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Physicians can improve their practice's financial stability and profitability with careful planning and strategic decision-making.



6 ways to improve your practice finances

As a physician, you have little control over managed care and governmental oversights, but you can improve your financial stability and profitability with careful planning and strategic decision-making. 

6 steps to improve your practice finances

This eBook will walk readers through what AI is and highlight how AI is transforming healthcare, especially in patient scheduling. AI solutions like Veradigm's Predictive Scheduler can optimize schedules by using machine learning to predict patient needs, reducing wait times and easing staff burdens. 

Traditional scheduling methods can be inefficient, leading to prolonged wait times and adding stress to already limited staff. By automating scheduling and prioritizing patients, AI addresses staffing shortages, lowers no-shows, and boosts productivity. 

The eBook will also present a case study on how an AI-optimized scheduling system uncovered potential revenue by up to $1.8 million.

Fill out the form below for more information. 

AI is revolutionizing healthcare, particularly in patient scheduling, by employing machine learning to predict patient needs and optimize schedules. Solutions like Veradigm's Predictive Scheduler help reduce wait times and alleviate staff burdens. Traditional scheduling methods often lead to inefficiencies, prolonged wait times, and increased stress on limited staff. AI-driven automation addresses these issues by prioritizing patients, reducing no-shows, and enhancing productivity. A case study demonstrates how an AI-optimized scheduling system can potentially uncover significant revenue, exemplified by an increase of up to $1.8 million.

This eBook will walk readers through what AI is and highlight how AI is transforming healthcare, especially in patient scheduling. Integrating AI, like Veradigm’s Predictive Scheduler, can optimize schedules by using machine learning to predict patient needs, reducing wait times and easing staff burdens. 

Traditional scheduling methods can be inefficient, leading to prolonged wait times and adding stress to already limited staff. By automating scheduling and prioritizing patients, AI addresses staffing shortages, lowers no-shows, and boosts productivity. The eBook will also present a case study on how an AI-optimized scheduling system uncovered potential revenue by up to $1.8 million.

How Artificial Intelligence is Transforming Patient Scheduling

Jay W Lee, MD, MPH, FAAFP, discusses the CDC's latest vaccine recommendations

Dr Jay W Lee Interview on vaccine recommendations

The Centers for Disease Control and Prevention (CDC) recently 

, a member of the American Academy of Family Physicians (AAFP) board of directors and the medical director at Integrated Health Partners of Southern California, discussed the most recent changes to these recommendations, including additional doses of the COVID-19 vaccine for certain patients.

The CDC has updated its recommendations for COVID-19 and pneumococcal vaccinations. These changes include additional COVID-19 vaccine doses for specific patient groups. Jay W. Lee, MD, MPH, FAAFP, a board member of the AAFP and medical director at Integrated Health Partners of Southern California, elaborated on these updates in a recent interview. The adjustments aim to enhance protection for vulnerable populations and align with evolving epidemiological data. Healthcare providers are encouraged to stay informed about these updates to ensure optimal patient care and vaccination strategies.

Jay W. Lee, MD, MPH, FAAFP, discusses the CDC's latest guidelines regarding the COVID-19 vaccine and expanded recommendations for pneumococcal vaccines.

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The CDC's latest recommendations for COVID-19 and pneumococcal vaccines

Regarding your legacy, there's a fine line between ensuring 

 endures for generations and leaving behind a financial burden for your loved ones. Without a solid estate plan, your wealth could be eroded by taxes, administrative fees, or even disputes among heirs. Advanced estate planning systems, driven by technology, are becoming essential tools for safeguarding your wealth in today's unpredictable 

 developments. With fluctuating tax laws and rising interest rates, relying solely on traditional methods for estate planning can leave your assets vulnerable.

Legacy or liability? Creating a plan to protect your wealth

The first step in defending your wealth from unnecessary loss is to design an estate plan prioritizing protection over liability. The general idea of estate planning only revolves around deciding who inherits what. On the contrary, it's about creating a structure that minimizes taxes, avoids probate complications, and ensures your intentions are executed smoothly. This makes relying on outdated methods to lose more than you preserve.

Modern technology enhances wealth protection more efficiently in the following ways:


1. Mobile applications for asset management

One of the most significant advancements in estate planning is the development of mobile applications that track and manage assets. These tools provide an up-to-date overview of your financial portfolio and send reminders for critical estate planning tasks. For example, apps can alert you when it's time to update your will or review beneficiaries, ensuring your estate plan remains current. These applications streamline the estate management process and make staying organized and proactive with your wealth protection efforts easier.


