Why 75+ Years of American Finance Should Matter to Physician Investors

Posted on April 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

A Graphic Presentation [1861-1935] with Commentary from the Publisher

By Dr. David Edward Marcinko FACFAS MBA CPHQ CMP™

http://www.CertifiedMedicalPlanner.org

As our private iMBA Inc clients, ME-P subscribers, textbook and dictionary purchasers, seminar attendees and most ME-P readers know, Ken Arrow is my favorite economist. Why?

About Kenneth J. Arrow, PhD

Well, in 1972, Nobel Laureate Kenneth J. Arrow, PhD shocked Academe’ by identifying health economics as a separate and distinct field. Yet, the seemingly disparate insurance, asset allocation, econometric, statistical and portfolio management principles that he studied have been transparent to most financial professionals and wealth management advisors for years; at least until now.

Nevertheless, to informed cognoscenti, they served as predecessors to the modern healthcare advisory era. In 2004, Arrow was selected as one of eight recipients of the National Medal of Science for his innovative views. And, we envisioned the ME-P at that time to present these increasingly integrated topics to our audience.

Healthcare Economics Today

Today – as 2022 passes – savvy medical professionals, management consultants and financial advisors are realizing that the healthcare industrial complex is in flux; along with the Russian war, domestic inflation and this dynamic may be reflected in the overall flagging economy.

Like many laymen seeking employment, for example, physicians are frantically searching for new ways to improve office revenues and grow personal assets, because of the economic dislocation that is Managed Care, Medi Care and Obama Care [ACA], the depressed business cycle, etc.

Moreover, the largest transfer of wealth in US history is – or was – taking place as our lay elders and mature doctors sell their practices or inherit parents’ estates. Increasingly, the artificial academic boundary between the traditional domestic economy, financial planning and contemporaneous medical practice management is blurring.

I’m Not a Cassandra

Yet, I am no gloom and doom Cassandra like I have been accused, of late. I am not cut from the same cloth as a Jason Zweig, Jeremy Grantham or Nouriel Roubini PhD, for example.

However, I do subscribe to the philosophy of Hope for the Best – Plan for the Worst.

And so dear colleagues, I ask you, “Are the latest swings in the economic, healthcare and financial headlines making you wonder when it will ever stop?”

The short answer is: “It will never stop” because what’s been happening isn’t any “new normal”; it’s just the old normal playing out before a new audience; sans the war.

What audience?

The next-generation of investors, FAs, management consultants and the medical professionals of Health 2.0.

How do I know all this?

History tells me so! Just read this work, and opine otherwise, or reach a different conclusion.

Evidence from the American Financial Scene, circa 1861-1935

The work was created by L. Merle Hostetler in 1936, while he was at Cleveland College of Western Reserve University (now known as Case Western Reserve University). I learned of him while in B-School, back in the day.

At some point after it was printed, he added the years 1936-1938. Mr. Hostetler became a Financial Economist at the Federal Reserve Bank of Cleveland in 1943. In 1953 he was made Director of Research. He resigned from the Bank in 1962 to work for Union Commerce Bank in Cleveland. He died in 1990.

The volume appears to be self published and consists of a chart, approximately 85′ long, fan-folded into 40 pages with additional years attached to the last page. It also includes a “topical index” to the chart and some questions of technical interest which can be answered by the chart.

Link: http://fraser.stlouisfed.org/75years

Assessment

And so, as with Sir John Templeton’s [whose son is an MD] four most dangerous words in investing (It’s different this time), Hostetler effectively illustrates that it wasn’t so different in his era, and maybe—just maybe—it isn’t so different today for all these conjoined fields.

Conclusion

Your thoughts and comments on this ME-P are appreciated. While not exactly a “sacred cow,” there is a current theory that investors will experience higher volatility and lower global returns for the foreseeable future.

In fact, it has gained widespread acceptance, from the above noted Cassandra’s and others, as problems in Europe persist and threats of a double-dip recession loom. But, how true is this notion; really?

Is Hostetler correct, or not; and why?

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:

DOCTORS:

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

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

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

HOSPITALS:

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

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

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

Filed under: Health Economics, iMBA, Inc., Investing, Op-Editorials, Portfolio Management | Tagged: ACA, CMP, david marcinko, double-dip recession, Jason Zweig, Jeremy Grantham, Ken Arrow, L. Merle Hostetler, National Medal of Science, Nouriel Roubini PhD, physician investors, Sir John Templeton’s, Why 75 Years of American Finance Matters, www.BusinessofMedicalPractice.com, www.certifiedmedicalplanner.com, www.healthcarefinancials.com, www.medicalbusinessadvisors.com | 12 Comments »

What is an “Inverse” ETF?

Posted on March 26, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

WHAT IT IS – HOW IT WORKS

Traditional ETFs: https://medicalexecutivepost.com/2008/01/07/exchange-traded-funds-etfs/

Tax and ETFs: https://medicalexecutivepost.com/2008/01/11/etfs-and-tax-efficiency/

INVERSE DEFINITION:

An inverse exchange-traded fund is an exchange-traded fund, traded on a public stock market, which is designed to perform as the inverse of whatever index or benchmark it is designed to track. These funds work by using short selling, trading derivatives such as futures contracts, and other leveraged investment techniques.

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

***

READ: https://smartasset.com/investing/inverse-etf

ASSESSMENT: Your comments and thoughts are appreciated.

THANK YOU

****

Filed under: "Ask-an-Advisor", Investing | Tagged: david marcinko, ETFs, inverse ETF, leveraged ETF | Leave a comment »

Understanding Municipal Bond Underwriting

Posted on March 24, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

A Primer for Physician Investors

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

While the underwriting procedures for corporate bonds are almost identical to corporate stock, there are significant differences in the underwriting of municipal securities. Municipal securities – hospitals for example – are exempt from the registration filing requirements or the Securities Act of 1933. A state or local government, in the issuance of municipal securities, is not required to register the offering with the SEC, so there is no filing of a registration statement and there is no prospectus which would otherwise have to be given to investors.

Municipal Underwriting

There are two main methods of financing when it comes to municipal securities. One method is known as negotiated. In the case of a negotiated sale, the municipality looking to borrow money would approach an investment bank and negotiate the terms of the offering directly with the firm. This is really not very different from the equity process.

Competitive Bidding

The other type of municipal underwriting is known as competitive bidding. Under the terms of competitive bidding, an issuer announces that it wishes to borrow money and is looking for syndicates to submit competitive bids. The issue will then be sold to the syndicate which submits the best bid, resulting in the municipality having the lowest net interest cost (lowest expense to the issuer).

If the issue is to be done by a competitive bid, the municipality will use a Notice of Sale to announce that fact. The notice of sale will generally include most or all of the following information.

Date, time, and place. This does not mean when the bonds will be sold to the public, but when the issue will be awarded (sold) to the syndicate issuing the bid.
Description of the issue and the manner in which the bid is to be made (sealed bid or oral).
Type of bond (general obligation, revenue, etc.)
Semi-annual interest payment dates and the denominations in which the bonds will be printed.
Amount of good faith deposit required, if any.
Name of the law firm providing the legal opinion and where to acquire a bid form.
The basis upon which the bid will be awarded, generally the lowest net interest cost.

The Bond Attorney

Since municipal securities are not registered with the SEC, the municipality must hire a law firm in order to make sure that they are issuing the securities in compliance with all state, local and federal laws. This is known as the bond attorney, or independent bond counsel. Some functions are included below:

Establishes the exemption from federal income tax by verifying requirements for the exemption.
Determines proper authority for the bond issuance.
Identifies and monitors proper issuance procedures.
Examines the physical bond certificates to make sure that they are proper
Issues the debt and a legal opinion, since municipal bonds are the only securities that require an opinion.
Does not prepare the official statement.

When medical or other investors purchase new issue municipal securities from syndicate or selling group members, there is no prospectus to be delivered to investors, but there is a document which is provided to purchasers very similar in nature to a prospectus. It is known as an Official Statement. The Official Statement contains all of the information an investor needs to make a prudent decision regarding a proposed municipal bond purchase.

Underwriting Syndicate

The formation of a municipal underwriting syndicate is very similar to that for a corporate issue. When there is a negotiated underwriting, an Agreement Among Underwriters (AAU) is used. When the issue is competitive bid, the agreement is known as a Syndicate Letter. In the syndicate letter, the managing underwriter details all of the underwriting agreements among members of the syndicate. Eastern (undivided) and Western (divided) accounts are also used, but there are several different types of orders in a municipal underwriting.

Order Types

The traditional types of orders, in priority order, are:

Pre-Sale Order: Made before the syndicate actually offers the bonds. They have first priority over any other order turned in.
Syndicate (group net) Order: Made once the offering is under way at the public offering price. The purchase is credited to each syndicate member in proportion to its allotment. An institutional buyer will frequently purchase” group net”, since many of the firms in the syndicate may consider this buyer to be their client and he wishes to please all of them.
Designated Order: Sales to medical investors (usually healthcare institutions) at the public offering price where the investor designates which member or members of the syndicate are to be given credit.
Member Orders: Purchased by members of the syndicate at the take-down price (spread). The syndicate member keeps the full take-down if the bonds are sold to investors, or earns the take-down less the concession if the sale is made to a member of the selling group. Should the offering be over-subscribed, and the demand for the new bonds exceeds the supply, the first orders to be filled are the pre-sale orders. Those are followed by the syndicate (sometimes called group net) orders, the designated orders, and the last orders filled are the member’s.

Assessment

Finally, be aware that the term bond scale is a listing of coupon rates, maturity dates, and yield or price at which the syndicate is re-offering the bonds to the public. The scale is usually found in the center of a tombstone ad and on the front cover of the official statement. One of the reasons why the word “scale” is used – is that like the scale on a piano – it normally goes up. A regular or positive scale is one in which the yield to maturity is lowest on the near term maturities and highest on the long term maturities. This is also known as a positive yield curve, since the longer the maturity, the higher the yield. In times of very tight money, such as in 1980-81, one might find a bond offering with a negative scale. A negative (sometimes called inverted) scale is just the opposite of a positive one, with, yields on the short term maturities are higher than those on the long term maturities.

http://www.amazon.com/Financial-Planning-Handbook-Physicians-Advisors/dp/0763745790/ref=sr_1_1?ie=UTF8&s=books&qid=1276795609&sr=1-1

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.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Investing | Tagged: Agreement Among Underwriters, bond attorney, competitive bond bidding, david marcinko, Municipal Bond Underwriting, municipal bonds, negotiated bond bidding, syndicate letter | 1 Comment »

Financial Management Strategies for Hospitals and Healthcare Organizations

Posted on January 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

Click to access foreword-nash1.pdf

SPONSOR: http://www.CertifiedMedicalPlanner.org

TEXTBOOK ORDER: https://www.amazon.com/Financial-Management-Strategies-Healthcare-Organizations/dp/1466558733/ref=sr_1_3?ie=UTF8&qid=1380743521&sr=8-3&keywords=david+marcinko

SECOND OPINIONS: https://medicalexecutivepost.com/schedule-a-consultation/

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

***

Filed under: "Doctors Only", Accounting, Book Reviews, Career Development, CMP Program, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Managed Care, Practice Management, Recommended Books, Sponsors, Touring with Marcinko | Tagged: Certified Medical Planner™, CMP™ Course, david marcinko, Dr. David Edward Marcinko MBA CMP™, Financial Management Healthcare, Financial Management Hospitals | 1 Comment »

The “BUSINESS” of Transformational Medical Practice Skills

Posted on August 30, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

[3rd] THIRD EDITION

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

Click to access foreword-hashem-md-phd.pdf

***

Click to access foreword-silva.pdf

Filed under: "Advisors Only", "Doctors Only", Accounting, Book Reviews, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Information Technology, Managed Care, Marketing & Advertising, Practice Management, Practice Worth, Taxation, Touring with Marcinko | Tagged: Business of Medical Practice, david marcinko, Practice Management, Practice Worth | Leave a comment »

The BUSINESS of Medical Practice

Posted on August 24, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

BY DR. David Edward Marcinko MBA

***

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

Second Opinions: https://medicalexecutivepost.com/schedule-a-consultation/

THANK YOU!

