Introducing and Explaining “Knol”

Another Not-So New Idea!

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

By Hope Rachel Hetico; RN, MHA, CMP™

[Managing Editor]

Just launched in December 2007, Knol is a new online competitor of Wikipedia. And, interestingly, it is becoming a haven for physicians.

According to its Website

A “knoll” is an authoritative article about a specific topic; or “unit of knowledge.”  Knol is limited by invitation to contributors and readers, to-date.

The Wikipedia Difference

In a key departure from Wikipedia’s all-comers sensibility, however, the new service will be edited as a “moderated collaboration”, where any reader can make suggested edits to a knoll, which the author may then choose to accept, reject or modify before becoming visible to the public.

Behemoth Backing

The site is backed by Google®, but the company may not even own its URL.

Our Opinion

As former and current traditional-media publishers, editors, and writers, we love the idea that authors and contributors remain in control of their content. It creates somewhat of a crowd-sourcing buzz to Knol.

And, much like a wiki, there are community tools which allow multiple nodes of interactions between readers and authors; i.e., read, rant, rave or write, etc.

But, the concept and execution is not new, radical or as innovative as its originator’s seem to suggest. And obviously, not so for the healthcare space where doctors, nurses, scientists and researchers, and all sorts of medical providers are used to more stringent peer-review standards.

An Earlier Healthcare Success Story

For example, the Comprehensive Health Dictionary Series was started by email collaboration in 2005.  Its genesis sprang from those who suggested that changes in health and managed care appeared malignant, as many industry segments, professionals and patients suffered because of it. This tumult was so great, that many Americans and the HDS founders realized that they could no longer assume definitional stability of non-clinical health administrative terms. The resulting managerial and business chaos was legion.

And so, since knowledge is power in times of great flux, codified information protects us all from physical, economic, financial and emotional harm!

Coupled with a Collaborative Lexicon Query Serviceand a modified and moderated interactive social network, we maintained continuous subject-matter expertise, professional and user input, with peer-reviewed editors and experts; just like the Knol of today.

In fact, after our internet and email collaboration, three successful printed dictionaries were ultimately released in 2006 and 2007 as a result of the initial successful initiative; and more are to come in 2008 and 2009.

Detailed information, including Tables of Contents, Celebrity Forewords, unique features, reviews and ordering access may be obtained from: www.HealthDictionarySeries.com

Assessment

Moderation is also important to keep posting vandals out of any serious knowledge aggregation effort. This moderated and collaborative Executive-Post blog, for example, is attacked at least a dozen times daily; most are usually repelled automatically, but human intervention is constantly required for its posts and comments.

You just can’t lie and get away with impunity; here.

Conclusion

We certainly congratulate the righteous “new” old-school founders of Knol on its recent launch. It may not replace wikipedia as your search engine of choice, but it is nice to have an alternative.

And, doctor-colleagues sure do seem to like it, although a better medical alternative might be MEDSCAPE, MEDDialog, WebMD, or the new Medpedia service [www.medpedia.com], as previously described on the Executive-Post:

Yet, a singular query remains, considering the educational networking phenomena that are electronic blogs, journals, wikis, online diaries, etc. “What took you so long – seriously?

Moreover, we believe the marketing driven advertising nature of the Knoll beast will make its integrity, highly suspect [vis-a-vie Google’s AdSense program].

In other words, if eyeballs can be reached and /or monetized … they can be slanted.

Link: https://healthcarefinancials.wordpress.com/2008/08/12/

Please opine on this method of edited knowledge aggregation; pro or con. Your comments are appreciated.

Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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  or Bio: www.stpub.com/pubs/authors/MARCINKO.htm

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

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Introducing Medpedia

A Not-So New Idea!

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

By Hope Rachel Hetico; RN, MHA, CMP™

[Managing Editor]

Medpedia, an online medical encyclopedia launching later this year, aims to have the open-source, evolving, and comprehensive nature of Wikipedia.

