What is “Prudence” in Finance and Investment Management?

ON “PRUDENCE” IN FINANCE AND INVESTMENT MANAGEMENT
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TERMS & DEFINITIONS FOR PHYSICIANS AND ALL INVESTORS:

PRUDENT BUYER: The efficient purchaser of market balance between value and cost.

PRUDENT MAN RULE: An 1830 court case stating that a person in a fiduciary capacity (a trustee, executor, custodian, etc) must conduct him/herself faithfully and exercise sound judgment when investing monies under care. “He is to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent distribution of their funds, considering the probable income as well as the probable safety of the capital to be invested.” Allows for mutual funds and variable annuities.

PRUDENT INVESTOR RULE: A fiduciary is required to conduct him/herself faithfully and exercise sound judgment when investing monies and take measured and reasonable investment risks in return for potential future rewards. Allows for mutual funds, stocks, bonds, variable annuities asset allocation & Modern Portfolio Theory.

CITATION: https://www.r2library.com/Resource/Title/0826102549

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UNIFORM PRUDENT INVESTOR ACT: https://medicalexecutivepost.com/2011/02/18/the-uniform-prudent-investor-act-versus-fiduciary-accountability/

EDITOR’S NOTE: We interviewed noted authority Ben Aikin AIF® on this topic more than a decade ago. He was ahead of his time regarding fiduciary accountability and we appreciate his insights.

Dr. David Edward Marcinko MBA CMP®

[Editor-in-Chief]

INTERVIEW: https://medicalexecutivepost.com/2009/03/01/an-interview-with-bennett-aikin-aif/

FIDUCIARY OATH: http://www.thefiduciarystandard.org/wp-content/uploads/2015/02/fiduciaryoath_individual.pdf

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Re-Imagining Global Health Care Business Models?

The State of MEDICAL TOURSIM in the USA

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By Dr. David Edward Marcinko MBA CMP®

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American businesses are extending their cost-cutting initiatives to include offshore employee medical benefits, and facilities like the Bumrungrad Hospital in Bangkok, Thailand (cosmetic surgery), the Apollo Hospital in New Delhi, India (cardiac and orthopedic surgery) are premier examples for surgical care. Both are internationally recognized institutions that resemble five-star hotels equipped with the latest medical technology.

What Is Medical Tourism? - YouTube

Foreign countries where I studied medicine and surgery, and practiced briefly, such as Finland, England, Canada and Germany are also catering to the English-speaking crowd, while dentistry is especially popular in Mexico and Costa Rica. Although this is still considered “medical tourism,” Mercer Health and Benefits was retained a decade ago by three Fortune 500 companies interested in contracting with offshore hospitals and The Joint Commission [TJC] has accredited 88 foreign hospitals through a joint international commission.

To be sure, when India can discount costs up to 80%, the effects on domestic hospital reimbursement and physician compensation may be assumed to increase downward compensation pressures.

So far, so good; right? Thumbs Up!

But, then came the Corona Virus Pandemic!

Hand With Thumb Down Free Stock Photo - Public Domain Pictures

Johns Hopkins University Covid 19 Tracker: https://coronavirus.jhu.edu/map.html

India Today: https://www.indiatoday.in/coronavirus

INDIA RATIONING: https://www.msn.com/en-us/health/medical/who-to-be-saved-who-not-to-be-inside-a-hospital-during-indias-covid-19-crisis/ar-BB1golnK?li=BBnb7Kz

ASSESSMENT: Your thoughts are now appreciated.

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What is the Current Rate of Return [CRR] for Your [Pandemic] Investments?

THE INVESTING “CURRENT RATE OF RETURN

By Dr. David Edward Marcinko MBA CMP®

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SPONSORED: http://www.CertifiedMedicalPlanner.org

Stock Market Pandemic History

Technology stocks have largely been in favor since the COVID-19 pandemic began, but re-openings in the U.S. and elsewhere as vaccines take hold have pushed investors toward value stocks, which are geared more toward the economy. But lately, stronger growth expectations are also sparking worries of higher inflation, and a potential tapping of the brakes by central banks.

Therefore, an important concept for physicians and all investors to understand is the Current Rate of Return (CCR).

So, What Exactly is CRR?

According to this principle, the current rate of a taxable return must be evaluated in reference to a similar non-taxable rate of return. This allows you to focus on your portfolio’s real (after-tax return), rather than its’ nominal, or stated return. Since most medical professionals own a combination of both vehicles, it is important to calculate the average rate of return (ARR), as demonstrated in the following matrix. Usually, this will result in the assumption of more risk, for the possibility of great return.

To compare after tax yields, with taxable yields, use the following formulas:

Tax equivalent yield = yield / (1 – MTB), while taxable yield X (1-tax rate) = tax exempt yield.

Example: if the yield on a tax exempt municipal bond was 6%, and you are in a 28% tax bracket; the equivalent taxable yield (ETY), is 8.3%, calculated in the following manner: 06 / 1.00 – .28 =.083, or, 8.3% ETY.

This means that you would need a taxable instrument paying almost 9 % to equal the 6 percent tax exempt bond.   

ASSESSMENT: Your thoughts are appreciated.    

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

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On Psychology, Financial Planning and Investing Bias

Psychological Biases Affecting Financial Planning and Investing

Dr. Marcinko at Johns Hopkins University

By Dr. David Edward Marcinko MBA CMP®

[Editor-in-Chief]

Sponsored: http://www.CertifiedMedicalPlanner.org

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The following are some of the most common psychological biases.  Some are learned while others are genetically determined (and often socially reinforced).  While this essay focuses on the financial implications of these biases, they are prevalent in most areas in life.

[A] Incentives

It is broadly accepted that incenting someone to do something is effective, whether it be paying office staff a commissions to sell more healthcare products, or giving bonuses to office employees if they work efficiently to see more HMO patients.  What is not well understood is that the incentives cause a sub-conscious distortion of decision-making ability in the incented person.  This distortion causes the affected person – whether it is yourself or someone else – to truly believe in a certain decision, even if it is the wrong choice when viewed objectively.  Service professionals, including financial advisors and lawyers, are affected by this bias, and it causes them to honestly offer recommendations that may be inappropriate, and that they would recognize as being inappropriate if they did not have this bias.  The existence of this bias makes it important for each one of us to examine our incentive biases and take extra care when advising physician clients, or to make sure we are appropriately considering non-incented alternatives.

[B] Denial

Denial is a well known, but under-appreciated, psychological force.  Physicians, clients and professionals (like everyone else) are prone to the mistake of ignoring a painful reality, like putting off an unpleasant call (thus prolonging a problematic situation and potentially making it worse) or not opening account statements because of the desire not to see quantitative proof of losses.  Denial also manifests itself by causing human beings to ignore evidence that a mistake has been made.  If you think of yourself as a smart person (and what professional doesn’t?), then evidence pointing to the conclusion that a mistake has been made will call into question that belief, causing cognitive dissonance.  Our brains function to either avoid cognitive dissonance or to resolve it quickly, usually by discounting or rationalizing the disconfirming evidence. Not surprisingly, colleagues at Kansas State University and elsewhere, found that financial denial, including attempts to avoid thinking about or dealing with money, is associated with lower income, lower net worth, and higher levels of revolving credit.

[C] Consistency and Commitment Tendency

Human beings have evolved – probably both genetically and socially – to be consistent.  It is easier and safer to deal with others if they honor their commitments and if they behave in a consistent and predictable manner over time. This allows people to work together and build trust that is needed for repeat dealings and to accomplish complex tasks.  In the jungle, this trust was necessary to for humans to successfully work as a team to catch animals for dinner, or fight common threats.  In business and life it is preferable to work with others who exhibit these tendencies.  Unfortunately, the downside of these traits is that people make errors in judgment because of the strong desire not to change, or be different (“lemming effect” or “group-think”).  So the result is that most people will seek out data that supports a prior stated belief or decision and ignore negative data, by not “thinking outside the box”.  Additionally, future decisions will be unduly influenced by the desire to appear consistent with prior decisions, thus decreasing the ability to be rational and objective.  The more people state their beliefs or decisions, the less likely they are to change even in the face of strong evidence that they should do so.  This bias results in a strong force in most people causing them to avoid or quickly resolve the cognitive dissonance that occurs when a person who thinks of themselves as being consistent and committed to prior statements and actions encounters evidence that indicates that prior actions may have been a mistake.  It is particularly important therefore for advisors to be aware that their communications with clients and the press clouds the advisor’s ability to seek out and process information that may prove current beliefs incorrect.  Since this is obviously irrational, one must actively seek out negative information, and be very careful about what is said and written, being aware that the more you shout it out, the more you pound it in.

[D] Pattern Recognition

On a biological level, the human brain has evolved to seek out patterns and to work on stimuli-response patterns, both native and learned.  What this means is that we all react to something based on our prior experiences that had shared characteristics with the current stimuli.  Many situations have so many possible inputs that our brains need to take mental short cuts using pattern recognition we would not gain the benefit from having faced a certain type of problem in the past.  This often-helpful mechanism of decision-making fails us when past correlations or patterns do not accurately represent the current reality, and thus the mental shortcuts impair our ability to analyze a new situation.  This biologic and social need to seek out patterns that can be used to program stimuli-response mechanisms is especially harmful to rational decision-making when the pattern is not a good predictor of the desired outcome (like short term moves in the stock market not being predictive of long term equity portfolio performance), or when past correlations do not apply anymore.

[E] Social Proof

It is a subtle but powerful reality that having others agree with a decision one makes, gives that person more conviction in the decision, and having others disagree decreases one’s confidence in that decision.  This bias is even more exaggerated when the other parties providing the validating/questioning opinions are perceived to be experts in a relevant field, or are authority figures, like people on television.  In many ways, the short term moves in the stock market are the ultimate expression of social proof – the price of a stock one owns going up is proof that a lot of other people agree with the decision to buy, and a dropping stock price means a stock should be sold.  When these stressors become extreme, it is of paramount importance that all participants in the financial planning process have a clear understanding of what the long-term goals are, and what processes are in place to monitor the progress towards these goals.  Without these mechanisms it is very hard to resist the enormous pressure to follow the crowd; think social media.

