Customer Reviews

Insurance and Risk Management Strategies for Physicians and Advisors

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Editor Dr. David Edward Marcinko, MBA CFP® CMP(tm)
Publisher: Jones and Bartlett Publishers
ISNN: 0-7637-3342-3
Format: Soft cover 332 pp
Review Date: October 27, 2008

This is an excellent book edited by Dr. David E. Marcinko; MBA, CMP(tm) to assist health care administrators, physicians and their advisors with the complex issues of insurance and risk management. It is a multi authored book that contains detail information and comprehensive views on a broad range of strategies.

The fifteen chapters cover a broad range of topics, from insuring physicians, their property and practice to covering such complex topics as medical records and health care compliance. Furthermore,
the book addresses other important issues like sexual harassment, workplace violence and risk management in the modern medical practice.

This book is well written and precise. In addition to addressing the topics mentioned above, various authors enlighten us abut medical malpractice and tort reforms issues and promotes the so-called "Capitation Liability Theory." The innovative CLT approach suggests that fixed rate reimbursement systems reduce the incidence of malpractice liability.

Assisting medical professionals in these tumultuous times, advisors need to sharpen their skills on the unique items affecting physician clients. The book is comprehensive and informative and an excellent source of information that provided me a better understanding and perspective on insurance and risk management - not only from the perspective
of a Certified Financial Planner®, but also how it correlates to most physician's unique situations.

Amaury Cifuentes
CERTIFIED FINANCIAL PLANNER®
Certified Medical Planner(tm) candidate
3878 Sheridan Street
Hollywood Fl 33021

Physicians are all too familiar with the risks and liabilities inherent in the clinical practice of medicine. An exploding scientific literature, increasing sub-specialization, and a public awareness of "quality healthcare" have challenged conventional practice. Some of our colleagues have a very personal understanding of issues like illness, divorce and disability that accompany these professional challenges. Physician executives perceive even greater threats arising not only from the innumerable personal and professional issues of a singular practice, but also the complexities associated with operating a healthcare organization including personnel agreements, conflict mediation, and asset protection.

Understanding the risks associated with these very divergent areas and providing useful information to protect the physician from liability are the primary aims of Dr. David Marcinko's latest book, Insurance and Risk Management Strategies For Physicians and Advisors.

This book is an excellent primer for physicians of all levels and interests providing important personal and professional advice. It is "must reading" for all medical students who need a fundamental understanding of the current healthcare environment and is equally important to the established physician executive looking for a reference on topics like capitation or the Health Insurance Portability and Accountability Act (HIPAA).

The book begins with a discussion of personal issues for the physician including life, homeowner's and disability insurance as well as the financial and professional risks associated with divorce. Next the physician's practice is considered with clear and concise coverage of issues ranging from documentation to business operations. Of importance, the book extends beyond the first layer of practice management to address important topics like sexual harassment and workplace violence.

Dr. David E. Marcinko and his twenty authors from www.MedicalBusinessAdvisors.com are all knowledgeable contributors. They have prepared a product that is excellent in its content and organization. The book is organized in a way that is highly useful for a busy practitioner. Topics are introduced without the overuse of jargon and more than adequately explained. There are numerous subheadings and bulleted lists to assist the reader with moving through the text or highlighting a particular topic. Robust examples throughout the book provide the reader with an applied knowledge that complements the didactic sections. The book is well referenced for more in-depth reading on a particular topic with materials from both the written and electronic media.

Of its few limitations, Insurance and Risk Management Strategies For Physicians and Advisors ambitiously attempts to briefly cover a large number of topics. For the most part, this is accomplished well. However, some of the topics were unexpected by the book's title. While the physician executive will still require a financial or insurance advisor after reading this book, this well written text assists in providing the necessary background on what type of assistance is needed. As a result, physician executives will be in a better position to address insurance, risk management, and financial decisions for themselves, their families, their practices or the organizations they lead.

David C. Stockwell, MD and Anthony D. Slonim, MD, MPH

Insurance is an important part of all our lives. This is especially true for physicians. I currently have no fewer than 10 separate insurance policies associated with my plastic surgery practice. I understand very little about the policies other than that somebody at some point told me I needed each and every one of them, and each made sense when I bought it. Am I over-insured and thus wasting money? Am I under-insured and thus at risk for a liability disaster? I never really had the means of answering these questions, until now.

Risk Management and Insurance Planning for Physicians and Advisors is an essential textbook because it explains both to physicians and insurance professionals the background, theory, and practicalities of medical risk management and insurance planning. The insurance haze is lifted by-dual degreed editor, and Certified Medical Planner© Dr. David Edward Marcinko, and his team of contributing authors.

Doctors, like most people, tend to experience losses more intensely than gains, and evaluate risks in isolation. So it's no surprise that goaded physicians might prefer vehicles like the guaranteed minimum death benefit of variable annuities, or the assurance that comes with disability or long term care insurance, or traditional cash value life insurance policies, despite their decidedly higher costs and commissions. Similarly, physicians may enter denial mode and eschew the potential business impact of HIPAA and Balanced Budget Act risks; self referral risks; OSHA, DEA, EPA, OCR, P&C or managed care risks; managed care contract capitulation risks; employee, expert witness, peer review and on-call risks; and even educational debt load risks, among so many others.

For insurance professionals on the other hand, this is an exciting time to be practicing medical risk management, because there is much research and creative enlightenment occurring in academic and practitioner communities. But, one must be willing to abandon ancient thoughts and remain open to new ideas that identify and provide solutions to the contemporaneous problems of physicians. As an example of this epiphany, the economist Christian Gollier revisits the raison detra' of insurance, by asking: should one even buy insurance since the industry itself is so skilled at exploiting human foibles? Although this emerging work is descriptive, it is not yet time tested since some of it aspires to be normative, as developing modern models of savings and consumption hint that insurance may deserve a smaller role in personal risk management than previously believed.

Risk Management and Insurance Planning for Physicians and Advisors fulfills its promise as a peerless tool for physicians wanting to make good decisions about the risks they face. It is also ideal for financial planners, insurance agents and business advisors wishing to re-educate and help doctors by adding lasting value to their client relationships. With time at a premium for all, and so much information packed into one well-organized resource, this book should be on the desk of every physician, or financial advisor serving the healthcare space.

Simply stated, if you read this compelling text with a mind focused on the future, the time you spend will be amply rewarded.

Lloyd M. Krieger, MD, MBA
Rodeo Drive Plastic Surgery
The Rodeo Collection
421 North Rodeo Drive
Beverly Hills, CA 90210
Phone: 310.550.6300
Fax: 310.550.6363
Email: lkrieger@ucla.edu
www.RodeoDrivePlasticSurgery.com

The practicing physician faces many risks which go beyond the traditional risk of medical malpractice. Dr. Marcinko and his contributing authors provide a comprehensive review of risks and methods to minimize and avoid those risks. Life and health insurance, long-term care insurance, disability insurance, and insurance coverage of property and the physician's practice are covered in detail, including taxation consequences. The author goes on to cover a wide variety of risks which are unique to the management of a medical practice. This book will serve as an invaluable resource to physicians and their advisors.

Brian J. Knabe, MD CMP