According to its Website

The Medpedia Project is an extraordinary global effort to collect, organize and make understandable, the world’s best information about health, medicine and the body and make it freely available on the website www.Medpedia.com

Physicians, health organizations, medical schools, hospitals, health professionals, and dedicated individuals are coming together to build the most comprehensive medical resource in the world that will benefit millions of people every year.”

The Wikipedia Difference

In a key departure from Wikipedia’s all-comers sensibility, however, the new encyclopedia will be edited only by those with advanced degrees in medicine and biomedical science, and the site is taking online applications from would-be volunteer editors – MDs, biomedical research PhDs, and clinicians who will be screened in a rigorous internal review process, according to a July 23rd press release.

Incubator Backing

The site is backed by an incubator, called Ooga Labs, and it will run text ads, while Harvard Medical School is giving the site some seed content.

Medpedia’s advisers include current and former deans from the medical schools at Harvard, Stanford and Michigan and the school of public health at UC Berkeley, while the site will pull in public domain content from the likes of the Center for Disease Control and Prevention [CDC], the National Institute of Health [NIH] and the Food and Drug Administration [FDA].

Other health and medical organizations that are supporting Medpedia include the American College of Physicians [ACP], the [Oxford Health Alliance (OxHA.org)], the Federation of Clinical Immunology Societies, [FOCIS], and the European Federation of Neurological Associations [EFNA]. These groups are contributing content and promoting participation in Medpedia to their members.

Assessment

A wiki is an electronic collection of web pages designed to enable anyone who accesses it to contribute or modify content, using a simplified internet markup language. It is named after the Hawaiian term for “quick.”

But, the concept and execution in late 2008 of www.Medpedia.com is not new or exactly as innovative as its originator’s seem to suggest; in the healthcare or any other space.

An Earlier Healthcare Success Story

For example, the Comprehensive Health Dictionary Series was started by email collaboration in 2005.  Its genesis sprang from those who suggested that changes in health and managed care appeared malignant, as many industry segments, professionals and patients suffered because of it. This tumult was so great, that many Americans and the HDS founders realized that they could no longer assume definitional stability of non-clinical health administrative terms. The resulting managerial and business chaos was legion.

And so, since knowledge is power in times of great flux, codified information protects us all from physical, economic, financial and emotional harm!

By its very nature, the Comprehensive Health Dictionary Series was ripe for electronic aggregation and modified wiki-styled creation; with periodic updates by engaged-readers working in the fluctuating health care industrial complex. Internet connectivity was the best way for the Health Dictionary Series to be edited and revised to reflect the changing lexicon of terms, as older words were retired, and newer ones continually created. 

Moreover, we did not simply listen to our colleagues, visitors, submitters and clients; we believed that true innovation means putting development tools in their hands, stepping back, and allowing them to lead the way!  And, it was so.

Coupled with our Collaborative Lexicon Query Service and a modified and moderated interactive social network, we maintained continuous subject-matter expertise, professional and user input, with peer-reviewed editors and experts; just like the Medpedia’s of today.

In fact, after our internet and email collaboration, three successful printed dictionaries were ultimately released in 2006 and 2007 as a result of the initial successful initiative; and more are to come:

The Dictionary of Health Insurance and Managed Care

http://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_5?ie=UTF8&s=books&qid=1217414309&sr=1-5

The Dictionary of Health Economics and Finance

http://www.amazon.com/Dictionary-Health-Economics-Finance-Marcinko/dp/0826102549/ref=sr_1_3?ie=UTF8&s=books&qid=1217414309&sr=1-3

The Dictionary of Health Information Technology and Security

http://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_2?ie=UTF8&s=books&qid=1217414309&sr=1-2

Detailed information, including Tables of Contents, Celebrity Forewords, unique features, reviews and ordering access may be obtained from: www.HealthDictionarySeries.com

Conclusion

And so, we certainly congratulate the righteous old-school founders of Medpedia on its upcoming launch. Yet, a singular query remains, considering the social networking cultural phenomena that are Facebook, MySpace, Twitter etc. “What took you so long – seriously?”

