healthcare-financial-management Books

When I first purchased this book, I thought it was just another pricey self help tome, written for self indulgent doctors, by a novice editor. Boy, was I wrong. This text, with CD-ROM, is a real masterpiece, written by professional CPAs, MBAs, JDs, CFPs, and even physician executives, all who have years of experience working with medical practitioners, IPAs, PPMCs, or MCOs of all types. The doctor-editor even has an MBA, is an insurance agent, securities advisor and is a board certified surgeon and finacial planner.

The book itself is divided into two parts: (1) medical practice finacial planning and (2) personal finacial planning. For, it is Dr. Marcinko's opinion, that in-efficent practices will no longer generate the free cash flow needed for personal planning endeavors. In the current managed care environment, he indeed may be right....

For example, the book augments the traditional financial plannig disciplines of budgeting, taxation, investing, insurance, retirement and estate plannig, with the new realities of managed medical care. These previously unaddressed topics include: office based managerial and cost accounting, marginal revenue and cost concepts, negotiating skills, asset protection, office computers, software and MIS, risk management and a host of legal landmines, including OSHA, Stark I and II laws, anti-trust, insurance fraud and abuse, HMOs, MCOs, PHAs, etc.

This book is so easy to read, fact filled, and stream lined for doctors, that I consider it a must read for all medical professionals. Rather than being overpriced, it is really under valued relative to the cost efficiencies it will bring to your practice and life. Without a doubt, this book will make you money, and save you even more. Don't go to the office, or through life, without it.

It is well know that doctors are poor business people, especially in the world of managed care. HMOs are killing all of them, and possibly us as well. Well, not this editor or his contributing authors; all from the fields of law, accountancy, medicine, insurance, securities, business, management and the investing and financial services professions. Not only does the first section of this book review medical office practice management tips, but it also teaches physicians how to profit more from their toil in an honest and ethical fashion. Then, the book relates best practices to invest hard earned money in the sectors of risk management, budgeting, housing, automobiles, college educaton, taxation, investing, retirement and estate planning. URLs and information resources abound, and the CD-ROM is a fabulous guide giving 'real-life' examples for the above topics. Physician and healthcare provider specificity makes this major textbook a 'must read' for all medical professionals.

Also recommended: 'The Business of Medical Practice' Springer Publishing Same Editor

This book is a wonderful new addition to the libraries of those of us who are health care professionals and are trying to deal with the daily changing of medicine and economics. As all of us who practice medicine know, our practice time has increased while our economic gains have failed to keep pace. In fact, most of us are at a net loss over the past few years if you extrapolate your earnings per hour of work. But as dedicated doctors we strive to provide the best care for our patients regardless. Dr. Marcinko's book provides alternatives to traditional thinking and helps you see light at the end of the tunnel. Wonderful ideas and many practical thoughts for us to work with today so that tomorrow is a little better. Highly suggest this to all my colleagues.

A Senior Healthcare Executive, October 23, 2000

Doctors are NOT Poor Business People

It is well know that doctors and nurses are poor business people, especially in the world of managed care. Well, not this editor or his contributing authors; all from the fields of law, accountancy, medicine, insurance, securities, business, management and the investing and financial services professions.

Not only does the first section of this book review medical office practice management tips, but it also teaches physicians how to profit more from their toil. Then, the book relates best practices to invest hard earned money in the sectors of risk management, budgeting, housing, automobiles, college educaton, taxation, investing, retirement and estate planning.

URLs and information resources abound, and the CD-ROM is a fabulous guide giving 'real-life' examples for the above topics. Physician and healthcare provider specificity makes this major textbook a 'must read' for all medical professionals.