[F] Contrast

Sensation, emotion and cognition work by contrast.  Perception is not only on an absolute scale, it also functions relative to prior stimuli.  This is why room temperature water feels hot when experienced after being exposed to the cold.  It is also why the cessation of negative emotions “feels” so good.  Cognitive functioning also works on this principle.  So one’s ability to analyze information and draw conclusions is very much related to the context with in which the analysis takes place, and to what information was originally available.  This is why it is so important to manage one’s own expectations as well as those of clients.  A client is much more likely to be satisfied with a 10% portfolio return if they were expecting 7% than if they were hoping for 15%.

[G] Scarcity

Things that are scarce have more impact and perceived value than things present in abundance.  Biologically, this bias is demonstrated by the decreasing response to constant stimuli (contrast bias) and socially it is widely believed that scarcity equals value.  People who feel an opportunity may “pass them by” and thus be unavailable are much more likely to make a hasty, poorly reasoned decision than they otherwise would.  Investment fads and rising security prices elicit this bias (along with social proof and others) and need to be resisted.  Understanding that analysis in the face of perceived scarcity is often inadequate and biased may help professionals make more rational choices, and keep clients from chasing fads.

[H] Envy / Jealousy

This bias also relates to the contrast and social proof biases.  Prudent financial and business planning and related decision-making are based on real needs followed by desires.  People’s happiness and satisfaction is often based more on one’s position relative to perceived peers rather than an ability to meet absolute needs.  The strong desire to “keep up with the Jones” can lead people to risk what they have and need for what they want.  These actions can have a disastrous impact on important long-term financial goals.  Clear communication and vivid examples of risks is often needed to keep people focused on important financial goals rather than spurious ones, or simply money alone, for its own sake.

[I] Fear

Financial fear is probably the most common emotion among physicians and all clients. The fear of being wrong – as well as the fear of being correct! It can be debilitating, as in the corollary expression on fear: the paralysis of analysis.

According to Paul Karasik, there are four common investor and physician fears, which can be addressed by financial advisors in the following manner:

  • Fear of making the wrong decision: ameliorated by being a teacher and educator.
  • Fear of change: ameliorated by providing an agenda, outline and/or plan.
  • Fear of giving up control: ameliorated by asking for permission and agreement.
  • Fear of losing self-esteem: ameliorated by serving the client first and communicating that sentiment in a positive manner.

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Psychological Traps

Now, as human beings, our brains are booby-trapped with psychological barriers that stand between making smart financial decisions and making dumb ones. The good news is that once you realize your own mental weaknesses, it’s not impossible to overcome them. 

In fact, Mandi Woodruff, a financial reporter whose work has appeared in Yahoo! Finance, Daily Finance, The Wall Street Journal, The Fiscal Times and the Financial Times among others; related the following mind-traps in a September 2013 essay for the finance vertical Business Insider; as these impediments are now entering the lay-public zeitgeist:

  • Anchoring happens when we place too much emphasis on the first piece of information we receive regarding a given subject. For instance, when shopping for a wedding ring a salesman might tell us to spend three months’ salary. After hearing this, we may feel like we are doing something wrong if we stray from this advice, even though the guideline provided may cause us to spend more than we can afford.
  • Myopia makes it hard for us to imagine what our lives might be like in the future. For example, because we are young, healthy, and in our prime earning years now, it may be hard for us to picture what life will be like when our health depletes and we know longer have the earnings necessary to support our standard of living. This short-sightedness makes it hard to save adequately when we are young, when saving does the most good.
  • Gambler’s fallacy occurs when we subconsciously believe we can use past events to predict the future. It is common for the hottest sector during one calendar year to attract the most investors the following year. Of course, just because an investment did well last year doesn’t mean it will continue to do well this year. In fact, it is more likely to lag the market.
  • Avoidance is simply procrastination. Even though you may only have the opportunity to adjust your health care plan through your employer once per year, researching alternative health plans is too much work and too boring for us to get around to it. Consequently, we stick with a plan that may not be best for us.
  • Loss aversion affected many investors during the stock market crash of 2008. During the crash, many people decided they couldn’t afford to lose more and sold their investments. Of course, this caused the investors to sell at market troughs and miss the quick, dramatic recovery.
  • Overconfident investing happens when we believe we can out-smart other investors via market timing or through quick, frequent trading. Data convincingly shows that people who trade most often under-perform the market by a significant margin over time.
  • Mental accounting takes place when we assign different values to money depending on where we get it from. For instance, even though we may have an aggressive saving goal for the year, it is likely easier for us to save money that we worked for than money that was given to us as a gift.
  • Herd mentality makes it very hard for humans to not take action when everyone around us does. For example, we may hear stories of people making significant profits buying, fixing up, and flipping homes and have the desire to get in on the action, even though we have no experience in real estate.
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***

What is Your Teaching Philosophy?

 Here is My Teaching Philosophy

[By Dr. David Edward Marcinko MBA]

Although any learner-centered teaching philosophy, or Boyer Model of scholarship, is constantly in flux, the mission of a public or private educator is: [1] to promote positive learning; [2] to motivate students, staff and graduates; [3] to provide a strong foundation for lifelong learning; and in modernity [4] to enhance career and life-work opportunities; to [5] improve bottom-line financial metrics, and [6] to collaborate on a national and global basis.

However, because we are specifically operating in the rapidly changing healthcare, business management, investing, finance, economics and education milieu, even deeper experiential insight is needed.

Developing NEW Teaching AND Education Skills FOR Business and Healthcare 2.0

Medicine and healthcare business today is different than a generation ago, and all educators and healthcare professionals need new skills to be successful.

Traditionally, the physician – like the classroom professor – was viewed as the “captain of the ship”. Today, their role may be more akin to a ship’s navigator, utilizing clinical, teaching skills and knowledge to chart the patient’s, or student’s, course through a confusing morass of requirements, choices, rules and regulations to achieve the best attainable clinical or didactic outcomes.

This new teaching paradigm includes many classic business school principles, now modified to fit the PP-ACA, the era of health reform, and modern technical connectivity. Thus, a Professor, Chair or Dean must be a subtle guide on the side; not bombastic sage on the stage.

These, newer teaching philosophies must include:

  • Negotiation – working to optimize appropriate curricula, services and materials;
  • Team play – working in concert with others to coordinate education delivery within a clinically appropriate and cost-effective framework;
  • Working within the limits of competence – avoiding the pitfalls of the generalist teacher versus the subject matter expert that may restrict access to professors, texts and facilities by clearly acknowledging when a higher degree of didactic service is needed on behalf of the student;
  • Respecting different cultures and values – inherent in the support of the academic Principle of Autonomy is the acceptance of values that may differ from one’s own. As the US becomes more culturally heterogeneous, educators and medical providers are called upon to work within, and respect, the socio-cultural and/or spiritual framework of patients, students and their families; 
  • Seeking clarity on what constitutes marginal education – within a system of finite resources; providers and professors are called upon to openly communicate with students and patients regarding access to marginal education and/or treatments.
  • Supporting evidence-based practice – educators, like healthcare providers, should utilize outcomes data to reduce variation in treatments and curriculum to achieve higher academic efficiencies and improved care delivery;
  • Fostering transparency and openness in communications – teachers and healthcare professionals should be willing, and prepared, to discuss all aspects of care and academic andragogy; especially when disclosing problems or issues that arise;
  • Exercising decision-making flexibility – treatment algorithms, templates and teaching pathways are useful tools when used within their scope; but providers and professors must have the authority to adjust the plan if circumstances warrant;
  • Becoming skilled in the art of listening and interpretingIn her ground-breaking book, Narrative Ethics: Honoring the Stories of Illness, Rita Charon, MD PhD, a professor at Columbia University, writes of the extraordinary value of using the patient’s personal story in the treatment plan. She notes that, “medicine practiced with narrative competence will more ably recognize patients and diseases; convey knowledge and regard, join humbly with colleagues, and accompany patients and their families through ordeals of illness.” In many ways, attention to narrative returns medicine full circle to the compassionate and caring foundations of the patient-physician relationship. The educational analog to this book is, The Ethics of Teaching [A Casebook], co-edited by my teacher and colleague Deborah Ware Balogh PhD of the University of Indianapolis.

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Assessment

Finally, these thoughts represent only a handful of examples to illustrate the myriad of new skills that tomorrow’s healthcare professionals, and modern educators, must master in order to meet their timeless professional obligations of compassionate patient care and contemporary teaching effectiveness.

Dr. Marcinko Teaching Philosophy

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Conclusion

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DAVID EDWARD MARCINKO IS AT YOUR SERVICE IN 2021

DAVID EDWARD MARCINKO IS AT YOUR SERVICE IN 2020-2021

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Book Dr. Marcinko for your Next Seminar!

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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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Colleagues know that I enjoy personal coaching and public speaking and give as many talks each year as possible, at a variety of medical society and financial services conferences around the country and world.

These include 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.

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Understanding investment banking rules, securities markets, brokerage accounts, margin and debt

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A Primer for Physician Investors and Medical Professionals

By: Dr. David Edward Marcinko; MBA, CMP™

[Editor-in-Chief] http://www.CertifiedMedicalPlanner.org

[PART 1 OF 8]

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NOTE: This is an eight part ME-P series based on a weekend lecture I gave more than a decade ago to an interested group of graduate, business and medical school students. The material is a bit dated and some facts and specifics may have changed since then. But, the overall thought-leadership information of the essay remains interesting and informative. We trust you will enjoy it.

Introduction

The history, function and processes of the investment banking industry, and the rules and regulations of the securities industry and their respective markets, as well as the use of  brokerage accounts, margin and debt, will be briefly reviewed in this ME-P series.

An understanding of these concepts is required of all doctors and medical professionals as they pursue a personal investment strategy.