***

Filed under: "Advisors Only", "Doctors Only", Book Reviews, Career Development, Funding Basics, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Insurance Matters, Practice Management, Practice Worth, Professional Liability, Touring with Marcinko | Tagged: Business of Medical Practice, david marcinko, healthcare business | Leave a comment »

Management Strategies, Operational Techniques, Tools, Templates and Case Studies

Posted on August 16, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

FOR HOSPITALS AND HEALTHCARE ORGANIZATIONS

***

BY DR. DAVID E. MARCINKO MBA

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

***

Filed under: Book Reviews, Health Economics, Health Insurance, Managed Care, Practice Management, Professional Liability, Quality Initiatives, Recommended Books, Risk Management | Tagged: david marcinko, hospitals, Hospitals and Healthcare Organizations | Leave a comment »

National “Financial Awareness Day” 2021

Posted on August 14, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

MAKE IT EVERYDAY FOR PHYSICIANS AND MEDICAL COLLEAGUES

By Dr. David Edward Marcinko MBA CMP®

SPONSOR: http://www.CertifiedMedicalPlanner.org

***

Use National Financial Awareness Day to your Advantage

Aug. 14th is National Financial Awareness Day. Financial awareness is about more than just understanding the basics on how money works. It’s also about evaluating your own budget, savings and investments to make sure your finances are working for your needs.

HERE: https://nationaltoday.com/national-financial-awareness-day/

So if it’s been a while since your last financial “check up,” National Financial Awareness Day can be the extra push you’ve needed to finally take a look under the hood.

***

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

Second Opinions: https://medicalexecutivepost.com/schedule-a-consultation/

THANK YOU!

***

Filed under: "Doctors Only", Financial Planning, iMBA, Inc., Investing, Touring with Marcinko | Tagged: david marcinko, financial awareness, financial literacy, Financial Planning, financial planning for doctors, National Financial Awareness Day | Leave a comment »

DICTIONARY: Health Information Technology and Security

Posted on August 11, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

Review

This is a handy, word-packed reference book with health information technology terminology of the past, present, and future. The paperback book is small and compact in size but amazingly full of words, abbreviations, and even names of leaders in the health information technology industry. While any book like this will require updating on a periodic basis, many of the terms will remain relevant for a good period of time. I found the dictionary very useful and recommend it as a good addition to the reference shelf in the office or library.

—Doody’s Book Review

From the Back Cover

Over 10,000 Detailed Entries!

“”There is a myth that all stakeholders in the healthcare space understand the meaning of basic information technology jargon. In truth, the vernacular of contemporary medical information systems is unique, and often misused or misunderstood? Moreover, an emerging national Heath Information Technology (HIT) architecture; in the guise of terms, definitions, acronyms, abbreviations and standards; often puts the non-expert medical, nursing, public policy administrator or paraprofessional in a position of maximum uncertainty and minimum productivity ?The Dictionary of Health Information Technology and Security will therefore help define, clarify and explain…You will refer to it daily.””

–– Richard J. Mata, MD, MS, MS-CIS, Certified Medical Planner? (Hon), Chief Medical Information Officer [CMIO], Ricktelmed Information Systems, Assistant Professor Texas State University, San Marcos

***

Filed under: Book Reviews, Glossary Terms, Information Technology, Touring with Marcinko | Tagged: david marcinko, Dictionary of Health Information Technology and Security, health information technolgy, HIT, IT | 1 Comment »

Financial Management Strategies for Hospitals and Healthcare Organizations

Posted on July 21, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

TEXTBOOK RELEASE AND REVIEW

Reviews

Navigating a course where sound organizational management is intertwined with financial acumen requires a strategy designed by subject-matter experts. Fortunately, Financial Management Strategies for Hospital and Healthcare Organizations: Tools, Techniques, Checklists and Case Studiesprovides that blueprint.
―David B. Nash, MD, MBA,Jefferson Medical College, Thomas Jefferson University

It is fitting that Dr. David Edward Marcinko, MBA, CMP™ and his fellow experts have laid out a plan of action in Financial Management Strategies for Hospital and Healthcare Organizationsthat physicians, nurse-executives, administrators, institutional CEOs, CFOs, MBAs, lawyers, and healthcare accountants can follow to help move healthcare financial fitness forward in these uncharted waters.
―Neil H. Baum, MD, Tulane Medical School

***

SECOND OPINIONS: https://medicalexecutivepost.com/schedule-a-consultation/

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

***

Filed under: Accounting, Book Reviews, Glossary Terms, Health Economics, Health Insurance, Healthcare Finance, Practice Management, Taxation, Touring with Marcinko | Tagged: david marcinko, Financial Management Strategies for Hospitals, hospital finance, hospital finance strategies, hospital financial management | Leave a comment »

AGI: What it is – How it Works?

Posted on July 21, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

ADJUSTED GROSS INCOME

https://medicalexecutivepost.com/wp-content/uploads/2018/06/david-edward-marcinko.png

BY Dr. DAVID EDWARD MARCINKO MBA CMP®

SPONSOR: http://www.CertifiedMedicalPlanner.org

The U.S. individual tax return is based around the concepts of Adjusted Gross Income (AGI) and Taxable Income (TI). AGI is the amount that shows up at the bottom of page one of Form 1040, individual income tax return. It is the sum of all of the taxpayer’s income less certain allowed adjustments (like alimony, one-half of self-employment taxes, a percentage of self-employed health insurance, retirement plan contributions and IRAs, moving expenses, early withdrawal penalties and interest on student loans). This amount is important because it is used to calculate various limitations within the area of itemized deductions (e.g., medical deductions: 10 percent of AGI; miscellaneous itemized deductions: 2 percent of AGI).

When a healthcare professional taxpayer hears the phrase “an above the line deduction”, the line being referenced is the AGI line on the tax return. Generally, it is better for a deduction to be an above the line deduction, because that number helps a taxpayer in two ways. First, it reduces AGI, and second, since it reduces AGI, it is also reducing the amounts of limitations placed on other deductions as noted above.

Obviously, if there is an above the line there is also a “below the line” deduction. These below the line deductions are itemized deductions (or the standard deduction if itemizing is not used) plus any personal exemptions allowed. AGI less these deductions provides the taxable income on which income tax is actually calculated. All of that being said, it is better for a deduction to be an above the line deduction. Although this is a bit dry, it helps to understand the concepts in order to know where items provide the most benefit to the medical professional taxpayer.

PERSONAL TAXATION CALCULATIONS

Gross Income (all income, from whatever source derived, including illegal activities, cash, indirect for the benefit of, debt forgiveness, barter, dividends, interest, rents, royalties, annuities, trusts, and alimony payments-no more)

Less non-taxable exclusions (municipal bonds, scholarships, inheritance, insurance

proceeds, social security and unemployment income [full or

partial exclusion], etc.).

Total Income

Less Deductions for AGI (alimony, IRA contributions, capital gains, 1/2 SE tax,

moving, personal, business and investment expenses, and

penalties, etc.).

Adjusted Gross Income (bottom Form 1040)

Less Itemized Deductions from AGI, (medical, charitable giving, casualty,

involuntary conversions, theft, job and miscellaneous expenses, etc.), or

Less Standard Deduction (based on filing status)

Less Personal Exemptions (per dependents, subject to phase outs)

Taxable Income

Calculate Regular Tax

Plus Additional Taxes (AMT, etc.)

Minus Credits (child care, foreign tax credit, earned income housing, etc.)

Plus Other Taxes

Total Tax Due

YOUR THOUGHTS ARE APPRECIATED.

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

Thank You

***

Filed under: "Ask-an-Advisor", Accounting, CMP Program, Experts Invited, iMBA, Inc., Taxation, Touring with Marcinko | Tagged: adjusted gross income, AGI, Certified Medical Planner™, CMP, david marcinko | Leave a comment »

FINANCIAL PLANNING: Strategies for Physicians and their Advisors

Posted on July 18, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

A Textbook Review

SECOND OPINIONS: https://medicalexecutivepost.com/schedule-a-consultation/

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

SPONSOR: http://www.CertifiedMedicalPlanner.org

THANK YOU

***

Filed under: Book Reviews, CMP Program, Financial Advisor Listings, Financial Planning, Insurance Matters, Investing, Managed Care, Portfolio Management, Recommended Books, Research & Development, Risk Management, Touring with Marcinko | Tagged: Certified Medical Planner™, CMP, david marcinko, Financial Planning, Investing, investing portfolio management, stocks and bonds | Leave a comment »

PODCAST: High Deductible Health Plans

Posted on July 16, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

HSA Update 2021

By Michael Thompson

High-deductible health plans have been popular, but it’s becoming clear they are not right for all employees, said Michael Thompson, president and chief executive officer of the National Alliance of Healthcare Purchaser Coalitions.

PODCAST: https://www.healthsharetv.com/content/michael-thompson-use-high-deductible-health-plans

Your thoughts are appreciated.

THANK YOU

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

CONTACT: Ann Miller RN MHA

MarcinkoAdvisors@msn.com

Ph: 770-448-0769

Second Opinions: https://medicalexecutivepost.com/schedule-a-consultation/

***

Filed under: Experts Invited, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Touring with Marcinko, Videos | Tagged: By Michael Thompson, david marcinko, health savings account, high deductible health care plans, HSA, HSAs | 2 Comments »

Are Today’s Doctors Desperate?

Posted on July 14, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

Emotions Rise with Healthcare Reform

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

NOTE: I penned this essay more than a decade ago.

Managed care is a prospective payment method where medical care is delivered regardless of the quantity or frequency of service, for a fixed payment, in the aggregate. It is not traditional fee-for-service medicine or the individual personal care of the past, but is essentially utilitarian in nature and collective in intent. Will new-age healthcare reform be even more draconian?

Unhappy Physicians

There are many reasons why doctors are professionally and financially unhappy, some might even say desperate, because of managed care; not to mention the specter of healthcare reform from the Obama administration. For example:

A staggering medical student loan debt burden of $100,000-250,000 is not unusual for new practitioners. The federal Health Education Assistance Loan (HEAL) program reported that for the Year 2000, it squeezed significant repayment settlements from its Top 5 list of deadbeat doctor debtors. This included a $303,000 settlement from a New York dentist, $186,000 from a Florida osteopath, $158,000 from a New Jersey podiatrist, $128,000 from a Virginia podiatrist, and $120,000 from a Virginia dentist. The agency also excluded 303 practitioners from Medicare, Medicaid, and other federal healthcare programs and had their cases referred for nonpayment of debt.
Because of the flagging economy, medical school applications nationwide have risen. “Previously, there were a lot of different opportunities out there for young bright people”; according to Rachel Pentin-Maki; RN, MHA”; not so today. In fact, Physicians Practice Digest recently stated, “Medicine is fast becoming a job in which you work like a slave, eke out a middle class existence, and have patients, malpractice insurers, and payers questioning your motives.” Remarkably, the Cornell University School of Continuing Education has designed a program to give prospective medical school students a real-world peek, both good and bad.

The Ripple Effects of Managed Care and Reform

“Many people who are currently making a great effort and investment to become doctors may be heading for a role and a way of life that are fundamentally different from what they expect and desire,” according to Stephen Scheidt, MD, director of the $1,000 Cornell fee program; why?