Table of Contents Preface About the Editor About the Computer Disc Disc Contents Contributing Authors Ch. 1 Setting Up a Medical Practice Ch. 2 Office Business Equipment Ch. 3 Business Decision-Making in Medical Practice Ch. 4 Practicing Medicine in the Era of Managed Care Ch. 5 The Economic Fundamentals of Financial Planning Ch. 6 Essentials of Risk Management and Insurance Planning Ch. 7 Personal Financial Accounting and Income Taxation Ch. 8 Medical Office Tax Reduction Strategies Ch. 9 Introduction to Investment Concepts Ch. 10 Portfolio Management Ch. 11 Principles of Asset Protection Planning Ch. 12 Elements of Retirement Planning Ch. 13 Techniques of Estate Planning Ch. 14 Planning for Special Situations Ch. 15 Selecting a Financial Advisory Team Glossary of Terms Additional References Web Sites of Interest National Association of Securities Administrators and Associates 1999 Member Index Representative List Index

Also recommended: 'The Business of Medical Practice' Springer Publishing Same Editor.

Thank you.

Essential reference for health care executives, especially sales managers. Every page is packed with easy to read and implement suggestions. Excellent job Mr. O'Malley!! Thank you.

The author made for an informative and comprehensive, yet easy to read book. His approach provided the reader with hands on tools, solutions and a wealth of reference resources not commonly known. O'Malley skipped the case studies and filled the book with timely information and facts regarding healthcare and selling in a healthcare environment. What I really liked were the countless marketing tips and mind-set messages laced throught the text. The book also contain little fluff, but great substance. Without question, anyone interested in selling will find this book will set the benchmark for selling in a healthcare environment

Jeffrey Bauer really knows what he's talking about. All it takes is one trip to the clinic or hospital, and you know there's something drastically wrong with the delivery of health care in America. If you're insured, it's scary. If you're not insured, God help you!

Bauer offers a commonsense solution that will lower cost and increase service. And we know he's right. Since this book was originally written four years ago--although recently updated--much of what he's advocated has already (but slowly) begun to occur.

Every health care professional should read this book. It should be a required text in every allied health care provider school in the country. It should be a required text in every medical school in the country as well. But it won't be, for although it is not anti-doctor it challenges the status quo. And that always scares those on top.

An empowering book for those who want to see real change in health care.

If physicians are not already in fear of losing their medical monopoly it's because they have not been paying close attention. The greed of many (not all) doctors is the root cause, as they have lost their patient-centered focus in pursuit of huge finacial gains in the health care market.

I believe that tax-payers are now in the process of revolting, evidenced by proposed changes in federal regulations (Healthcare Finance Administration). Costs are unbelievably high and the country still has a large number of people who are uninsured. Healthcare in america is in serious trouble, and the physician empire is crumbling. I say, the sooner the better.

This book gives more insight into healthcare problems and solutions than any I have read. Please read this book and start trying to find ways to implement the proposed changes in your state law. I know from personal experience that the primary care offered by advanced practice nurses is as good as any offered by a physician. This book will give you the confidence and insight required to help usher in meaningful healthcare reform for the 21st century. Please read it, and pass it on to a friend.

This is a very extensive set of instructions for the new medical practice. Includes chapters on recruiting personnel, office management, specialized computer operations, and much more.

Carey's PRIVATE MEDICAL PRACTICE: GETTING IT STARTED & MAKING IT WORK should be on the "required reading" list of any health care practitioner nearing the end of their training, and for those contemplating a new job offer. Aimed primarily at physicians, all health care providers will find useful information on topics such as writing a CV, evaluating practice opportunities, personnel management and administration, financial and risk management and managed care. She includes a "Twelve-month" plan on starting a new practice that takes in to account every little detail that may crop up. Carey is well-qualified as an author having over 15 years experience as a practice management consultant for physicians. As a military physician preparing to enter civilian life, this book was a lifesaver.

I was impressed with the depth and clarity of the book. The topics were reasearched well and yet the book was easy to read.

In reading this book, I found David Samuels to write in a conversational tone, neither talking down to the reader, nor talking over the reader's head. The book is a great resource for the newcomer or beginner in capitated managed care negotiations. I highly recommend it!