2. Data analytics for optimal asset allocation

Advanced algorithms can analyze your portfolio and suggest strategies that minimize tax burdens while maximizing wealth transfer. These insights can inform decisions about how assets are divided, allocated, and distributed, helping you create a more resilient plan to tax changes and inflation. You can identify your estate plan's potential weaknesses and mitigate risks with data-driven recommendations.


3. Electronic signatures for streamlined execution

In the digital age, executing legal documents should be as straightforward as possible, which is where electronic signatures present their advantages. E-signature technology makes signing estate planning documents like wills, trusts, and power of attorney forms more efficient without compromising legal compliance. Not only does this save time, but it also reduces the chances of delays or errors in executing crucial legal documents. This is especially useful when dealing with time-sensitive situations or when signatories are in different locations.


The digital revolution has also made it possible to create and store wills online securely. Digital wills on online platforms offering legal guidance allow individuals to quickly draft, modify, and access their estate documents. These platforms ensure that your will is verifiable and easily accessible whenever needed. Services offering cloud storage of these documents guarantee that your estate plan can be located and executed efficiently, providing peace of mind that your wealth distribution instructions will be followed accurately.

Accurate asset documentation is the foundation of a smooth transition

If your records are not clear, transferring wealth to heirs can become complicated, often resulting in extended probate processes or legal disputes. Probate can be time-consuming, costly, and emotionally draining for your loved ones, especially if asset ownership is unclear.

Estate planning is crucial and beneficial in many ways as it documents all your assets—from real estate, bank accounts, investments, and business interests to personal items like family heirlooms and even your monthly subscriptions. This comprehensive record ensures a smooth ownership transition, reducing the need for legal intervention and minimizing delays in asset distribution.

Moreover, estate planning allows for better management of financial liabilities, ensuring that debts, taxes, and other obligations are settled fairly and efficiently. Trustees or executors can manage these responsibilities without ambiguity, reducing the risk of legal challenges or financial mismanagement, given you have well-documented records. Preserving family relationships and avoiding costly legal battles become the cherry on this straightforward, intentional process.

Mitigating common estate planning mistakes

To create a foolproof estate plan, avoid these common mistakes that lead to unintended consequences:

Life changes, and so should your will. Whether you're changing marital status, having a new child, or acquiring a new asset, your estate plan should reflect your current situation. Regularly review and update your will to ensure that no one is left out and that your assets are distributed according to your latest intentions.

The individual you select as your executor or trustee is crucial in ensuring your estate plan is carried out. Choosing someone ill-equipped to handle these responsibilities can delay the process, bring about errors, and even attract legal disputes. Ensure your executor is trustworthy and capable of managing the administrative tasks involved.

We live in a digital world where assets aren't limited to physical possessions. Cryptocurrency, online accounts, and intellectual property rights are all part of your digital footprint. Ensure that these assets are included in your estate plan and instructions on accessing them.

I am 100% confident that the primary cause of family disputes is unequal or inadequate asset distribution. To prevent this, ensure that your estate plan clearly outlines how assets, especially sentimental items like family heirlooms, should be distributed. Transparency in your intentions can help mitigate disagreements and ensure your wealth is transferred peacefully.

Estate planning creates a solid foundation for financial security, free from unnecessary complications; it doesn't have to revolve solely around safeguarding wealth for the future. From mobile applications to data analytics and digital wills, estate planning has become way more accessible, and you can take proactive steps to protect your assets anytime, anywhere.

Leverage these technologies to keep a clear and accurate record of your assets, helping you avoid common mistakes in estate planning. This gives you peace of mind that your wealth will be passed on according to your wishes—without the stress of taxes, rising interest rates, or family disputes. Ultimately, a well-thought-out and up-to-date estate plan protects your legacy from potential challenges and ensures your hard-earned wealth is not vulnerable to outside threats or unnecessary complications.

Ensuring wealth endures for generations requires a robust estate plan to prevent financial burdens on heirs. Advanced estate planning systems, driven by technology, are essential in today's volatile financial landscape. Modern tools like mobile applications, data analytics, and electronic signatures enhance wealth protection by streamlining asset management, optimizing tax strategies, and facilitating legal document execution. Comprehensive asset documentation and avoiding common estate planning mistakes, such as failing to update wills or ignoring digital assets, are crucial. Leveraging technology ensures a smooth wealth transition and protects against potential challenges.

