Customer Reviews

The Business of Medical Practice: Profit Maximizing Skills for Savvy Doctors

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4 star:		(1)
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Dear Medical Colleagues,

This book is a must read for all of us who are practicing in the current managed care environment. It is not important if you are an MD, DO, DDS, DPM, DC, vet or PHD, we are all negatively impacted, and the editor and his contributing writers explain why and what we all can do about it. Although it won't be easy or fast. Medical students will be astounded at the complexity of contemporary practice, as well.

The book is divided into three parts: qualitative, quantitative and the futuristic aspects of healthcare practice. But, I must warn you that if you are an employed doctor, rather than an empolyer physician, you will feel left out since you are a captive agent. At least the independent doctor still has some control left over his or her destiny; for now. Accordingly, Dr. David Edward Marcinko; MBA, CFP, and his team, explain how you can increase your revenues, decrease your expenses and operating assets, to increase your office's Return On Investment (ROI).

In the first section, number crunching, spreadsheets, managerial and cost accounting techniques rule. Normally, somewhat mundane, it is interesting how the author make these numerics "come-alive" when real dollars are attached to the figures.

In the next section on the other hand, the qualitative aspects of medical practice are reviewed. Such topics as negotiation skills, managed care contracting, IT systems, case management and UR are given their due, along with billing, legal, anti-trust, IPA, CPT coding and asset protection issues.

Finally, the authors project their opinions about healthcare in the future; which does not look good for any of us. In fact, I won't reveal their prognosticatons about the standard of fiscal care, medical ethics, or doctors acting like passive lemmings, but they are indeed so chilling that you will just have to read this thought provoking book for yourself.

If you are a doctor, and think you know all about managed care, you will be humbled by this fact filled tome. Not reading this book definately places your practice, profession and living in peril. Do not miss it. This editor is a real doctor and business professional.

Doctors are Not Business People-They are Physicians

It is well know that doctors and nurses, like many dads and moms, work hard at helping others but are poor business people themselves; especially in the new world of managed care, HMOs, PAs, etc.

Well, this doctor-editor, and his friends from the professions of health-law, medical-accountancy, insurance, securities, management and the investing and financial services leaders from Wall Street, have written a book to help out.

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.

After all, my mom (a nurse) and my dad (a doctor) say that if doctors and nurses can't make an honest living, they will leave medicine for more lucrative jobs, and then who will help us when we are sick?

Also recommended: "The Business of Medical Practice", by the same editor at Springer Publishing, New York.

As both a doctor and an attorney, I work on both sides of the fence. I enjoy relationships, both socially and professionally with clients of both professions. Through these sources, I was referred to Dr. Marcinko's book.

I must say, being savvy is not what it used to be AND Dr. Marcinko has explained that. This author, and his authorities who have written chapters and supplements, take time to teach professions how to become 2000 savvy and actually expand rather than stagnate. The ideas are practical, not hypotheticals as we pose at trial or deposition. For my medical bretheren, the book looks at managed care through the eyes of one of us and exhibits the skills we will need to prosper in a speculative medical amangement environment.

For either profession, the insights are a wonderful addition for providing peace of mind.

As a layperson frequently called upon to assist physicians and surgeons in communication and marketing efforts, Dr. Marcinko's savvy book has been invaluable in educating me and advising my work. He is successful in describing and actually bringing to life both the macro and micro of this increasingly vexing enterprise of achieving profit in this pressured sector, where doctors are required not only to wear many professional and societal hats, but also to portray many conflicting roles as expert, helper, compassionate advisor, master technician, astute businessperson, educator, Hyper Time operator, lifelong student and so many others. His mastery of the subject or rather subjects provides an undertone of finiteness and even assurance to a field that is confusing and even exasperating to many in it. More than anything else, Dr. Marcinko illuminates by establishing explicit and useful displined organization to the sprawling and apparently boundless subject of how to stay afloat and persevere in a useful and effective practice. Highly recommended.

The 1st third of the book provided enlightening ideas about starting a medical practice. However, the remainder of the book was disjointed and was not helpful to one considering starting a private practice.