Fewer fee-for-service patients and more discounted patients.
More paperwork and scrutiny of decisions with lost independence and morale.
Reputation equivalency (i.e., all doctors in the plan must be good), or commoditization (i.e., a doctor is a doctor is a doctor).
The provider is at risk for (a) utilization and acuity, (b) actuarial accuracy, (c) cost of delivering medical care, and (d) adverse patient selection.
Practice costs are increasing beyond the core rate of inflation.
Medicare reimbursements are continually cut.

Early Opinions

Richard Corlin MD, opined back in 2002 that “these are circumstances that cannot continue because we are going to see medical groups disappearing.” Furthermore, he stated, “This is an emergency that lawmakers have to address.” Such cuts also stand to hurt physicians with private payers since commercial insurers often tie their reimbursement schedules to Medicare’s resources. “That’s the ripple effect here,” says Anders Gilberg, the Washington lobbyist for the Medical Group Management Associations (MGMA).

Assessment

And so, some desperate doctors are pursing these sources of relief, among many others:

A growing number of doctors are abandoning traditional medicine to start “boutique” practices that are restricted to patients who pay an annual retainer of $1,500 and up for preferred services and special attention. Franchises for the model are also available.
Regardless of location, the profession of medicine is no longer ego-enhancing or satisfying; some MDs retire early or leave the profession all together. Few recommend it, as a career anymore.

Assessment

To compound the situation, it is well known that doctors are notoriously poor investors and do not attend to their own personal financial well being, as they expertly minister to their patients’ physical illnesses.

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Tell us what you think? Are you a desperate doctor? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.

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

References:

www.managedcaremagazine.com/archives/9809/9809/.qna_dickey.shtml
www.hrsa.dhhs.gov/news-pa/heal.htm
www.bhpr.hrsa.gov/dsa/sfag/health-professions/bk1prt4.htm
Pamela L. Moore, “Can We All Just Get Along: Bridging the Generation Gap, Physicians Practice Digest (May/June 2001).

Filed under: Career Development, CMP Program, Financial Planning, Health Insurance, iMBA, Inc., Managed Care, Op-Editorials, Practice Management | Tagged: Anders Gilberg, david marcinko, fee for service, Heal loans, healthcare reform, Managed Care, Medical Group Management Associations, medicare, MGMA, obama, Richard Corlin, Stephen Scheidt MD | 2 Comments »

CMS: Open Payment Data

Posted on July 4, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

OPEN PAYMENTS DATA – SEARCH TOOL

By Dr. David Edward Marcinko MBA

The Open Payments Search Tool is used to search payments made by drug and medical device companies to physicians and teaching hospitals.

CMS releases star ratings; nearly 10% of hospitals earn ...

WEBSITE: https://openpaymentsdata.cms.gov/

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

Your thoughts are appreciated.

THANK YOU

***

Filed under: Funding Basics, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, Touring with Marcinko | Tagged: CMS, CMS search tools, david marcinko, Open Payments DATA CMS, Touring with Marcinko | Leave a comment »

What is a MEME Stock?

Posted on July 2, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

MEME ME!

**BY PROFESSOR DR. DAVID EDWARD MARCINKO MBA Certified Medical Planner**®

SPONSOR: http://www.CertifiedMedicalPlanner.org

A “MEME” stock isn’t as easily defined as a growth or value stock, so to give it a definitive categorization would be inappropriate. Nor would actually categorizing it alongside growth and value stocks. They won’t be found in textbooks anytime soon, but to overlook their impact could potentially be an expensive oversight.

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

Stonks Meme, Explained: What Can It Teach You About Actual ...

READ: https://blog.mywallst.com/what-is-a-meme-stock/#:~:text=A%20meme%20stock%20isn%E2%80%99t%20as%20easily%20defined%20as,their%20impact%20could%20potentially%20be%20an%20expensive%20oversight.

DIY Textbooks: https://medicalexecutivepost.com/2021/04/29/why-are-certified-medical-planner-textbooks-so-darn-popular/

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-

CONTACT: Ann Miller RN MH

[Executive Director]

MarcinkoAdvisors@msn.com

***

Filed under: Career Development, CMP Program, Glossary Terms, Investing, Research & Development, Touring with Marcinko | Tagged: certified medical planner, CMP, david marcinko, MEME stocks | 2 Comments »

“HOSPITALS AND HEALTH CARE ORGANIZATIONS”

Posted on June 27, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

INSTITUTIONAL Foreword WITH Comprehensive Review AND FREE PREVIEW

Click to access foreword-nash1.pdf

Filed under: "Doctors Only", Career Development, Health Economics, Healthcare Finance, Managed Care, Practice Management, Professional Liability | Tagged: david marcinko, Hospitals and Healthcare Organizations | Leave a comment »

ME-P Speaking Invitations

Posted on June 17, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

Dr. David E. Marcinko is at your Service

Dr. David Edward Marcinko MBA CMP® 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.

His talks tend to be engaging, iconoclastic, and humorous. His most popular presentations include a diverse variety of topics and typically include those in all iMBA, Inc’s textbooks, handbooks, white-papers and most topics covered on this blog.

CONTACT: Ann Miller RN MHA

MarcinkoAdvisors@msn.com

Ph: 770-448-0769

Abbreviated Topic List: https://medicalexecutivepost.com/wp-content/uploads/2009/02/imba-inc-firm-services.pdf

Second Opinions: https://medicalexecutivepost.com/schedule-a-consultation/

DIY Textbooks: https://medicalexecutivepost.com/2021/04/29/why-are-certified-medical-planner-textbooks-so-darn-popular/

THANK YOU

***

Filed under: Career Development, CMP Program, Estate Planning, Financial Planning, Health Economics, Health Insurance, iMBA, Inc., Insurance Matters, Investing, Managed Care, Portfolio Management, Practice Management, Practice Worth, Professional Liability, Retirement and Benefits, Risk Management, Touring with Marcinko | Tagged: david marcinko, Financial Planning, Investing, malpractice, medical prctice management, Physician retirement, practice value., Practice Worth | 1 Comment »

The “Zero-Based Budget” for Physicians?

Posted on May 24, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

Zero-Based Budget

By Dr. David Edward Marcinko MBA CMP©

SPONSOR: http://www.CertifiedMedicalPlanner.org

A zero-based budget means you start with the absolute essential expenses, and then add expenses from there until you run out of money. This is an extremely effective, yet rigorous exercise for most medical professionals and can be used personally or at the office.

Guess what your first personal financial item should be?

That’s right, retirement plan contributions. Then your mortgage and other debt payments, and other required fixed expenses. From the office perspective, the first budget item should be salary expenses, both your own and your staff.

Operating assets and other big ticket items come next, followed by the more significant items on your net income statement.

Some doctors even review their P&L statements quarterly, line by line, in an effort to reduce expenses. Then add discretionary personal or business expenses that you have some control over.

P&L: https://medicalexecutivepost.com/2008/03/18/net-income-pl-statement/

Do you run out of money before you reach the end of the month, quarter, or year?

Then you better cut back on entertainment at home or that fancy new, but unproven piece of office or medical equipment. This sounds Draconian until you remind yourself that your choice is either a) entertainment now but no money later, or b) living a simpler lifestyle now as you invest so you’re able to enjoy yourself at retirement.

Risks: https://medicalexecutivepost.com/2017/10/18/on-retirement-planning-risks/

Zero-Based Budgeting: The Ultimate Guide - MintLife Blog

Why?

When you were a young doctor, it may have been a difficult trade-off. But at mid-life, you’re staring ultimate retirement in the face.

ASSESSMENT: Your thoughts are appreciated.

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ — **PURCHASE TEXTBOOK:** https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors-ebook/dp/B00QFFYEGU/ref=sr_1_8?dchild=1&keywords=david+marcinko&qid=1621039135&s=books&sr=1-8

THANK YOU

***

Filed under: Accounting, iMBA, Inc. | Tagged: david marcinko, zero based budget | Leave a comment »

What Exactly is a D.O.?

Posted on May 11, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

DOCTOR OF OSTEOPATHIC MEDICINE

By Dr. David Edward Marcinko MBA CMP®

[Editor-in-Chief]

OK; I admit it. I have a formal educational background in allopathic, podiatric and osteopathic medicine. I also have both earned and conferred medical degrees from the States as well as Europe. I even dropped out of dental and law school back in the day … Such the protean dilettante!

Now, today there are about 950,000 allopathic physicians, 20,000 podiatrists, 150,000 dentists and 50,000 osteopaths. And, from this cohort of medical professionals, the Doctor of Osteopathic Medicine [DO] seems to be the least well understood practitioner.

And so, I thought this essay from Very Well Health might be helpful to all our Medical Executive-Post readers and subscribers [Differences Between a DO Physician and an MD – Comparing Osteopathic and Allopathic Medical Training].

LINK: https://www.verywellhealth.com/do-doctors-vs-md-doctors-whats-the-difference-3157310

ASSESSMENT: Your thoughts are appreciated.

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

***

Filed under: Career Development, Experts Invited, iMBA, Inc., Op-Editorials, Touring with Marcinko | Tagged: D.O., david marcinko, doctor of osteopathic medicine, doctor of osteopathy | 1 Comment »

On Bill Gates, Doctors and Divorce – Oh My!

Posted on May 8, 2021 by Dr. David Edward Marcinko MBA MEd CMP™

OF COMMON CAUSE WITH TOO MANY PHYSICIANS?

Dr. David Edward Marcinko MBA CMP®

SPONSORED: http://www.CertifiedMedicalPlanner.org

Bill Gates has been a business hero for me for the past 35 years. I even met him, once briefly back in the day. So, the marital union of the Microsoft Founder and Melinda French seemed perfect, and their marriage stood the test of time as it neared the three-decade mark, a rare feat in the world of A-list couples.

Sadly, when they announced their split on Twitter this week, many were shocked, even heartbroken. People reflected on their own marriages and wondered how they could make it work if the Gates’ could not.

And collectively, we found we cared about the split — a lot.

But, what about physician colleagues and divorce?

Do we doctors have some common cause with Bill and Melinda?

Divorce for Physicians What You Should Know - bidti.org

MEDIATION: https://medicalexecutivepost.com/2016/02/11/a-step-wise-approach-to-the-divorce-mediation-process-for-mds/

QDRO: https://medicalexecutivepost.com/2008/05/19/what-is-a-qdro/

SETTLEMENTS: https://medicalexecutivepost.com/2008/05/28/doctors-and-divorce-settlements/

PRACTICE VALUE: https://medicalexecutivepost.com/wp-content/uploads/2011/12/medical-practice-valuation-blunders1.pdf

BUY-SELL: https://medicalexecutivepost.com/2008/07/03/marital-dissolution-buy-sell-agreements-and-practice-value/

GREY DIVORCE: https://medicalexecutivepost.com/2019/10/21/older-divorcing-medical-professionals/

ASSESSMENT: Your thoughts are appreciated

***

ORDER Textbook: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

INVITE DR. MARCINKO: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

THANK YOU

***

Filed under: Breaking News, Financial Planning, LifeStyle, Risk Management | Tagged: Bill Gates, david marcinko, divorce settlements, Gates Divorce, mediation, Melinda French, microsoft, physician divorce, QDRO | 3 Comments »

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

Posted on September 2, 2019 by Dr. David Edward Marcinko MBA MEd CMP™

But, Don’t be Obsessive

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

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

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

The Steps

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

1. Get Covered

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

2. Paint Protection Film

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

3. Wash Your Car

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

4. Cautious Parking

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

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

5. Common Sense

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

###

More

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: Insurance Matters, LifeStyle, Risk Management | Tagged: david marcinko, Jaguar, jaguar XJ-V8-L | 3 Comments »

Dr. Marcinko Appointed to “Medblob” Advisory Board

Posted on May 22, 2019 by Dr. David Edward Marcinko MBA MEd CMP™

Professor Marcinko Appointed to Medblob Advisory Board

By Richard S. Tannenbaum; MS

[Co-Founder and Chief Financial Officer]

www.Medblob.com

At Medblob, we manage healthcare data for patients, providers, and research organizations. Our leadership team is from multi-disciplinary back grounds, including medicine, software and research. And, our advisors have broad experience and training in clinical medicine, insurance and healthcare information technology companies.