Moreover, we believe the marketing driven advertising nature of the beast will make its integrity, highly suspect [vis-a-vie big pharma].

In other words, if eyeballs can be reached and/or monetized … they can be slanted.

Please opine on this method of edited medical; knowledge aggregation; pro or con. Your comments are appreciated.

Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

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Copyright 2008 iMBA Inc: All rights reserved, USA, unless otherwise noted. Use is restricted to Executive-Post subscribers only. No redistribution is allowed. To avoid violation of iMBA Inc copyright restrictions and redistribution policy, please register for your own free Executive-Post membership. Detailed information and registration links are available at:

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Referrals: Thank you in advance for your electronic referrals to the Executive-Post.

New-Wave Medically Focused Financial Advisors

Avoiding the “Managed Care Ripple Effect”

By Dr. David Edward Marcinko; MBA, CMP™

The healthcare industrial complex represents a large and diverse industry, and the livelihood of other synergistic professionals who advise doctors depend on it as well. These include financial planners and investment advisors who themselves wish to avoid the collateral ripple effects of the current health and managed care debacle.

Future Growth Potential in Financial Services

As a CFP, CFA, financial planner, CPA, investment advisor or general securities representative, you realize that the financial service sector is going to become the next great growth opportunity of the 21st Century.

Even H & R Block and the Charles Schwab Corporation are trying to build medical professional interest in their respective firms and compete with your independent practice. They are fervently wooing away one group or another to interface with their embryonic management, accounting or advisory programs.

For example, it has been estimated that more than one-third of the nations 60,000 accounting firms are contemplating the introduction of investment and medical management services to their business line. 

Another 100,000 solo CPAs are interested in personal financial planning for their physician and lay professional clients; a survey several years ago of senior CPA partners conducted by Prince & Associates of Shelton, Conn., revealed that more than 60 percent were “highly interested” in offering investment management services, and three quarters of those said they were evaluating the best approach for their firms.

The Migration to Advisory Services

Meanwhile, more than 260,000 of the nation’s brokers are moving into the investment advisory and financial planning business because securities sales and transactions are being commoditized by the internet’s World Wide Web.

In another survey several years ago, conducted for the old International Association for Financial Planning [the older IAFP is now the Financial Planning Association, or FPA], clearly demonstrated the dominance of registered investment advisors [RIAs], over stockbrokers [regardless of nomenclature derivatives], among clients 35-49 years old.

With the average Merrill Lynch private client well over 60, and the firm and industry imploding in 2008, it’s easy to spot the future vulnerability of this business model.

Valued Industry Players

When asked to determine the added value of key industry players, baby boomers in a more recent Dalbar study ranked financial planners first, followed by stockbrokers, CPAs, mutual fund companies, insurance agents, and commercial bankers, respectively.

Even if you are a CFP® or investment adviser, and despite the proliferation of investment advisors, evidence suggests that your individual impact is still narrow.

Furthermore, a Prince & Associates study of 778 affluent individuals, each with more than 5 million dollars to invest, examined the relationship between clients and their providers of five key financial services; retirement planning, estate planning, investment management, executive benefits and health-disability insurance.  Prince found that 59 percent of the clients had been serviced in only one area by a particular advisor.

Despite the significant assets of each client, the advisers have been unsuccessful at broadening these relationships — a key indicator that many affluent clients do not have a primary financial adviser.

Medical Niche Players

Among the challenges you face to broaden your influence is to offer your clients value-added services, perhaps by establishing your expertise in the medical niche and capitalize on being different; as in the Certified Medical Planner™ online health economics program of iMBA, Inc.