Relying solely on traditional methods for estate planning can leave your assets vulnerable.

Estate planning is your first line of defense against wealth loss—Here’s what you should know

Reflecting the soaring growth of concierge medicine, the Concierge Medicine Forum (CMF) in Atlanta is now one of the year’s most highly anticipated conferences. For the first time, Medical Economics has partnered with Specialdocs to bring you in-depth coverage of the industry’s premier event, now in its 10th year.

Start with our video series designed to give you a sneak peek of intriguing sessions on the CMF agenda. Take a few minutes to learn about:

Concierge medicine’s auspicious beginnings and exceptionally bright future from Specialdocs CEO Terry Bauer and conference organizer Michael Tetreault. 

Ups and downs of being “married to medicine” from spouses who’ve worked side by side to successfully convert to a concierge practice. (Coming soon!)

How to determine the best time to make a change to concierge medicine from three physicians at very different stages in their career. 

The critical role of concierge doctors in detecting and preventing cardiac disease. 

 to register with promo code “FORSPECIALDOCS” and receive an exclusive 15% discount.

After the conference, check back here for 

 featuring highlights and insights from industry thought leaders and practitioners, all dedicated to changing healthcare for the better, one patient at a time.

Reflecting the soaring growth of concierge medicine, the Concierge Medicine Forum in Atlanta is one of the year’s most highly anticipated conferences. 

This year’s don’t miss event: The Concierge Medicine Forum, October 17–19, 2024 

Medical Economics Editorial Director Chris Mazzolini and Eve Cunningham, MD, chief of virtual health and digital care at Providence and founder of MedPearl, discuss challenges with patient management and workflow.


Music Credits: POSITIVE HAPPY RNB (FUNK NATION) NO MEL by Yummy Tunes - stock.adobe.com
Relaxing Lounge by Classy Call me Man - stock.adobe.com
COCKTAIL by Mythical Audio - stock.adobe.com



Editor's note: Episode timestamps and transcript produced using AI tools.

Access Challenges in Healthcare (00:00:00)


Discussion on the growing access challenges in healthcare if not addressed.




Keith Reynolds introduces the podcast and its focus on healthcare challenges.




Dr. Eve Cunningham is welcomed to discuss patient management and workflow challenges.



Challenges in Patient Management (00:01:23)


Dr. Cunningham outlines the complexities of patient management and referral decisions for primary care physicians.



Overwhelming Medical Knowledge (00:01:27)


Discussion on the rapid increase of medical knowledge and its impact on clinicians.




Exploration of common referral dysfunctions and the need for optimized transitions.




Real-life examples illustrating the frequent misdirection in patient referrals.




Highlighting the shortage of doctors and its effect on access to care and clinician burnout.




Overview of MedPearl as a solution to the challenges faced by doctors.




Dr. Cunningham shares the story behind the development of MedPearl.



Communication Gaps in Healthcare (00:07:13)


Discussion on the knowledge-sharing gap between primary care and specialists.



Need for Clinician-Centric Technology (00:08:13)


Emphasis on creating technology that supports primary care clinicians effectively.




Description of MedPearl's capabilities and how it aids clinicians at the point of care.




Discussion on a case study highlighting the impact of MedPearl in clinical settings.




Review of pilot results demonstrating Med Pearl's effectiveness in referrals and patient care.




Description of MedPearl's scaling process and its growing user base.

I


Discussion on enhancing referral quality and outcomes through MedPearl.



Burnout and Clinician Efficiency (00:15:10)


Exploration of how MedPearl addresses clinician burnout and improves efficiency.



Importance of Clinician Involvement (00:17:02)


Discussion on why clinician input is essential in developing effective healthcare solutions.




Dr. Cunningham shares upcoming implementations and goals for MedPearl.

The discussion centers on the challenges in patient management and workflow, emphasizing the growing access issues in healthcare. Dr. Eve Cunningham highlights the complexities faced by primary care physicians, including referral dysfunctions and the overwhelming increase in medical knowledge. MedPearl is introduced as a solution to these challenges, offering features that enhance clinician efficiency and improve referral quality. The conversation also addresses the importance of clinician-centric technology and the need for clinician involvement in developing effective healthcare solutions. Future plans for MedPearl's expansion and implementation are also discussed.

Eve Cunningham, MD, chief of virtual health and digital care at Providence and founder of MedPearl, joins the podcast to discuss challenges with patient management and workflow.

Thomas R. Loeblein, CHBC, CFP

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