INVESTMENT BANKING AND SECURITIES UNDERWRITING

New economy corporate events of the past several years have provided many financial signs and symptoms that indicate a creeping securitization of the for-profit healthcare industrial complex. Similarly, fixed income medical investors should understand how Federal and State regulations impact upon personal and public debt needs. For, without investment banking firms, it would be almost impossible for private industry, medical corporations and government to raise needed capital.

Introduction

When a corporation such as a physician practice management company (PPMC), or similar entity needs, to raise capital for growth or expansion, there are two methods. Raising debt or equity. If equity is used, the corporation can market securities directly to the public by contacting its current stockholders and asking them to purchase the new securities in a  rights offering, by advertising or by hiring salespeople. Although this last example is somewhat exaggerated, it illustrates that there is a cost to selling new securities, which may be considerable if the firm itself undertakes the task.

For this reason, most corporations employ help in marketing new securities by using the services of investment bankers who sell new securities to the general public.  Although the investment banking is an exciting and vital industry, many SEC rules regulating it are not. Nevertheless, it is important for all physician executives to understand basic concepts of the industry if raising public money is ever a possibility or anticipated goal. It is also important for individual healthcare investors  to understand something about securities underwriting to reduce the likelihood of fraudulent investment schemes or ill-conceived transactions which ultimately result in monetary loss.

Fundamentals of the Investment Banking Industry

Investment bankers are not really bankers at all. The fact that the word banker appears in the name is partially responsible for the  false impressions that exist in the medical community regarding the functions they perform.

For example, they are not permitted to accept deposit, provide checking accounts, or perform other activities normally construed to be commercial banking activities. An investment bank is simply a firm that specializes in helping other corporations obtain the money they need under the most advantageous terms possible.

When it comes to the actual process of having securities issued, the corporation approaches an investment banking firm, either directly, or through a competitive selection process and asks it to act as adviser and distributor.  Investment bankers, or under writers, as they are sometimes called, are middlemen in the capital markets for corporate securities.

The medical corporation requiring the funds discuss the amount, type of security to be issued, price and other features of the security, as well as the cost to issuing the securities. All of these factors are negotiated in a process known as known as negotiated underwriting. If mutually acceptable terms are reached, the investment banking firm will be the middle man through which the securities are sold to the general public. Since such firms have many customers, they are able to sell new securities, without the costly search that individual corporations may require to sell its own security. Thus, although the firm in need of  additional capital must pay for the service, it is usually able to raise the additional capital at less expense through the use of an investment banker, than by selling the securities itself.

The agreement between the investment banker and the corporation may be one of two types. The investment bank may agree to purchase, or underwrite, the entire issue of securities and to re-offer them to the general public. This is  known as a firm commitment.

When an investment banker agrees to underwrite such a sale,  it  agrees to supply the corporation with a specified amount of money. The firm buys the securities with the intention to resell them. If it fails to sell the securities, the investment banker must still pay the agreed upon sum. Thus, the risk of selling rests with the underwriter and not with the company issuing the securities.

The alternative agreement is a best efforts agreement in which the investment banker makes his best effort to sell the securities acting on behalf of the issuer, but does not guarantee a specified amount of money will be raised.

When a corporation raises new capital through a public offering of stock, on might inquire from where does the stock come? The only source the corporation has is authorized, but previously un-issued stock. Anytime authorized, but previously un-issued stock (new stock) is issued to the public, it is known as a primary offering. If it’s the very first time the corporation is making the offering, it’s also known as the Initial Public Offering (IPO). Anytime there is a primary offering of stock, the issuing corporation is raising additional equity capital.

A secondary offering, or distribution, on the other hand, is defied as an offering of a large block of outstanding stock. Most frequently, a secondary offering is the sale of a large block of stock owned by one or more stockholders. It is stock that has previously been issued and is now being re-sold by investors. Another case would be when a corporation re-sells its treasury stock.

Prior to any further discussions of investment banking, there are several industry terms that’s should  be defined.

For example, an agent buys or sells securities for the account and risk of another party, and charges a commission. In the securities business, the terms broker and agent are used synonymously. This is not true of the insurance industry.

On the other hand, a principal is one who acts as a dealer rather than an agent or broker. A dealer buys and sells for his own account Finally, the dealer makes money by buying at one price and selling at a higher price. Thus, it is easy to understand how an investment banking firm earns money handling a best efforts offering; they make a commission on every share they sell.

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

The Securities Act of 1933 (Act of Full Disclosure)

When a corporation makes a public offering of its stock, it is bound by the provisions of the Securities Act of 1933, which is also known as the Act of Full Disclosure. The primary requirement of  the Act is that the corporation must file a registration statement (full disclosure) with the Securities and Exchange Commission (SEC); containing some of the following items:

  • Description of the business entity raising the money.
  • Biographical data regarding officers and directors of the issuer.
  • Listing of share holdings of officers, directors, and holders of more than 10% of the issuer’s securities (insiders).
  • Financial statements including a breakdown of existing capitalization (existing debt and equity structure).
  • Intended use of offering proceeds.
  • Legal proceedings involving the issuer, such as suits, antitrust actions or strikes.

Acting in its capacity as an adviser to the corporation, the investment banking firm files out the registration statement with the SEC. It then takes the SEC a period of time to review the information in the registration statement. This is the “cooling off period” and the issue is said to be “in registration” during this time. When the Act written in 1933, Congress thought that 20 days would be enough time from the filing date, until the effective date the sale of  securities is permitted.

In reality, it frequently takes much longer than 20 days for the SEC to complete its review. But, regardless of how long it lasts, it’s known as the cooling off period. At the end of the cooling off period, the SEC will either accept the issue or they will send a letter back to the issuer, and the underwriter, explaining that there is incomplete information in the registration statement. This letter is known as a deficiency letter. It will postpone the effectiveness of the registration statement until the deficiency is remedied. Even if initially, or eventually approved, an effective registration does not mean that the SEC has approved the issue.

For example, the following well known disclaimer statement written in bold red ink, is required to be placed in capital letters on the front cover page of every prospectus:

###

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

###

During the cooling off period, the investment bank tries to create interest in the market place for the issue. In order to do that, it distributes a preliminary prospectus, more commonly known as a “red herring”. It is known as a red herring because of the red lettering on the front page.  The statement on the very top with the date is printed in red as well as the statements on the left hand margin of the preliminary prospectus.

The cost of printing the red herring is borne by the investment bank, since they are  trying to market it.. The red herring includes information from the registration statement that will be most helpful for potential medical investors trying to make a decision. It describes the company and the securities to be issued; includes the firm’s financial statements; its current activities; the regulatory bodies to which it is subject; the nature of its competition; the management of the corporation, and what the expected proceeds will be used for. Two very important items  missing from the red herring are the public offering price and the effective date of the issue, as neither are known for certain at this point in time.

The public offering price is generally determined on the date that the securities become effective for sale (effective date). Waiting until the last minute enables the investment bankers to price the new issue in line with current market conditions. Since the investment banker uses the red herring to try to create interest in the market place, stock brokers [aka: Registered Representatives (RRs) with a Series # 7 general securities license –  After a 2 hour multiple-choice computerize test, I held this license for a decade ) will send copies of the red herring to their clients for whom they feel the issue is a suitable investment. The SEC is very strict on what can be said about an issue, in registration.

In fact, during the pre-filing period (the time when the negotiations are going on between the issuer\and underwriter), absolutely nothing can be said about it to anyone.  For example, if the regulators find out that your stock broker discussed with you  the fact that his firm was negotiating with an issuer for a possible public offering, he could be fined, or jailed.

During the cooling off period (the time when the red herring is being distributed), nothing may be sent to you; not a research report, nor a recommendation from another firm, or even the sales literature. The only thing you are permitted to receive is the red herring. The red herring is used to acquaint prospects with essential information about the offering. If you are interested in purchasing the security, then you will receive an “indication of interest”, but you can still not make a purchase or send money.

No sales may be made until the effective date; all that can be used to generate interest is the red herring.

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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The “Rules of 72, 78 and 115”

INTEREST RATES

By Dr. David Edward Marcinko MBA

RULE 72

Use the rule of 72 to calculate how long it would take an investment to double. The rule of 72 is that an investment that earns 10 percent interest will double in 7.2 years. Use this as a starting point for calculating various interest rates and lengths of time, by dividing the number 72 by your interest rate.

For instance, if you are investing at a more conservative rate of 5 percent, you’d divide 72 by 5 for a total of 15 years (rounded up) for your money to double.

RULE 78 VIDEO

Link: https://www.bing.com/videos/search?q=rule+78&view=detail&mid=83D794CB83313B56855583D794CB83313B568555&FORM=VIRE

RULE 115

To figure out how long it would take your money to triple, use 115 instead of 72. So at an interest rate of 3 percent, it would take 38 years (115/3), for your initial amount to triple.

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

A Real [FREE-MARKET] Hospital Bill

CIRCA 1969 = Morristown Memorial Hospital, NJ, USA

By Anonymous

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“DICTIONARY OF TERMS FOR THE BUSINESS OF MEDICINE”
DHEF: https://lnkd.in/dqdbWM9
DHIMC: https://lnkd.in/e9AmEhd
DHITS: https://lnkd.in/eWx3WjZ
MORE: https://lnkd.in/eVGcji5

***

I rotated thru this facility back when I was at Temple University

Dr. David Edward Marcinko MBA

ME-P Editor-in-Chief

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Physician Coaching – Next Generation

PHYSICIAN COACHING FOR PRACTICE MANAGEMENT & FINANCIAL PLANNING
Courtesy: https://lnkd.in/eBf-4vY
For Doctors – By Doctors – Confidential – Video Conference
WEB: https://lnkd.in/eVGcji5

BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
1 – https://lnkd.in/ebWtzGg
2 – https://lnkd.in/ezkQMfR
3 – https://lnkd.in/ewJPTJs

HOSPITAL MANAGEMENT TEXTS FOR PHYSICIAN CXOs:
1 – https://lnkd.in/eEf-xEH
2 – https://lnkd.in/e2ZmewQ

DICTIONARY OF TERMS FOR THE BUSINESS OF MEDICINE
DHEF: https://lnkd.in/dqdbWM9
DHIMC: https://lnkd.in/e9AmEhd
DHITS: https://lnkd.in/eWx3WjZ

INVITATION: https://lnkd.in/d2SefCY
SPEAKING TOPIC LIST: https://lnkd.in/e7WrDj9
MY “AVATAR”: https://lnkd.in/d6BU-TQ

Thank You
***

Me, Marcinko and Dr. Avatar in 2021

Join Our Mailing List

The Virtual Doctor Will See You Now!