So, we are pleased to announce that Dr. David Edward Marcinko MBA CMP® has just been appointed to the Advisory Board of our company.

About Medblob™

The Challenge:

One of the biggest challenges for providers is having all of the patient’s medical information, at the point of care.

The Solution:

Medblob™ is an emerging and secure military encrypted and HIPAA compliant health information exchange and data warehouse, known as HealthFile™, that aims to have medical information available at the point-of-care so clinicians are able to make better decisions to improve their patients’ health.

The Outcome:

MedBlob™ solves a major cause of medical errors and preventable death: inaccurate or missing health information.

Assessment

Member of Medblob’s Advisory Board composed of medical, legal, and financial experts assisting the management team in the company’s mission of improving public health and outcomes for patients. Medblob Advisory Board was chartered to provide advice to the executive team regarding the company’s strategy, development, market positioning, and growth trajectory. LifeBook is Medblob’s military-grade secure patient electronic health record that acts as a single source of truth health record, medical data platform, and Network as a Service (NaaS).

Board of Advisors Link: http://www.medblob.com/board-of-advisors/

More: Please contact us to get involved in the future of healthcare information technology!

***

DAVID EDWARD MARCINKO

Filed under: Experts Invited, Information Technology | Tagged: david marcinko, HealthFile™, Medblob, Richard Tannenbaum | Leave a comment »

Two Different Personal IRA Investing Strategies?

Posted on March 11, 2019 by Dr. David Edward Marcinko MBA MEd CMP™

Based on Tax Considerations?

By Dr. David Edward Marcinko MBA

LINK: https://medicalexecutivepost.com/schedule-a-consultation/

One personal investing strategy is to place more conservative investments (those with lower expected returns) in a tax-deferred traditional IRA, 401-k, 403-b or similar, and more aggressive (higher-earning) assets in a taxable brokerage account or Roth IRA.

WHY? Each account is thus working hard but in very different ways.

HOW? The conservative funds in the traditional IRA or retirement accounts would fill any needs for safety as they grow more slowly – and the higher tax rate won’t take out as big of a bite.

Meanwhile, the more aggressive funds in a taxable brokerage accounts would grow more quickly, but be taxed at a lower rate.

Assessment: Any thoughts?

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

MORE FOR DOCTORS:

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

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

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

***

Filed under: Investing, Retirement and Benefits, Taxation | Tagged: david marcinko, IRA, retirement planning, Roth IRA | Leave a comment »

PODCAST: Off Road Christmas Touring with Dr. Marcinko

Posted on December 25, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

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].

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 65 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.

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.

Sponsors Welcomed

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

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

***

Filed under: LifeStyle, Touring with Marcinko, Videos | Tagged: Baltimore, Business of Medical Practice, Christmas Street, david marcinko, Hampden, Hampden Lights, Johns Hopkins University, PODCAST: Off Road Christmas Touring with Dr. Marcinko | 1 Comment »

Dr. Marcinko Interviewed on the Physician Credit Crunch

Posted on May 6, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

Financial Experts Share Tips on Obtaining Loans to Start or Expand a Medical Practice

By Michael Gibbons

Editor: ADVANCE Newsmagazines

Maybe you’re a young dermatologist or plastic surgeon who dreams of starting your own practice. Or maybe you’re an established professional but want to expand your palette of anti-aging services. Either way, you’ve probably made an unpleasant discovery: Banks are leery about lending today. Global recessions with seemingly no end in sight tend to give loan officers sticky fingers.

Dermatologists and Plastic Surgeons

We have it on good authority that dermatologists and plastic surgeons as a group are less affected by this problem than physicians in some other branches of medicine. Still, there’s no better time than now to absorb some sound advice on how to approach banks for loans—whether you’re a fresh-faced newcomer to the fresh-face business or a wrinkled veteran at eliminating wrinkles.

Start Small

There’s no soft-soaping it: Starting a healthy aging practice is much harder than expanding an existing practice, even in the flushest of times.

“For young dermatologists starting out, I recommend you start small,” advises Jerome Potozkin, MD, who offers facial rejuvenation, liposuction, body contouring and dermatological care through his practice in Walnut Creek, CA. “You can always expand. Keep your overhead low. Know what your credit score is and do everything you can to improve it. Pay your bills on time.”

Lasers aren’t cheap. Besides the initial acquisition costs, a service contract can cost $7,000 to $12,000 a year, according to Dr. Potozkin. “Don’t feel you have to buy every new laser under the sun,” he says. “In fact, renting rather than purchasing is an option many companies offer. When your volume is low you can rent and schedule laser days—although the pitfall there is you don’t have lasers available whenever patients come in.”

Also, young dermatologists “will probably have an easier time getting a loan if they go to a relatively underserved area, as opposed to an area that has a large number of dermatologists per capita,” says Dr. Potozkin, who began practicing 10 years ago. “There are two schools of thought on this: Go where you want to live to start a practice or go to where there’s a need and be instantly successful. I chose the former. It took me longer to get started but I’m very happy where I am.”

Patience, Prudence and Passion

Be patient, prudent, passionate—and start with a spare office and as little debt as possible, advises Dr. David E. Marcinko MBA, a financial advisor and Certified Medical Planner™. Marcinko, a health economist, is CEO of the Institute of Medical Business Advisors Inc., a national physician and medical practice consulting firm based in Norcross, GA www.MedicalBusinessAdvisors.com

“Patients are looking for passion from you, not lavish trappings,” Dr. Marcinko says. “When a banker or a loan officer sees $175,000 or more of debt they are loath to give a loan—and it’s hard to blame them. Purchase a home after you become a private practitioner. You need to be as close to debt-free as you can be.

Exit Strategy

“Another thing bankers want to know is, ‘If we give you a loan and you start a practice and it fails, how will we be paid back?’ They want an exit strategy.”

The good news is dermatology “remains a very lucrative specialty, and in most parts of the country they are in a shortage position, particularly with the aging population,” says Sandra McGraw, JD, MBA, principal and CEO of the Health Care Group, a financial and legal consulting firm based in Plymouth Meeting, PA., that advises the American Academy of Dermatology, among other groups.

“I would start with a realistic business plan for why you think this practice can succeed, in the specific location,” McGraw says. “How many patients do you expect to see? How will they know you are there and available? Remember that banks lend to all kinds of people, so keep your numbers realistic. Overestimating expenses is as bad as underestimating them. Then determine how you want the money—usually a fixed loan for a period of time and then a line of credit as you get your practice going and sometimes need the cash flow.”

Expanding a Practice

Established dermatologists should have an easier time getting loans to expand their practices. They have, one hopes, a track record of success and assets to put up as collateral.

Mid-career physicians “have cash flow, physician assets and equity to some degree in a house and personal assets,” Dr. Marcinko observes. “Banks can attach loans to personal assets and savings accounts. Ninety-nine percent of times you must sign a personal asset guarantee. Mid-lifers have assets young ones don’t, so mid-lifers aren’t quite the risk. They have businesses that have value and cash flow. Banks like cash flow.”

However, even veterans must do some homework before approaching a bank. “You still want to establish why you want the money and how the expansion will increase your income,” McGraw says.

Another tip: If the bank has loans out with reputable vendors, you might ask the loan officer to recommend them to you as potential contractors. “Sometimes keeping it local and supporting others with loans at the bank can be helpful,” she says.

Assessment

Dr. Marcinko adds, “Bankers today want you to come in with a well-reasoned, well-thought-out and well-written business plan. Give bankers a 30-second elevator speech on why you are different. It’s really important to ask yourself, ‘What can I offer the community as a doctor in my specialty that nobody else can?’ If you bill yourself as the first dermatologist to do laser surgery, that’s a perceived advantage. You purchased the equipment and learned to use it. But anyone can do that. If you can come up with something that nobody else has or can do, that’s how you’re successful in anything.”

Link: Dr. Marcinko Interview

Link: https://medicalexecutivepost.com/wp-content/uploads/2009/08/dr-marcinko-interview.pdf

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. Tell us what you think. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.

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

Filed under: "Doctors Only", Book Reviews, Career Development, CMP Program, Experts Invited, iMBA, Inc., Interviews, Managed Care, Practice Management, Practice Worth, Recommended Books, Research & Development | Tagged: ADVANCE Newsmagazines, bankers, business plan, certified medical planner, CMP, credit, credit crunch, david marcinko, dermatologists, Health Care Group, Jerome Potozkin, loans, MD, Michael Gibbons, plastic surgeons, Sandra McGraw, www.certifiedmedicalplanner.com, www.medicalbusinessadvisors.com | 2 Comments »

2018 – 2021 HSA Contribution Limits

Posted on April 6, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

Inflation Adjustments for the Tax Cuts and Jobs Act

By Dr. David Edward Marcinko MBA

http://www.CertifiedMedicalPlanner.org

On March 5, 2018, the IRS released Revenue Procedure 2018-18 (as part of Bulletin 2018-10). Due to changes made in the Tax Cuts and Jobs Act, certain adjustments needed to be made to inflation amounts.

The includes a reduction in the maximum family HSA contribution for those with family coverage under an HDHP from $6,900 to a new limit of $6,850 for calendar year 2018. The single contribution limit remains unchanged at $3,450 per year.

This reduction affects employees participating in an HSA Plan who have elected to contribute more than $6,850 for family coverage in 2018.

***

Filed under: Accounting, Health Insurance, Taxation | Tagged: david marcinko, HSA, Tax Cuts and Jobs Act | 8 Comments »

Leave FACEBOOK and Join the MEDICAL EXECUTIVE POST.com

Posted on March 27, 2018 by Dr. David Edward Marcinko MBA MEd CMP™

AN “OPEN LETTER” FROM THE PUBLISHER-IN-CHIEF

Niche Specificity is the Key to Future Social Media Action

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

My solution to Facebook dilution.

It was a no good, very bad week for Facebook.

WHY: It came to light that up to 50 million users had their data improperly accessed by data firm Cambridge Analytica. Ever since, the company has been under incredible scrutiny as its’ stock price is in free fall. In fact, CEO Mark Z. lost about ten billion dollars; at least on paper…Ouch! But, he is still worth about 65 billion dollars, so don’t worry — be happy for him!

The Critics

Did you know that Elon Musk is joining a growing group of people in the tech industry who have taken aim at social media companies and Facebook in particular?
Aaron Levie, CEO of cloud computing company Box, recently tweeted: “The days of arguing that (and acting like) tech companies are merely platforms and pipes are behind us.”
Marc Benioff, CEO of business software company Salesforce, recently started equating social media to smoking cigarettes.

And now, this Medical Executive-Post is jumping on the alternate social media site bandwagon. Leave Facebook now!

***

Here’s How to manipulate Facebook instead of it Manipulating You

Social media platforms know a lot about us—but that doesn’t mean we can’t have our own ways of fighting back.

So, try these six tricks to take back control of your digital life. https://tinyurl.com/y888s8m5

Intellectual Riches … thru Niches

As Facebook became ever-more generalized, it also became less powerful, less informed, less important and therefore less credible; writ large. All opinions are not informed opinions

“When you try to be all things to every one – you became nothing to no one”

But smaller, niche alternatives like this Medical Executive-Post can provide new ways for us to interact with other smart, like-minded and informed people online.

Re-Enter the Medical Executive-Post of iMBA, Inc.