You must not be just another of the more than 250,000 or so individuals who claim to be financial planners, with a collective universe of an additional 700,000 or so who purport to be financial advisors, in some fashion or another. You must begin to develop the strategic competitive advantage of practice management knowledge to synergize with your existing financial service and product line.

Integration of Disciplines is Key for the Healthcare Space

Integrated practice management and financial planning will also become much more competitive among physicians because of the above professional fusions.

No one is suggesting therefore that you abandon your core financial advisory business for business management. It is merely a fact that medicine has drastically changed during the past decade, and the knowledge that you used yesterday will no longer be enough for you to get by on in the future.

Assessment

Medical practice management is the natural outgrowth of traditional financial planning services, and investment advice, in turn, is central to the implementation of a contemporary medical office business plan. The most successful physician-focused financial planners therefore, will be those who incorporate medical management services into their practices.

Disclaimer: Dr. Marcinko, a former stock broker, Certified Financial Planner and investment advisor is Founder of the Certified Medial Planner™ program for all fiduciary consultants in health economics, finance and medical practice management www.CertifiedMedicalPlanner.com

Conclusion

Your thoughts are appreciated; please opine?

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Copyright 2008 iMBA Inc: All rights reserved, USA, unless otherwise noted. Use is restricted to Executive-Post subscribers only. No redistribution is allowed. To avoid violation of iMBA Inc copyright restrictions and redistribution policy, please register for your own free Executive-Post membership. Detailed information and registration links are available at:

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Referrals: Thank you in advance for your electronic referrals to the Executive-Post

The Dartmouth Atlas Project

Documenting Medical Resource Variations

Staff Reporters

For more than 20 years, the Dartmouth Atlas Project [DAP] has documented glaring variations in how medical resources are distributed and used in the United States.

Purpose

According to its website, the project uses Medicare data to provide comprehensive information and analysis about national, regional and local markets, as well as individual hospitals and their affiliated physicians.

Information Uses

These reports, used by policymakers, the media, health care analysts and others, have radically changed the understanding of the efficiency and effectiveness of our health care system. This valuable data forms the foundation for many of the ongoing efforts to improve health and health systems across America.

Assessment

This website provides access to all DAR reports and publications, as well as interactive tools to allow visitors to view specific regions and perform their own comparisons and analyses. It is well worth a look by all healthcare stakeholders, and Executive-Post readers.

Link: http://www.dartmouthatlas.org

Conclusion

Your thoughts and comments are appreciated.

Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Referrals: Thank you in advance for your electronic referrals to the Executive-Post.

Paying for Health Care and Insurance

New Survey Reveals 28% Report Financial Problems

Staff Reporters

A new survey by the Kaiser Family Foundation recently asked this question.

Q: As a result of recent changes in the economy, have you and your family experienced any of the following problems, or not? Was this a serious problem, or not?

A: Results are included in the summarized chart below.

 

 

Percent saying each was a “serious problem”

Problems paying for gas

44%

Problems getting a good-paying job or a raise in pay

29%

Problems paying for health care and health insurance

28%

Problems paying your rent or mortgage

19%

Problems paying for food

18%

Problems with credit card debt or other personal debt

18%

Losing money in the stock market

16%

Source: Kaiser Family Foundation Health Tracking Poll: Election 2008 (conducted April 3-13, 2008). www.kff.org.

Conclusion

Your thoughts, opinions and comments are appreciated?

Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

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

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

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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

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

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Referrals: Thank you in advance for your electronic referrals to the Executive-Post.

Meet an Executive-Post Sponsor

Certified Medical Planner™ program

The Executive-Post at www.HealthcareFinancials.com is now proudly sponsored, in-part, by the Certified Medical Planner program. This asynchronous online educational program is the leading provider of health economics and medical management information for financial advisors and medical business consultants. And, it is authorized to license and monitor the Certified Medical Planner™ certification mark of professional distinction.