Nice job David!

Maria K. Todd, author of the Managed Care Contracting Handbook and IPA, PHO, MSO Development Strategies also available on Amazon.com

THIS BOOK IS AN EXCELLENT REVIEW OF WHAT THE FINANCIAL MANAGERS SHOULD HAVE IN THEIR MINDS. IT HELPS TO UNDERSTAND AND RUNNING YOUR COMPANY. ANYONE HAS TO READ IT

Paul DeMuro's book is a fine start for a financial manager to gain an understanding of the profound effects of Managed Care's penetration into healthcare in the U.S.

One of the many strengths of this book is the author's reasonably balanced, factual analysis of the financial incentives and financial risks of healthcare providers and insurers, and the role that incentives and risks play in either sustaining or endangering a variety of healthcare provider organizations' business models.

Of course, we all have our biases, and an analysis can remain both balanced and illuminating even when it is biased. Mr. DeMuro accepts, with virtually no examinatione, that capitation (payment to providers based largely on patient populations, rather than on services provided to actually-seen patients) is not only the future of U.S. healthcare, but an appropriate future. He does not, and does not really need to, examine this contention. However, it is worth noting for posterity that the mainstream justification for the "appropriateness" of managed care in healthcare's future is the controversial assertion that managed care's allegedly fresh new, business-like emphasis on cost saving incentives will punish (or reward) newly-capitated healthcare providers, most of whom historically emphasized restorative medicine heavily over preventative medicine, if they do not (or do) quickly transform their professional culture to effectively champion preventative medicine. Although we often hear these concepts "spun" as "incentives" for PR reasons, the reality looks a bit more like financial punishment for business as usual by slow-to-change healthcare providers. If providers can really accomplish this transformation to prevention (which, from this patient's perspective, seems a long ways from being widely accomplished at this point) -- and empower their patient populations to really avoid illness and injury -- the providers can thereby improve the profitability with their capitated patient population. Of course, if they cannot, overall patient satisfaction with managed healthcare will continue on it's current downward slide, while providers suffer financially and howl in complaint, due in part to what may be futile attempts with these alleged "incentives" that appear to be more "stick" than "carrot". Anyway, if you seek evidence to support the assertion that patients do not benefit from managed care (and you are actually reading a review of this book) you consideringt the wrong book, friend.

Having said all of that, its very important to note that understanding capitation and managed care remains an obviously necessary foundation for understanding healthcare in the U.S. Precious few experts are predicting managed care's impending withdrawal. As such, the author's bias ends up being practical, and, of course, completely acceptable in light of the book's title and in light of the "real-world, real solutions, right now" industry-insider perspective of the "Healthcare Financial Management Association" (HFMA), which endorses this fine book.

Since this book was publised in 1995, many changes in healthcare have occurred. Some of these changes, such as Medicare's adoption of "Ambulatory Patient Groupings" (now called "Ambulatory Patient Classifications"(APC's), were predicted here by the Mr. DeMuro. So, unless you, the prospective reader, are already an experienced healthcare financial pro, the book's lack of completely up-to-date currency is insignificant when compared with it's clear presentation of authoritative information.

In closing, Mr. DeMuro's opening remarks about his "uniquely valuable perspective" as a commentator on Managed Care are, happily, very well supported by his fine book. Although, in additon to this book, you may need additional resources to construct an actual payor-provider contracting strategy, you will likely find that some, if not all, chapters reward your eyes with clear, authoritative explanations of the many complex financial relationships among today's healthcare players. If this book's title appears relevant to your needs, then will be satisfied. Good reading!

Guidelines for Electronic Payment of Healthcare Claims Using the ANSI Asc X12 electron by James J. Moynihan, Marcia L. McLure

As a legal advisor to a Section 501(c)(3) hospital who is not a dyed-in-the-wool tax expert, I have found this book to be of immense help. It is well-written and the examples are chosen carefully.