McLean 193). In either case, the project is acceptable. In addition, if the NPV is less than zero, the project subtracts value from the organization and should not be undertaken (McLean, 193).
The provision for unpaid claims represents an estimate of the total cost of outstanding claims to the year-end date. Included in the estimate are reported claims, claims incurred but not reported and an estimate of adjustment expenses to be incurred on these claims. The losses are necessarily subject to uncertainty and are selected from a range of possible outcomes (Veal, 11). During the life of the claim, adjustments to the losses are made as additional information becomes available. The change in outstanding losses plus paid losses is reported as claims incurred in the current period.
All but the smallest organizations have predictable and unpredictable losses. It is important mentally to separate the two since predictable losses are not risks but normal business expenses. Risk is the degree to which losses vary from the expected. If losses average $85,000 per year but could be as much as $20 million, the risk is $20 million minus $85,000. The $85,000 figure represents reasonably predictable losses (Veal, 12).
IBNR Challenges and Solutions
While I was unable to find an actual amount of the cost of the penalties that can be incurred, the IRS is able to impose penalty fees under Section 4958 of the IRS code (IRS, 255). While penalties differ depending on individual bases, MCOs will be penalizing for any misconduct either by IRS Codes or Court Jurisdiction.
It is prudent that MCOs ensure their organization that they will not incur a financial “meltdown”. They further need to ensure IBNR is funded for period of at least 2-3 months. In some states, the state laws make the MCO financially responsible to pay the providers for a second time if the intermediary fails to pay or becomes insolvent (Cagle, 1).
Paid losses, paid expenses and net premiums are usually deductible; reserves for incurred-but-unpaid losses generally are not, unless the taxpaying entity is an insurance company. Consequently, if a corporation has a high effective tax rate and concedes that it cannot deduct self-insured loss reserves, some of its more cost-effective options may be a paid-loss retro (if state rules are not too restrictive), a compensating balance plan, or the formation of a pool or industry captive. Even these plans may be subject to IRS challenge. To qualify as a tax-deductible expense, a premium or other payment must satisfy two criteria (Cagle, 2):
The deductibility of an insurance expense may also be questioned if it is contingent upon a future happening, such as a loss payment, right to a dividend or other credit, or possible forgiveness of future loans or notes (Cagle, 3). This may seem a broad statement, but the Cost Accounting Standards Board states in its Standards for Accounting for Insurance Expense that any expense which is recoverable if there are no losses shall be accounted as a deposit, not an expense. This is essentially the IRS position (IRS, 145).
Assessment
While there are a few solutions to this matter, the IRS is making sure that MCOs will be penalized if MCOs improperly handle IBNRs. It is also important for organizations to understand the MCO’s policies regarding IBNR reserves and their contractual obligations. And, while the IRS has set limitations for MCOs to file their IBNR claims, MCOs have the major responsibility of allocating these IBNR claims appropriately. There are severe penalties for not properly filing the IBNR claims appropriately. However, there is several tax saving strategies to help MCOs properly file their IBNR claims with the IRS. It imperative that MCO executives and accounting manager consult an expert to properly plan an ethical strategy that will help them build a stable business that is trustworthy and reliable.
Bibliography
1. Cagle, Jason, Esq., Interview, June 8, 2004, interview performed by Ana Vassallo.
2. McLean, Robert A., Net Profit Value, Pages 193-194, 2nd Edition, Thomson/Delmar Learning, Financial Management in Heath Care Organization, 2003.
3. Patient-Physician Network, Managed Care Glossary, Printed 6/11/04 http:/www.drppg.com/managed_care.asp.
4. Internal Revenue Services, IRS.Gov, Printed 6/12/04, http://www.irs.gov/
5. Internal Revenue Services, Revenue Ruling, Printed 6/11/04, http://www.taxlinks.com/rulings/1079/revrul179-21.thm
6. Kongstvedt, Peter R., Managed Care – What It Is and How it Works, Pages 235-256, Jones and Bartlett Publishers, 2003.
7. Veale, Tom, The Return of Captives in the Hard Market, Tristar Risk Management Aug. 22, 2002, San Diego RIMS.
Conclusion
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For Healthcare Entrepreneurs
Getting a new medical practice or healthcare business up and running sometimes means investing large sums of money, and when physician entrepreneurs don’t have the cash to make their visions reality, many turn to venture capitalists.