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

Recently, I was invited to speak at a regional convention. No surprise there as I have been doing so – around the world – for more than twenty years. And, I was asked to submit the usual paraphernalia; a formal CV, audio-visual needs, travel arrangements and times, and a personal photo which were all dutifully supplied.

Then, I was asked to supply something that flabbergasted me; I became slack-jawed, actually.

DEM’s Avatar 

Imagine my surprise when I was asked for an avatar; not just a digital photograph. So – having none – I had one made and now submit it for your review.

  Photograph of Dr. David Edward Marcinko @ home

 Avatar of Dr. David Edward Marcinko @ work

***

INVITATION TOPIC LISThttps://lnkd.in/e7WrDj9

Assessment

So, how do I virtually look – better or worse – glasses or contact lens? It seems as though some folks are more interested in the virtual me; than the real me. Go figure!

Conclusion

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

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

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

Our Other Print Books and Related Information Sources:

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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Invite Dr. Marcinko

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“MY TEACHING PHILOSOPHY”

TO H.R. RECRUITERS, UNIVERSITY HIRING MANAGERS & SEARCH COMMITTEES

Sooth My Academic Teaching and Classroom Withdrawal Pangs!
“MY TEACHING PHILOSOPHY”

cropped-dem

I’m screening for my next university Dean, Chair or teaching Professorship opportunity.

Currently, an endowed Resident-Scholar completing a text book production assignment complete with aligned case models, tests, quizzes, rubrics, curriculum teaching portfolio, and accreditation review.

Two-decades of domestic and international teaching experience and credentials in health economics, finance, investing, business, policy, risk management, IT and administration. Hundreds of peer-reviewed and trade publications [TNTC] with 30 major textbooks redacted in more than a thousand university libraries [NIH, Library Congress and National Institute Health, etc]. Public and population health global speaker and thought leader. Wall Street experience as start-up founder, entrepreneur and CXO.

Ideal mentor for under graduate thru post-doctoral and fellowship students [PhD, DBA, MD/DO, MHA and MBA, etc].

Compensation important, but fit is paramount as servant-leader.
[+] RANKED: Google Scholar and “H” Index
CV available upon request.

***

DEM avatar

Dr. Marcinko Teaching Philosophy

CHAIR: Chair 3.0 Philosophy Dr. Marcinko
Continue reading

Take the “FACE MASK PLEDGE”

Pledge to Protect – One Another

By Dr. David E .Marcinko MBA

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Your thoughts and comments are appreciated.

BNG AND INSURANCE TEXTS FOR DOCTORS:USINESS, FINANCE, INVESTI

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

ANOSMIA, HYPERSOMIA, AGEUSIA, HYPOGEUSIA, DYSGEUSIA and the CORONA VIRUS?

WHAT IS “ANOSMIA”

By Darrell Pruitt DDS and David E. Marcinko MBBS, MBA

Anosmia, also known as smell blindness, is the loss of the ability to detect one or more smells. Anosmia may be temporary or permanent. It differs from Hyposmia which is a decreased sensitivity to some or all smells.

According to Wikipedia, Anosmia can be due to a number of factors, including an inflammation of the nasal mucosa, blockage of nasal passages or a destruction of one temporal lobe. Inflammation is due to chronic mucosa changes in the lining of the paranasal sinus and in the middle and superior turbinates. When anosmia is caused by inflammatory changes in the nasal passageways, it is treated simply by reducing inflammation. It can be caused by chronic meningitis and neurosyphilis that would increase intracranial pressure over a long period of time, and in some cases by ciliopathy, including ciliopathy due to primary ciliary dyskinesia. The term derives from the New Latin anosmia, based on Ancient Greek ἀν- (an-) + ὀσμή (osmḗ, “smell”; another related term, hyperosmia, refers to an increased ability to smell). Some people may be anosmic for one particular odor, a condition known as “specific anosmia”. The absence of the sense of smell from birth is known as congenital anosmia.

Ageusia is the loss of taste functions of the tongue, particularly the inability to detect sweetness, sourness, bitterness, saltiness, and umami. It is sometimes confused with anosmia – a loss of the sense of smell. Because the tongue can only indicate texture and differentiate between sweet, sour, bitter, salty, and umami, most of what is perceived as the sense of taste is actually derived from smell. True Ageusia is relatively rare compared to Hypogeusia – a partial loss of taste – and Dysgeusia – a distortion or alteration of taste.

ASSESSMENT:

If you should suddenly lose your sense of smell (anosmia), you might want to get tested for COVID-19 – even without the presence of other symptoms.

“A majority of COVID-19 patients experience some level of anosmia, most often temporary. Analyses of electronic health records indicate that COVID-19 patients are 27 times more likely to have smell loss but are only around 2.2 to 2.6 times more likely to have fever, cough or respiratory difficulty, compared to patients without COVID-19.”

See: “How COVID-19 Causes Loss of Smell – Olfactory support cells, not neurons, are vulnerable to novel coronavirus infection.” By Kevin Jiang for Harvard Medical School, July 24, 2020.

https://hms.harvard.edu/news/how-covid-19-causes-loss-smell

Your thoughts and comments are appreciated.

BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

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

CMP logo

http://www.CertifiedMedicalPlanner.org 

 Our New Texts – “Take a Peek Inside – Now Available

      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™

 logos

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

http://www.BusinessofMedicalPractice.com

SAMPLE: 21. Practice Risks

MORE: Risk Mgmt Leadership

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Medical Practice Scheduling Issues

FOR DOCTORS AND PATIENTS, ALIKE

By Dr. David E. Marcinko MBA

Doctor Scheduling Issues

Nothing creates more distress for a new medical practice administrator than “holes”, or empty slots, in a physician’s appointment schedule. While doctors may complain about too much work and not enough time with patients, a corollary is the lack of production that accompanies such downtime.

This scenario is common in January-February [patient insurance deductibles not paid] and August-September [new doctors join existing practices]. An increase in new doctor days, and marginal native practice growth, usually mean space in the daily schedule.

Now, the natural tendency is to try and fill the day. And, it is best if the day is filled by increasing patient services acuity levels. However, a common, but ill-advised approach is to add time to existing patient appointments. So, when a practice accepts a new medical provider, creation of a checklist similar to the one below may be helpful.

LIST:

  1. List appointment types and expected length.
    2. Use booking or scheduling secretarial templates.
    3. Review the templates with booking secretary then make sure they’re followed.
    4. Allow for walk-in or ‘urgent’ visits.
  2. Rather than having a policy of scheduling days or weeks ahead, ask patients if they’d like to come in the same day.
  3. Some physicians have moved to open-access appointments that eliminate traditional time slots altogether. This should be tested short-term before instituting since it is not effective in all markets.
  4. Know your area and know your patient base. If you have a high “no show” rate, you may want to pad in additional access by double-booking on the hour. Certain payers also have members with historically high “no show” rates that should be taken into consideration.
  5. Give yourself at least 60 days to credential the new provider (if they will be billing under your TIN). Otherwise, they may be seeing patients free of charge for some payers where credentialing is not yet completed. Limiting them to self-pay, work comp, non-covered services or patients whose payers have issued a provider number may pose some scheduling obstacles.

The danger of open appointment slots is adding inefficiencies to a schedule by the pressure to fill time. Instead, look at organic practice growth [5-8% annually for a mature practice], the change in provider time and have realistic expectations for open time-slots in the first few years of new practitioner availability [see http://waittimes.blogspot.com, Wait Time & Delayed Care; a blog devoted to helping healthcare providers shorten wait times and improve patient flow].

Patuient Scheduling Issues

Most mature doctors follow a linear (series-singular) time allocation strategy for scheduling patients (i.e., every 15 or 20 minutes).  This can create bottlenecks because of emergencies, late patients, traffic jams, absent office personal, paperwork delays, etc.  Therefore, as proposed by Dr. Neal Baum, a practicing urologist in New Orleans, one of these three newer scheduling approaches might prove more useful. 

 1. Customized Scheduling

The bottleneck problem may be reduced by trying to customize, estimate or project the time needed for the patient’s next office visit. For example:  CPT #99211 (5 minutes), #99212 (10 minutes), #99213 (15 minutes), #99214 (25 minutes), or #99215 (40 minutes). Occasionally, extra time is need, and can be accommodated, if the allocated times are not too tightly scheduled.   

2. Wave Scheduling

Some patient populations do not mind a brief 20-30 minute wait prior to seeing the doctor.  Wave scheduling assumes that no patient will wait longer than this time period, and that for every three patients; two will be on time and one will be late. This model begins by scheduling the three patients on the hour; and works like this. The first patient is seen on schedule, while the second and third wait for a few minutes.  The later two patients are booked at 20 minutes past the hour and one or both may wait a brief time. One patient is scheduled for 40 minutes past the hour. The doctor then has 20 minutes to finish with the last three patients and may then get back on schedule before the end of the hour. 

 3. Bundle Scheduling

Bundling involves scheduling like-patient activities in blocks of time to increase efficiency.  For example, schedule minor surgical checkups on Monday morning, immunizations on Tuesday afternoon, and routine physical examinations on Wednesday evening, or make Thursday kid’s day and Friday senior citizens day. Do not be too rigid, but by scheduling similar activities together, assembly-line efficiency is achieved without assembly line mentality, and allows you to develop the most economically profitable operational flow process possible for the office. 