With the addition of fiduciary requirements to the Certified Financial Planner’s® Board’s Standard of Professional Conduct, the adoption of the Pension Protection Act [PPA] and the vacating of the broker-dealer exemption, the need for health economics education in the physician advisory space is at an all-time high.

The online Certified Medical Plannerprogram imparts the healthcare specificity – physician focused financial planning knowledge – and the integrated medical practice management expertise that is needed to help devise solutions and raise the bar of advisory competence and accountability for all those serving medical professionals in the modern era. 

For more information, please visit: www.CertifiedMedicalPlanner.com

 

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Stemming the Primary Care Exodus with DNPs

Join Our Mailing List

Doctor of Nurse Practice – Filling the Void

Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]dr-david-marcinko

As the shortage of family doctors and primary-care physicians mount, and the domestic uninsured problem exacerbates to > 40 million uninsured Americans, the nursing profession is stepping up-to-the-plate by offering one possible solution to healthcare reform.

Cause and Effect

And, it is not happing because of managed care cost constraints, medical benefit rationing or reductions, or any other draconian or political machination. Rather, it’s happening because nurses are taking medicine back to its root-core constituency – patients. 

In fact, according to leading industry expert and adjunct professor of healthcare administration Hope Rachel Hetico RN, MHA, CPHQ, CMP™ of Atlanta, it’s more like a cause-effect relationship. “Patients with a problem – are seeking solutions; and it doesn’t get more basic than that”, says Hetico.

Not a New Concept

The “doctor-nurse” concept is not revolutionary by any means, opines Hetico. But, it is the “new formalized execution and marketplace acceptance that is very exiting.”  And, “the nurse-as-doctor concept is a natural evolution of the nurse practitioner-model which, after a slow start, is finally taking off to the benefit of patients and physicians, alike.”

The “growing success of retail and on-site medical clinics, increased pricing transparency, and related consumer directed health care plan initiatives was the real impetus; and now there is no looking back.”

The Future of DNPs?

For example, by the year 2015, the Doctor of Nurse Practice (DNP) program will be recognized by the accrediting body of the American Association of Colleges of Nursing (AACN), which oversees schools that offer advanced degrees to nurse-practitioners such as, nurse anesthetists (CRNAs), clinical nurse specialists and nurse midwives, etc.

And, according to Christopher Guadagnino PhD, of the Physicians News Digest, the National Board of Medical Examiners (NBME) will begin offering part of the United States Medical Licensing Examination (USMLE) – the physicians’ medical board examination – as certification proof of DNPs’ advanced training.

Passing that exam is “intended to provide further evidence to the public that DNP certification holders are qualified to provide comprehensive patient care,” according to the Council for the Advancement of Comprehensive Care (CACC); a consortium of academic and health policy leaders promoting the clinical doctoral degree for primary care nurses.

The Nay-Sayers

Of course, nurse practitioners (NPs) poised for expanded clinical practice opportunities inevitably raise concerns about medical quality and safety of care. And, some physician groups warn that blurring the line between doctors and nurses will only confuse patients and jeopardize care.

Still, that hasn’t seemed to have happened with other limited licensed medical specialists, like podiatrists [Doctors of Podiatric Medicine] who may prescribe medications, admit patients to the hospital, cover the emergency room and perform sophisticated bone, tendon and soft tissue reconstructive surgical procedures; after four years of college, post-baccalaureate matriculation in a 4 year podiatric medical school, with an additional 1-4 years of internship, residency and/or fellowship training.

The “entrenched traditional system is self-centered, bureaucratic and very patronizing in some cases. It just doesn’t want to share power or give patients much credit for their own care in the contemporary and collaborative healthcare zeitgeist”, says Hetico.

Nurses with doctorates may also use the imprimatur DrNP after their name, and the titular designation of “Doctor”, as well. Physician groups want DNPs to be required to clearly state to patients, and prospective students, that they are not Medical Doctors [MDs] -or- Doctors of Osteopathic Medicine [DOs] who seemed to have negotiated the nomenclature divide.

