The Physician and the Entrepreneur
August 18th 2008There are many similar qualities that contribute to success in any field, such as leadership, analysis, sound decision-making, and passion for one's work. Beyond that, it has been well-documented that the skills that make a good entrepreneur aren't necessarily the same as those that make a good physician.
No More PSA Tests for Elderly, Feds Say
August 18th 2008Even though prostate cancer is the second most common cause of cancer deaths in men, most prostate cancers grow so slowly that the patient often dies from some other cause. This fact has led some healthcare experts to question the value of the PSA test, the primary screening tool for prostate cancer, which more often than not produces a false positive. According to the National Cancer Institute, about 70% to 75% of men with elevated PSA levels are found not to have prostate cancer.
Physicians Need to Guard Against Patient Noncompliance
August 18th 2008Even though prostate cancer is the second most common cause of cancer deaths in men, most prostate cancers grow so slowly that the patient often dies from some other cause. This fact has led some healthcare experts to question the value of the PSA test, the primary screening tool for prostate cancer, which more often than not produces a false positive. According to the National Cancer Institute, about 70% to 75% of men with elevated PSA levels are found not to have prostate cancer.
Frequent Flyers Hit Some Turbulence
August 14th 2008If you’re thinking about cashing in some of your frequent flyer miles, be prepared for a triple whammy from the airlines. In the past few weeks, several carriers have announced changes that include boosting the number of miles you need to qualify for a free ticket, charging a booking fee when you buy tickets with miles you’ve earned, and cutting back the number of seats that are eligible to be purchased with your miles. Among the major carriers, for example, Delta, American, Northwest, Continental, and US Airways have all slapped new or increased booking fees on customers who buy tickets with frequent flyer miles.
California Court Allows Cuts in Doctor Fees
August 13th 2008Doctors nationwide were relieved when Congress rolled back a scheduled 10% cut in Medicare fees. But doctors in California are still facing a 10% cut in the fees paid by Medi-Cal, the state�s Medicaid program. Last month, a California Superior Court judge threw out a request for a preliminary injunction that would have prevented the reductions from taking effect. The cuts are part of an effort by the California legislature to rein in the state�s ballooning $17 billion deficit.
Physicians Weigh Cost vs. Benefit of New Medical Technology
August 12th 2008Every day, physicians are making important decisions regarding the health and well-being of their patients. That's their job. It doesn't mean it's easy, just necessary. But the important decision-making doesn't stop there. New medical technology from a $50,000 account and electronic health record system all the way up to a CT scanner with a $1 million price tag hit the market with regularity.
It�s Time to Rebuild the Patient-Physician Relationship
August 11th 2008The rift between patients and physicians is widening, largely due to a combustible combination of physician time being at a premium and patients� expectations about their care being unmet. And while the recently strained relationships hardly resemble the war waged by the Hatfields and the McCoys, the frustration felt by both parties should not be taken lightly.
Economic Stimulus: More than Just a Check
August 7th 2008The odds are good that you’ve already spent the money you got from Uncle Sam as part of his economic stimulus package, but the party isn’t over yet. Buried in the stimulus package are some business incentives that you should be looking at, especially since you only have until the end of the year to take advantage of them. If you buy new medical equipment in 2008, for example, you can expense up to $250,000 of the cost upfront instead of taking a deduction based on depreciation. That’s almost double the $128,000 you were previously allowed. The deduction also applies to expenses for items like furniture and computers.
Is the Retail Clinic Boom Over?
August 6th 2008In recent years, the number of store-based walk-in medical clinics has mushroomed. The clinics, typically staffed by nurse practitioners who treat routine medical problems, have been hailed by many in the healthcare field as a way to improve access to care and cut costs. Although located in big-name stores like CVS, Walgreens, and Wal-Mart, however, many of the clinics are bankrolled by third parties, and they�ve been pulling the plug on some that haven�t been profitable. The number of retail clinics nationwide dropped for the first time last month, falling from 981 to 969, leading some industry observers to speculate that the boom may be over. Last year, retail clinics were opening at a rate of one a day.
Booming Business of Personal Health Advising Offers Roles for Physicians
August 5th 2008When physicians need help navigating through the sea of finance and the wide array of investment vehicles available today, who do they turn to? A personal financial advisor, of course. Well, the same is true for consumers when it comes to healthcare decision-making, including treatment options and hospital stays. People pay to have their health looked after by a trusted health advisor, just as if their medical record were a financial portfolio.
E-Prescribing Bonus: A Double-Edged Sword?
August 4th 2008The law that Congress recently passed that rolled back Medicare fee cuts contained some other goodies for doctors. Among the less publicized benefits is a bonus for doctors who prescribe drugs electronically instead of using paper prescriptions. Starting next year, doctors who go the e-prescription route will get a bonus of 2% of all the Medicare services they provide during the year. In 2011, the bonus payment will drop to 1% and will eventually phase out by 2013. In the meantime, doctors who cling to paper-only prescriptions will be have their Medicare payments cut by 1% starting in 2011, a penalty that will go up to 2% in 2013.
Medical Home Projects Look to Increase Pay for PCPs
August 1st 2008Denis Chagnon, MD, Latham Medical Group, has been a private practice family physician for 35 years. At age 62, he’s probably seen it all. Part of what he’s seen is that his 2007 take-home income, in real dollars, was less than it was 15 year ago. And unfortunately, Chagnon is not alone. Income to primary care physicians over the last 20 years has gone up, in actual dollars, by just 20 percent, according to Allan Goroll, MD, professor of medicine at Harvard Medical School.
Pre-Owned Cars Getting Cheaper
July 31st 2008Huge SUVs and pick-up trucks have become the white elephants of the used-car market, with some dealers refusing to take them in trade because they are so hard to resell. You may not want to take on a $100-a-tankful monster either, but that doesn't mean there aren't other bargains to be found in pre-owned cars. In an economy with a bad case of the staggers, car dealers are poised to offer sweet deals to move the metal off the lot.
What If Your Brokerage Firm Goes Bust?
July 30th 2008The recent turmoil in the financial markets has many investors worried about their brokerage accounts, and rightfully so. But, just as the FDIC provides a safety net for bank depositors, the Securities Investor Protection Corp. (SIPC) stands ready to help if your brokerage firm goes belly-up. Probably the most important thing to remember about the SIPC, however, is that it does not cover market losses. If you've lost a ton of money in the current bear market, the SIPC can't help as long as your brokerage remains in business.
Mystery Shoppers Can Help Physicians Improve the Patient Experience
July 30th 2008Mystery shoppers have been used for years in retail and service industries ranging from banks and hotels to restaurants and department stores. More recently, however, these faux fatales can be found in hospitals and physician offices complaining of assorted aches and pains. The AMA is considering endorsing the use of these undercover patients as a way to better gauge consumers’ healthcare experience.
Analyzing the "E" in P/E Ratios
July 28th 2008Price/earnings ratios have long been a favorite market metric for investors. The common belief is that a low P/E suggests that a stock is undervalued and that a high P/E means that the price may be too high. That's not always the case, say investment experts. A high P/E may indicate that the stock is poised for a good run-up, while a low P/E may signal that a company is having problems. The biggest problem with using P/E ratios to gauge a stock's value, however, is figuring out how much trust you can put in the "E" part of the ratio.