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Issue Date: June 2007
Three New Books Offer Insight Into Medicine
Physicians have a lot of lessons to learn from the retail industry. That’s one of the points Regina Herzlinger, PhD, makes in her new book, Who Killed Health Care: American’s $2 Trillion Medical Problem—and the Consumer Driven Cure, (McGraw-Hill, 2007). Sometimes called the “Godmother of consumer-driven care,” Herzlinger asserts that there is a full-blown attack on the structures and architects of our present health care system. “Four armies are battling to gain control: the health insurers, hospitals, government, and doctors. And the doctors, the group whose interests are most closely aligned to consumers’ welfare, are losing.” Only patients working with their doctors can prevent further damage, says Herzlinger, a senior fellow at the Manhattan Institute for Policy Research and the first woman to be tenured at the Harvard Business School as the Nancy R. McPherson Professor of Business Administration.
Growing Complexity, Regulations Affect Practice Buy-Ins and Buy-Outs
Daniel M. Bernick, JD, MBA, is a principal with The Health Care Group and Health Care Law Associates in Plymouth Meeting, Pa. He advises physician groups on the financial and legal aspects of medical practice operations, buy-ins, buy-outs, sales, mergers, and other transactions. He has extensive experience in valuation of medical practices and he has lectured widely to such organizations as the MGMA, American College of Rheumatology, American Society of Ophthalmic Administrators, Medical Society of Delaware, and other organizations. He discussed medical practice valuations with editor-in-chief Richard L. Reece, MD.
Hospitalists Are Improving Patient Care
Hospitalist care has gained wide recognition from primary care physicians and specialists such as cardiologists, gastroenterologists, nephrologists, oncologists, orthopedists, pulmonologists, and rheumatologists, among others. These physicians are working with hospitalists to co-manage their inpatients, and are touting hospitalist care as a useful strategy for improving care quality and enhancing their own practice efficiency.
NPs, PAs Enhance Care, Access
Many physicians looking for ways to see more patients and enhance the quality of care they provide have hired nurse practitioners (NPs) and physician assistants (PAs). Physicians working with these clinicians typically report that these professionals make valued additions to the practice. Both physicians and patients appreciate the need these professionals fill in group settings. “PAs and NPs can enhance quality of care for the patient, productivity for the practice, and professional satisfaction for the physician,” says Nancy Hughes, vice president of communications and information services at the American Academy of Physician Assistants in Alex-andria, Va. “Adding a PA can generate additional revenue, enhance patient volume, reduce costs, and free physicians to treat patients with more complex conditions that require their expertise.”
Managing an Investment Portfolio
Managing an investment portfolio never has been easy, but this step in the investment planning process is a key to successful investing. Managing actually encompasses two distinct functions: portfolio management and portfolio monitoring.
Portfolio management refers to the selection of specific investments and the choice of timing to buy or sell, according to your goals and disposition. A higher level of expertise is needed for this activity than most investors possess. These investors should seek the help of a professional advisor or money manager.
Strategies for Leveraging Resources
The art of leverage involves using one’s available assets such as financial or intellectual assets to a positional advantage. The word leverage leads most of us to envision a lever in action, and that’s exactly what physicians can do with the various components of a medical practice. They can leverage practice assets to improve operational performance and maximize resources.
One of the most effective levers is our mind! Robert T. Kiyosaki, co-author with Donald Trump, of Why We Want You to be Rich: Two Men—One Message, (Rich Publishing LLC, Scottsdale, Ariz., 2006) said, “We have been given the most powerful lever on earth, our minds. So use your mind for leverage.”
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