Clue-Less Physicians and Taxes

OVER HEARD IN THE DOCTOR’S LOUNGE

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A PHYSICIAN POLL

[IRS Tax Day – May 17, 2021]

“I read a poll on SERMO (a doctor-only web forum) asking what percentage of income was paid in taxes. The lowest option was <20%.  I thought it ridiculous since I make about an average salary and paid about 8% in Federal tax, 3.5% in payroll tax, and 4% in state income taxes. So, I spoke up about it. 

After a few days of correspondence, it became evident that most doctors have no idea what they pay in taxes, or that they pay far too much in taxes.  For example, of 58 responses on the poll, I was the only one who paid less than 20% in taxes.  Keep in mind that more than half of doctors make less money than I do.

I found it hilarious that 4 doctors thought they paid more than 50% in taxes.  I can’t quite figure out how to pull that off; even if you are single, make a ton of money, take a standard deduction, are self-employed, and pay ridiculous state and local income taxes. Really … more than 50%!  You’re either mistaken or stupid … hopefully; just mistaken.

Or is the problem simply that doctor’s have no idea what their effective tax rate is”?

DJ. Morgane DO

[Internal Medicine]

Your thoughts are appreciated.

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More On Social Media in Healthcare

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Blurring Personal and Professional Lives

Social media is becoming increasingly more prevalent within the healthcare industry.

But, with more hospitals and doctors joining social-media platforms on a consistent basis, it begs the question of “helpful or harmful”?

Assessment

One thing is certain: clear parameters must be established, so professional and personal lines don’t become blurred.

Source: powerdms.com

Conclusion

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The Healthcare Industry’s Unrecognized Cancer

The Untreated Cancer of Health Informatics Leads to Painful and Unrestrained Growth

By D. Kellus Pruitt DDS

A few days ago, Daniel Palestrant MD, Founder of par8o & SERMO, compared the American healthcare system to a patient with cancer.

The clinically blunt article includes a graphic photo of a fresh tumor the size of a cantaloupe, labeled “AMA.” It is appropriately titled, “I Know Cancer When I See It.”

I believe him. What’s more, Dr. Palestrant shows no respect for cancerous growth in healthcare. That’s Hippocratic cool.

http://par8o.com/wordpress/i-know-cancer-when-i-see-it/

I think we all know which presidential candidate’s think tank is to blame for selfishly stimulating metastasis of their harmful information. Like the American Medical Association, the ADA unwittingly developed informatics cancer years ago. Now, a similar, energy-sapping tumor is becoming increasingly difficult for stoic ADA officials to quietly schlepp around.

My Dental Analogy

If one replaces every mention of “AMA” in Dr. Palestrant’s excerpt below with “ADA,” every “CPT® code” with “CDT® code” and every “physician” with “dentist,” his analogy becomes strikingly similar to one I wore out long ago, but without an ugly photo (My apology to Dr. Palestrant):

1. Divert resources – The ADA’s CDT system creates a maze of payment infrastructure and rules that diverts resources to administration and makes transparency impossible.

2. Fool the immune system – The ADA has fooled the American public into believing they represent the opinion of America’s dentists.

3. Self perpetuate – Like a cancer, the ADA perpetuates itself through special interest lobbying, and most importantly, by updating the CDT codes as frequently as possible and forcing the entire dentalcare system to use them.

Assessment

If it weren’t for CDT® copyright royalties, ADA members’ dues would double – undoubtedly causing members to naturally demand better accountability to their patients’ welfare instead of HIT goals even Newt Gingrich abandoned a few months ago.

He’s a smart politician – arguably smarter than dentistry’s embarrassed leaders who own autographed photos of him.

Conclusion

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

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2010 Physician Sentiment Index™

Taking the Pulse of the Physician Community

By Ann Miller RN, MHA

[Executive Director]

From time to time, our readers send in e-books, files or e-chapters, pamphlets or other material they have created for client, educational or marketing use. Some of it may be worthwhile; some not so. Nevertheless, these publications are often a good place to start the conversation, or thought-process on related topics.

They will be occasionally offered as a complimentary membership feature of the Medical Executive-Post.

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February 2010 Physician Sentiment Index

By athenahealth

By Sermo

Link: Sermo

Disclaimer

No advice is offered. We make no copyright claim to these works. Veracity should be checked and information should be considered time sensitive. Please contact a professional for your situation.

Assessment

Feel free to send in your own material for the benefit of all Medical Executive-Post readers and subscribers.

Conclusion

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Doctors Unite!

On the “Open Letter from America’s Physicians”

By Dr. David Edward Marcinko; MBA, CMP™

Publisher-in-Chief

As we have seen in this healthcare-charged election season, almost every form of political activism or debate has moved online. So, it is no surprise that a coalition of disgruntled physicians would electronically socialize and network together, as seen with www.sermo.com

About Sermo – Peer 2 Peer Doctor Network

First billed as a physician’s only online community, where 65,000 doctors around the nation exchanged the latest medical insights with each other to improve patient clinical outcomes, some portions of the Sermo community have morphed into a kind of political action committee [PAC] representing a particular flavor of zealot doctor activist.

Political Activism

And, not to miss out on a marketing opportunity, Sermo has allowed itself to be used as a vehicle for an open letter signed by physicians, decrying the state of domestic healthcare, that’s only going to get more public.

According to Mr. Matthew Arnold of Medical Marketing & Media, the letter is a physicians’ manifesto of sorts, composed by selected Sermo doctors demanding an end to intrusive insurers and overzealous regulators. To date it has garnered 5,200 signatures in the several weeks since it was posted on www.mmm-online.com

So, You Want a Revolution?

According to Arnold, “There’s a sense of revolution in this,” said Dr. Daniel Palestrant, founder and CEO of the physician social networking site, which boasts around 70,000 members. “It’s doctors coming together for the first time, voicing discontent with the representation they’ve had to date, and making it clear to the public that the quality of care is going to be suffering based on some of these outside forces.” http://www.mmm-online.com/Fed-up-Sermo-docs-draft-manifesto/article/112006

Doctors Unite

The “Open Letter from America’s Physicians,” hosted at www.doctorsunite.org blames “The insurance industry’s undue authority and oppressive control over healthcare processes,” “Excessive and misguided government regulation” and “The practice of defensive medicine in response to a harmful and costly legal environment” for America’s healthcare crisis, and vows: “We, the physicians of the United States, will no longer remain silent. We will not tolerate a healthcare system where those without medical expertise or genuine interest in our patients’ health have absolute control.”

Assessment

As almost every other form of political activism has moved online, don’t be surprised to see more websites, blogs, wikis or social e-communities like this. Of course, if the details get specific, it’s tricky to know whether the coalition of disgruntled doctors will stay together, and/or whether Sermo will emerge as representing a new breed of doctor “turned-political-pundit.”

Conclusion

And so, is political activism an appropriate initiative for the medical community; why or why not?

Might it be considered more self-serving; or more patient centric? Your thoughts and comments are appreciated.

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Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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