Changing the “Codes”

Reality may have outpaced the debate over these issues however, given the intensifying shortage of first-line primary care providers, family practitioners and internists. Moreover, the possible causes for the shortage are both obvious, and subtle.

As noted by industry analyst Brian Klepper, at Health Care Renewal, and Dr. Roy Poses, a Clinical Associate Professor at Brown University’s School of Medicine opine, economics may play a major role in the debate on the dearth of primary care physicians. Moreover, perhaps an overall re-assessment of the CPT® coding systems and the primary medical compensation system is even in order, and more than partially blamed as causative.

For example, there is often a financial conflict in the advisory relationship that the Center for Medical and Medicaid Services (CMS) uses with the American Medical Association’s (AMA’s) Relative Value Scale Update Committee (RUC). Essentially, according to Klepper and Poses, the RUC is overwhelmingly dominated by specialists, who have consistently urged CMS to increase specialty reimbursement at the expense of primary care.

Link: http://www.thehealthcareblog.com/the_health_care_blog/2008/05/more-on-physici.html

Questionable Specialists

Yet, if perception is reality, whether patients actually benefit from some highly-paid surgical specialists, and their elective interventions and surgeries, is certainly debatable.

As an example, the recent May 2008 lay article published in PARADE magazine by Dr. Ranit Mishori, suggested that more than a few surgeries like knee arthroscopy, certain back and sinus procedures are not only often un-necessary, but economically motivated. This is not an epiphany to those in the industry, or outside its realm, anymore. 

Why?

Therefore, is it any wonder why over the last five years the percent of medical school graduates entering family practice has dropped from 14 percent to 8 percent? Or, why only 25 percent of internal medicine residents now go into office-based practice; with the rest becoming hospitalists or sub-specialists.

Moreover, is another private insurance/Medicare paid knee scope really esteem-enhancing or self-actualizing for the operating surgeon? Or, is it demoralizing to perform same for mere “lucre.”

Now, ask the same question to a DNP treating a private pay diabetic patient, or an uninsured pediatric patient, or an elderly senior citizen.

Where is the “justice”, some may cry?

Thus, one can hardly blame the DNPs if Paretto’s 80/20 law of reason is pursed as at least partial help in the current healthcare insurance crisis conundrum. Perhaps, it really is better to treat 80% of the many patients appropriately with doctor-nurses; than 20% of the vital few patients inappropriately with super-specialty care?

Philosophical Considerations

Now however, based on the above thoughts, we are entering into the realm of philosophy, moral introspection, theology, ontology debate and – even religion – as these ruminations include many diverse points-of-view, like the following among others:

  • Utilitarians, who argue for medical resource distribution based on achieving the “greatest good for the greatest number of patients.”
  • Libertarians, who believe that recipients of medical resources should be those patients who have made the greatest contributions to the production of those resources – a free market approach to distribution.
  • Egalitarians, which support the distribution of medical resources based on the greatest patient need, irrespective of contribution or other considerations. 

Consequently, developing a system of access based on such “justice” is fraught with enormous difficulty.

Industry Innovation and Redemption

Disruptive innovations are often considered simplistic, and compared to toys when they first emerge (remember the first Apple computer?). But, there may be no stopping DNPs from making their healthcare services more collaborative, useful, convenient, electronic and affordable to the patient. 

Redemption, and dare I say it; salvation of the healthcare industrial complex depends on such innovation and change. And, the industry can be saved by those of this ilk, but change requires courage. Proponents of the DNP program exhibit the requisite courage, but do the rest of the industry? The lives of our patients, and more than 40 million currently under/uninsured Americans, may just depend on it.