Here is a look at where these deals are being approved, and which industries are commanding the highest investments. Brought to you by focus.com in collaboration with Column Five
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By Eric Bricker MD
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BY DR. DAVID EDWARD MARCINKO MBA CMP
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By: Christian Hernandez MBA – Apple Health Care Services
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Confidence in the caliber of the American health system has never been lower
A GALLUP POLL
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ANNUAL GALLUP HEALTHCARE QUALITY REPORT
More than one in five adults (21%) living in the US now rate the country’s healthcare as “poor” quality—a record high, according to Gallup’s annual health and healthcare poll.
Less than half of all respondents (48%) surveyed in 2022 said they’d rank the quality of healthcare in the US as “excellent/good”—a new low since Gallup began tracking the issue in 2001. (That’s down from 50% in 2021 and a record high of 62% in 2010 and 2012.) About a third (31%), meanwhile, said they’d rate the quality of US healthcare as “only fair,” a slight drop from 35% in 2021.
Gallup partially attributed the drop in perceived quality to politics, noting that “Republicans’ positive ratings have been subdued since President Donald Trump left office.” Other likely factors, the organization offered, could be “changes to healthcare that have taken place amid the Covid-19 pandemic or curtailed access to abortion since the Supreme Court’s Dobbs decision.”
Survey Reports:
EDITOR’S NOTE: As a former CPHQ [Certified Physician in Healthcare Quality], I find this report alarming and confusing – David EdwardMarcinko MBA CMP
CMP Program: http://www.CertifiedMedicalPlanner.org
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By Jennifer Tomasik MS
Health 2.0 is participatory health care.
Enabled by information, software, and community that we collect or create, we the patients can be effective partners in our own health care, and we the people can participate in reshaping the health system itself.
— Dr. Ted Eytan, Director, Permanente Federation, LLC
Potential
Health 2.0’s potential lies in enabling, catalyzing, and sustaining changes in the practice of healthcare.
Dr. Ted Eytan, a nationally recognized proponent of digitally-enhanced patient care with a particular interest in preventive care, has blogged the above “declaration of health care independence,” which we will use as our own working definition of Health 2.0.
CITE: https://www.r2library.com/Resource/Title/0826102549
A Human Space Defined by Engagement
We see Health 2.0 as a human space defined by engagement, aided by technology, in which information and accountability can flow between individuals and their care teams and between individuals and their social networks.
Assessment
The “practice” of healthcare can be understood as a set of “behaviors” that becomes embedded in daily life, plus the “supports” that provide the appropriate resources to achieve the desired outcomes.
Thus, changing a current practice (in pursuit of a different outcome) requires enabling the behavior you want to encourage by providing the necessary supports to make it happen. Health 2.0 has made new supports available for people to embed health-seeking behaviors and sustain practices that increase their involvement in their own health.
NOTES:
[i] Eytan T. “The Health2.0 Definition: Not just the Latest, The Greatest!,” Ted Eytan, MD (Blog).Online 13 Jun 2008. Accessed 1 Nov 2012. <http://www.tedeytan.com/2008/06/13/1089>
[ii] Hawn C. “Take Two Aspirin and Tweet Me in the Morning: How Twitter, Facebook, and Other Social Media Are Reshaping Health Care.” Health Affairs 2009;28(2):361-8.
[iii] Moussa M, Tomasik JL. “Doctor-Patient Relationships in the Modern Era: Can We Talk—A Collaborative Shift in Bedside Manner.” Ch. 15 in Marcinko D.E. and Hope R. Hetico. The Business of Medical Practice: Transformational Health 2.0 Skills for Doctors. New York: Springer Pub. Co., 2011.
Conclusion
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[By Ann Miller RN MHA]
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iMBA Inc., routinely presents to residents and fellows across the country on a variety of medical, financial, accounting and practice management related topics.
Whether on-site or via webinar, our educational sessions are tailored to fill the finance, economic, practice management, business and practice management educational gap and to provide physicians and allied healthcare professionals with practical advice and strategies to help make sound financial and business decisions.
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Our firm works exclusively with physicians and their advisors, and we understand the stresses and financial pitfalls that are unique to the medical profession. We are doctors who are passionate about equipping, training, and advising physicians so they can work toward achieving their professional and financial goals.