This Medical Executive-Post is sponsored by the Institute of Medical Business Advisors Inc., of Atlanta, Georgia; which was founded in 2006 as a leading national scope provider of healthcare administration education and medical practice management reports, books, dictionaries, journals, white-papers, fair-market valuations [FMV] and economic advisory opinions using multi-platform and traditional seminars and channels of knowledge distribution.

iMBA helps the nation’s medical, healthcare and education professionals make decisive improvements in their direction and performance by empowering them through unbiased information, consultants and proprietary tools, books, templates and B-school styled case models.

We serve universities, medical, business, graduate and nursing schools; physicians, dentists and legal societies; accountants, financial service providers, wealth and hedge fund managers; emerging entities, hospitals, clinics, outpatient centers, CXOs and their BODs – the press, media and related organizations.

My Idea

For the solution to Facebook dilution, my idea is not new or radical; but it is simple. Join the Medical Executive Post. It is time.

To achieve a better and more niche focused professional social site, we need to be much more concentrated and serious about all vital topics in the healthcare industrial complex – which is an ecosystem projected to become 20% of domestic GDP; very soon.

Thus, this academic niche is not so small; but we are indeed highly educated, powerful and can become very influential and very actionable; more so than the general Facebook populace hoi polloi.

Remember, Pareto’s 80/20 Law and the trivial many versus vital few. Show us your vitality.

More Reasons to Join Us – Today!

Conclusion

Contact: MarcinkoAdvisors@msn.com

***

Filed under: iMBA, Inc., Touring with Marcinko | Tagged: #DeleteFacebook, david marcinko, Leave Facebook | 31 Comments »

On “Financial Advisor” Salesmen and Saleswomen

Posted on August 27, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

UGH! Financial Services still not a real Profession

By Dr. David Edward Marcinko MBA MEd Certified Medical Planner™

http://www.CertifiedMedicalPlanner.org

Introduction

A few weeks ago I received the following unsolicited email job exhortation:

Dear David,

Our xxx/ooo office is currently hiring “Financial Advisors” with Series 7 and 63 Certifications. The minimum requirements include: high school diploma or GED equivalent, 6+ months of experience in customer service and experience in a sales environment. We offer paid training and access to full benefits.

Learn more about this position and apply today: xxx/ooo

*** ***

Assessment

GED; a very high credentials bar, indeed!

NOTE: My friend and colleague, the late great Dick Wagner JD CFP™ who wrote extensively about financial planning as a “profession”, would be mortified.

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.

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

***

Filed under: Ethics | Tagged: certified medical planner, CMP Program, david marcinko, Dick Wagner JD CFP™, financial advisors | 1 Comment »

Join the Medical Executive-Post

Posted on April 28, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Publishing and Peer-Review Opportunities Always Available

By Ann Miller; RN, MHA

If you have academic credentials and experience like those of our contributing authors, subject matter experts and “thought-leaders – and would like to contribute to our blog or become a peer reviewer – please contact us today!

CV Required

We’d be happy to review your CV, submission and/or a copy of you previously published works. OR, just point us to your own blog, wiki, or website; etc. You may also use the contact form, below.

Phone: 770-448-0769

Email: MarcinkoAdvisors@msn.com

Channel Surfing

Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these 50 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

Sponsors Welcomed

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

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

CONTACT US!

← Back

Thank you for your response. ✨

Filed under: "Advisors Only", "Doctors Only", Career Development, Experts Invited, Quality Initiatives | Tagged: CFA, CFP, CMP, david marcinko, financial advisors, Health Economics, health journalist, healthcare administration, Healthcare Finance, healthcare thought leaders, medical practice management, www.CertifiedMedicalPlanner | Leave a comment »

WEBINAR on Medical Office Sexual Harassment Issues

Posted on March 11, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

MentorHealth, the sponsor of this webinar, is a comprehensive training source for healthcare professionals that is high on value, but not on cost. MentorHealth is the right training solution for physicians and healthcare professionals. With MentorHealth webinars, doctors can make the best use of time, talent and treasure to benefit their continuing professional education needs.

***

Romantic Patient Advances

***

Presented By

Professor David Edward Marcinko

March 13, 2017

Romantic Patient Advances

***

Overview: Within the medical practice, clinic, hospital or university setting, faculty and supervisors exercise significant power and authority over others. Therefore, primary responsibility for maintaining high standards of conduct resides especially with those in faculty and supervisor positions. Members of the medical faculty and staff, including graduate assistants, are prohibited from having “Amorous Relationships” with students over whom they have “Supervisory Responsibilities.” “Supervisory Responsibilities” are defined as teaching, evaluating, tutoring, advocating, counseling and/or advising duties performed currently and directly, whether within or outside the office, clinic or hospital setting by a faculty, staff member or graduate assistant, with respect to a medical, nursing or healthcare professional student. Such responsibilities include the administration, provision or supervision of all academic, co-curricular or extra- curricular services and activities, opportunities, awards or benefits offered by or through the health entity or its personnel in their official capacity.

Employees are prohibited from having “Amorous Relationships” with employees whom they supervise, evaluate or in any other way directly affect the terms and conditions of the others’ employment, even in cases where there is, or appears to be, mutual consent.

Date : Monday, March 13, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

Romantic Patient Advances

Areas Covered in the Session:

Consensual Amorous Relationships Defined
Handling Patient Advances
Signs of Flirtatious Behavior and Discouragement
Sexual Harassment Defined
Preferential Treatment
Un Reasonable Interference with Performance
Two-Pronged Test Approach
Offensive Behavior
Gender Based Animosity
Same Sex Harassment
Employer Liability
Disciplinary Actions
Tangible Employment Actions
Punitive Damages
Financial and Economic Costs

Who Will Benefit:

Physicians
Dentists
Podiatrists
Osteopaths
Pharmacists
Nurse Practitioners
Physician Assistants
All Clinical and Allied Healthcare Providers
Attorneys
Risk and Medical Compliance Managers
Health Insurance Agents

SIGN-UP HERE

Romantic Patient Advances

REGISTRATION

***

WEBINAR NOTE: These are online interactive training courses using which, professionals from any part of the world have the opportunity to listen to and converse with some of the best-known experts in the HR Industry. These are offered in live & recorded format for single & multiple users (corporate plans ). Under recorded format each user gets unlimited access for six months. Corporate plans give you the best return on your investment as we do not have upper limit on the number of participants who can take part in webinar.

***

Filed under: iMBA, Inc., Risk Management, Touring with Marcinko, Videos | Tagged: Amorous Relationships Relationships, david marcinko, MentorHealth, Romantic Patient Advances, Sexual Harassment Issues | Leave a comment »

WEBINAR on Medical Workplace Violence Issues

Posted on February 20, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

Medical Workplace Violence Issues

[Its Growing Recognition and Impact]

***

Presented By

Professor David Edward Marcinko

February 22, 2017

Medical Workplace Violence Issues

Violence Pillai Thesis MPH

***

Overview: Violence in hospitals usually results from patients, and occasionally family members, who feel frustrated, vulnerable, and out of control. Transporting patients, long waits for service, inadequate security, poor environmental design, and unrestricted movement of the public are associated with increased risk of assault in hospitals and may be significant factors in social services workplaces as well. A lack of staff training and the absence of violence prevention programming are also associated with the elevated risk of assault in hospitals. Although anyone working in a hospital may become a victim of violence, nurses and aides who have the most direct contact with patients are at higher risk.

Date : Wednesday, February 22, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

Areas Covered in the Session:

Definition and Types of WPV
Contributing Factors and Risk Analysis
Effects and Outcomes
Financial and Economic Costs
Dealing with WPV
Prevention Plan Creation
The Haddon Matrix
Establishing WPV Prevention Guidelines

Who Will Benefit:

Physicians
Dentists
Podiatrists
Osteopaths
Pharmacists
Nurses
Nurses Aids
Nurse Practitioners
Physician Assistants
All Clinical Mental and Allied Healthcare Providers
Attorneys
Risk and Medical Compliance Managers
Health Insurance Agents

SIGN-UP HERE

Medical Workplace Violence Issues

REGISTRATION

***

Filed under: Risk Management, Touring with Marcinko, Videos | Tagged: david marcinko, Medical Workplace Violence Issues, MentorHealth | Leave a comment »

WEBINAR on a Medical Malpractice Trial for Doctors

Posted on February 6, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

About MentorHealth

THE MEDICAL MALPRACTICE TRIAL FROM THE DOCTOR’s POV

[From First Service – to Final Verdict and Emotional Relief]

***

Presented By

Professor David Edward Marcinko

February 6, 2017

A Medical Malpractice Trial From The Doctor’s Pov

***

“Even among the sciences, medicine occupies a special position. Its practitioners come into direct and intimate contact with people in their daily lives; they are present at the critical transitional moments of existence.

For many people, they are the only contact with a world that otherwise stands at a forbidding distance. Often in pain, fearful of death, the sick have a special thirst for reassurance and vulnerability to belief.”

[Source: Paul Starr – The Social Transformation of American Medicine, Basic Books].

***

When this trust is violated, whether rooted in factual substance or merely a conclusion lacking in reality, American jurisprudence offers several remedies with the core being civil litigation.

For example, we have personally witnessed a spectrum of reasons that prompts a patient to seek the counsel of an attorney. Whether it be an untoward result of treatment or surgery, an outstanding invoice being mailed to a less than happy patient who decides that the doctor did not measure up to expectations, a physician’s wife employed as the office manager charging a patient $50 to complete a medical leave authorization form, or simply a perceived lack of concern on the part of the doctor or personnel, patients can be motivated to seek redress outside the realm of the doctor’s office.

Compound any of the above scenarios with well-meaning friends and family and the proverbial prescription for litigation has been certified. Woven throughout this discourse will be suggestions that might obviate the foregoing. While it is not a panacea, nor a cure-all for medical negligence cases, we believe it to be an effective methodology for resolving those differences that see the growth of a medical malpractice lawsuit …. honest communications.

Date : Monday, February 6, 2017 10:00 AM PST | 01:00 PM EST

Duration : 60 Minutes

Price : $139.00

MORE: Malpractice Trial

Webinar Covered Topics [60-75 minutes]

Understanding What’s at Stake in Litigation · What every Doctor must Know
Steps to Take after Summon and Service Receipt · Trail Players. Burden of Proof · Types of Trials · The Discovery Process · Depositions · Motions In-Limine
Jury Selection · Opening Statements · Presentation of Evidence · Summation and Final Instructions · Jury Deliberations · The Verdict and … Relief!

Who Should Attend

Physicians, Dentists, Podiatrists, Osteopaths, Pharmacists, Nurse Practitioners, Physician Assistants, and all Clinical and Allied Healthcare Providers. Attorneys, Risk and Medical Compliance Managers, and Health Insurance Agents; etc.

Malpractice Insurance Companies, Law firms, Risk Management Consultants, Hospitals, Medical Practices, Offices and Clinics, Out Patient Treatment and representative from Ambulatory Surgical facilities; etc.

Financial advisors [FAs], Certified Financial Planners® [CFPs], Certified Medical Planners™ [CMP™], Chartered Life Underwriters [CLUs], bankers, health attorneys, and all other risk managers, insurance agents, actuaries and financial intermediaries and consultants of all stripes, degrees and general designations.

Fraternal financial services organizations like the American College of Financial Services in Bryn Mawr, PA; Certified Financial Planner Board of Standards [CFP-BOD] in Washington, DC; the College for Financial Planning [CFP] in Centennial, CO; the Financial Planning Association [FPS] and the National Association of Personal Financial Advisors as well as all US state insurance commissioner offices, etc.