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 Patient Self Scheduling (Internet Based Access Management) 

The traditional linear patient scheduling system is slowly being abandoned by modern medical practitioners; an all venues (medical practices, clinics, hospitals and various other healthcare entireties). New software programs, and internet cloud applications, allow patients to schedule their own appointments over the internet. The software allows solo or individual group physicians with a practice to set their own parameters of time, availability and even insurance plans. Through a series of interrogatories, the program confirms each appointment. When the patient arrives, a software tracker communicates with office staff and follows the patients from check-in, to procedures, to checkout. Today, many hospitals have even abandoned the check-in or admissions, department. It has been replaced by access management systems.

Automated Medical Office Access Management Systems [Patient Check-In Kiosks]

According to a McLean report published in InfoTech,

“Today’s patients demand the same level of self-service convenience in healthcare that they do in other industries. Medical kiosks save money, reduce wait times, and significantly enhance the patient experience. The payback period for medical kiosks is often as short as 180 days”

Automated medical office access management [AM] or patient self check-in solutions provide a wide range of functionality including patient registration, insurance verification, and demographic-validation, electronically consent form completion, back-end scheduling, financial systems integration, real-time appointment re-scheduling, direction text mapping and way finding; and more.  Often, solutions can be individualized and integrated with HIT systems using HL7, XML, web and other standard data exchange protocols.

Open Access Patient Scheduling

A sub variant of the above is open-access patient self-scheduling, either in full or part. Benefits include reduced patient appointment wait times, matching and scheduling patients with physician, improved continuity of care, increased productivity per patient visits, higher physician compensation and higher net gains for medical offices and clinics.

Real Time Claim Adjudication

Real Time Claim Adjudication [RTCA] or expecting payment at the time of service is becoming the rule, not the exception, in the modern AM era. RTCA makes a medical practice more like other businesses.

Benefit of Automated Medical Office Access Management

  • Streamlines patient flow with focus on improved patient care
  • Real-time insurance verification
  • Capture credit/debit card information with funds verification
  • Improves office cash flow and collections
  • Provides patient payment receipts
  • Decrease accounts receivable [ARs]
  • Save time and office staff resources
  • Increases office return on investment [ROI]
  • Demographic capture and validation improve marketing
  • Continually improve office operations.

Vendors for the above AM processes include: Phreesia.com, KioHealth.com, MediSolve.Ca; VecnaMedical.com; MeridianKiosks.com; AppointmentDesk.com; and KioskMarketPlace.com; etc.

***

Five people are sitting in the waiting room of a doctor’s office. Some of the people look tense or upset, and others look completely relaxed.

More: Simple Steps to a Patient Registry: Ticket to Care Coordination, Quality Reporting and Pay for Performance

LINK: http://store.hin.com/Simple-Steps-to-a-Patient-Registry-Ticket-to-Care-Coordination-Quality-Reporting-and-Pay-for-Performance_p_0-3855.html#

Assessment: Your thoughts are appreciated.

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SOME “MEMORIAL DAY” THOUGHTS FOR 2020

“Decoration Day”

By Dr. David E. Marcinko MBA

”Memorial Day (Decoration Day) is a federal holiday in the United States for honoring and mourning the military personnel who died while serving in the United States Armed Forces. The holiday is now observed on the last Monday of May, having been observed on May 30th from 1868 to 1970.

Here are some related thoughts:

HISTORY: https://medicalexecutivepost.com/2018/05/26/the-history-of-memorial-day/

WW-II VETS: https://medicalexecutivepost.com/2018/05/28/living-u-s-world-war-ii-veterans/

SUICIDE: https://medicalexecutivepost.com/2017/11/21/veteran-suicide-in-front-of-va-clinic/

MEDICAL CHOICE: https://medicalexecutivepost.com/2015/11/09/about-the-surface-transportation-and-veterans-health-care-choice-improvement-act-of-2015/

PANDEMIC: https://www.msn.com/en-us/news/us/memorial-day-even-more-poignant-as-veterans-die-from-virus/ar-BB14wGhH?li=BBnb7Kz&ocid=SK2LDHP

HELP A VET: https://medicalexecutivepost.com/2019/11/11/help-a-veteran-with-pro-bono-medical-care-or-financial-planning/

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ASSESSMENT: Your thoughts and comments are appreciated.

***

BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ezkQMfR

2 – https://lnkd.in/ewJPTJs

THANK YOU

***

The “WOOZLE EFFECT” is Not a GOOZLE!

Evidence by Citation

By Dr. David E. Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

“A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth.”Daniel Kahneman

As I was watching with interest more [fake] news such as stories surrounding evidence by citations of Russian involvement in US elections and fake prices leading to some violent market gyrations as in Bitcoin and the Corona Virus Pandemic, and societal musings around the thematic of hoaxes … we decided to offer this theme.

Enter the WOOZLE

And so, the Woozle effect, also known as evidence by citation, or a woozle, occurs when frequent citation of previous publications that lack evidence misleads individuals, groups and the public into thinking or believing there is evidence, and non-facts become urban myths and factoids.

Not a GOOZLE: https://www.daredictionary.com/view/dare/ID_00024696

H INDEX: https://medicalexecutivepost.com/2014/11/07/understanding-the-scientific-publication-h-index/

GOOGLE SCHOLAR INDEX: Google Scholar Search

LINK: https://en.wikipedia.org/wiki/Woozle_effect

PODCAST: https://www.bing.com/videos/search?q=WOOZLE+EFFECT&&view=detail&mid=D6C0C48EEE042D26E64ED6C0C48EEE042D26E64E&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3DWOOZLE%2BEFFECT%26FORM%3DHDRSC3

Assessment: Your thoughts are appreciated.

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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

***

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THANK YOU

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Few of Us Remove Gloves Properly

MORE Corona Virus Precautions

By Dr. David Edward Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

If you wear gloves because of Covid-19, and if you don’t take them off properly, you just get everything that was all over the gloves, all over yourself and everything else. As a surgeon for almost two decades, I can tell you that taking gloves off correctly isn’t a trivial thing.

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HOW TO REMOVE: Briefly, you want to pinch one glove near the wrist and pull it over your hand so it ends up inside out. Then hold that in your gloved hand and carefully slip the fingers of your bare hand into the top of the other glove, let it turn inside out and cover the balled-up other glove.

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CDC: Check out this step-by-step CDC infographic. And, if you’re not disposing of them properly, you’re just potentially contaminating more surfaces and putting yourself at a much higher risk. Finally, don’t skip hand washing after you take them off, even if you’ve removed them right.

PODCAST: https://www.bing.com/videos/search?q=how+to+removesurgicalgloves&&view=detail&mid=2607568A504FC540B18D2607568A504FC540B18D&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dhow%2Bto%2Bremovesurgicalgloves%26FORM%3DHDRSC3

Assessment: Your thoughts and comments are appreciated.

***

BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

Medical Laboratory Test SENSITIVITY “versus” SPECIFICITY

Obvious Covid-19 Implications

By Dr. David Edward Marcinko; MBA, CPHQ, CMP

cropped-dem

We’ve discussed biologic false positives and false negatives before on this ME-P.

LINK: https://medicalexecutivepost.com/2019/09/14/what-are-false-positive-and-false-negative-tests/

Courtesy: www.CertifiedMedicalPlanner.org

So, now is the time to discuss and conquer the medical laboratory concepts of Sensitivity and Specificity.

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Sensitivity and specificity are statistical measures of the performance of a binary classification test, also known in statistics as a classification function, that are widely used in medicine.

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

  • Sensitivity (also called the true positive rate, the recall, or probability of detection in some fields) measures the proportion of actual positives that are correctly identified as such (e.g., the percentage of sick people who are correctly identified as having the condition).
  • Specificity (also called the true negative rate) measures the proportion of actual negatives that are correctly identified as such (e.g., the percentage of healthy people who are correctly identified as not having the condition).

LINK: https://www.differencebetween.com/difference-between-sensitivity-and-vs-specificity/

NOTE: The terms “positive” and “negative” don’t refer to the value of the condition of interest, but to its presence or absence; the condition itself could be a disease, so that “positive” might mean “diseased”, while “negative” might mean “healthy”.

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And so, colleague Michael Lawrence Langan MD opines on a much deeper level.

ESSAY: https://disruptedphysician.blog/2016/11/19/diagnostic-testing-101-1-the-importance-of-sensitivity-specificity-and-diagnostic-test-accuracy-5/

Assessment: Your thoughts and comments are appreciated.

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Product DetailsProduct DetailsProduct Details

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BUSINESS, FINANCE AND INSURANCE TEXTS FOR DOCTORS

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

On Marketing, Advertising and Sales; etc.

Including Public Relations, Risk, Change and Crisis Management

By Dr. David Edward Marcinko MBA

Marketing is the business process of identifying, anticipating and satisfying customers’ needs and wants. It is your unique value proposition or strategic competitive advantage. Marketers can direct product to other businesses or directly to consumers.

Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services. Advertising is communicated through various mass media, including traditional media such as newspapers, magazines, television, radio, outdoor advertising or direct mail; and new media such as search results, blogs, social media, websites or text messages. The actual presentation of the message in a medium is referred to as an advertisement, or “ad” or advert for short.

Advertising is differentiated from public relations in that an advertiser pays for and has control over the message. It differs from personal selling in that the message is non-personal, i.e., not directed to a particular individual. We pay for advertising but pray for public relations.

Sales are activities related to selling or the number of goods or services sold in a given targeted time period. The seller, or the provider of the goods or services, completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale. There is a passing of title (property or ownership) of the item, and the settlement of a price, in which agreement is reached on a price for which transfer of ownership of the item will occur. The seller, not the purchaser, typically executes the sale and it may be completed prior to the obligation of payment. In the case of indirect interaction, a person who sells goods or service on behalf of the owner is known as a salesman or saleswoman or salesperson, but this often refers to someone selling goods in a store/shop, in which case other terms are also common, including salesclerk, shop assistant, and retail clerk.

Change management is the discipline that guides how we prepare, equip and support individuals to successfully adopt change in order to drive organizational success and outcomes.

Crisis management is the identification of threats to an organization and its stakeholders, and the methods used by the organization to deal with these threats.