We can tailor our presentations to the needs of the program or group. Above all, we aim to empower residents and fellows with the knowledge they’ll need to succeed financially as they begin their career in private practice or in academics.
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In addition to speaking with individual programs, we speak with House Officers Associations, Fellowship & Residency Associations, Spouse Support Groups, etc. We are regularly invited to present at Grand Rounds, weekly practice management gatherings, and after-hours dinners.
Educational sessions can be done either on-site or via webinar.
Assessment
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By Eric Bricker MD
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BY DR. DAVID EDWARD MARCINKO MBA CMP
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CONTACT: Ann Miller RN MHA
770-448-0769
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[By Ann Miller RN MHA]
***
iMBA Inc., routinely presents to residents and fellows across the country on a variety of medical, financial, accounting and practice management related topics.
Whether on-site or via webinar, our educational sessions are tailored to fill the finance, economic, practice management, business and practice management educational gap and to provide physicians and allied healthcare professionals with practical advice and strategies to help make sound financial and business decisions.
***
***
Our firm works exclusively with physicians and their advisors, and we understand the stresses and financial pitfalls that are unique to the medical profession. We are doctors who are passionate about equipping, training, and advising physicians so they can work toward achieving their professional and financial goals.
We can tailor our presentations to the needs of the program or group. Above all, we aim to empower residents and fellows with the knowledge they’ll need to succeed financially as they begin their career in private practice or in academics.
***
****
In addition to speaking with individual programs, we speak with House Officers Associations, Fellowship & Residency Associations, Spouse Support Groups, etc. We are regularly invited to present at Grand Rounds, weekly practice management gatherings, and after-hours dinners.
Educational sessions can be done either on-site or via webinar.
Assessment
To see a list of presentations and topics, click here:
Channel Surfing the ME-P
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Conclusion
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EXPLAINED
By Eric Bricker MD
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It is a healthcare investor conference where investors meet with digital health companies, not-for-profit hospital systems, insurance carriers, biotech and med device companies. The J.P. Morgan Healthcare Conference is invite-only. There is no large exhibition hall. The agenda is not published. Most of the ‘action’ happens outside the conference with private meetings across the city. Most people who attend are not invited and they just go for the private meeting opportunities. Hear a summary of the 2023 J.P. Morgan Healthcare Conference from This Week Health‘s Bill Russell and his guest Rob, DeMichiei–the former CFO of UPMC. Hospital systems actually have a plan to cut costs for the first time in AGES. Insurance carriers are going to become healthcare providers themselves. Will insurance carriers eat hospitals’ lunch? etc. DEFINITION: https://www.r2library.com/Resource/Title/0826102549 |
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By Entrepreneurial MD
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In this episode, host Christopher Hughey talks to Steven Huskey about the financial, management and planning mistakes many independent doctors make when setting up their own medical practice.
PODCAST: https://www.theentrepreneurmd.com/search?query=mistakes
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Not even the healthcare industry is recession-proof
By Staff Reporters
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According to Kristine White of Healthcare Brew, New York City-based Memorial Sloan Kettering Cancer Center (MSK), one of the country’s top cancer treatment facilities, laid off 337 employees on Jan. 17 in response to ongoing financial challenges, according to a New York State Department of Labor filing.
The 337 employees, who worked across 14 sites and in multiple departments, represent about 1.5% of MSK’s 22,500 employees. This is a slight decrease from the expected 3% of layoffs announced in November 2022.
“This reduction was necessary to ensure that MSK can continue to invest in the future of cancer care, research, and education for the benefit of generations to come, and every effort has been made to ensure that patient care is not impacted,” spokesperson John Connolly said in a statement shared with Healthcare Brew.
The institution’s operating losses totaled $116.1 million for Q3 of 2022, compared to a loss of $8.7 million during the same period in 2021, according to a quarterly financial report released in November last year.
Factors such as increased patient activity, wages, and supply costs from inflation pushed the system’s operating expenses up by 7.5% from Q3 of 2021 to Q3 of 2022. The cancer center hired more staff in 2022 with the expectation that patient volume would increase, according to the financial report.
CITE: https://www.r2library.com/Resource/Title/0826102549
Health systems like MSK often reevaluate their biggest expense (workers) when business is down, Lori Kalic, a healthcare senior analyst at consulting firm RSM, told Healthcare Brew.