***

Sign-Up Here

A Medical Malpractice Trial From The Doctor’s Pov

REGISTRATION

***

Filed under: Health Law & Policy, iMBA, Inc., Professional Liability, Risk Management, Videos | Tagged: david marcinko, Malpractice Trial Webinar for Doctors, MentorHealth, webinar | Leave a comment »

MARCINKO’s Upcoming WEBINARS from MentorHealth

Posted on January 31, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

MARCINKO’s Upcoming WEBINARS from MentorHealth

Posted on January 23, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

Vital Financial Texts for Doctors

Posted on January 22, 2017 by Dr. David Edward Marcinko MBA MEd CMP™

http://www.CertifiedMedicalPlanner.org

PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET

***

[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]

Front Matter with Foreword by Jason Dyken MD MBA

Enter the CMPs

***

Filed under: Book Reviews, CMP Program, Financial Planning, iMBA, Inc., Insurance Matters, Practice Management, Risk Management | Tagged: david marcinko, Financial Planning, Risk Management | Leave a comment »

TEAM BASED MEDICAL CARE RISKS

Posted on January 21, 2016 by Dr. David Edward Marcinko MBA MEd CMP™

More on Why I Still Don’t Like It

DEM white shirt

[By David Edward Marcinko MBBS MBA CMP™]

Redundancy occurs when more than one person (or committee) has the responsibility to make a decision or assume a task. Redundancy in a team based care model becomes a problem when it allows tasks to be overlooked or decisions to be avoided. This happens when a person or committee assumes that someone else with responsibility for the same task will make the necessary decisions. This can be due to a misunderstanding, or it can be due to an intentional dodging of the task or decision.

***

cropped-header

***

Redundancy is best avoided by having only one person, lead physician or committee responsible for each task or decision. Since this is almost impossible in a hospital or large organization, there must be an unambiguous protocol for allocating tasks and decisions among the responsible personnel. The protocol must also establish a system for handling problems that the assigned personnel cannot solve.

Assessment

It is important that such problems be brought to the attention of a supervisor for reassignment to new personnel. Reassignment should not be done by first level personnel; reassignment at that level will make it impossible to prevent the dodging of unpleasant tasks.

More: Why I Rue the Hospital “Team-Based Medicine” Approach to In-Patient Care

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Our New Textbook – “Take a Sneek 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™]

Foreword by: J. WESLEY BOYD MD PhD MA

Harvard Medical School

Boston Children’s Hospital – Psychiatrist

Yale University

***

Filed under: iMBA, Inc., Risk Management | Tagged: david marcinko, Team based medcial care risks | 3 Comments »

ME-P Health Economics, Financial Planning & Investing, Medical Practice, Risk Management and Insurance Textbooksfor Doctors and Advisors

Posted on November 12, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

ME-P At Your Service!

***

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

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

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

[HEALTH INSURANCE, MANAGED CARE, ECONOMICS, FINANCE AND HEALTH INFORMATION TECHNOLOGY COMPANION DICTIONARY SET]

[Mike Stahl PhD MBA] *** [Foreword Dr.Mata MD CIS] *** [Dr. Getzen PhD]

***

http://www.BusinessofMedicalPractice.com

***

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 distinguished visiting professor of surgery and a recipient of an honorary Bachelor of Medicine–Bachelor of Surgery (MBBS) degree 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.

***

Filed under: Book Reviews, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Information Technology, Insurance Matters, Investing, Portfolio Management, Practice Management, Retirement and Benefits, Taxation | Tagged: david marcinko, Financial Planning, Health Economics, Health Insurance, physician investing, Portfolio Management | 1 Comment »

The True Cost of Car Ownership

Posted on May 4, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

HINT … It’s More Than You Think!

[By insurancequotes.org]

[By Dr. David Edward Marcinko MBA]

Anyone looking to buy a car should be well aware that the cost of a car doesn’t end at the purchase price.

You must consider additional concerns such as: depreciation, fuel costs, insurance, maintenance and repair, and sales tax.

This is especially important for doctors and new medical practitioners who may have many other financial responsibilities.

***

True Costs

To help potential buyers with their purchases, we’ve put together an infographic that outlines the real cost of ownership for various types of cars. So, buyers beware!

***

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: LifeStyle, Touring with Marcinko | Tagged: auto insurance, david marcinko, jaguar XJ-V8-L, True Cost of Car Ownership | 3 Comments »

On Medical Provider Network Referral Leakage

Posted on April 24, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Understanding the Referral Relationship

[By Dr. David Edward Marcinko MBA]

[By http://www.MCOL.com]

Developing and cultivating a steady stream of referrals involves good planning, an investment of time and energy in the referral relationship, and a keen understanding of referring physicians’ needs and priorities.

Enhancing the referral relationship is a step-by-step process, not unlike the clinical process, that begins by identifying target physicians and their needs, prioritizing the list of referral contacts and then determining the best way to reach them.

A physician may routinely refer patients to a particular specialist because he or she has an outstanding reputation for medical expertise and competence, is more accessible than comparable practitioners or has a convenient location for the referring physician’s patients. The physician may have a relationship with the specialist because of marketing by a local hospital or the specialist’s own practice. And, in some cases the two physicians have a social relationship. Once again, there are many ways to create and maintain the relationship. Physicians should choose the approach that works best for them, put together a plan and stay consistent. Look for ways to make the relationship a win-win for both practices or for the referring hospital or outpatient facility.

If you are not comfortable with developing referral relationships for your practice, seek out partners, office staff or hospital partners who can appropriately assist, train or support you in this effort. Many hospitals have staff focused on physician sales and service.

The Society for Healthcare Strategy and Market Development (SHSMD) recently reported that 41% of hospitals had dedicated sales staff support, with more than half of those using their sales staff to support cardiology and radiology.[i] Often, hospitals are seeking physician speakers for community seminars, wellness programs and other outreach efforts. Ask about participating in these venues. Offer to write articles for newsletters, the Web site or local media outlets. All of these expose the physician and the practice to referral sources as well as the public.

Six Root Causes of Leakage

***

Communication is Key

It really comes down to the age-old golden rule of doing unto others as you would want them to do unto you. Not surprisingly, referral relationships are built on mutual respect, trust and courtesy. Focusing on the needs of the referring physician is the best way for both relationships to thrive.

Communication is especially important in not only nurturing the referral relationship, but also improving the quality of care.

A recent study that examines the attitudes primary care physicians have regarding communication with hospitalists found that 3% of primary care physicians reported being involved in discussions about discharge and 17% to 20% reported always being notified about discharges.[ii]

The study suggests that delayed or inaccurate communication at discharge may negatively effect continuity of care and contribute to adverse events. Communication tools such as computer-generated summaries and standardized formats may result in a more timely transfer of information, making discharge summaries more consistently available during follow-up care.

Many physicians indicate a preference for quick voice mail updates on patients they’ve referred supported by the electronic or faxed record. This type of proactive communication is the basis of a strong and lasting referral relationship. In fact, the relationship can be further strengthened by tailoring communication to individual primary care doctors, according to their preferences.

Indeed, the most responsive specialists ask the referring physician how best to stay in touch because one size does not fit all. Some physicians prefer face-to-face contact, others phone or facsimile and still others e-mail. The use of electronic medical records and other electronic communication devices can help the physician enhance the consistency, speed and real time level of their physician-to-physician communication.

Primary care doctors want to work with specialists who recognize their role in treating the patient on an ongoing basis. Many want frequent communication about the plan of care and status. At the very least, tertiary specialists should always pay the courtesy of discharge communication—a phone call, e-mail, timely letter or fax when they return the patient to the community physician. The specialist should include the diagnosis, any issues that he or she may have identified; any changes in treatment and medication, follow-up recommendations and a phone or pager number if the referring physician has questions or concerns.

Both sides should keep each other informed of changes within their respective practice including new partnerships, expanded services, staff changes and insurance plan participation. Paying close attention to these relationship and communication basics builds trust and respect among colleagues and improves care to patients.

***

Systems Can Help With Communication

A cardiac surgeon in the Northeast with a very busy practice dictates immediately following each case, and then at the end of the day calls to update the referring physician even if he just leaves a voice mail with his pager number. The referring physician has 24/7 access to the cardiac surgeon, who, two weeks later, has his practice administrator send a thank-you note for the referral. At a conference of specialists who were questioning their own ability to commit to this level of time, he simply stated “how can you not afford to pay attention to this part of your practice?”

Another example involves a large specialty practice that was challenged with communication back to the referring physician. They hired a clinician to support them as patient/practice case manager, with a primary job focus on communicating about the patient, ensuring discharge information was forwarded and conducting a personal office call with the referring physician. This ensured it was received, understood and if not, helping the referring physician to gain quick access to the specialist.

Citations:

[i] “By the Numbers, 2008.” Society for Healthcare Strategy and Market Development of the American Hospital Association.

[ii] Sunil Kripalani, M.D., et al., “Deficits in Communication and Information Transfer Between Hospital-Based and Primary Care Physicians,” The Journal of the American Medical Association, Feb. 28 2007, 297; 831-841.

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: Health Insurance, Practice Management | Tagged: david marcinko, Doctor Referrals, Medical Provider Network Referral Leakage, patient referrals, SHSMD, Society for Healthcare Strategy and Market Development | 2 Comments »

On Physicians and Automobile Leases

Posted on March 22, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

Advantages, Disadvantages and Types

[By Dr. David Edward Marcinko MBA CMP™]

The Rites of Spring!

As a former licensed state insurance agent, and financial advisor, I know that leasing a car may have advantages to a physician – and others – such as convenient maintenance, low down and monthly payments, no resale responsibility, and tax savings since you pay sales tax on the lease portion rather than the purchase price of the car.

It might also be worthwhile if the after tax borrowing cost of a home equity loan is less than the lease financing rate.

***

[First Days of Spring 2017]

***

Types of Leases

There are two major types of leases: open and closed ended. In the former type, if the car is worth more than the set price upon expiration of the lease, you are responsible for the underage or coverage. In the more advantages later type, the responsibility of the value of the car is shifted to the leasing company. Other tips on care leasing include:

Inform the lessor how you want the auto equipped; do not accept unwanted options.
Obtain all delivery, and other, charges in advance, including down payment, security.
Deposit, registration fees, interest rates, residual value, rebates and all taxes (sales, personal property, use and gross receipt).
Know the capitalized cost (selling price) of the car
Know annual mileage limits, usually 15-18,000 miles, and all excess use charges.
Avoid maintenance and service contracts, and arrange for your own insurance.
Understand that terms, such as money factor, or interest factor, may be used instead of the term interest rate. In this case, simply multiple the rate by 24 for an estimate of the true interest rate involved.
Read the contract and understand all penalties, especially for premature or late termination, purchase or return terms, and consequences of theft.
Check the lease terms through an independent company, such as First National Lease Systems.

Rough Rules of Thumb

A rough rule of thumb to determine whether to buy or lease involves multiplying all the payments required by the number of months you will have to pay, and add the down payment to yield the total amount of the purchase. Then, multiply the lease payment by the number of months, and add required up-front costs, as well as residual value (end of lease buyout cost), to determine the total amount to lease. Compare the two figures to determine the most economical deal.

Typically, a cash deal is less expensive in the long run, providing a higher after tax rate of return is not available, as an alternate investment, for the funds.

***

Dis-Advantages

But, there are dis-advantages to auto leasing, too!

Perhaps the worse reason to lease a car is to drive one that you could not otherwise afford to drive. This is because most low monthly payments are only composed of two portions: interest on the note and the prorated cost of auto depreciation. No money is applied to ownership of the vehicle.

Assessment

Finally, beware Spring-Fever and do not likely buy “gap” insurance to cover the difference between what your auto insurer would pay if your car was totaled, and what you would owe the leasing firm. It’s usually too expensive and the risk is minimal.