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Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Assessment: Your thoughts are appreciated from a healthcare perspective.

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An Interest Rate Review for Physician-Executives

Managerial Accounting

By Dr. David E. Marcinko MBA

Recently, several major banking institutions have addressed the problem of escalating debt upon graduating physicians, mid-life practitioners and even seasoned healthcare providers; despite historically low rates for prime customers.

Unfortunately, one may still wonder how many clinicians truly appreciate the risks associated with usurious interest rates for homes, cars, medical equipment and other consumer items; as we offer the following review to reduce this peril.

WHITE-PAPER: IRs

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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WANT TO JOIN A PRIVATE MICRO-NETWORK?

THE FUTURE VALUE IS IN “WHO” WE CONNECT !

By Dr. David E. Marcinko MBA

Forget amassing “likes”, “smiles”, “winks” or cultivating your online persona. Micro-Networks are all about being your true authentic self with just a select and carefully curated few people; and that’s it! No social influencers, marketers or viral posts. Just micro-segmentation!

THINK: Family members, professional colleagues, neighbors and close friends; sport or class-mates, and co-workers or faculty members in small distinct groups. There is no “network” as you occupy the space with just these people. The total number of participants is pre-determined; 25, 50, 100, 175, 250; etc. And, when reached, the only way to add new members is for existing members to drop out.

“The Vital Few … Not the Trivial Many.”

QUERY: Would you join a micro-network? What cohort of members?

Please comment.

QUERY: Would you pay a small membership surcharge? How much?

Please comment.

ASSESSMENT: Your thoughts and comments are appreciated.

THANK YOU

***

The “Chinee Room” Argument of A.I.

On John Searle and his Paper

By Dr David E. Marcinko MBA

The Chinese room argument holds that a digital computer executing a program cannot be shown to have a “mind”, “understanding” or “consciousness”, regardless of how intelligently or human-like the program may make the computer behave.

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The argument was first presented by philosopher John Searle in his paper, “Minds, Brains, and Programs“, published in Behavioral and Brain Sciences in 1980. It has been widely discussed in the years since. The centerpiece of the argument is a thought experiment known as the Chinese room.
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Conclusion: Your thoughts are appreciated.
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IS BITCOIN CLOSE TO BECOMING “WORTH-LESS”?

MAYBE – MAYBE NOT?

By Dr. David E. Marcinko MBA

An article by Market Watch’s Atuyla Sarin titled, “Bitcoin is Close to Becoming Worthless” made the rounds on social media and got some people and physician investors panicking.

LINK: https://lnkd.in/eyNrGE9

And so, colleague Pete Quinones, over at the “Free Man Beyond The Wall”, invited Cointext CTO Vin Armani to come on the show to refute the reporting in the article. Vin also commented on the state of the crypto markets and Ohio’s accepting of Bitcoin for tax payments.

PODCAST: https://lnkd.in/eMrTgH4

***

***

Conclusion: Your thoughts and comments are appreciated.

BUSINESS, FINANCE, INVESTING  & INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

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™

***

What is a “Potemkin” Village?

“Fake It – Till You Make It”

Courtesy: www.CertifiedMedicalPlanner.org

By Dr. David E. Marcinko MBA

Originally, a Potemkin Village was any construction whose sole purpose was to provide an external façade making people believe a failing country was prosperous.

DEFINITION: https://en.wikipedia.org/wiki/Potemkin_village

The term comes from a fake portable village built to impress Empress Catherine II by her lover Grigory Potemkin, during her journey to Crimea, in 1787.

PODCAST: https://www.bing.com/videos/search?q=potemkin+village&qpvt=potemkin+village&view=detail&mid=D6C49B8CE683A2E7053ED6C49B8CE683A2E7053E&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dpotemkin%2Bvillage%26qpvt%3DPotemkin%2BVillage%26FORM%3DVDRE

The term “Potemkin” has spawned other linguistic machinations, as well:

P-NUMBERS: Are made up and appear to be valid and legitimate but are not based in reality.

P-POLITICS: Candidates who say have a certain amount of donated money but have actually received less.

LINK: https://www.amazon.com/Dictionary-Health-Economics-Finance-Marcinko/dp/0826102549/ref=sr_1_6?ie=UTF8&s=books&qid=1254413315&sr=1-6

P-HOSPITALS: Impressive, but actually sham facades, in Wuhan, China?

P-NETWORKS: Erroneous quantitative data point like “counts”, “likes” or “winks” for posts on social media forums or e-boards; etc.

LINK: https://thefuturebuzz.com/2012/06/12/social-proofiness-spotting-digital-potemkin-numbers/

Conclusion: Do you know of any other word derivations? Please opine.

THANK YOU

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MY SEARCH EXPERIENCE FOR A C.M.I.O JOB

Chief Medical Information Officer

Courtesy: www.CertifiedMedicalPlanner.org

[Including Interview Preparation List and Study Rubric]

By Dr. David E. Marcinko MBA

Last year I was a job finalist as Chief Medical Information Officer for the State of Georgia. It did not get the job. And yes, it was before the data breech at the State House, Health Insurance Commissioner’s Office and Court House.

DEFINITION: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

FOREWORD: https://medicalexecutivepost.com/2008/02/29/richard-j-mata-md-ms-ms-cis-cmp%e2%84%a2-hon/

The CMIO was a C-Suite executive position responsible for championing institutional security. Physician awareness of electronic and HIPAA policy and procedure developments, while working to ensure compliance with internal and external standards related to medical information security, was vital. The CMIO was appointed, and reported, directly by the Governor.

ESSAY: https://medicalexecutivepost.com/2010/07/07/understanding-clinical-and-financial-features-of-medical-practice-emrs-hospital-it-systems/

And so, I developed the following list of duties and responsibilities in my preparation quest. It is offered to those seeking similar opportunities. No guarantees, implicitly or explicitly, are implied. Good Luck!

RUBRIC: https://healthcarefinancials.files.wordpress.com/2008/01/hit-security.pdf

Conclusion: And so, your thoughts are appreciated.

THANK YOU

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OFFSETTING COSTS FOR CARDIO-THORACIC SURGICAL HEART SERVICES

ON NATIONAL “GO RED DAY”

My Case Model Used in Business School

Courtesy: www.CertifiedMedicalPlanner.org

By Dr. David E. Marcinko MBA

An MCO asked the Hospital of St. Mackenzie to provide coronary artery bypass graft (CABG) services, with catheterization, for its insured patients. The CFO at St. Mackenzie was pleased to review their request for proposal (RFP) as this was the exact type of patient needed to help offset costs of the new heart surgical services wing at the hospital.

Following some discussion, the MCO offered to pay the hospital $34,805 for a normal triple artery CABG without complications.

The CFO reviewed the standard treatment protocol and standard cost profile for the procedure. To her dismay, she discovered that the hospital’s cost would be $36,000 with a six-day average length-of-stay in the new wing.

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QUERY: What should she do and what facts are needed to make an informed decision?

ANSWER: https://healthcarefinancials.files.wordpress.com/2007/12/cvpa-3.pdf

Conclusion: Your thoughts are appreciated.

THANK YOU

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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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THANK YOU

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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THANK YOU

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A SYNOPSIS OF MY ADVISORY FEES & BUSINESS MODEL

A SYNOPSIS OF MY ADVISORY FEES & CONSULTING BUSINESS MODEL

Courtesy: https://lnkd.in/eVGcji5

[Authentic Consulting for Physicians & Medical Colleagues]

My fee is $250 per hour prorated, so you only pay for the time used. This fee covers almost any medical practice management, insurance and risk management, personal financial planning or investment related topic, including document review, phone or Skype® consultation, research and/or written investment strategies.

MODEL: https://lnkd.in/eVWcyaq

IOW: No high water marks, no claw-back fees, sales or commissions, front or back end loads, 12[b]-1 fees or Assets Under Management [AUM] charges; etc. “Pay-as-you-Go”; period! Client Centricity.

TOPICS: https://lnkd.in/e7WrDj9

2nd OPINIONS: https://lnkd.in/dw7FHyP

INVITE: https://lnkd.in/e3-SFmb Your thoughts are appreciated.

CONTACT: Ann Miller RN MHA CMP® PHONE: 770-448-0769

EMAIL: MarcinkoAdvisors@msn.com

BUSINESS, FINANCE, INVESTING & INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

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INVITE A PHYSICIAN – FINANCIAL ADVISOR TO YOUR NEXT EVENT

INVITE A PHYSICIAN & TRUSTED FINANCIAL ADVISOR COLLEAGUE TO YOUR NEXT SEMINAR, MEETING OR EVENT

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

Dr. David E. Marcinko MBA CMP®

Your Audience Deserves a Nationally Known Speaker and Colleague.

[Professor Dr. David E. Marcinko MBA CMP® is Now at Your Service]

CONTACT: Ann Miller RN MHA

THANK YOU

avatar-of-dr-marcinko-speaking

***

All about Titles and University Professors in the USA

Academic Titles are Different in Europe

By Dr. David E. Marcinko MBA

***

I’ve taught in medical, graduate and business school academia for a while now, and served as instructor, adjunct, assistant, associate and full professor in the USA and Europe. I even held chair and endowed positions. But, the precise definition of these titles has always eluded me. So, I did a bit of research to arrive at the following conclusions mingled with my personal experiences..

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A “Professor-of-the-Practice” or P-O-P is a non-tenured person appointed to the academic staff of an American university with  exceptional experiences in their “practice” (profession) and holding a terminal doctoral degree.

I’ve seen this position in medical schools and allied health care institutuions.

NOTE: In American universities, a “professor” is practically any lecturer with a doctor’s degree, whereas in most of the world the title is reserved for senior academics; including most Commonwealth Nations (United Kingdom), German-speaking nations and Northern Europe. It may also be a department head or specifically bestowed chair. A professor is a highly accomplished and recognized academic, and the title is awarded only after decades of scholarly work. In the United States and Canada the title of professor is granted to all scholars with doctorate degrees (typically Ph.D.s) who teach in two and four year colleges and universities, and used in the titles Assistant Professor and Associate Professor, which are not considered full professorship level positions elsewhere.