Just this year, multiple hospitals and health systems have also announced layoffs, including Tufts Medicine in Boston and Integris Health in Oklahoma, according to White.
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Understanding Terms and Definitions
Dr. David E. Marcinko; MBA, CMP™
[Editor-in-Chief]
The term “value” in and of itself is too broad to be useful in the business appraisal of a medical practice, ASC or clinic, etc. It must be given a context. As a medical practice appraiser, the industry generally refers to four standards of value.
Fair Market Value
This is the most common context given to the term value. Fair Market Value [FMV] is defined by the IRS through Revenue Ruling 59-60 as:
“the amount at which property would exchange hands between a willing buyer and a willing seller when the former is not under compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of the relevant facts.”
It is generally agreed that fair market value is based upon a hypothetical arm’s length transaction before direct consideration of taxes to be paid as a result the transaction. That does not imply that taxes are not part of the relevant fact set that a willing doctor-buyer considers when determining the value. Fair Market Value is the standard of value that is used in valuations for estate tax and generally for valuations related to divorce.
Investment Value
Investment Value focuses on value to a specific buyer rather than value to a hypothetical buyer. For example, let us examine an owner of a medical office who is considering the acquisition of a competitor practice that operates in the same geographic market. The doctor owner might calculate value based upon the knowledge that the combination of the two entities will create economies of scale and less competition. This would result in greater profitability per dollar of revenue. Therefore, such a buyer, all else equal, may assess a greater value to the practice than a buyer who would expect to operate the office in its current free standing situation, without the expected cost saving and corresponding expectation of increased cash flow.
Intrinsic Value
Intrinsic Value is similar to investment value however the practice is typically viewed in a stand-alone mode as a going concern. That is, value is based upon the expected cash flows of the firm based upon its current operating configuration. However, changes in operating policy such as changing its financial structure can have an impact on its intrinsic value.
Going Concern Value vs. Liquidation Value
A medical business cannot be worth less than its liquidation value. Thus, liquidation value sets a floor for value. Liquidation value assumes that a practice’s operations cease and assets are sold either piecemeal or in groups and obligations are satisfied. Liquidation value is generally based on an “orderly liquidation” process where assets are sold in manner to realize the greatest possible value for them.
In contrast, a “forced liquidation” process is where practice assets are sold as quickly as possible often through an auction. Going Concern Value views a firm as a holistic combination of tangible and intangible assets in which the sum is often greater than its parts. This synergistic view of the practice is typically what is being valued.
Conclusion
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Filed under: Glossary Terms, Practice Management, Practice Worth | 1 Comment »
Learn the Incentives in Physician Compensation
BY ERIC BRICKER MD
RAND and Harvard University Researchers Recently Published a Study in the Journal of the American Medical Association Examining How Doctors are Paid by Hospital System-Owned Practices. The Study Found that only 9% of Primary Care Physician Compensation was Based on Value (Quality and Cost-Effectiveness) and only 5.3% of Specialist Compensation was Based on Value.
The Study Concluded: “The results of this cross-sectional study suggest that PCPs and specialists despite receiving value-based reimbursement incentives from payers, the compensation of health system PCPs and specialists was dominated by volume-based incentives designed to maximize health systems revenue.”
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RELATED: https://medicalexecutivepost.com/2008/09/12/how-doctors-get-paid/
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BUSINESS MEDICINE: https://www.amazon.com/Business-Medical-Practice-Transformational-Doctors/dp/0826105750/ref=sr_1_9?ie=UTF8&qid=1448163039&sr=8-9&keywords=david+marcinko
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Filed under: Career Development, Experts Invited, Health Insurance, Managed Care, Op-Editorials, Practice Management, Quality Initiatives, Recommended Books, Research & Development | Tagged: Accountable Care Organization, ACOs, AMA, American Medical Associaion, CPT codes, doctor compensation, doctors pay, Eric Bricker MD, Harvard, physician compensation, Rand, RVUs, value based care, VBA | 1 Comment »
By Eric Bricker MD
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CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Advisors Only", "Doctors Only", Career Development, Experts Invited, Health Economics, Health Insurance, Healthcare Finance, Industry Indignation Index, Insurance Matters, LifeStyle, Practice Management, Quality Initiatives, Videos | Tagged: Employee engagement, employees, Eric Bricker MD, health plans, hospital employees, PODCAST: Employee Engagement and Health Plans | 1 Comment »
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