More:

Channel Surfing the ME-P

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security Dictionary of Health Insurance and Managed Care

***

Filed under: Financial Planning, Insurance Matters, LifeStyle, Touring with Marcinko | Tagged: auto insurance, Automobile Leases, david marcinko, Jaguar | 4 Comments »

About Crowd-Med [Case Review Service]

Posted on December 23, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

***

DR. DAVID EDWARD MARCINKO MBA

[By ME-P Staff Reporters]

CrowdMed Company Background

CrowdMed purports to harnesses the wisdom of crowds to collaboratively solve even the world’s most difficult medical cases quickly and accurately online.

The company offers individuals, insurance providers, and self-insured corporate customers the ability to more quickly diagnose medical conditions and reduce healthcare costs without compromising care.

***

The results speak for themselves?

Since launching publicly in April 2013, CrowdMed has helped solve hundreds of medical cases for patients around the world, and this number is quickly growing as word spreads of the new service. On average, these patients had been sick for 8 years, seen 8 doctors, and incurred more than $50,000 in medical expenses. Despite the difficulty of their cases, more than half of these patients tell us that the crowd successfully brought them closer to a correct diagnosis or cure.

Anyone can submit a case on the CrowdMed website for free (with a $50 refundable deposit), or along with a cash compensation offer to draw more attention to their case. They use incentives to increase participation, and the overall quality and confidence levels of suggested diagnoses. Thousands of people with diverse backgrounds in medicine, health care, education and research have already joined the crowd, and they are continually recruiting new medical and disease experts to help solve cases.

During early testing of the CrowdMed platform, the founder [Jared] submitted his own sister’s [Carly] anonymous case information to the crowd to test the system. More than 300 people participated, evaluating the same symptoms that had been provided to Carly’s original doctors. In just three days, the crowd gave Jared their answer: Fragile X-associated primary ovarian insufficiency

Founded by veteran technology entrepreneur Jared Heyman and based in San Francisco, CA, CrowdMed has received more than $2.4 million in funding from some of Silicon Valley’s top venture capital firms including NEA, Andreessen Horowitz, Greylock Partners, SV Angel, Khosla Ventures and Y Combinator. The company’s advisors have founded and run some the world’s most successful online healthcare companies including WebMD. CrowdMed graduated from Y Combinator’s Winter 2013 class, and was officially launched during the TEDMED 2013 conference in Washington DC.

You can read more about CrowdMed’s leadership team click here.

More:

Assessment

Check em’ out today: http://blog.crowdmed.com

Channel Surfing the ME-P

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Dictionary of Health Economics and Finance
Dictionary of Health Information Technology and Security
Dictionary of Health Insurance and Managed Care

Filed under: "Doctors Only", Ethics, Experts Invited, iMBA, Inc., Research & Development, Touring with Marcinko | Tagged: crowd-med, david marcinko, Wisdom of Crowds | 3 Comments »

Reviewing Physician Disability Insurance Policies

Posted on October 24, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Including Policy Checklist

By Dr. David Edward Marcinko MBA http://www.CertifiedMedicalPlanner.org

The Basic Premise 101

Could you continue to support your family and pay your bills if you were unable to work for any length of time because of illness or injury? If you were to become disabled, do you know how much money would be coming in each month and from what sources?

The Checklist

As a doctor I covered the ER, and was an insurance agent, for almost a decade. But, I reformed and am now a Certified Medical Planner™ and B-school professor. And, I know that every disability insurance policy has different features.

The following checklist will help you compare policies you may be considering:

How is disability defined? Is it defined as the inability to perform your own job, or inability to do any job? We recommend all our clients, as physicians, to obtain a policy that protects them in their own specialty. This kind of policy is defined as an own-occupation policy, which protects the income you earn in your own specialty and continues to pay benefits if your disability requires that you choose a new specialty or occupation.
Are benefits available for partial or residual disability, as well as for full disability? The most comprehensive policies will pay you a benefit even if you are not completely disabled. If you can only earn up to 20% of your income you are deemed totally disabled; if you can earn 80% or more you are deemed totally well. Partial or residual policies pay benefits when you fall in the category between 20-80%.
Are full benefits paid, whether or not you are able to work, for loss of sight, loss of hearing, or loss of limbs? This is called presumptive disability. Some policies do not cover presumptive disability, some cover you for a specified amount of time, and some protect you for life.
What is the maximum benefit I am eligible for? The amount is based on your income to a maximum of $15,000 per month for one company, and $20,000 total.
Is the policy non-cancelable, guaranteed renewable, or conditionally renewable? The most comprehensive policies are non-cancelable and guaranteed renewable; these put you in total control, not the insurance company, practice or association. The insurance company cannot raise rates, cannot reduce benefits, add exclusions, or cancel your policy at anytime. You are in control, and the policy is portable and goes wherever you go.
How long must you be disabled before premiums are waived? Premiums are waived at the end of the waiting period and refunded for the amount paid during the waiting period.
Is there an option to buy additional coverage, without undergoing additional medical tests or examinations, at a later date? This kind of coverage is called guaranteed issue disability insurance and is available to those who qualify.
Does the policy offer an inflation adjustment feature? If so, what is the rate of inflation? Is there a maximum? This feature is available by an added rider. Ask a licensed DI4MDs.com agent if inflation protection fits your needs at this time.

***

[Back When I Covered the ER]

***

Other Items

What is an adequate level of benefits in relation to your present and future obligations?
How long a waiting period (until benefits begin) should you select to fit your situation?
How long do you want to receive disability income should it become necessary? How much coverage can you get at your current salary?

More: More on Disability Insurance for Physicians

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Filed under: CMP Program, Insurance Matters, Risk Management | Tagged: certified medical planner, david marcinko, disability insurance | 1 Comment »

Why Medical Professionals Need a Financial Plan?

Posted on September 4, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

We don’t plan to fail – We fail to plan

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

Our newest textbook COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will shape the physician-focused financial planning landscape for the next-generation of Health 2.0 medical professionals and their financial advisors.

Why Now?

We created this innovative textbook because the healthcare industry is rapidly changing and the financial planning ecosystem has not kept pace. Traditional insurance-commission and sales-driven generic advice is yielding to a new breed of deeply informed fiduciary advisor, and educated consultant, or Certified Medical Planner (CMP™). Internet and social media of the last decade demonstrates that medical providers are becoming accustomed to the need for knowledgeable advice. And so, financial planning is set to be transformed by “market disruptors” that will soon make an impact on the $2.8 trillion healthcare marketplace for those financial advisers serving this sector.

We are at the leading edge of this positive disruption — also known as niche based Financial Planning 2.0 — that over time will see today’s command-controlled financial services industry becomes a wide open academic marketplace. And, a growing cadre of specialty entrants is poised to shake up the industry drawing billions of dollars in revenue from traditional broker-dealer organizations while building lucrative new markets.

For example, an iMBA Inc survey points to the growing need for financial advisors to serve current and future medical professionals thanks to their eagerness to seek premium financial planning solutions from non-traditional sources and providers; like the online Certified Medical Planner™ charter designation program. The industry is ripe for a shakeup and physician focused financial planning will soon have its own new brands. We aim to be among the first-movers and top tier names in the industry.

How We Are Different?

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will change this niche industry sector by following eight important principles.

1. First, we have assembled a world-class editorial advisory board and independent team of contributors and reviewers and asked them to draw on their experiences in contemporaneous healthcare focused financial planning. Like many of their physician and nurse clients, each struggles mightily with the decreasing revenues, increasing costs, automation, SEC scrutiny and higher physician-client expectations in today’s competitive financial advisory and technological landscape. Yet, their practical experience and physician focused education, knowledge and vision is a source of objective information, informed opinion and crucial information to all consultants working with doctors and medical professionals in the financial services field.

2. Second, our writing style allows us to condense a great deal of information into one volume. We integrate bullet points and tables; pithy language, prose and specialty perspectives with real world examples and case models. The result is an oeuvre of integrated financial planning principles vital to all modern physicians and allied healthcare professionals.

3. Third, to the best of our knowledge, this is the first peer-reviewed book of its type, as we seek to follow traditional medical research and journal publishing guidelines for best practices. We present differing viewpoints, divergent and opposing stake-holder perspectives, and informed personal and professional opinions. Each chapter has been reviewed by one to three outside independent reviewers and critical thinkers. We include references and citations, and although we cannot rule out all biases, we do strive to make them transparent to the extent possible.

4. Fourth, our perspective is decidedly from the physician-client side of the equation. More specifically, as consultants to medical professionals, we champion the physician-investor over the financial advisor. And, to the extent that both sides ethically succeed; we hope all concerned “do well – by doing good”. This is unique in the fee and commission driven financial services industry. Much like the emerging patient-centered care initiative in medicine, we call it client-centered advice.

5. Fifth, it is important to note that deep specificity and niche knowledge is needed when advising physicians and healthcare providers. And so, we present information directly from that space, and not by indirect example from other industries, as is the unfortunate norm. Medical case models, healthcare industry examples, and anecdotal insights from the Over Heard in the Doctor’s Lounge, and Over Heard in the Advisor’s Lounge features, are also included. Finally, personalized financial planning for all medical professionals is our core, and only focus.

6. Sixth, this textbook represents an academic template for about 25 percent [125/500 credit hours] of the Certified Medical Planner™ chartered professional online certification program curriculum. It is useful for those studying, auditing, or considering matriculation for this prestigious designation mark.

7. Seventh, we include a glossary-of-terms specific to the text, a list of comprehensive advice sources, and three illustrative physician-specific financial plan examples additionally available by separate order.

8. Finally, as editor, we prefer engaged readers who demand compelling content. According to conventional wisdom, printed texts like this one should be a relic of the past; from an era before instant messaging and high-speed connectivity. Our experience shows just the opposite. Applied physician focused personal financial planning literature, from informed fiduciary sources, is woefully sparse; just as a plethora of generalized internet information makes that material less valuable to doctor clients.

***

A Seminal Work

And so, rest assured that COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™] will become a seminal book for the advancement of personal financial planning and related personal micro-economic principles in this niche ecosystem.

In the years ahead, we trust these principles will enhance utility and add value to your book. Most importantly, we hope to increase your return on investment by some small increment.

If you have any comments or would like to contribute material or suggest topics for future editions please contact me.

More:

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants

Filed under: Book Reviews, CMP Program, Financial Planning, iMBA, Inc., Touring with Marcinko | Tagged: certified medical planner, CMP™ Course, david marcinko, Financial Planning | 2 Comments »

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES for DOCTORS and ADVISORS

Posted on August 30, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

UPCOMING: Our Newest Major Textbook Release

[By Ann Miller RN MHA]

Release: February 19th, 2015 by Productivity Press, Inc

744 Pages | 43 Illustrations

Editor(s): Dr. David Edward Marcinko MBA CMP™ and Professor Hope Rachel Hetico RN MHA CMP™

***

COMPREHENSIVE FINANCIAL PLANNING STRATEGIES for DOCTORS and ADVISORS

[Best Practices from Leading Consultants and

Certified Medical Planners™]

Features:

Engaging content with case models, templates and examples for all medical professionals and their consulting advisors.
Combines holistic financial planning with new topics like hedge funds, investment banking, Wall Street practices and shenanigans; securities markets and margin accounts; alternative asset classes and investment policy creation – all integrated with emerging health industry concerns like the PP-ACA, ACOs, new tax laws and reimbursement models; practice sales, contracting and valuations; social media, hospital employee fringe benefits and PHO stock options.
Presents disruptive theories on industry suitability rules, fiduciary accountability and stewardship principles, and how to select the most knowledgeable and cost-efficient advisor for every life-cycle need.