Assessment

Today, patients, payers, employers and all web-enable and modern 2.0 healthcare workforce stakeholders demand collaboration between doctors, NPs, other medical professionals, and all physician specialists. In fact, it is becoming the rule, rather than the exception, in an increasingly transparent and accountable society.

So, what do you think about this increased market-competition in healthcare generally, and with DNPs in particular; please comment and opine?

Conclusion

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

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

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Why the Dictionary of Healthcare Economics and Finance?  

Every business and healthcare administration student I’ve ever taught over the last three decades has struggled to decipher the alphabet soup of medical economics (i.e., OPHCOO, ALOS, DRG, RBRVS, behavioral health, acuity, etc), while those coming from clinical medicine struggled to internalize the lingo of finance (i.e., call premium, cost benefit ratios, IGARCH, aacpd, IBNR ABCM, internal rate of return, accounts receivable days outstanding, etc.).  

Until we have a common language however, medical and business professionals cannot possess a shared vision, nor can we communicate successfully to create healthcare entities that provide quality care to patients and reasonable profits to medical practitioners.  

Of course, no single tool can meet all needs and there are many fine books on healthcare economics and finance, along with a legion of consulting firms, management associations and university programs.

Yet, to effectively use these resources, one needs to have the right words, and to use seemingly everyday terms in a way that economists and healthcare financial experts speak. 

Unfortunately, healthcare service costs continued to rise more rapidly than wages during the last decade, and consumed an ever-larger share of Gross Domestic Product (GDP), creating hardships for both employers and employees.  

For example, health spending accounted for 15.3 percent of the nation’s economy or $2.05 trillion in 2006, averaging $6,175 for every American. Health insurance premiums rose 8.8% to more than $14,500 for family coverage, and by 2013, the US government forecasts health spending will reach 18.4 percent of gross domestic product.

It is no wonder that controlling costs is the top concern of fringe benefit specialists, according to Deloitte Consulting and the International Society of Certified Employee Benefit Specialists.

More than one-third of the rise was due to a 13.6% increase in outpatient spending. Higher utilization rates accounted for 43% of the increase, fueled by increased demand, more intense medical treatment and defensive medicine, according to PricewaterhouseCooper.

And, let us not forget that one in seven Americans lack health insurance; that’s 46 million people or 15.7 percent.

At the same time, medical professionals struggled to maintain adequate income levels. While some specialties flourished, others like primary care barely moved forward, not even incrementally keeping up with inflation.  

In the words of Atul Gawande, MD, a surgical resident at Brigham and Women’s Hospital in Boston, and one of the best young medical writers in America, “Doctors quickly learn that how much they make has little to do with how good they are. It largely depends on how they handle the business side of their practice”. 

Increasing, some physicians have become more aggressive in seeking out business opportunities. For example, Neurosurgeon Larry Teuber MD, built a specialty hospital in Rapid City SD, and earned $9 million dollars in a single year.  Investors also became wealthy, and the hospital where he previously practiced and some former colleagues were not so fortunate or happy; even suggesting that he stepped “over the line.” 

While it is difficult to fully understand a complex situation from a brief overview, it is vital for medical professionals to have definitions that clarify “the line,” and for businesses to define the forces and implicit understandings that underlie medical ethics. 

Alas, the Dictionary of Healthcare Economics and Finance cannot solve these problems, just as the rule-of-law cannot answer the question of whether or not Dr. Teuber did “the right thing.”

What the Dictionary can do however, is set the context, and clarify the terms of debate. Consumers also need to know what these terms and conditions mean.  If this was not evident until now, passage of Medicare Part D has made it painfully obvious that clarity is needed, and that continuing education in the economic and financial terminology of healthcare is a lifetime task. 

Once drug co-payments, corridor deductibles and exclusions are mastered, one can begin to sort out the limits on long-term care insurance, homecare and hospice benefits, and the ever-changing levels of hospital and physician reimbursement dictated by SGA (sustainable growth adjustments) … and there is still much more to study and learn. It takes knowledge to practice medicine and to earn capital, assume risk and invest in emerging healthcare entities.

And, none of us can escape the responsibility of knowing what the terms of engagement are.  In times of great flux, such as the revolution in reimbursement and payment systems occurring today, codified information protects us all.

The Dictionary of Healthcare Economics and Finance provides that protection by bringing stability to the nomenclature of healthcare fiscal and economic concerns.

With 10,000 definitions, acronyms, illustrations, cliometric equations and industry notables, the Dictionary is an authoritative and comprehensive guide to better healthcare administration transactions. 

Dr. David Edward Marcinko, Academic Provost for the Institute of Medical Business Advisors, Inc, and a Certified Medical Planner© should be complimented for conceiving and completing this ambitious project.  

The Dictionary of Healthcare Economics and Finance spells out the terms of reference and the principle players in the contemporaneous healthcare industrial complex.  Having such a compendium readily at hand and sharing it with others, is a way for patients, accountants, financial planners and insurance agents, medical practitioners, nurse managers and healthcare executives to improve economic efficiency and clinical quality. 

Of course, it may even help restore fiscal enterprise-wide sanity, as well.  

Simply put, my suggestion is to refer to the Dictionary of Healthcare Economics and Finance frequently, and “reap”.  

  1. The New Yorker, April 4, p.47, 2005.
  2. Wall St. Journal, Aug 2, 2005.
  3. Reuters, Jan 31, 2006.
  4. Modern Healthcare Jan 31, 2006.

Thomas E. Getzen, PhD

Executive Director, International Health Economics Association

Professor of Risk, Insurance and Healthcare Management

The Fox School of Business – Temple University

Philadelphia, Pennsylvania, USA 19122 

More Terms – Health Dictionary Series:

Speaker: If you need a moderator or a speaker for an upcoming event, Dr. David Edward Marcinko; MBA – Editor and Publisher-in-Chief – is available for speaking engagements. Contact him at: MarcinkoAdvisors@msn.com  

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Risk Retention Groups

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RRGs and Medical Malpractice Insurance Companies

[By Dr. David Edward Marcinko; FACFAS, MBA, CMP™]

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Definition

Risk Retention Groups are owner-controlled insurance companies authorized by the Federal Risk Retention Act of 1986.  An RRG provides liability Insurance to members who engage in similar or related business or activities for all or any portion of the exposures of group members, excluding first party coverage’s, such as property, workers’ compensation and personal lines.  Authorization under the federal statute allows a group to be chartered in one state, but able to engage in the business of insurance in all states, subject to certain specific and limited restrictions.  The Federal Act preempts state law in many significant ways.

RRG Advantages:

Medical RRGs

  • Avoidance of multiple state filing and licensing requirements;
  • Member control over risk and litigation management issues;
  • Establishment of stable market for coverage and rates;
  • Elimination of market residuals;
  • Exemption from countersignature laws for agents and brokers;
  • No expense for fronting fees;
  • Unbundling of services.

Of 130 new medical malpractice liability insurance companies that entered the market between 2002 and 2006, 65 percent were risk-retention groups, according to a study conducted for the National Risk Retention Association by the actuarial consulting company Milliman Inc.

Statistics from the Risk Retention Reporter, a journal that tracks the industry, showed that through September, 43 percent of the 23 risk-retention groups formed this year across various sectors are doctor-owned, while in 2001, no new physician risk-retention groups joined the market.

RRG Disadvantages

Some doctors and industry experts warn about drawbacks of risk-retention groups and question whether the physician-run companies – most of them relatively young – can survive future claims payouts and tough market cycles, while doctors do not have access to state guaranty funds to back up their coverage if a risk-retention group struggles financially or goes out of business. The Risk Retention Reporter noted that, anecdotally, physician self-insurance companies have failed at no greater rate than traditional carriers in recent years. 

Conclusion

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

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