Physician pay has not kept up with inflation, resulting in a decline in our purchasing power. Strategies to offset inflation include boosting gross income by increasing workload, reducing expenses, or investing in inflation-beating investments. This week, I'll look at investments that have a history of outpacing inflation.
The American College of Physicians told leaders of the House of Representatives that lawmakers must continue on a path towards reversing the shortage of physicians that will lead to higher healthcare spending, poorer outcomes, and long waits for appointments.
A reader asks: Why are some cars cheaper to insure than others, and which cars are the least expensive to insure? We run down the list of Top 10 least-expensive -- and most-expensive -- vehicles to insure.
Two billion-dollar acquisitions boosted shares and shined the spotlight on the biotech sector last week, as Sanofi finally sealed the deal with Genzyme and Aveo struck a major cancer drug licensing deal with Japan's Astellas Pharma.
I sometimes seem to be better at knowing what to do than I am at doing it. This is a common human foible, one that costs even the smartest among us money. Though there is no such thing as easy money, re-allocating investments in your portfolio is the next best thing. It just takes fighting human nature, that tendency we all have toward complacency. Here's how.
Before young doctors can begin building wealth, they need to protect a precious asset they already have -- the future value of their income. Here are two important tools you can use to get you started on the road to financial security.
Tourism experts predict that Asia will become the top travel destination in the world by 2015. Bookings to Asia hit a record in 2010, says one travel consortium, and air fares to Tokyo, Singapore and Shanghai are on the rise.
Younger physicians are driving the search for innovative practice management tools that provide greater flexibility and support for new business models.
The Obama administration rescinded a large portion of a Bush-era federal regulation intended to protect physicians and other healthcare workers who refuse to provide care they find objectionable on personal, moral, or religious grounds.
If a cardiologist in your state is being paid more than you, wouldn't you like to know that? Or if an internist is being reimbursed by Medicare faster, and being denied claims less frequently? Now a service provides real-time comparative analysis of electronic remittance notices, to give physicians the ability to identify and correct revenue-cycle performance issues.
I am happy that our competitive consumer system is working, i.e. allegedly keeping prices down. But there are costs to us other than specie that we need to be aware of as we go through our lives. We are battered from all sides all day about "savings," "discounts," "sales," "only here," "time is limited," etc., which noise degrades the quality of our lives, even if we do occasionally save a buck. And keep in mind that "savings" always requires spending. If you really want to save big, don't buy it!
With consumer demand picking up, you'll need to do some research to get the best deal if you're in the market for a new car. To get started, here's a list of Top 5 best auto values by price range.
Last week, I began a two-part analysis with "10 questions to answer about your medical practice," as a business. Now let's focus on your medical-practice governance -- the setting of policy and strategy for a group practice -- which is boring, but essential to clarify. Here are some excellent tools that can help.
After coming under pressure from more than 100 physicians groups, the Centers for Medicare & Medicaid Services said it will reprocess a large number of Medicare claims to make up for retroactive payment increases that went into effect in 2010.
Starting this week, the IRS will begin accepting individual tax returns that were affected by the December tax cuts. The agency had delayed processing some returns in order to update computer systems to accommodate the last-minute tax law changes.
The use of locum tenens physicians is rising, as hospitals and medical groups struggle with widespread doctor shortages, a new survey found. Psychiatrists and other behavioral health specialists were among the temporary positions most in demand.
The American Academy of Family Physicians launched a new service that will provide secure e-communication between up to 75,000 family physicians over the Surescripts network. The cost of participating in the new service will be $15 a month per physician user.
A reader asks: At what income level does it start to make sense to itemize deductions on your tax return? For 2010, even high-income taxpayers who typically take the standard deduction may want to consider itemizing.
Delta Air Lines said it is eliminating the mileage expiration for its SkyMiles frequent-flyer program, the first major carrier to do so. The change comes after the carrier combined loyalty programs in the wake of its 2008 merger with Northwest Airlines.
Momentum investors, who trade on the theory that high-performing stocks continue to soar for a period of time, have a lot in common with big wave surfers. Both often incur high costs in search of riding the "big wave," and both have a greater chance of wiping out when the wave gets the best of them.
Nine life sciences companies have made their U.S. market debut in the past two weeks, ranging from digital health plays to biotech firms, albeit with mixed results. Here's how this week's crop fared.
How safe if your neighborhood from auto theft? If you live in an urban neighborhood, there's no doubt your risk of auto theft is higher than if you live in a suburban or rural setting.
President Obama's 2012 budget proposal would push back a steep cut in Medicare reimbursement rates for physicians for another two years, at a cost of $62 billion. Cuts in Medicare and Medicaid spending, and a push for generic drugs in federals programs, would pay for it.
Through this short series I've called, "10 Questions to Take the Pulse of Your Medical Practice" and see if I can get you enthused about what you have already accomplished, and still plan to do, with your medical practice. I invite you to reflect on your responses, either alone or with your partners, as a way to revisit your work as a physician and your medical practice in the freshest way.
By now there should be no doubt that the use of smart phones, iPads and other mobile devices have infiltrated the healthcare sector. But the mobility aspect of these devices means that extra steps need to be taken to ensure the protection of the sensitive information within. Note: Hacking is the least of your worries.
The use of patient-friendly practice management technology cannot make up for a poorly run pediatric practice.
Findings from a pair of surveys reveal what can be done to enhance the physician-patient relationship and improve the overall patient experience. In some cases, doctors were harder on themselves than patients.
For most of us, the annual ritual of preparing income tax returns is exhausting and cringe-inducing, but it does have its uses -- aside from its costs. Review and planning are the biggest benefits, with financial "Spring cleaning" to round out the trifecta. Oh, and saving money is nice, too.
By implementing some simple internal controls, such as ensuring that no one person on your staff is responsible for opening the mail, you can protect your medical practice from theft.
This excerpt from Steven M. Hacker's new book, "The Medical Entrepreneur: Pearls, Pitfalls and Practical Business Advice for Doctors," offers his insights for physicians on adopting electronic health records.
