When situations requiring serious medical intervention occur, it is important that a patient has a team of loved ones and financial experts who carry out the patient’s personal wishes and act as advocates for his or her best interests.
The proliferation of physician stress and burnout within the medical community warrants concern. With the inevitable stress that accompanies the holiday season, it’s even more important to recognize the signs of burnout and take steps to prevent it.
In last month’s issue, I discussed general strategies for philanthropic giving and introduced readers to the concept of a Donor Advised Fund (DAF). The next step for some physician philanthropists might be to start a private foundation. This is a big step that not only requires an astute understanding of the rules governing foundations, but also organizational and management skills. For many physicians, taking on the additional burden of starting and running a foundation can be a daunting task. I typically suggest that physicians consider starting a private foundation only after they first acquire grant-making skills, solidify their long-term gifting strategy and determine if a private foundation is the right fit for their families.
By the time you read this, ICD-10 will be a reality. Will it be as bad as the hype? For some of you, unfortunately, the answer might be yes. For those of you who have done a better job of preparing, it will be a huge annoyance at best. Use these strategies to help your medical practice protect revenue and focus on specific areas that have the greatest impacts on your bottom line.
A ruptured aortic aneurysm is a life-threatening condition requiring immediate treatment. But the need for emergent care can be avoided with early identification and preventive therapy. The recently opened University of Minnesota Health Aortic Center leverages the most innovative technology, including a state-of-the-art hybrid operating room (OR), staffed by experienced specialists to provide the full spectrum of care, from preventive screening to emergent surgical intervention.
Emerging employment trends indicate that clinics, hospitals and post-acute care facilities are increasingly utilizing the services of advanced practice providers (APPs) — or nurse practitioners (NPs) and physician assistants (PAs). As the composition of the traditional medical team shifts, it’s critical to consider how this affects patient safety and facility risk management.
In my role as a financial advisor, I have the privilege of discussing philanthropic giving with my clients as part of their estate planning. In many cases, as an individual’s wealth grows and he or she begins to realize a certain level of financial independence, so does the desire to explore gifting opportunities. While clients typically articulate numerous reasons to begin a gifting program, in my experience, they generally want their donation to serve as a reflection of their values and life perspective.
Every industry has comparable revenues and expenses that determine what prices can be set for a business to create an expected profit margin. However, healthcare is different. A medical practice provides a service, but then has to wait to see what it will get paid.
Expansion of Southdale Medical Center in Edina opens 57,000 square-feet of medical office space in one of the best medical-practice locations in the Twin Cities.
With a new facility meticulously designed to optimize care, expand capacity and enhance patient comfort, Regions Hospital Rehabilitation Institute continues a nearly 60-year legacy of delivering the highest standards of inpatient and outpatient care.
When physicians are involved in a medical professional liability claim or lawsuit, MMIC’s multilayered, holistic approach provides extensive support while addressing physicians’ personal and professional needs.
The newly opened Wound & Hyperbaric Healing Center at Ridgeview Medical Center’s main campus in Waconia provides advanced wound care to patients who would otherwise have to travel for access to hyperbaric oxygen therapy (HBOT).
Bonds are an important part of most portfolios because they tend not to move in sync with stocks, providing a degree of stability during periods of market volatility. Even though they are typically an important component of a broadly diversified portfolio, bonds are often misunderstood by investors — particularly from a tax perspective. In previous articles, I’ve written about the importance of your financial advisor and accountant having a good working relationship. When it comes to bond accounting, good collaboration is of paramount importance.
Previous Legal Ease articles have provided a general overview of the internal peer-review process and the circumstances that could result in a report to the National Practitioner Data Bank (NPDB). These reports can be devastating for the affected physician, as they can lead to restriction or denial of privileges that make the transition to other positions extremely difficult.
Through innovative programs and the establishment of Minnesota’s only physician-owned, physician-led, freestanding psychiatric hospital for pediatric patients, PrairieCare bridges the gap between primary and mental healthcare services and addresses the regional and nationwide shortage of child and adolescent psychiatrists.
As physicians, many of you have the capacity to grow your wealth quickly. Most of you will also be very busy with your careers and won’t have the time, expertise or perspective to manage the added complexity that naturally comes with increased wealth. With success comes greater financial complexity, usually requiring more sophisticated planning. Without the perspective to adapt to Heightened complexity, important details are often overlooked, leading to less-than-desired results. What follows is a real-life example of what happened when a one-size-fits-all approach was taken with the increasingly sophisticated investment portfolios belonging to two brothers.
Federal and state laws require healthcare providers to carefully guard patients’ medical records and private health information (PHI). HIPAA’s Privacy Rule provides that “[t]he patient has the right to confidentiality of his or her medical record.” 42 C.F.R. 482.13(d)(1); see also Minn. Stat. 144.651, subd. 16 (2014) (The Minnesota Patients’ Bill of Rights). When these rights are violated, significant legal issues arise.
On routine skin examination, a 61-year-old man was noted to have multiple keratotic papules on his hands and feet. He reported they had “been there for years” and his father had the same condition. 
Only 18 centers in North America can offer the expertise, experience and technology to diagnose and address complex cases such as gastroschisis, congenital diaphragmatic hernia and twin-to-twin transfusion syndrome (TTTS). One of them, the Midwest Fetal Care Center, is right here in Minneapolis.
It is generally fair to say that physicians are a well-educated, intelligent group of people who typically don’t take the time to focus on their personal finances. And who can blame them? The demands of the job are great, the work is never really done, and it is hard to be a true expert in more than one field.