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A Scholar-in-Residence can serve a university in a full-time, visiting, or part-time capacity. A full-time SIR will be provided on-campus housing and is asked to: hold 2-5 office hours/programs per week in the community. A part-time SIR will host at least 2 programs/activities during the appointment and attend appropriate community meetings.

I’ve seen this position mostly in the graduate school universe.

Finally, an “Entrepreneur-in-Residence” is a position typically held by successful entrepreneurs in venture capital firms, private equity firms, startup accelerators, law firms, or business schools. The EIR typically leads a small, early-stage, emerging company deemed to have high growth potential, or has demonstrated high growth. The university endowment fund provides the Entrepreneur-in-Residence with working capital to nurture expansion, new-product development, or restructuring of the company’s operations, management, and/or ownership.

This is likely the newest business school nomenclature iteration IMHO.

Assessment: So, how did I do with these definitions which still may vary among different colleges, universities and institutions? Your thoughts are appreciated.

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Invite Dr. Marcinko

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

Join Our Mailing List

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

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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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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Is it Time for “HEALTH CARE COLLECTIVISM”©

 Collectivism in Health Care?

By Dr. David Edward Marcinko MBA

Collectivism is the moral stance, political philosophy, ideology, or social outlook that emphasizes the significance of groups—their identities, goals, rights, outcomes, etc.—and tends to analyze issues in those terms.

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A BIZARRE QUESTION?: Would you subtract one day off your life to collectively help solve the domestic health care crisis?

A crazy question; perhaps not so much as the blog-o-sphere is asking a related query.

THE R.B.G QUESTION?: If it were possible, would you subtract one day off you life and add it to Ruth Bader Ginsburg’s life for one extra day of good health?

LINK: https://twitchy.com/brettt-3136/2019/01/07/not-a-cult-who-wants-to-shave-off-a-day-of-their-life-and-give-it-to-ruth-bader-ginsburg/

FORGET BUSINESS SOLUTIONS

So, forget business solutions and marketplace strategy, SDOH, competitive forces, economics, taxation, SWOT analysis, Medicare-for-All,  and potential new-wave disruptors such as ABJ Health Ventures and related initiatives.

NOTE: ABJ Health Ventures = look it up.

THE HEALTH CARE COLLECTIVISM QUESTION?: If it were possible, would you subtract one day off you life and add it to another’s life for one extra day of good health?

THE HEALTH CARE COLLECTIVISM RESULTS: If just 10,000 people did this, it would add about 27 productive years,  in the aggregate, to all participating individual citizen lives.

ar

Assessment

Your thoughts are appreciated.

NOTE:Health Care Collectivism”© -AND- Healthcare Collectivism”© David Edward Marcinko. All rights reserved, iMBA Inc., USA.

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.

HOSPITALS:

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

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

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My Fond Farewell to Tuskegee University

“Testing – Testing: 1, 2 3 and 4”

By Dr. David E. Marcinko MBA

Here I am at the podium for a microphone sound check at the beautiful and iconic Tuskegee University Chapel. Guest speakers have ranged from U.S. Presidents, foreign heads of the state, and other persons of note such as Mary McLeod Bethune and Martin Luther King, Jr.

My Purpose?

Link: https://medicalexecutivepost.com/2019/04/12/my-visit-to-tuskegee-university-in-alabama/

Currently, the Chapel serves as the home of the famed Tuskegee University “Golden Voices” Concert Choir. Read more about the History of the Chapel, right here.

Link: https://www.tuskegee.edu/about-us/chapel

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IMG_7897

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As I toured the historic TU wooden chapel with my host and Dean of the College of Arts and Sciences, Dr. Channa Prakash, I could not help but notice it seemed like a larger version of the famed copper-wooden chapel in Rovaniemi Finland. I mentioned it to the Dean who surprisingly informed me that he too visited and spoke at that same site in Northern Finland, near Lapland, a few years ago. Rovaniemi is Lapland’s capital city, an energetic jewel of the North which lays claim to being the home of Father Christmas.

A “small world” co-incidence!

Link: https://www.dezeen.com/2017/01/08/suvela-chapel-oopeaa-espoo-finland-copper/

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The College of Arts & Sciences Seminar

For the last two decades, I’ve had the opportunity to speak at small informal seminars with a few attendees – to larger more formal international presentations to an audience of thousands. But, success in my mind relates to the engagement, reception and feedback of the audience; not mere size. This was the case at the C&S and affiliated Tuskegee University National Center for Bio-Ethics in Research and Health Care.

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Using this metric, I learned that our niche seminar was indeed a success with dozens of esteemed faculty members, administrators and over a hundred university student – scientists collaborating and challenging me with state-of-the-art comments, insights and experiences that combined the theoretical and applied applications of our subject matter expertise …. followed by a spirited Q-A session. And, for which I am  grateful.

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So, after a post reception gala social event; whole campus, Booker T. Washington and George Washington Carver Museum, and biological laboratory tour, it was time for me to “Drop the Mike” on Tuskegee University.

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Assessment

I then waved good-bye and bid my hosts and new friends a fond farewell – until the next time. Thank you TU.

***all together

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My Upcoming Trip to Tuskegee University in Alabama

VISITING WORLD FAMOUS TUSKEGEE UNIVERSITY

Dr. David E. Marcinko MBA

Just a quick announcement that I will be at Tuskegee University on Friday April 12th to keynote a niche seminar on biological sciences, medical education and contemporary healthcare career trends.

Link: https://www.tuskegee.edu/programs-courses/colleges-schools/cas/office-of-the-dean-cas

The gracious invitation was extended by College of Arts & Sciences Dean Channa Prakash PhD and Assistant Dean Dr. Joe Jimmeh; with renowned faculty and basic science researchers Dr. Marcia Martinez, Dr. Richard Whittington, Dr. Albert Russell, Dr. Clayton Yates; and Professor of Mathematics Dr. Mohammad Qazi to attend. 

Link: https://www.tuskegee.edu/programs-courses/colleges-schools/cas/cas-faculty-and-staff

I am especially eager to tour the historic TU campus, and meet two-time graduate Dr. Roberta Troy who is Founding Director of the Health Disparities Institute for Research and Education (HDIRE). As a native of Baltimore, Maryland, this is an important issue to me. And, Dr. Troy was just appointed new University Provost. I understand she is a true academic dynamo and congratulate her, collegially.

Of course, I will be sure to order a slice of Dorothy Restaurant’s specialty key-lime pie at the Kellogg Conference Center during the post-reception dinner. Yummy!

HOPE TO SEE YOU, THERE!

tuskegee_university_campus_01

 

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The Emerging Role of University CHIEF STRATEGY OFFICER

Common in Industry – Still Not so Much in Academe’

By Dr. David Edward Marcinko MBA

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http://www.CertifiedMedicalPlanner.org

A Chief Strategy Officer [CSO], or chief strategist, is the senior  executive responsible for assisting the Chief Executive Officer [CEO] with developing, communicating, executing, and sustaining corporate strategic initiatives. Some companies give the title Chief Business Officer [CBO] to its’ senior executives who are holding the top strategy role.

My opinion in academia

A few decades ago, the role of university Chief Strategy Officer [CSO] did not exist or marginally existed as a mid-level project manager in the communications department. It may have consisted of a formal background in teaching and education exhibited by the BA and/or B.Ed degrees or HR certification.

A first generation didactic CSO 1.0; if you will.

Then, as academic competition and granularity increased along with new technology information exchange, the need for deeper subject matter expertise arose. Next – generation business, under/graduate LAs, HUMANITIES, modern culture, psychology / sociology and STEM expertise arose to create and explore new – real or perceived – strategic advantages for university public relations in the form of the M.Ed, MA or MBA degrees in marketing, advertising, sales or competitive analysis.

THINK: Michal Porter PhD, known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and a social impact consultant. He is credited for creating Porter’s five forces analysis, which is instrumental in business strategy development today.

Also, consider traditional S.W.O.T analysis, as well. SWOT analysis (alternatively SWOT matrix) is an initialism for strengths, weaknesses, opportunities, and threats—and is a structured planning method that evaluates those four elements of a project or business venture. A SWOT analysis can be carried out for a product, place, industry, university or person.

So, let’s call this a second generation expert CSO 2.0

However, as the complex business of running any college or university is ever changing, the ideal profile of CSO is still morphing to face modern business and management challenges like: physical and cyber security; culture and organizational behavior; gender differences, racial disparities and workplace violence issues; enrollment and international expansion; corporatization and competition; online and e-learning initiatives; with accounting, financial and economic pressures, etc.

Consequently, BODs are now seeking and embracing a new kind of CSO with advanced PhD or DBA degrees; and college and university experience. In fact, the role of contemporary CSO is emerging and becoming closer to that of an experienced corporate Chief Executive Officer, than the mere educator, academician or manager of the past.

Definitions: https://www.amazon.com/Dictionary-Health-Economics-Finance-Marcinko/dp/0826102549/ref=sr_1_6?ie=UTF8&s=books&qid=1254413315&sr=1-6

Universities and colleges  today

Insightful academic search committees are now seeking a new type of modern CSO who can build university and college rankings, maintain relationships with stakeholders, and project a positive image as a “celebrity university”.

This means shepherding students and attracting qualified youth, and faculty, for matriculation as areas of particular importance. This new entrepreneurial CSO must focus on business management, economics and finance – operational, marketing, advertising and consultative sales strategies to attract a qualified, protean and diverse student / professional staff that sets it apart from the competition; as well as more meaningfully interacting within [research and development], and without the university [outreach].

Accordingly, this  modern CSO must be a combination and protean surrogate for the university  CEO / CFO / CMO / COO / CAO and leader – NOT just a teacher or manager – who will help run it like a matrix business unit that makes a profit to generate needed capital and ROI.

Multiple lines of business – tuition; certifications; worker-placement; grants and endowments; CEUs and non-degree program fees; as well as for-profit R&D, publications, patents, copyrights and trade-marks; and applied business incubators – must ALL be created and managed as a diversified portfolio. S/he must lead in the implementation, planning and operations of systemic community responsive programs, as well as policy interventions requiring advocacy, political action and public analysis.