Summary

Drawing on the expertise of multi-degreed doctors, and multi-certified financial advisors, COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS[Best Practices from Leading Consultants and Certified Medical Planners™]will shape the industry landscape for the next-generation as the current ecosystem strives to keep pace. Traditional generic products and sales-driven advice will yield to a new breed of deeply informed financial advisor, or Certified Medical Planner™.

The profession is set to be transformed by “cognitive-disruptors” that will significantly impact the $2.8 trillion healthcare marketplace for those financial consultants serving this challenging sector. There will be winners and losers. The text which contains 24 chapters, and champions healthcare providers while informing financial advisors, is divided into four sections compete with glossary of terms, CMP™ curriculum content, and related information sources:

For ALL medical providers and financial industry practitioners
For NEW medical providers and financial industry practitioners
For MID-CAREER medical providers and financial industry practitioners
For MATURE medical providers and financial industry practitioners.

Using an engaging style, the book is filled with authoritative guidance and health care–centered discussions, to provide tools and techniques to create a personalized financial plan using professional advice. Comprehensive coverage includes topics likes behavioral finance, medical risk management, Modern Portfolio Theory (MPF), the Capital Asset Pricing Model (CAP-M) and Arbitrage Pricing Theory (APT); as well as insider insights on commercial real estate; High Frequency Trading platforms and robo-advisors; the Patriot and Sarbanes–Oxley Acts; hospital endowment fund management, ethical wills, divorce and other special situations.

The result is a codified “must-have” book, for all health industry participants, and those seeking advice from the growing cadre of financial consultants and Certified Medical Planners™ who seek to “do well – by doing good”, dispensing granular physician-centric financial advice: Omnia pro medicus-clientis.

RAISING THE BAR

CERTIFIED MEDICAL PLANNER™

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

[Omnia pro medicus-clientis]

More:

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

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

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

Filed under: "Advisors Only", "Doctors Only", Book Reviews, Breaking News, Career Development, CMP Program, Financial Planning | Tagged: certified medical planner, CMP, david marcinko, Financial Planning, hope hetico | 6 Comments »

Our ME-P Recommended Books Review

Posted on March 2, 2014 by Dr. David Edward Marcinko MBA MEd CMP™

Purchase today and Profit in 2014

By Ann Miller RN MHA

[Executive-Director]

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to write a book review or check out 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

###

Filed under: Financial Planning, Glossary Terms, Health Insurance, Healthcare Finance, Investing, Practice Management, Recommended Books, Touring with Marcinko | Tagged: david marcinko, healthcare glossary terms, hope hetico, hospital financial management, medical practice management, medical risk management, physician investing | 1 Comment »

Are FAs a Wise Investment?

Posted on December 30, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Ask-the-Advisor

Dear Dr. David Edward Marcinko,

Are financial advisors a wise investment? Mine charges me 1% each year for all my assets under their management. Is it worth it?

—Allen

It is hard to know for sure. But the fact that many financial advisers have different hidden fees suggests to me that they themselves don’t think that people would pay if they charged for their services in a clear and upfront way.

Re-Frame

To help you think about this question in your own life, let’s contrast two cases: In case one, you are charged 1% of your assets under management, and this amount is taken directly from your brokerage account once a month. In case two, you pay the same overall amount, but you send a monthly check to your financial adviser.

Consider

The second case more directly and clearly depicts the cost of your financial adviser, providing a better frame for your question. So, put yourself in the mindset of the second case, and ask yourself if you would pay directly for these services.

I think the best answer, according to colleague and economist Dan Ariely PhD, can be expressed in this manner.

If the answer is yes, keep your financial adviser; if the answer is no, you have your first action plan for the New Year.

More:

Why Physician-Investors Must Understand TAMPs

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Filed under: "Ask-an-Advisor", Investing | Tagged: david marcinko, Financial advisor fees | Leave a comment »

An ME-P Thanksgiving Day 2013 Tribute

Posted on November 28, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

A Letter from the Publisher-in-Chief

By Dr. David E. Marcinko; MBA, CMP™

Washington, DC: “I do therefore invite my fellow citizens … to set apart … a day of thanksgiving and praise to our beneficent father who dwelleth in the heavens.”

— Abraham Lincoln

Dear ME-P Readers & Subscribers

These words were spoken in the middle of Lincoln’s Thanksgiving Proclamation on Oct. 3, 1863 while the country waged a horrific civil war. In light of the political and macro-economic challenges we’ve been confronting in our country today, and the accompanying rancor in the healthcare industrial complex, this is the perfect time to revisit those wise and carefully chosen words.

Thanksgiving Proclamation

And so, I’ve included Lincoln’s Thanksgiving Proclamation in its entirety below. From my way of thinking, it should be required reading by every American every Thanksgiving. In particular, our target market of medical professionals and financial advisors should reflect on the lifestyle opportunities afforded to those who work hard, work smart, and who work to serve their patients and clients in a fiduciary capacity.

October 3, 1863

The year that is drawing towards its close, has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature, that they cannot fail to penetrate and soften even the heart which is habitually insensible to the ever watchful providence of Almighty God. In the midst of a civil war of unequaled magnitude and severity, which has sometimes seemed to foreign States to invite and to provoke their aggression, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere except in the theatre of military conflict; while that theatre has been greatly contracted by the advancing armies and navies of the Union. Needful diversions of wealth and of strength from the fields of peaceful industry to the national defense, have not arrested the plough, the shuttle or the ship; the axe has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege and the battle-field; and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with large increase of freedom. No human counsel hath devised nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. It has seemed to me fit and proper that they should be solemnly, reverently and gratefully acknowledged as with one heart and one voice by the whole American People. I do therefore invite my fellow citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next, as a day of Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens. And I recommend to them that while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty Hand to heal the wounds of the nation and to restore it as soon as may be consistent with the Divine purposes to the full enjoyment of peace, harmony, tranquility and Union. In testimony whereof; I have hereunto and caused the seal of the United States to be affixed.

Blessed to be Americans

We are blessed and thankful to be Americans. And yes, we are blessed to be living in a country that has afforded so many wonderful opportunities; like publishing this ME-P.

That said, I think it is important to revisit the birthing of our beloved Thanksgiving holiday. If only we had Lincoln’s leadership and greatness to help us through our challenges of today.

But, if Father Abe was alive and editing this ME-P, he’d likely tell you a story, send in a post or comment, share a humorous but poignant anecdote, interject his kindness, and/or tell you to take advantage of the opportunities of today, both in healthcare and personal financial planning for medical professionals.

IOW: Engage, contribute and opine on our ME-P platform to the fullest extent possible. Promote it and hold us accountable.

Our Thanks to You

On behalf of our ME-P staff, we want to thank all of you who have e-mailed and subscribed to us. We will continue to do our best to answer each letter and strive to make your subscription more worthwhile than ever before.

Assessment

If you have any topic suggestions or special requests, please contact us at: MarcinkoAdvisors@msn.com

Conclusion

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

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

LEXICONS: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
ADVISORS: www.CertifiedMedicalPlanner.org
BLOG: www.MedicalExecutivePost.com

Filed under: Touring with Marcinko | Tagged: Abe Lincoln, david marcinko, thanksgiving, Thanksgiving Proclamation | 3 Comments »

Will Future Doctors Need a Medical License?

Posted on June 21, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

Licensing Doctors – Do Economists Agree?

By Dr. David Edward Marcinko MBA CMP™

[Editor-in-Chief]

Challenging conventional wisdom is something I like to think … that I do.

After all, I am considered a healthcare ‘thought-leader”, and to the extent possible, we publish outside traditional box thinking on this Medical Executive-Post.

It’s all Relative

But, I am a piker compared to Shirley Svorny PhD.

Who is she?

Dr. Shirley Svorny is chair of the economics department at California State University, Northridge, and she holds a PhD in economics from UCLA

Medical Licensure Issues

Now, remember the old saying, “if everyone is thinking alike, then nobody is thinking”.

Well, a while back, Dr. Svorny wondered if a medical degree is a barrier – rather than enabler – of affordable healthcare. Enter the PP-ACA of 2010.

As an expert on the regulation of health care professionals, including medical professional licensing, she has participated in health policy summits organized by Cato and the Texas Public Policy Foundation. She argued that licensure not only fails to protect consumers from incompetent physicians, but, by raising barriers to entry, makes health care more expensive and less accessible.

Institutional oversight and a sophisticated network of private accrediting and certification organizations, all motivated by the need to protect reputations and avoid legal liability, offer whatever consumer protections exist today. Malpractice attorneys, and monetary gain motives, too!

Her Published Abstract

“Despite the wide reach of medical licensing in health care production through its impact on the nature and cost of care, it has been all but ignored in debates over health care reform.

This paper pulls together statements made by economists whose expertise is in the area of health economics or, more specifically, medical licensure and discipline. Economists who have examined the market for physician services in the United States generally view state licensing as a means by which to enforce cartel-like restrictions on entry that benefit physicians at the expense of consumers. Medical licensing is seen as a constraint on the efficient combination of inputs, a drag on innovations in health care and medical education, and a significant barrier to effective, cost efficient health care.”

Full paper link: 2004-08-svorny-reach_concl

Am I Thought-Leader?

Am I a thought leader? Well, I don’t rightly know; that’s for others to decide. But, I do know that this essay was published a decade ago; in 2004, and at a time before the ME-P’s existence.

And so, based on this essay, Dr. Svorny is surely a “thought-leader” in my opinion

More about Dr. Svorny

In 1986-87, Dr. Svorny managed an industry risk group at Security Pacific Bank. She was a Milken Institute Affiliated Scholar and served as director of the San Fernando Valley Economic Research Center at Cal State Northridge. She has published articles in Economics of Education Review, Contemporary Economic Policy, Urban Affairs Review, Public Choice, Regional Science and Urban Economics, Cato Journal, Applied Economics, The Journal of Medical Licensure and Discipline, The Energy Journal, Economic Inquiry, and the Journal of Labor Research. Her opinion articles have appeared in the Los Angeles Times and the Los Angeles Daily News. Her research interests are in the areas of urban, labor, and health economics.

Assessment

Do traditionalists or collective healthcare reform advocates and health economists react rationally; or irrationally on this issue? What do you think?

Conclusion

***

Filed under: Career Development, Ethics, Health Economics, Practice Management | Tagged: david marcinko, Licensing Doctors, Shirley Svorny PhD, UCLA, Will Future Doctors Need a Medical License? | 15 Comments »

« Previous Page — Next Page »

Subscribe MEDICAL EXECUTIVE-POST?

Member Statistics

ME-P Information & Content Channels

Ann Miller RN MHA [Managing Editor]

CERTIFIED MEDICAL PLANNER® program

Most Recent ME-Ps

PodiatryPrep.org

ME-P Free Advertising Consultation

Medical & Surgical e-Consent Forms

iMBA Inc., OFFICES

ME-P Publishing

SEEKING INDUSTRY INFO PARTNERS?

Reader Comments, Quips, Opinions, News & Updates

Start-Up Advice for Businesses, DRs and Entrepreneurs

Up-Trending ME-Ps

Capitalism and Free Enterprise Advocacy

OIG Fraud Warnings

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Use National Financial Awareness Day to your Advantage

Share this:

Review

From the Back Cover

Share this:

Reviews

Share this:

ADJUSTED GROSS INCOME

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

DAVID EDWARD MARCINKO

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

CONTACT US!

Thank you for your response. ✨

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

SPONSORED

PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET

Share this:

More on Why I Still Don’t Like It

[By David Edward Marcinko MBBS MBA CMP™]

Our New Textbook – “Take a Sneek Peek Inside” Now Available!

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

Share this:

ME-P At Your Service!

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

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

[HEALTH INSURANCE, MANAGED CARE, ECONOMICS, FINANCE AND HEALTH INFORMATION TECHNOLOGY COMPANION DICTIONARY SET]

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this: