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    As a former Dean and appointed University Professor and Endowed Department Chair, Dr. David Edward Marcinko MBA was a NYSE broker and investment banker for a decade who was respected for his unique perspectives, balanced contrarian thinking and measured judgment to influence key decision makers in strategic education, health economics, finance, investing and public policy management.

    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

    Professor David Marcinko was a board certified surgical fellow, hospital medical staff President, public and population health advocate, and Chief Executive & Education Officer with more than 425 published papers; 5,150 op-ed pieces and over 135+ domestic / international presentations to his credit; including the top ten [10] biggest drug, DME and pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published academic text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

    Dr. David E. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner® who was named “Health Economist of the Year” in 2010. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, economics trade journals and publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News] etc.

    Later, Dr. Marcinko was a vital and recruited BOD  member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

    Dr. David E. Marcinko’s professional memberships included: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA, FPA and HIMSS. He was a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

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ABSOLUTE versus RELATIVE RISKS IN MEDICINE

ABSOLUTE versus RELATIVE RISKS IN MEDICINE

Courtesy: https://lnkd.in/eBf-4vY
Understanding the Difference

ESSAY: https://lnkd.in/gTgjmTB

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On Sexual Violence Against Women

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The Hard Truths

International Women’s Day – March 8th – is a day that celebrates the achievements of women, but also raises awareness of the struggles and barriers to equality that still exist worldwide.

Sexual violence against women is a serious abuse of women’s human rights, and an injustice experienced by women around the world. On International Women’s Day 2012 ActionAid is saying NO to violence against women.

Assessment

Sexual violence against women is a serious abuse of women’s human rights, and an injustice experienced by women around the world. The infographic above aims to highlight the reality of sexual violence and the different ways that women – children, adolescents and adults – can be affected by sexual violence throughout their lives. The first step to change is education, so let’s share the hard truths about sexual violence.

Source: actionaid.org.au

Racism in Medicine: racistConclusion

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Dr. David Edward Marcinko, editor-in-chief, is a next-generation apostle of Nobel Laureate Kenneth Joseph Arrow PhD, as a health-care economist, insurance advisor, financial advisor, risk manager, and board-certified surgeon from Temple University in Philadelphia.

In the past, he edited eight practice-management books, three medical textbooks and manuals in four languages, five financial planning yearbooks, dozens of interactive CD-ROMs, and three comprehensive health-care administration dictionaries.

Internationally recognized for his clinical work, he is a past endowed chair; professor of health economics, finance and public health policy management; and distinguished visiting professor of surgery as a Bachelor of Medicine–Bachelor of Surgery (MBBS) degree recipient from Marien Hospital in Aachen, Germany.

He provides litigation support and expert witness testimony in state and federal court, with medical publications archived in the Library of Congress and the Library of Medicine at the National Institutes of Health.

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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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[HOSPITAL OPERATIONS, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET]

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[PRIVATE MEDICAL PRACTICE BUSINESS MANAGEMENT TEXTBOOK – 3rd.  Edition]

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Discover the Best [Medical Risk Management and Insurance Planning] Practices of Leading CMPs®

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“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

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SAMPLE: 21. Practice Risks

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Dr. Fauci Speaks on Social Distancing

Getting Back to Work

By: http://www.CertifiedMedicalPlanner.org

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Your comments are appreciated.

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PHYSICIAN HEAD-HUNTER RISKS

PHYSICIAN HEAD-HUNTER RISKS

Courtesy: www.CertifiedMedicalPlanner.org

Any time an executive search firm makes the following claims you should push back and try to get more information before assuming it’s the truth. While some can deliver, others can’t – and it’s up to you to figure out which ones are sincere.

LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html

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So, here some potential misleading statements and/or lies told to physician-executives in the hiring process:

  1. There’s great opportunity for advancement
  2. Our bonus structure will double your income
  3. Your job and schedule is protected and won’t change it.
  4. You’ll get extensive on-boardig and training.
  5. We’ll hire you some help when it gets busy.
  6. Once you fix this problem/department/project, etc., you’ll get to work on something new and exciting.

TEXTBOOK: https://lnkd.in/ebWtzGg

Assessment: Your comments are appreciated.

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Donor Beware!

Cautious Corporate Giving?

[By staff reporters]

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NOTE: This chart has not been independently verified by us.

Assessment: Your thoughts are appreciated.

THANK YOU

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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PANDEMIC “versus” EPIDEMIC

PANDEMIC “versus” EPIDEMIC

Dr. David E. Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

Is there a Difference? – Know the Difference!

A Pandemic (from Greek πᾶν pan “all” and δῆμος demos “people”) is an epidemic of disease that has spread across a large region; for instance multiple continents, or even worldwide. A widespread endemic disease that is stable in terms of how many people are getting sick from it is not a pandemic.

Further, flu pandemics generally exclude recurrences of seasonal flu. Throughout history, there have been a number of pandemics, such as smallpox and tuberculosis. One of the most devastating pandemics was the Black Death, which killed an estimated 100 million people in the 14th century. Some recent pandemics include: HIV, Spanish flu, 2009 flu pandemic and H1N1.

LINK: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

An Epidemic is the rapid spread of infectious disease to a large number of people in a given population within a short period of time, usually two weeks or less.

For example, in meningococcal infections, an attack rate in excess of 15 cases per 100,000 people for two consecutive weeks is considered an epidemic.

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Pandemic

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LINK: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

Key Differences

  • Epidemics is the outbreak of the disease in a community while pandemic is the outbreak of the disease globally.
  • SARS was an epidemic while AIDS was an pandemic.
  • Pandemic disease has the same origin or source where so ever it gets spread while the same disease is spreading with different sources in each country, it refers to epidemic.
  • Epidemic when extending to greater levels becomes a pandemic.

MORE: https://www.verywellhealth.com/difference-between-epidemic-and-pandemic-2615168

Conclusion: Your thoughts are appreciated.

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THE CORONA VIRUS and Ro [r-NOUGHT]

THE CORONA VIRUS & Ro [r-NOUGHT] IN HEALTH EPIDEMIOLOGY?

Courtesy: https://lnkd.in/eBf-4vY

By Dr. David E. Marcinko MBA

[A Relationship to Investing and the Stock Markets?]

DJIA 28,256.03 ▼ -603.41 [-2.09%]

DJIA 28,399.81 Today: ▲ DJIA: +143.78+0.51%

The Ro Value, [r Nought), of an infection is the number of cases it generates on average over the course of its infectious period, in an otherwise uninfected population.

LINK: https://lnkd.in/e9AmEhd The metric determines if a disease can spread through a population. LINK: https://lnkd.in/e2VXwcz

FORMULA: When R0 < 1, the infection will die out in the long run. But, if R0 > 1, the infection will spread in a population. The larger the value of R0, the harder it is to control the epidemic.

LINK: https://lnkd.in/eXYpEUm METRICS: Recently, Corona virus estimates ranged from 1.4 to 5.5. The WHO range was 1.4 and 2.5. In comparison, seasonal flu affects millions each year but has an R0 of just 1.3.

QUERY: What are the stock market & economic effects of Corona?

GLOBAL: https://lnkd.in/epKhamj

DOMESTIC: https://lnkd.in/eBxwRDW

Conclusion: Your thoughts are appreciated.

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National HIV Testing Week 2019

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[By Dr. David Edward Marcinko MBA]

DEM white shirtDear ME-P Readers, Visitors and Subscribers,

Come to the Mütter Museum  for World AIDS Day; 2019.

I went to medical school in Philadelphia PA, and visited the Mutter Museum many times. If you’ve never been there – I urge you to check it out!

***

A Full day of activities and evening lecture is planned.

Get involved! #Repost @hip2know with @repostapp

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HIV

 By muttermuseum on Instagram

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Assessment

Plan your visit today! #muttermuseum #vesalius #anatomy #medicine #rarebooks”

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LINK:

https://www.tht.org.uk/news/national-hiv-testing-week-2019

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Bank Safety Deposit Boxes; Not So Safe After All?

 Not Really a Safe – SAFE?

By Rick Kahler CFP®

I have routinely recommended that people use a bank safe deposit box to store valuable papers and small assets. These include documents like wills, trust documents, ethical wills, and unrecorded deeds. Valuable assets would include diamonds, gemstones, jewelry, bullion, and small collectables like rare coins, stamps, and trading cards.

The physical protection of a bank vault, plus a system of access requiring two keys kept by the customer and the bank, would seem to provide a great deal of security. Yet several recent news articles suggest safe deposit boxes may not be as safe as they seem.

Report

An article in the New York Times reported 44 robberies in the last five years related to safe deposit boxes. Even worse were numerous bank errors in which boxes were moved, misplaced, drilled open, or closed by mistake. A large Maryland bank closed several branches and lost hundreds of safe deposit boxes. One customer lost $500,000 worth of gold and gems.

In each case, banks vigorously fought any requirement to make their customers whole. Even more shocking, no provision of federal banking law regulates safe deposit boxes.

Nor do banks insure the belongings of customers who trustingly store their most precious valuables in safe deposit boxes. The  risks fall on the renter. Wells Fargo’s safe deposit box contract caps the bank’s liability at $500. Citigroup limits it to 500 times the box’s annual rent. JPMorgan Chase has a $25,000 ceiling on its liability.

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My Story

Decades ago, I placed some rare coins in a safe deposit box with a local bank. A few years ago I went to retrieve my valuables, only to find the bank had drilled open the box and sent the contents to the state as abandoned property. I learned that when I relocated my office, the change of address notification failed to carry through to the annual billing notice for the safe deposit box fee. After three years of non-payment, the bank chose to go through the effort of drilling open the box and shipping the contents to the State Treasurer’s office. It would have been simpler to spend a few minutes looking up my information and contacting me.

Eventually I was able to retrieve the contents of the box. I was lucky.

An international expert in rare watches stored 92 watches plus rare coins, worth millions, in a safe deposit box at a Wells Fargo bank branch. Wells Fargo had evicted another customer for non-payment and drilled open the wrong safe deposit box. The customer found his “safe” deposit box empty. Wells Fargo executives could only find 85 of his watches.

The customer sued. Wells Fargo admitted in court that its employees had mistakenly drilled into and terminated the box. The unrecovered items included gold coins and a watch estimated to be worth nearly a million dollars. After years of litigation and appeals, Wells Fargo has offered no restitution.

If a “safe” deposit box isn’t really safe, what can you do instead?

Here are a few suggestions.

1. Consider investing in a high-quality home safe for small valuables and important documents.

2. Scan all important documents and save copies in a secure online “vault.” Many financial planners provide such online backup storage.

3. If you do use a safe deposit box, choose one at the bank you use regularly and open it at least once a year.

4. No matter where you keep your valuables, insure them adequately. Standard homeowner coverage is probably not enough.

5. Share passwords and access codes with another trusted person.

Finally, ask before you store. Understand a bank’s policies and coverage limits before you trust it with your valuables.

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

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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OLDER DIVORCING MEDICAL PROFESSIONALS

“GREY” – “Silver Splitter” – “Diamond Divorcees”

By Anju D. Jessani MBA APM®

By Dr. David Edward Marcinko MBA CMP™

While marriages are more apt to break-up around the seven-year mark, not on a silver anniversary, as divorce has become more common, divorce among older people has also become more common. When divorce does occur in later years, it can present more complicated financial issues when compared with earlier breakups, says Gregg Parish with the College for Financial Planning.

If for example a party dies or becomes incapacitated during the divorce, the surviving spouse will complete retain control of the finances. A common situation Parish says is when a couple owns a home in joint tenancy with rights of survival. Thus, is one spouse dies, the other automatically inherits the house. Parish recommends that older couples in the throws of separation situation, change the ownership to tenants in common, in which each party is considered to own half the property.

Another area older physicians going through a divorce should be especially cautious about is inheritances or gifts from their own parents. They may want to stop or delay distribution of their estate to you to reduce the chance the property would become mixed into marital property. Or the recipient might put any gifts or inheritances into a separate account or trust.

Alimony is more prevalent among this age group of divorced couples. It is not uncommon to find a woman who may not have employable skills, and who must rely on her former spouse for support.   As is the case for child support payments in younger parties, steps should be taken to ensure continuation of funds to the recipient if the obligated party dies before the recipients through instruments such as life insurance.

For most older divorcing couples, after their house and their pension, their next most valuable asset is their Social Security rights. Each party vests in the other’s Social Security account after ten years of marriage. That means that even a non-working spouse can usually collect 50% of benefits of the earning spouse; alternatively, the spouse with lower earnings can either collect benefits based on their own earnings, or collect 50% of the benefits their spouse is entitled to. This collection does not impact how much the higher earning spouse can collect. You can learn more about Social Security benefits and rules by contacting the http://www.ssa.gov.

What is often missed in the analysis of divorce is the inequity in Social Security benefits for the non-working spouse or lower earning spouse after separation or divorce. The issue of Social Security benefits can easily be addressed in the divorce agreement by stipulating that the parties will equalize Social Security benefits with the higher earning spouse providing to the lower earning spouse, one-half the difference between the payments provided by the Social Security Administration to each of them. As Social Security benefits are taxable, it is further recommended that these payments be regarded as alimony, and therefore will be taxable to the recipient.

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Another divorce area often overlooked, given today’s older physician population, is elder care obligations. For example, if a doctor is involved in the care and financial assistance of an older family member, this must be placed on the table at the divorce resolution planning discussions. America is aging and 25% of it population is sixty or older. Every seven seconds someone turns fifty. It is not unusual to live many miles from aging parents.

Imagine the impact if an in-law is in a long-term care facility that is dependent upon the financial help of the children who now get divorced? What happens to the elder persons’ ability to meet their financial obligations and stay in the current facility? How can quality care be coordinated? Who will monitor the ongoing health, mental and physical issues? When does the aging parent need in-home care? Assisted living arrangements or a skilled nursing facility? Yet, the generation of medical professionals between the ages of forty and sixty are dealing with aging parents at a same time their children are entering college. This double financial squeeze has created a new set of eldercare issues.

Most cities and local government agencies are addressing this issue and many non-profit organizations are attempting to fill the gap in this growing societal issue. The following information resources are helpful in this regard: http://www.eldercaredierctory.org, http://www.medicare.gov; http://www.medicaid.gov; http://www.careguide.com; http://www.seniorhousing.net; http://www.caregiver911.com; and http://www.n4a.org.

ACKNOWLEDGEMENTS: To John R. Connell MBA JD CPA PFS Denver, Colorado.

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

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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What is the Endowment Effect?

The “Endowment” Effect

[By staff reporters]

In psychology and behavioral economics, the endowment effect (also known as divestiture aversion and related to the mere ownership effect in social psychology) is the hypothesis that people ascribe more value to things merely because they own them.

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MORE: https://www.interaction-design.org/literature/topics/endowment-effect

MORE: What is the “Butterfly” Effect?

Assessment: Your thoughts are appreciated.

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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On Injecting Elemental Mercury

Please – Do Not Do This!

By Francisco Gutiérrez, MD., Lucio Leon, M.D. at: nejm.org

***

Submitted for your consideration.  Just In case you ever wondered what injecting 10 ml of elemental mercury would do to you?

Case report: A 21 yo woman attempted suicide by injecting 10 ml (135 g) of elemental mercury (quicksilver) intravenously.

Normal AP Chest X-Ray

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Case: She presented to the emergency room with tachypnea, a dry cough, and bloody sputum. While breathing room air, she had a partial pressure of oxygen of 86 mm Hg.

A chest radiograph showed that the mercury was distributed in the lungs in a vascular pattern that was more pronounced at the bases.

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Assessment

The patient was discharged after one week, with improvement in her pulmonary symptoms. Oral chelation therapy with dimercaprol was given for nine months. At follow-up at 10 months she was healthy, with no serious consequences. The abnormalities on the chest radiograph were still apparent.

Your thoughts  are appreciated.

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Five Ways to Protect Your Vehicle’s Exterior from Dings, Scrapes and Grime

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But, Don’t be Obsessive

By Dr. David Edward Marcinko MBA with Nalley Collision Center, GA.

DEM with JAGSome automobile owners, like me and other medical professionals, take pride in their cars. Regardless of whether you bought a new car from the showroom or bought your car used, you want to keep your vehicle looking like new for a long time.

Unfortunately, modern life is the enemy of a great-looking car. Tar and stones from roadways can wreak havoc on beautiful finishes. Other drivers can carelessly dent your car in hospital or mall parking lots, and refuse to accept responsibility for the damage. Debris flying out of trucks, birds, and other problems add to the long list of threats to your car.

The Steps

Rather than accepting dings, scrapes and grime on your car as a fact of life, follow these five steps to keep the exterior of your car looking fabulous.

1. Get Covered

Rain, snow, and sunshine can all adversely affect the exterior of your car. You can do little about the weather while driving your car, but when you get home, you can cover your car to protect its beautiful finish. Although garages offer the best protection against outside forces for your car, you might find out that you can get similar results by using a car port or a portable garage. A portable garage is a flexible cover that you can put over your vehicle to protect its exterior while not in use.

2. Paint Protection Film 

Special products exist that help protect the finish of your car at all times, even while you drive. Paint protection film creates a layer of protection between the exterior surfaces of your car and the environment, so your car can withstand an array of road hazards. This type of product eliminates expensive trips to your dealer’s body shop for touchup work and preserves the resale value of your car.

3. Wash Your Car

Although a carwash can put the exterior of your car in jeopardy, it can help prevent harmful grime build up. If you care a lot for your car, you will give it a loving hand-wash, detail and wax periodically to keep its finish looking great. While you wash, you can look for new scrapes and dents that either you or your dealer can quickly repair before they become ugly and embarrassing.

4. Cautious Parking

Parking lots pose some of the most severe threats to auto exteriors. It is my pet peeve. Regardless of how carefully you park, someone else will come along and park too close to your car, giving your car a free dent. Although often minor, parking-lot damage can cost a lot to repair. Motorists these days live with the fear that a claim will cause their insurance premiums to rise, so they might not take responsibility for denting or scraping your car.

It’s time to take parking into your own hands. You can try taking up two spots when you park, making it impossible for other car doors to reach your vehicle. Also, you can park far away from other cars where most people will never park. The long walk will give you valuable health benefits, and the remote parking spot can help prevent damage to your car.

5. Common Sense

Your best defense against scrapes, dents, and grime might reside under your own hat. Common sense should tell you to avoid roads while they undergo paving line-painting work. Avoid attempting to enter narrow alleys and resist the temptation to drive up to your mailbox when you get home at the end of the day. Never drive your car near trees and bushes. Always avoid dirt or gravel roads. Also, keep your garage and carport clear of tools and other objects that can easily fall and damage your car.

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Classic XJ-V8-WB Jaguar

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DE's Jaguar Touring Sedan

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Jaguar front seat

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My Jaguar's engine after a steam

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Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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WHY MEDICAL CORRELATION IS “STILL” NOT CAUSATION

WHY MEDICAL CORRELATION IS “STILL” NOT CAUSATION!

Courtesy: https://lnkd.in/eBf-4vY

CORRELATION: The degree and relationship between two variables which vary together over time. Correlation can vary from +1 to -1. Values close to +1 indicate a high-degree of positive correlation, and values close to -1 indicate a high degree of negative correlation.

CAUSATION: The”causal relationship between conduct and result”. It connects conduct with effect. Causation, often confused with correlation, indicates the extent to which two variables increase or decrease in parallel. However, correlation by itself does not imply causation. There may be a third factor, for example, responsible for the fluctuations in both variables. LINK: https://lnkd.in/eJNz355

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Assessment: Now, “correlation does not imply causation” is a phrase to emphasize that correlation between two variables does not imply that one causes the other. But – what about evidence and applications in medicine? Colleague Steve Novella explains.

ESSAY: https://lnkd.in/eEDBMrF Your thoughts are appreciated.

RISK MANAGEMENT & INSURANCE PLANNING FOR DOCTORS:

1 – “Insurance & Risk Management Strategies for Doctors” https://lnkd.in/ebWtzGg

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™    Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Modern New Management Theories

Name and Theory

By staff reporters

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DEFINITION: A collection of ideas which set forth general rules on how to manage a business or organization. Management theory addresses how managers and supervisors relate to their organizations in the knowledge of its goals, the implementation of effective means to get the goals accomplished and how to motivate employees to perform to the highest standard.

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On the “Uncanny Valley”

What it is – How it works
By staff reporters
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“Originally coined by Masahiro Mori in 1970, the term “uncanny valley” describes our strange revulsion toward things that appear nearly human, but not quite right.”  He is a Japanese roboticist noted for his pioneering work in the fields of robotics and automation, his research achievements in humans’ emotional responses to non-human entities, as well as for his views on religion.
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According to Wikipeida, the “uncanny valley” is a hypothesis in the field of aesthetics which holds that when features look and move almost, but not exactly, like natural beings, it causes a response of revulsion among some observers.
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The “valley” refers to the dip in a graph of the comfort level of beings as subjects move toward a healthy, natural likeness described in a function of a subject’s aesthetic acceptability.
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Asessment: Here are some creepy examples.
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Your thoughts are appreciated.
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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™
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Preventable Patient Harm Prevalence

“First Do No Harm”

By http://www.MCOL.com

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What is the “Butterfly” Effect?

What is it – How it works

[By Dr. David E. Marcinko MBA and staff reporters]

The butterfly effect refers to a concept that small causes can have large effects. Initially, it was used with weather prediction but later the term became a metaphor used in and out of science.

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[Copyright 2019 iMBA, Inc. All rights reserved. USA.]

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The term, closely associated with the work of Edward Lorenz, is derived from the metaphorical example of the details of a tornado (the exact time of formation, the exact path taken) being influenced by minor perturbations such as the flapping of the wings of a distant butterfly several weeks earlier. Lorenz discovered the effect when he observed that runs of his weather model with initial condition data that was rounded in a seemingly inconsequential manner would fail to reproduce the results of runs with the unrounded initial condition data. A very small change in initial conditions had created a significantly different outcome.

NOTE: Edward Lorenz is not to be confused with the scientist Max Lorenz: https://medicalexecutivepost.com/2018/01/26/about-the-lorenz-curve/

In Chaos Theory

In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state.

In Psychology / Psychiatry

Although I first learned about the Butterfly Effect is high school physics class, I also later learned that it relates to psychological/psychiatry in medical school. It seems the effect serves as a metaphor for life in a chaotic world. Specifically, it suggests that small events can have very large psychological / psychiatric effects.

In Insurance and Risk Management

As a health economist, and  former financial advisor, I also know that the Butterfly Effect is related to the insurance and financial service industries; as weill as risk management theory in general.

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Assessment: Your thoughts are appreciated.

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Money to Burn on the Fourth of July 2019

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The Complete Guide to July 4th Fireworks

Gather your novelty flag apparel and preheat your grills: Independence Day 2019 week is upon us. And, what’s a July 4th celebration without some explosions in the sky?

 

Assessment

Our latest infographic takes a closer look at the less glamorous side of fireworks — from the dollars that go up in smoke to the fingers we burn.

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[via MedPub]

Happy Fourth ME-P readers; please light responsibly!

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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Don’t be a “Fireworks Fourth Fool” [Video]

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By Dr. David Edward Marcinko MBA

[Publisher-in-Chief]

Graphic video image warning!

Back in the day, when I was a surgical resident and fellow, I treated my fair share of electrical, thermal and chemical burn injuries. Some were life, eyeball and limb threatening; but fortunately most were not! Treatment was with local wound care, followed by full, split thickness or postage stamp skin grafts, flaps, or various plastic surgery techniques, etc.

And, many were accidental of course, but a few were simply ill-conceived ideas from dumb or inebriated patients seen through the emergency room of the old Emory University – Northlake Regional Medical Center, in Tucker, GA.

So, for you medical types, here is a recap on the way we doctors classify burns, as referenced in several of my surgical textbooks and related medical publications.

Classification of Burn Depths

A. Superficial burn injury

1st degree burn

  • Limited to the epidermis
  • Presents with erythema and minimal swelling
  • Mild discomfort
  • Commonly treated on outpatient basis

B. Superficial partial-thickness burns

Second Degree Burn

  • Superficial 2nd degree burns
  • Involves the epidermis and superficial portion of the dermis
  • Often seen with scalding injuries
  • Presents with blister formation and typically blanches with pressure
  • Sensitive to light touch or pinprick
  • Commonly treated on outpatient basis; heal in 1-3 wks.

C. Deep partial-thickness burns

Deep 2nd degree burns

  • Involves the epidermis and most of the dermis
  • Patients often require excision of the wound and skin grafting
  • Appears white or poorly vascularized; may not blister
  • Less sensitivity to light touch and pinprick than superficial form
  • Extensive time to heal (3-4 wks)

D. Full-thickness burns

Third Degree Burn

  • Involves epidermis, and all layers of dermis, extending down to subcutaneous tissue
  • Appears dry, leathery, and insensate, often without blisters
  • Can be difficult to differentiate from deep partial-thickness burns
  • Commonly seen when patient’s clothes caught on fire/skin directly exposed to flame
  • Usually require referral to burn surgeon; need skin grafting to heal.

E. Fourth degree burns

Fourth Degree Burn

  • Full-thickness burn extending to muscle or bone
  • Common result of high-voltage electric injury or severe thermal burns
  • Requires hospital admission

Assessment

So, why do we review this clinical material on Independence Day? It is to remind our readers not to drink and shoot fireworks today; or to stop and re-think before proceeding with same. Don’t be like the fool in this YouTube video. I don’t want to see you in any ER; any where today! GOMER.

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ME-P and Independence Day 2010

LINK:

http://www.bing.com/videos/search?q=fireworks+accidents&FORM=HDRSC3#view=detail&mid=D3AA2608DA10E002C8B4D3AA2608DA10E002C8B4

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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What is Doxxing?

Can You Avoid It?

[By staff reporters]

Doxing (from dox, abbreviation of documents), or doxxing, is the Internet-based practice of researching and broadcasting personally identifiable information about an individual.

The methods employed to acquire this information include searching publicly available databases and social media websites (like Facebook), hacking, and social engineering.

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Doxing is therefore a standard tactic of online harassment and has been used by people associated with 4chan and in the Gamergate and vaccine controversies.

The ethics of doxing by journalists, on matters that they assert are issues of public interest, is an area of much controversy. Many authors have argued that doxing in journalism blurs the line between revealing information in the interest of the public and releasing information about an individual’s private life against their wishes.

MORE: https://www.gohacking.com/what-is-doxing-and-how-it-is-done/

THINK: HIPAA

Conclusion: Your thoughts are appreciated.

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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What is Cryonics?

Cryonics: Using low temperatures to care for the critically ill

By Aschwin de Wolf

Introduction

In contemporary medicine terminally ill patients can be declared legally dead using two different criteria: whole brain death or cardiorespiratory arrest. Although many people would agree that a human being without any functional brain activity, or even without higher brain function, has ceased to exist as a person, not many people realize that most patients who are currently declared legally dead by cardiorespiratory criteria have not yet died as a person. Or to use conventional biomedical language, although the organism has ceased to exist as a functional, integrated whole, the neuroanatomy of the person is still intact when a patient is declared legally dead using cardiorespiratory criteria.

It might seem odd that contemporary medicine allows deliberate destruction of the properties that make us uniquely human (our capacity for consciousness) unless one considers the significant challenge of keeping a brain alive in a body that has ceased to function as an integrated whole. But what if we could put the brain “on pause” until a time when medical science has become advanced enough to treat the rest of the body, reverse aging, and restore the patient to health?

Myths: https://www.alcor.org/cryomyths.html#myth6

MORE: https://www.alcor.org/

Assessment

Your thoughts are appreciated.

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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The History of [Medical] Workers Memorial Day [OSHA]

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The OSHA Precursor
By Matthew Pelletier

[Director of Public Relations]

Compliance and Safety LLC

ME-P Readers and Subscribers

Workers Memorial Day [WMD] is a commemoration day that is celebrated in the U.S and abroad each year on April 28th. It is meant to remember those who have been killed or left disabled as a result of an injury suffered at work. And, it’s an opportunity to recognize the preventable nature of most workplace accidents and bring greater awareness to safety campaigns and legislation.

OSHA

So, you are more than welcome to read, review and use any of the content from our memorial page on your ME-P website.

http://complianceandsafety.com/blog/workers-memorial-day-2013/

Assessment

Richard Nixon signed the Occupational Safety and Health Act, in 1970, which created OSHA to “assure safe and healthful working conditions for working men and women by setting and enforcing standards and providing training, outreach, education and assistance.”

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.

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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

Physician Advisors: www.CertifiedMedicalPlanner.org

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What is the Feres Doctrine of Medical Malpractice?

The Feres Doctrine

A doctrine that bars claims against the federal government by members of the armed forces and their families for injuries arising from or in the course of activity incident to military service.

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https://en.wikipedia.org/wiki/Feres_v._United_States

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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LINK: http://www.msn.com/en-us/news/us/dying-us-soldier-fighting-for-the-right-to-sue-military-over-medical-malpractice/ar-AAAZ09p?li=BBnb7Kz

UPDATES

LINK: https://connectingvets.radio.com/articles/feres-doctrine-closer-being-overturned-supreme-court

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MARCINKO’s New Risk Management and Asset Protection Textbook for MDs and Financial Advisors

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners]

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 Our New Text – “Take a Peek Inside 

Available – ORDER NOW!

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Foreword by J. WESLEY BOYD MD PhD MA

logos

“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

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Book Reviews

“Physicians who don’t understand modern risk management, insurance, business and asset protection principles are sitting ducks waiting to be taken advantage of by unscrupulous insurance agents and financial advisors; and even their own prospective employers or partners. This comprehensive volume from Dr. David Marcinko, and his co-authors, will go a long way toward educating physicians on these critical subjects that were never taught in medical school or residency training.”
—Dr. James M. Dahle, MD, FACEP, Editor of The White Coat Investor, Salt Lake City, Utah, USA

“With time at a premium, and so much vital information packed into one well organized resource, this comprehensive textbook should be on the desk of everyone serving in the healthcare ecosystem. The time you spend reading this frank and compelling book will be richly rewarded.”
—Dr. J. Wesley Boyd, MD, PhD, MA, Harvard Medical School, Boston, Massachusetts, USA

“Physicians have more complex liability challenges to overcome in their lifetime, and less time to do it, than other professionals. Combined with a focus on practicing their discipline, many sadly fail to plan for their own future. They need trustworthy advice on how to effectively protect themselves, families and practice, from the many overt and covert risks that could potentially disrupt years of hard work.
Fortunately, this advice is contained within ‘Risk Management, Liability Insurance, And Asset Protection Strategies For Doctors And Advisors: Best Practices From Leading Consultants And Certified Medical Planners™’. Written by Dr. David Edward Marcinko, Nurse Hope Rachel Hetico and their team of risk managers, accountants, insurance agents, attorneys and physicians, it is uniquely positioned as an integration of applied, academic and peer-reviewed strategies and research, with case studies, from top consultants and Certified Medical Planners™. It contains the latest principles of risk management and asset protection strategies for the specific challenges of modern physicians. My belief is that any doctor who reads and applies even just a portion of this collective wisdom will be fiscally rewarded. The Institute of Medical Business Advisors has produced another outstanding reference for physicians that provide peace of mind in this unique marketplace! In my opinion, it is a mandatory read for all medical professionals.”
—David K. Luke, MS-PFP, MIM, CMP™, Net Worth Advisory Group, Inc., Sandy, Utah, USA

“This book is a well-constructed, comprehensive and experiential view of risk management throughout the entire medical practice life-cycle. It is organized in an accessible, high-yield style that is familiar to doctors. Each chapter has case models, examples and insider tips and useful pearls. I was pleased to see multi-degreed physicians sharing their professional experiences in a textbook on something other than clinical medicine. I can’t decide if this book is right on – over the top – or just plain prescient. Now, after a re-read, I conclude it is all of the above; and much more.”
—Dr. Peter P. Sidoriak, Pottsville, Pennsylvania, USA

“When a practicing physician thinks about their risk exposure resulting from providing patient care, medical malpractice risk immediately comes to mind. But; malpractice and liability risk is barely the tip of the iceberg, and likely not even the biggest risk in the daily practice of medicine. There are risks from having medical records to keep private, risks related to proper billing and collections, risks from patients tripping on your office steps, risks from medical board actions, risk arising from divorce, and the list goes on and on. These liabilities put a doctor’s hard earned assets and career in a very vulnerable position. This new book from Dr. David Marcinko and Prof. Hope Hetico shows doctors the multiple types of risk they face and provides examples of steps to take to minimize them. It is written clearly and to the point, and is a valuable reference for any well-managed practice. Every doctor who wants to take preventive action against the risks coming at them from all sides needs to read this book.”
—Richard Berning, MD, FACC, New Haven, Connecticut, USA

“This is an excellent companion book to Dr. Marcinko’s Comprehensive Financial Planning Strategies For Doctors And Advisors: Best Practices from Leading Consultants and Certified Medical Planners™. It is all inclusive yet easy to read with current citations, references and much frightening information. I highly recommend this text. It is a fine educational and risk management tool for all doctors and medical professionals.”
—Dr. David B. Lumsden, MD, MS, MA, Orthopedic Surgeon, Baltimore, Maryland, USA

“This comprehensive text book provides an in-depth presentation of the cyber security and real risk management, asset protection and insurance issues facing all medical profession today. It is far beyond the mere medical malpractice concerns I faced when originally entering practice decades ago.”
—Dr. Barbara s. Schlefman, DPM, MS, Family Foot Care, PA, Tucker, Georgia, USA

“Am I over-insured and thus wasting money? Am I under-insured and thus at risk for a liability or other disaster? I never really had the means of answering these questions; until now.”
—Dr. Lloyd M. Krieger, MD, MBA, Rodeo Drive Plastic Surgery, Beverly Hills, California, USA

“I read and use this book, and several others, from Dr. David Edward Marcinko and his team of advisors.”
—Dr. John Kelley, DO, Orthopedic Surgeon, Tucker, Georgia, USA

“An important step in the risk management, insurance planning and asset protection process is the assessment of needs. One can create a strong foundation for success only after all needs have been analyzed so that a plan can be constructed and then implemented. This book does an excellent job of recognizing those needs and addressing strategies to reduce them.
—Shikha Mittra, MBA, CFP®, CRPS®, CMFC®, AIF®, President – Retire Smart Consulting LLC, Princeton, New Jersey, USA

“The Certified Medical Planner™ professional designation and education program was created by the Institute of Medical Business Advisors Inc., and Dr. David Edward Marcinko and his team (who wrote this book). It is intended for financial advisors who aim specifically to serve physicians and the medical community. Content focuses not only on the insurance and professional liability issues relevant to physicians, but also provides an understanding of the risky business of medical practice so advisors can help work more successfully with their doctor-clients.”
—Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, http://www.Kitecs.com, Reston, Virginia, USA

“I have read this text and used consulting services from the Institute of Medical Business of Advisors, Inc. on several occasions.”
—Dr. Marsha Lee, DO, Radiologists, Norcross, Georgia, USA

“The medical education system is grueling and designed to produce excellence in medical knowledge and patient care. What it doesn’t prepare us for is the slings and arrows that come our way once we actually start practicing medicine. Successfully avoiding these land mines can make all the difference in the world when it comes to having a fulfilling practice. Given the importance of risk management and mitigation, you would think these subjects would be front and center in both medical school and residency – ‘they aren’t.’ Thankfully, the brain trust over at iMBA Inc., has compiled this comprehensive guide designed to help you navigate these mine fields so that you can focus on what really matters – patient care.”
—Dennis Bethel, MD, Emergency Medicine Physician

MORE: FRONT MATTER Risk Management

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business-valuation1

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On Shared Decision Making [SDM] in Medicine

Let’s Get Strategic and Share – OR- Not!

[By Dr. David E. Marcinko MBA]

Hospitals, clinics and healthcare Boards of Directorss [BODs] can foster patient-centered care by encouraging meaningful conversations during patient encounters and by incentivizing clinicians.

Link: https://medicalexecutivepost.com/2016/01/21/team-based-medical-care-risks/

Still, it sounds too much like team based medicine to me.

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Assessment

But, I am not a fan.

Link: https://medicalexecutivepost.com/2016/01/21/team-based-medical-care-risks/

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.

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HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

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Dr. Dave Marcinko at YOUR Service in 2020

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Book Marcinko for your next Seminar, Meeting or Medical Business Event 

By Ann Miller RN MHA

Professor and physician executive David Edward Marcinko MBBS DPM MBA MEd BSc CMP® is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; Oglethorpe University, and Atlanta Hospital & Medical Center in GA; and the Aachen City University Hospital, Koln-Germany. He is one of the most innovative global thought leaders in health care business and entrepreneurship today.

Dr. Marcinko is a multi-degreed educator, board certified physician, surgical fellow, hospital medical staff President, Chief Education Officer and philanthropist with more than 400 published papers; 5,150 op-ed pieces and over 125+ international presentations to his credit; including the top 10 biggest pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

Dr. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner®, who was named “Health Economist of the Year” in 2001. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, management and trade publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News].

As a licensed insurance agent, RIA and SEC registered endowment fund manager, Dr. Marcinko is Founding Dean of the fiduciary focused CERTIFIED MEDICAL PLANNER® chartered designation education program; as well as Chief Editor of the HEALTH DICTIONARY SERIES® Wiki Project. His professional memberships include: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA and HIMSS.

Dr. Marcinko is a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

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DEM 2012

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http://www.CertifiedMedicalPlanner.org

***

Book Dr. David Edward Marcinko CMP®, MBA, MBBS for your Next Medical, Pharma or Financial Services Seminar or Personal and Corporate Coaching Sessions 

Dr. Dave Marcinko enjoys personal coaching and public speaking and gives as many talks each year as possible, at a variety of medical society and financial services conferences around the country and world.

These have included lectures and visiting professorships at major academic centers, keynote lectures for hospitals, economic seminars and health systems, keynote lectures at city and statewide financial coalitions, and annual keynote lectures for a variety of internal yearly meetings.

Topics Link: toc_ho

***

[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

[HOSPITAL OPERATIONS, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET]

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[Foreword Dr. Phillips MD JD MBA LLM] *** [Foreword Dr. Nash MD MBA FACP]

***

Diabetes Prevalence Among US Adults

Circa 2016-2017

By http://www.MCOL.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.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

***

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The Future of Health Care?

A National Survey of Physicians

The 2018 Future of Healthcare report, compiled from the observations of more than 3,400 doctors, has uncovered a complex picture of the attitudes of physicians nationwide toward the important issues facing the industry. 

 ***

https://www.thedoctors.com/future

***

Assessment

Your thoughts are appreciated.

MORE FOR DOCTORS:

“Insurance & Risk Management Strategies for Doctors”

https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians”

https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0”

https://tinyurl.com/yb3x6wr8

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

THANK YOU

The CERTIFIED MEDICAL PLANNER® Charter Designation Program

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CERTIFIED MEDICAL PLANNER® CHARTER DESIGNATION PROGAM

[A Continuing Education Portal for Financial Advisors]

By Ann Miller RN MHA

An Information Technology Educational Futurist

Today, colleges and universities are finally beginning to identify students who are adept at learning online and reward the top achievers and professors. Employers, graduate and medical schools are beginning to troll MOOCs [massive open online courses] seeking viable job, and academic, candidates.

In fact, when I last checked, the nation’s public health administration and related B-student were enrolled in more than 118 online programs. MOOCs offer greater access for a larger number of students, at significantly lower costs than on-site programs.

By the same token, technology like Blackboard®, Cernage, and eXplorance, Kalture and related must be used to full potential. Smart phones, PCs and tablets, videos, interactive games, AI simulators and related apps with Skype®-like virtual classrooms and cloud storage are obvious embellishments to online initiatives. 

An Executive Education Pioneer 

Moreover, it is increasingly imperative that technology be used to expand the universe of targeted adult-learners. This is for aspiring professionals and business executives, or those already in the workforce.

Estimates by Business Week suggest that adult executive education in the US is a $900 million annual business with approximately 80 percent provided by university schools. Beside the educational benefits, monetary dividends are reaped as open enrollment eases matriculation access. Similar programs at the Wharton School, Darden, Harvard and the Goizueta Business School at Emory University charge premium rates for the implied institutional moniker.

ENTER the CERTIFIED MEDICAL PLANNER® charter designation

According to industry pundit: Mike Kitces MSFS CFP CLU ChFC EA

The CERTIFIED MEDICAL PLANNER™ charter designation program was created by Dr. David Marcinko (who edited the Financial Planning Handbook for Physicians and Advisors” [1st and 2nd editions”] AND “The Business of Medical Practice [1st, 2nd and 3rd editions]. It is intended for those financial advisors, medical management consultants or healthcare CXOs who aim specifically serve physicians and the allied healthcare and medical community.

http://www.BusinessofMedicalPractice.com

Out content focuses not only on the risk management, insurance, investment and financial planning issues relevant to all independent or employed physicians, but also provides an understanding of the business, economic and financial aspects of medical practice management so that CMP™ charter holders can help their physician clients achieve the next level of businesses in the modern era.

“The informed voice of a new generation of fiduciary advisors for healthcare”

 Like medical professionals, all licensed Certified Medical Planner™ charter-holders are required to act in accordance with governing regulations. They are required to sign a Code-of-Ethics attestation confirming the intent to run their advisory and/or management consulting business according to a strict set of fiduciary standards. 

PROGRESS: After several years of proof-of-concept preparation, we secured the website URL: http://www.CertifiedMedicalPlanner.org complete with copyrighted logo and launched. We now have about 60 graduates under a quarter-semester business model with 3 mandated proprietary textbooks, case models, test questions and checklists, and 3 recommended proprietary dictionary handbooks which we produced and copyrighted.

Our strategic competitive advantage [SCA] is four-fold: fiduciary status, asynchronous education with “live” instructors, deep curriculum granularity and requisite undergraduate degree.

PRODUCT LINE EXTENSION: Our course materials are kept updated thru our website platform: http://www.MedicalExecutivePost.com with half million readers / subscribers

Full Disclosure: We are currently under non-disclosure agreements [NDA] with a VC firm located in Durham, NC that acquires, invests and operates a portfolio of educational and healthcare media, market intelligence, online certification programs and associated businesses.

NOTE: We would consider a revenue sharing relationship with a major University SBE in order to quickly achieve scale, automate the program and establish a scholarship fund.

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:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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How to Peform CPR [An Update]

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The Crucial Steps You Should Know – Including for Pets

[By Monica Gomez]

Anybody can and anybody should learn how to perform CPR (Cardiopulmonary resuscitation).

According to the American Heart Association, a stunning 70% of Americans don’t know how what to do if somebody is experiencing a cardiac emergency because they don’t know how to administer CPR or they forgot the exact technique. This is especially alarming since almost 90% of cardiac arrests occur at home — where patients depend on the immediate respiratory care response of their family members.

In brief, knowing how to perform CPR can save the life of a loved one someday.

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CPR-How-To

 CPR-How-To-Children

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Survival Rates

While 400,000 cardiac arrests happen outside of hospitals each year in the U.S. alone, hands-on CPR can actually double or triple an adult’s chance of survival. However, you need to act quickly. At four minutes without oxygen, the patient will suffer from permanent brain damage. At eight to ten minutes, the patient can die. Almost 90% of cardiac arrest patients die because no one performed CPR at the scene.

Before You Start CPR

First of all, check if the patient can respond by tapping them on the shoulder and shouting “Are you okay?” If they don’t respond, call for medical emergency services immediately. If others are around, instruct them to call 911 and if you’re alone, do it yourself. If the patient is an animal, call the closest animal hospital. If you happen to be near an AED (defibrillator), read the instructions and give one shock to the patient (this applies to humans only).

CPR Steps For Adults and Children 9 and Older: Hands-Only CPR

  1. Lay the patient on their back and kneel next to their neck and shoulders.
  2. Place the heel of one hand on the center of the patient’s chest.
  3. Place the heel of your other hand over the first and lace fingers together.
  4. Keep your elbows straight and align your shoulders directly over your hands.
  5. Begin compression:
  • As hard as possible
  • At least 100x/minute
  • Allow the chest to rise fully between compressions.

TIP: Give compressions to the beat of disco hit “Stayin’ Alive”!

CPR Steps For Younger Children and Infants

  1.  Tilt the head back a bit and lift chin to open the airway and check for breathing.
  2. If there’s no breathing, give either of these two rescue breaths:
  • Child: Pinch the nose shut and make a complete seal over their mouth
  • Infant: Make a complete seal over their mouth and nose.
  1. Blow in for one second, so the chest visibly rises and repeat this once.
  2. Give 30 chest compressions (100x/minute):
  • Child: Push with one or two hands about two inches deep
  • Infant: Push with two to three fingers about 1.5 inches deep.
  1. Repeat these steps three to four times.

Pet CPR – For Dogs and Cats

[Follow these CPR instructions for puppies]

For Animals Under 10kg/22lbs:

  1.  Use the one-handed technique, wrapping the hand over sternum and chest.
  2. Give 30 chest compressions (100-120x/minute).
  3. Allow the chest to fully recoil between compressions.
  4. Give two mouth-to-snout rescue breaths after each set of compressions (30:2).

For Medium to Giant Dogs:

  • Position the animal on its side.
  • Use the two-handed technique, placing your hands over the widest part of the chest.

For Deep, Narrow-Chested Dogs Like Greyhounds:

  • Use the two-handed technique, placing your hands directly over the heart.

For Barrel-Chested Dogs Like English Bulldogs:

Place animal on its back and use the same positioning and technique as for adult humans Whether you perform CPR on an adult, child, infant, or pets, DO NOT STOP unless:

  • The patient starts breathing
  • An EMS or another citizen responder takes over
  • An AED is ready to use
  • The scene becomes unsafe
  • You are physically incapable of continuing

Assessment

Make sure to practice and/or brush up your CPR abilities today, so you’re ready to potentially save someone’s life in the future! Furthermore, if you’re interested in making it your profession to help people suffering from respiratory conditions like asthma, bronchitis, lung cancer, heart attack, stroke, chronic obstructive pulmonary disease (COPD) or sleep apnea, you should look into Carrington College’s respiratory care program. This two-year program combines classroom lectures, laboratory instruction, and clinical experience in order to prepare you to work in a variety of healthcare settings. If you’d like to assist and educate people regarding respiratory health concerns, our training program is the ideal fit for you!

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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What is Risk Adjusted Stock Market Performance?

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Update on Some Interesting and Important Financial Calculations

By Timothy J. McIntosh MBA CFP® MPH

By Dr. David Edward Marcinko MBA CMP™

By Jeffery S. Coons PhD CFA

TMDr. Jeff Coons

dr-david-marcinko9

-INTRODUCTION-

Performance measurement, like an annual physical, is an important feedback loop to monitor progress towards the goals of the medical professional’s investment program.  Performance comparisons to market indices and/or peer groups are a useful part of this feedback loop, as long as they are considered in the context of the market environment and with the limitations of market index and manager database construction.

Inherent to performance comparisons is the reality that portfolios taking greater risk will tend to out-perform less risky investments during bullish phases of a market cycle, but are also more likely to under-perform during the bearish phase.  The reason for focusing on performance comparisons over a full market cycle is that the phases biasing results in favor of higher risk approaches can be balanced with less favorable environments for aggressive approaches to lessen/eliminate those biases.

So, as physicians and other investors, can we eliminate the biases of the market environment by adjusting performance for the risk assumed by the portfolio?  While several interesting calculations have been developed to measure risk-adjusted performance, the unfortunate answer is that the biases of the market environment still tend to have an impact even after adjusting returns for various measures of risk.

However, medical professionals and their advisors will have many different risk-adjusted return statistics presented to them, so understanding the Sharpe ratio, Treynor ratio, Jensen’s measure or alpha, Morningstar star ratings, etc. and their limitations should help to improve the decisions made from the performance measurement feedback loop.

[a] The Treynor Ratio

The Treynor ratio measures the excess return achieved over the risk free return per unit of systematic risk as identified by beta to the market portfolio.  In practice, the Treynor ratio is often calculated using the T-Bill return for the risk-free return and the S&P 500 for the market portfolio.

[b] The Sharpe Ratio

The Sharpe ratio, named after CAPM pioneer William F. Sharpe, was originally formulated by substituting the standard deviation of portfolio returns (i.e., systematic plus unsystematic risk) in the place of beta of the Treynor ratio.  Thus, a fully diversified portfolio with no unsystematic risk will have a Sharpe ratio equal to its Treynor ratio, while a less diversified portfolio may have significantly different Sharpe and Treynor ratios.

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8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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[c] The Jensen Alpha Measure

The Jensen measure, named after CAPM research Michael C. Jensen, takes advantage of the CAPM equation discussed in the Portfolio Management section to identify a statistically significant excess return or alpha of a portfolio.  The essential idea is that to investigate the performance of an investment manager you must look not only at the overall return of a portfolio, but also at the risk of that portfolio.

For instance, if there are two mutual funds that both have a 12 percent return, a lucid investor will want the fund that is less risky. Jensen’s gauge is one of the ways to help decide if a portfolio is earning the appropriate return for its level of risk. If the value is positive, then the portfolio is earning excess returns. In other words, a positive value for Jensen’s alpha means a fund manager has “beat the market” with his or her stock picking skills compared with the risk the manager has taken.

[d] Database Ratings

The ratings given to mutual funds by databases, such as Morningstar, and various financial magazines are another attempt to develop risk-adjusted return measures.  These ratings are generally based on a ranking system for funds calculated from return and risk statistics.

A popular example is Morningstar’s star ratings, representing a weighting of three, five and ten year risk/return ratings.  This measure uses a return score from cumulative excess monthly fund returns above T-Bills and a risk score derived from the cumulative monthly return below T-Bills, both of which are normalized by the average for the fund’s asset class.  These scores are then subtracted from each other and funds in the asset class are ranked on the difference.  The top 10 percent receive five stars, the next 22.5 percent get four stars, the subsequent 35 percent receive three stars, the next 22.5 percent receive two stars, and the remaining 10 percent get one star.

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

Assessment

Unfortunately, these ratings systems tend to have the same problems of consistency and environmental bias seen in both non-risk adjusted comparisons over 3 and 5 year time periods and the other risk-adjusted return measures discussed above.  The bottom line on performance measurement is that the medical professional should not take the easy way out and accept independent comparisons, no matter how sophisticated, at face value.  Returning to our original rules-of-thumb, understanding the limitations of performance statistics is the key to using those statistics to monitor progress towards one’s goals.

This requires an understanding of performance numbers and comparisons in the context of the market environment and the composition/construction of the indices and peer group universes used as benchmarks.

Another important rule-of-thumb is to avoid projecting forward historical average returns, especially when it comes to strong performance in a bull market environment.  Much of an investment or manager’s performance may be environment-driven, and environments can change dramatically.

Channel Surfing

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

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

ABOUT

Timothy J. McIntosh is Chief Investment Officer and founder of SIPCO.  As chairman of the firm’s investment committee, he oversees all aspects of major client accounts and serves as lead portfolio manager for the firm’s equity and bond portfolios. Mr. McIntosh was a Professor of Finance at Eckerd College from 1998 to 2008. He is the author of The Bear Market Survival Guide and the The Sector Strategist.  He is featured in publications like the Wall Street Journal, New York Times, USA Today, Investment Advisor, Fortune, MD News, Tampa Doctor’s Life, and The St. Petersburg Times.  He has been recognized as a Five Star Wealth Manager in Texas Monthly magazine; and continuously named as Medical Economics’ “Best Financial Advisors for Physicians since 2004.  And, he is a contributor to SeekingAlpha.com., a premier website of investment opinion. Mr. McIntosh earned a Bachelor of Science Degree in Economics from Florida State University; Master of Business Administration (M.B.A) degree from the University of Sarasota; Master of Public Health Degree (M.P.H) from the University of South Florida and is a CERTIFIED FINANCIAL PLANNER® practitioner. His previous experience includes employment with Blue Cross/Blue Shield of Florida, Enterprise Leasing Company, and the United States Army Military Intelligence.

Dr. Jeffrey S. Coons is the Co-Director of Research at Manning & Napier Advisors, Inc. with primary responsibilities focusing on the measurement and management of portfolio risk and return relative to client objectives.  This includes providing analysis across every aspect of the investment process, from objectives setting and asset allocation to on-going monitoring of portfolio risk and return.  Dr. Coons is also member of the Investment Policy Group, which establishes and monitors secular investment trends, macroeconomic overviews, and the investment disciplines of the firm. Dr. Coons holds a doctoral degree in economics from Temple University, graduated with distinction from the University of Rochester with a B.A. in Economics, holds the designation of Chartered Financial Analyst, and is one of the employee-owners of Manning and Napier.

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:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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And, credible sponsors and like-minded advertisers are always welcomed.

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The Rise and Fall of Theranos

And, Elizabeth Holmes

EDITOR’S NOTE: We rarely reprint material verbatim on this ME-P. After all, what’s the point of repetition? Nevertheless, we feel compelled to do so for occasional stories of gravitas.

http://www.msn.com/en-us/money/companies/the-rise-and-fall-of-theranos-the-blood-testing-startup-that-went-from-a-rising-star-in-silicon-valley-to-facing-fraud-charges-over-a-wild-15-year-span/ss-AAxMTgp?li=BBnbfcL#image=35

This is one such reprint.

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.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

***

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What is a Galton Board?

On the Bean Machine

By Dr. David Edward Marcinko MBA

http://www.CertifiedMedicalPlanner.org

I’ve taught health economics and finance classes at the under-graduate, MBA and graduate school levels. All students were aware of basic statistics and the ‘”normal distribution curve.” A few were even aware of the term “bean machine”; but I have never known a student who was familiar with the term “Galton Board.”

DEFINTION:

The bean machine, also known as the Galton Board or quincunx, is a device invented by Sir Francis Galtonto demonstrate the central limit theorem, in particular that the normal distribution is approximate to the binomial distribution. Among its applications, it afforded insight into regression to the mean or “regression to mediocrity”.

MORE:

Assessment

So, a picture or video is worth a thousand words; as they say.

Link: https://www.youtube.com/watch?v=6YDHBFVIvIs

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. https://medicalexecutivepost.com/dr-david-marcinkos-bookings/ 

Contact: MarcinkoAdvisors@msn.com

https://www.crcpress.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

***

Happy Birthday Professor Hope Rachel Hetico 2018

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Congratulating a Medical Executive-Post Human Dynamo

  • By Dr. David Edward Marcinko CMP® MBA MBBS
  • By Ann Miller RN MHA
  • By Edward, Teresa and Mackenzie [ME-P staff]

cmp-logo16

During this busy post-holidays week, we’d like to acknowledge the birthday of one of our own; Hope Rachel Hetico.

mba

Despite again being in Chicago on a major corporate executive consulting assignment, Hope is a human dynamo for our holding parent company, the www.MedicalBusinessAdvisors.com and this expanding ME-P publication.

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Professor Hope Hetico

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In addition to serving as ME-P Managing Editor, she teaches online for our www.CertifiedMedicalPlanner.org program and completed her Co-Editorial duties for our just released 800 page  textbook, Risk Management, Liability Insurance and Asset Protection Strategies for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners®].

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

She also completed editorial work on our 750 page companion text book Comprehensive Financial Planning for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners®].

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

Hope accomplished all this while still leading on-ground classes and B-School health administration teaching assignments using the curriculum she helped outline in our magnum opus www.BusinessofMedicalPractice.com.

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Ageless

Now, don’t try to guess Hope’s age – you’d be decades off. Suffice it to say – she wears it well. Rather, follow our lead and feel free to give her a warm birthday “shout-out” and great big Mazel-Tov’.

Happy Birthday, Hope!

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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:

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

***

Is this the NEXT OPIOID CRISIS?

A Gabapentin Prescriptions Surge May be Brewing Out-There!

By Dr. David Edward Marcinko MBA

Prescriptions for nerve pain medicines like gabapentin (Neurontin) and pregabalin (Lyrica) have more than tripled in recent years, driven by increased use among chronically ill older adults and patients already taking opioids, a U.S. study suggests. The proportion of US adults prescribed gabapentin and other drugs in the same family of medicines climbed from 1.2% in 2002 to 3.9% by 2015, a period that also saw a surge in opioid overdoses and deaths.

The drug class, known as gabapentinoids, includes gabapentin (Neurontin, Gralise, Horizant) and pregabalin. “Nearly 1 in 25 adults takes a gabapentinoid during a year, which matters because we have little data to support much use of this drug class and minimal data to support the long-term safety of the medications,” said study author Dr. Michael Johansen of the Heritage College of Osteopathic Medicine at Ohio University in Athens.

Source: Reuters Health News via MDLinx [1/8/18]

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Assessment

I hate to admit that these drugs did not even exist when I was in medical school. So, can we assume that most doctors today learned about them thru drug reps, TV, radio, internet, blog and vlog advertising, etc? 

More: https://www.painmedicinenews.com/Clinical-Pain-Medicine/Article/03-18/Gabapentin-and-Opioids-a-Potentially-Deadly-Combination/47053?sub=C143BC655DA759D99E56383AE3C0C55ECB64ABF25DFEFEA185C6CA3F4F86B4&enl=true&lipi=urn:li:page:d_flagship3_feed;y0AoiQmuRTy3ozEhwaJ0iQ%3D%3D

Is this the next opioid or drug crisis in the USA? Doctor colleagues, please think about the antibiotic resistance problem. Economic colleagues, please think about the “law of substitutions.” All, think about recreational marijuana? http://www.HealthDictionarySeries.org

Conclusion

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

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.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

***

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A Block Chain Video

What it is – How it works

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http://www.realitysharesadvisors.com/indexes/blockchain-index/

Conclusion

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An End of Year Financial Check List

Important for your Financial Health

By Patrick Bourbon CFA

The last few weeks of the year are often a mad rush so we thought that it is a good time to share this checklist of important items to consider before the calendar year ends, all related to your investments and finances so that you can reach your goals and dreams faster.

1. Review your IRA – 401(k) / 403(b) retirement accounts – Are you on track for a comfortable retirement?
2. Start tax planning! It’s not too early to think about taxes – Asset location & Tax efficiency
3. Rebalance your portfolio
4. Harvest your capital losses
5. Check your emergency fund
6. Review your insurance policies
7. Contribute to your Health Spending Account
8. Take your Required Minimum Distribution
9. Contribute to your 529 Plan
10. Determine your net worth
11. Check your credit score
12. Check your beneficiaries
13. Update your estate plan
14. Maximize your business deductions
15. Spending and automated savings – You want to look ahead

Assessment

Short and sweet.

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.

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ON STATE MEDICAL BOARDS

A Brief History

By Eric A. Dover MD

The first medical board was established in Connecticut in 1792 by the state legislature. It consisted of a group of physicians who evaluated the competency of physicians wishing to practice in the State. Medical Boards eventually evolved and became very powerful with the addition of Medical Practice Acts containing a plethora of administrative rules. The Medical Boards stated mission was, and still is, the protection, health and safety of the public. State Boards formed a national group, the Federation of State Medical Boards (FSMB), in 1912. The FSMB was the first institution to publically list names of disciplined physicians in a monthly bulletin.

In the 1980’s and 1990’s there were a number of high profile cases involving physicians and public safety. One such case, international in scope, concerned surgeon Dr. Jayant Patel. Significant news coverage regarding his surgical outcomes and knowledge resulted in the heightened questioning of Medical Boards and whether they were actually fulfilling their mission of protecting public health and safety. The Oregon Medical Board (OMB) was scrutinized for allegedly “ignoring” 79 complaints, and at least three deaths, attributed to Dr. Patel’s surgical care from 1989 to 1998. The OMB abdicated all responsibility for the situation with a myriad of excuses for why they had no control over this physician or the HMO he worked for.

OMB

The OMB then came to the state legislature with a “fix” to supposedly prevent any further such incidents. The OMB advocated for greater authority over physicians and greater independence from government oversight. With the din of the press and public, the Oregon Legislature gladly granted the OMB their wish. Other states followed Oregon’s example. Not a single individual associated with the OMB, whether administrative or board member was investigated in any meaningful way for their horrendous dereliction of duty. Not one of them had their license restricted, suspended or revoked for such serious offenses. None of them were ordered to pay out of pocket to go to “programs” for competency evaluations, psychological examinations or “courses” to help them become better board members. No one resigned, nor was anyone dismissed, from their position of power. The OMB’s inaction led to a number of deaths and numerous patients with chronic post-surgical medical disorders, yet all individuals involved with the OMB were protected from malpractice lawsuits

Case examples

With cases such as Dr. Patel’s featured prominently in the mainstream media, Medical Boards nationwide came under intense public pressure and scrutiny as it became clear they were not fulfilling their mission of protecting the public’s health and safety. The public saw physicians as a privileged class, protected by their colleagues and Medical Boards. They were correct to a degree. Public safety groups like Public Citizen, who had been taking Medical Boards, hospitals and large clinics to task for years regarding what they felt was a lack of physician oversight and discipline, began ranking state medical boards based on how many disciplinary actions they handed out each year. In their 2011 report, Public Citizen’s Health Research Group Ranking of the Rate of State Medical Boards’ Serious Disciplinary Actions, 2009-2011, the authors made the erroneous assumption that the greater the number of physician “disciplines” (actions) per 1000 physicians, the better job that State’s Medical Board was doing. Therefore, at 6.79 actions per 1000 physicians, Wyoming was doing the “best” job and at 1.33 actions per 1000 physicians, South Carolina was doing the “worst” job.

https://www.crcpress.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

Medical boards vary state -2- state 

Medical Boards vary remarkably from state to state. There are only two constants among them. First, each state has a Medical Board. Second, the Board makes all final decisions concerning licensees. Otherwise, there’s no consistency when it comes to what’s sandwiched in between. The Medical Board’s authority is grounded in the States Medical Practice Act, which gives them the authority to enforce laws for licensing, monitoring and disciplining physicians in the state. Every state has its own unique laws and processes, but every medical practice act covers the basics regarding oversight of physicians practicing medicine in the State.

Assessment

The U.S. Federation of State Medical Boards (FSMB) periodically issues guidelines on the essential elements of a medical practice act.

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

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, I.T, business and policy management ecosystem.

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

On the Department of Labor “Fiduciary Rule”

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Rick Kahler MS CFP

By Rick Kahler MSFS CFP®

Both fee-only financial planning firms and companies that sell financial products are beginning to see some unintended consequences from the recent Department of Labor fiduciary rule.

The rule requires that all financial advisors who deal with an investor’s retirement accounts, including those who sell products, be held to a fiduciary standard. In the past, only RIA’s who are regulated by the SEC were held to such a standard.

The DoL intended the rule to discourage financial salespeople from placing high fee and commission products in retirement accounts. For fee-only advisers, one unintended consequence is an increase in documentation and paperwork, which increases the cost of doing business.

Another unintended consequence that could actually end up hurting consumers may be on the issue of churning.

Churning

Churning describes a broker excessively and needlessly making a lot of trades in a client’s account to generate extra commissions. FINRA, the agency that oversees the sale of financial products, has long discouraged churning, though often the practice only comes to light when a consumer files a complaint.

Still, regulators’ success in discouraging churning has given rise to fee-based brokerage and wrap accounts. These accounts do not compensate brokers on the number and frequency of transactions, but on an ongoing management or advisory fee. It can be a flat fee or one that is determined by a percentage of the assets in the account. This mode of compensation takes away a broker’s incentive to churn accounts. That has to be a good thing, right? Well, not necessarily, if you are a regulator.

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dol

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Now, according to financial planner and writer Michael Kitces, the regulators are concerned they have been “too successful” in motivating brokers to charge management fees. Kitces notes the new DoL fiduciary rule will continue to spur a massive shift towards various forms of fee-based brokerage and advisory accounts, giving rise to an emerging new problem: reverse churning.

Reverse Churning

He says reverse churning “is where an advisor charges an ongoing investment management fee … but fails to provide any substantive ongoing investment services.” The broker places a consumer in an investment, collects the annual fee, and never touches the account again. Regulators are worried that brokers have gone from too much activity (churning) to not enough (reverse churning).

With the rise in popularity of passive investing, there is growing interest in the use of ETFs, index funds, and other passive investment vehicles. Passive investing is often framed as a “leave it and forget it” strategy that needs little attention. A lot of research validates that a passive investment strategy is usually superior to an active strategy with more buying and selling of securities.

Kitces notes that while the regulatory concern about reverse churning is appropriate, it “raises troubling concerns when paired with the growing popularity of using index funds, ETFs, and passive investment approaches. How is an advisor supposed to justify an ongoing advisory fee when the right thing for the client to do might really be to do nothing? And what if the bulk of the advisor’s AUM fee is actually for other non-investment (i.e., financial planning) services, paired together with an otherwise passive investment portfolio?”

Assessment

Regulators will probably need to address the difference between reverse churning and implementing a prudent passive investment strategy. That won’t happen before there is a lot of confusion that demands clarification. In the meanwhile, fee-only advisors who embrace a passive investment strategy will have to add another layer of busywork by documenting what they actively do for clients on an ongoing basis. Clearly, this will be easier for fiduciary advisors who also provide financial planning than for those who only provide investment advice. 

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:

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

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The Need for Antitrust Investigation of Physician Health Programs and their “PHP-Approved” Assessment and Treatment Centers

Monopolies, Self-Referrals and Shell Games

By Michael Langan MD

Monopolies, Self-Referral and Shell Games: The Need for Antitrust Investigation of Physician Health Programs and their “PHP-Approved” Assessment and Treatment Centers

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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:

Product DetailsProduct Details

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About the HappyMD.com

Fighting Physician Burn-Out

[By staff reporters]

Since 2011, http://www.TheHappyMD.com has been the leader in the prevention of physician burnout for individual doctors and healthcare organizations.

If you want to understand, prevent and treat physician burnout – whether you are an individual doctor – or CEO of a multi-state healthcare organization –  or someone else; this site will be helpful to you.

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Assessment

The site is run by Dike Drummond MD, a Mayo trained family practice physician and leading coach, trainer and consultant.

CLICK HERE for Dr. Drummond’s full Bio

Assessment:

We’ve written abot physician burnout before on the ME-P; so check em’ out and tell us what you think.

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:

Product DetailsProduct Details

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A MACRA Time-Line Snapshot to 2016?

Medicare Access and CHIP Re-Authorization  Act

By http://www.MCOL.com

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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:

Product DetailsProduct Details

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Combating Healthcare Fraud?

By http://www.MCOL.com

In Healthcare Plans and Accounts

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 graphoid042617

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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:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™      Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Royal College of General Practitioners Recommend: “Risk Management, Liability Insurance and Asset Protection Strategies for Doctors and Advisors”

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rcgp-logo

RECOMMENDATION

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Risk Management Liability Insurance and Asset Protection Strategies for Doctors and Advisors

It is not uncommon for practicing physicians to have more than a dozen separate insurance policies to protect their medical practice and personal assets. Yet, most doctors understand very little about their policies.

The book RISK MANAGEMENT, LIABILITY INSURANCE AND ASSET PROTECTION STRATEGIES for DOCTORS and ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] explains to physicians and insurance professionals the background, theory, and practicalities of medical risk management, asset protection methods, and insurance planning.

The text presents information in a manner that is convenient and highly useful for busy medical practitioners. It discusses the medical records revolution and addresses concerns regarding cloud computing, data security, and technological threats.

The book covers modern health law and policy, including fraud and abuse, workplace-violence, Medicare compliance, HIPAA regulations, AR protection strategies with internal controls, P4P and value based care, insurance and reputation management, and how the ARA legislation is impacting physician practices.

It also includes case models and examples that provide you with a real-world understanding of how to recognize and reduce personal and medical practice risks.

With time at a premium for all, and so much information packed into one well-organized resource, this book is a must-read for every physician and financial advisor that serves the health care sector. The book will help physicians make better decisions about the risks they face and will help financial advisors improve the value they provide to their clients who are doctors.

http://www.CertifiedMedicalPlanner.org

DR. DAVID EDWARD MARCINKO MBS CMP®

ISBN Number: 9781498725989

Number of pages: 748

Publisher: CRC Press

Published: 2018

Dr. Boyd MD PhD MA for Dr. Marcinko

 Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Risk Management Liability Insurance and Asset Protection Strategies for Doctors and Advisors

reward

AWARDS

Invite Dr. Marcinko

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Courts Examine Use of Statistical Sampling in False Claims Act Cases

Courts Examine Use of Statistical Sampling in False Claims Act Cases 

By Robert James Cimasi MHA CMP™
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The False Claims Act (FCA) continues to grow in strength as the federal government and relators increase their use of the law to recover billions of dollars from companies that violate the Act’s provisions. Developments in the application and interpretation of the FCA, particularly in regard to the issue of statistical sampling in proving damages, may significantly influence the regulatory risk to healthcare enterprises, in light of the significant volume of recoveries received by the government under this law for healthcare fraud and abuse violations.
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In recent months, interpretation of the FCA influenced the outcome of two prominent healthcare fraud and abuse cases: (1) U.S. ex rel. Michaels v. Agape Senior Community (Agape), originating in the U.S. District Court for the District of South Carolina and heard by the U.S. Court of Appeals for the 4th Circuit; and, (2) U.S. ex rel. Ruckh v. Genoa Healthcare Consulting, Inc. (Genoa), in the U.S. District Court for the Middle District of Florida. The cases, both of which explored the utilization of statistical sampling in proving damages under the FCA, leave unclear the standards associated with the admissibility of expert testimony in this context.
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Assessment
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This Health Capital Topics article summarizes the Agape and Genoa cases, and discusses the role that statistical sampling may play in future FCA actions. (Read more…)

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Conclusion

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Product DetailsProduct Details

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