I prefer the moniker – CSO 3.0

Assessment

This academic CSO 3.0 must be a change-agent, crisis manager, corporate strategist, Machiavellian devotee and/or seasoned C-suite executive with the required inter – disciplinary skills outlined for this important position.

Above all – the modern CSO 3.0 must be pro-active, flexible and market responsive. This is not the place for tenure tracking.

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MEDICAL PRACTICE AND HOSPITAL OPERATIONS, STRATEGIC DEVELOPMENT, 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]  [Foreword Dr. Hashem MD PhD] *** [Foreword Dr. Silva MD MBA]

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.

imageproxy5

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My Pragmatic Philosophy of Education

It is NOT the Boyer Model

[By Dr. David E. Marcinko MBA]

The Boyer Model of Education and Scholarship

OK – I may subscribe to the Boyer Model but with several specific personal variations which I will keep propriety and not disclose here. But, I will discuss my teaching pragmatism, below.

Definition

Boyer’s Model of scholarship and education is an academic model advocating expansion of the traditional definition of scholarship and research into four types of scholarship. It was introduced in 1990 by Ernest Boyer.

According to Boyer, traditional research, or the scholarship of discovery, had been the center of academic life and crucial to an institution’s advancement but it needed to be broadened and made more flexible to include not only the new social and environmental challenges beyond the campus but also the reality of contemporary life.

His vision was to change the research mission of universities by introducing the idea that scholarship needed to be redefined.

MORE: https://en.wikipedia.org/wiki/Boyer%27s_model_of_scholarship

ME: Dr. Marcinko Teaching Philosophy

ENTER MY PRAGMATISM

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DEAN: Dean 3.0 Philosophy

Assessment

So, what do 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.

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

***

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™

How Should We Define “Patient Engagement?”

What Are We Measuring, and Does It Matter for Patient Care?

[By Dr. David Edward Marcinko MBA]

OK; I admit it. I edited three major dictionaries on health insurance and managed care, health economics and finance, and health information technology and security. Each tome was comprised of 10,000 peer-reviewed terms, definitions, initialisms, acronyms and syllogisms, etc; for a total of 30,000 peer-reviewed entries. They have been very successfully received to date; throughout the entire medico-legal-business ecosystem.

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So, imagine my surprise when I just leaned that the concept of “patient engagement’ within the context of shared decision making [SDM] – which has been bantered about on this forum and the medical, nursing, legal, public health policy and  management community without real precision for decades – is in definitional limbo. And, I quote:

“In a rigorous systematic review, Dukhanin and colleagues categorize metrics and evaluative tools of the engagement of patient, public, consumer and community in decision-making in healthcare institutions and systems. The review itself is ably done and the categorizations lead to a useful understanding of the necessary elements of engagement, and a suite of measures relevant to implementing engagement in systems. Nevertheless, the question remains whether the engagement of patient representatives in institutional or systemic deliberations will lead to improved clinical outcomes or increased engagement of individual patients themselves in care. Attention to the conceptual foundations of patient engagement would help make this systematic review relevant to the clinical care of patients.”

Assessment

The publication is from the “International Journal of Health Policy and Management”, January 2019.

Now, I was asked to serve on their editorial review board about a year ago but demurred due to time constraints. Nevertheless, I am glad that the IJHPM is thriving and challenging conventional wisdom and the shibboleths we all seem to accept without proof.

And perhaps, SHOULD NOT.

***

http://www.ijhpm.com/article_3550_3c3a114acab2338b472d63428ee3de5d.pdf

***

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

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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 2021

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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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Off Road Christmas Touring with Dr. Marcinko

City Lights in Baltimore, Maryland

By Dr. David Edward Marcinko; MBA, CMP™

[Editor-in-Chief]

I stopped off in Baltimore, Maryland during the recent holidays to visit current clients, prospect for new ones, do a little public speaking and promote our book [Business of Medical Practice, third edition].

Link: www.BusinessofMedicalPractice.wordpress.com

Of course, we stopped by Johns Hopkins University where my sister worked, and promoted the Medical Executive-Post, as well.

Enter Christmas Street

And so, it was with great anticipation that we agreed with our host to visit Baltimore’s Christmas Street, in a section of the city known as Hampden. For 62 years, the residents of Baltimore’s 34th Street have drawn crowds from all over the world to view their display of Christmas lights.

Assessment

Crowd favorites are the motorized robot, the hubcap “Christmas tree”, and “snowmen” made from bicycle tires. The eaves of houses drip with strings of lights that illuminate Nativity scenes, while glowing candy canes light the sidewalks.

And, the hot chocolate and pizza, down the street at Angelo’s Restaurant, was especially delicious on any cold wintry night.

Video link: https://www.youtube.com/watch?v=hwk5N6qBx8Q

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

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

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

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

Sponsors Welcomed

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

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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DEM 2012

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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

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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™

***

[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]

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Popular Pre-Halloween Content for 2019

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Aggregating Content – Disseminating Knowledge

By Dr. David Edward Marcinko MBA [Editor-in-Chief]

Nathaniel Potter MD

Halloween (also spelled Hallowe’en) is an annual holiday celebrated on October 31st.  It has roots in the Celtic festival of Samhain and the Christian holy day of All Saints.

Today, it is largely a secular celebration but some have expressed strong feelings about perceived religious overtones.

Here are two interesting and popular ME-P articles for this Halloween season.

Poe: https://healthcarefinancials.wordpress.com/2009/08/27/off-road-touring-with-dr-marcinko-part-vi/

Potter: https://medicalexecutivepost.com/2009/08/27/off-road-touring-with-dr-marcinko-part-vi/

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“DANCE OF DEATH”

[Copyright 2018 iMBA Inc., All rights reserved. USA]

Conclusion

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

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

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

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

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

Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise

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Are You a Continuing Education Pioneer?

More on Lifelong Learning

[By Dr. David Marcinko MBA]

Today, it is increasingly imperative for colleges and universities to expand the universe of targeted adult-learners. This is for aspiring professionals, managers, executives and leaders, or those already in the workforce. The tuition gathering universe is thus expanded beyond graduation.

I developed and launched several such successful CE programs that were merged or sold to private investors, colleges and hedge funds

SAMPLE: www.PodiatryPrep.org

Also known as Executive Service Line [ESL] education, this business model refers to academic programs for adults that are generally non-credit and non-degree-granting, but may lead to professional certifications.

Estimates by Business Week magazine suggest that executive education in the United States is a $900 million annual business with approximately 80 percent provided by university schools.

SAMPLE: www.CertifiedMedicalPlanner.org

In addition to the educational benefits, monetary dividends are reaped as enrollment eases matriculation access. Similar programs at the Wharton School, Darden, Harvard, Duke, Yale and the Goizueta Business School at Emory University charge premium rates for the implied institutional moniker.

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ASSESSMENT: Your thoughts are appreciated. Are you a continuing education pioneer?

MORE BUSINESS AND INVESTING 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

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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MOOCs & MOODLES – Are You An Educational Futurist?

On Massive Open Online Courses

By Dr. David Edward Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

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

Definition

A massive open online course ( MOOC / m uː k / ) is an online course aimed at unlimited participation and open access via the web.  In addition to traditional course materials such as filmed lectures, readings, and problem sets , many MOOCs provide interactive courses with user forums to support community interactions among students, professors, and teaching assistants (TAs) as well as immediate feedback to quick quizzes and assignments.

Dictionary: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

Update

In fact, when I last checked, the nation’s graduate, B-school and MBA students were enrolled in more than 118 online MBA/MPH/MSH healthcare administration 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®, Cengage, eXplorance, BANNER and Kalture must be used to full potential. Smart phones, PCs and tablets, videos, interactive games, A.I. simulators and apps with Skype®-like virtual classrooms and cloud storage are obvious embellishments to online initiatives.

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Definition

A Moodle is a free and open-source learning management system written in PHP and distributed under the GNU General Public License. Developed on pedagogical principles, Moodle is used for blended learning, distance education, flipped classroom and other e-learning projects in schools, universities, workplaces and other sectors.

Note: PHP is a popular general-purpose scripting language that is especially suited to web development. Fast, flexible and pragmatic, PHP powers everything from your blog to the most popular websites in the world.

Dictionary: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

ASSESSMENT: Your thoughts are appreciated. Are you a didactic educational futurist? MOOCs or MOODLES anyone?

MORE BUSINESS, EDUCATION AND FINANC 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

THANK YOU

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My [Jaguar] Mechanic vs. Doctor Story

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Everyone wants to be a doctor – or get paid like one!

dem21[By Dr. David Edward Marcinko MBA CMP™]

Most regular ME-P readers and subscribers know that I am a Jaguar automobile fan. Except perhaps for a Bentley or Rolls Royce, I think that Jags are the finest mass produced luxury vehicles on the planet.

Backstory

My regular car guy, Jimmie the mechanic, was removing a cylinder head from a late model Jaguar sedan when he spotted a world-famous heart surgeon in his garage; we have many such dignitaries on this side of town.

In fact, it is called “pill-hill” around here, for the many hospitals, medical clinics and physician offices. The heart surgeon was waiting for the service manager to come and take a look at his car.

The Query

Jimmie shouted across the garage, ‘Hey Doc can I ask you a question?’

The famous surgeon, a bit surprised, walked over to him.  Jimmie straightened up, wiped his hands on a rag and asked, ‘So Doc, look at this engine. I also can open hearts, take valves out, fix’em, put in new parts and when I finish this Jaguar will work just like a new one.’

Salary Comparisons

“So how come I work for a pittance and you get the really big money, when you and I are doing basically the same work?”

The MD’s Answer

The surgeon paused, smiled and leaned over and whispered into Jimmie’s ear: ‘Try doing it with the engine running.’

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Jag sedan

ME-P Jag

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Assessment

Of course this story is a classic; oft repeated ad nauseam.

Conclusion

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

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

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