Research collaboration among Weill Cornell Medical College, Cornell University Ithaca, the University of Toronto, and the Medical Group Management Association, found physicians in the United States spend almost four times more than Canada, dealing with health insurers and payers. A majority of the differences arise from the fact that the United States physicians deal with multiple payers in comparison to Canadian physicians who deal with a single payer.
Researchers reported, in the United States, administrative costs are high as a result of different payers having alternative prior authorization requirements, pharmaceutical formularies, and rules for billing and claims payment. Conversely, in Ontario (where the researchers conducted their study of Canadian physician practices), physicians commonly collaborate with a single payer that offers one product, more standardized procedures for billing and payment and doesn't regularly require former authorization of medical services for patients.
Read this article in its entirety: www.medicalnewstoday.com/articles/232356.php
I recently worked with a Spinal Surgeon relocating to Utah who wanted to get a Physician Home Loan. After Medical School he was four years in residency and another couple years on an internship. Needless to say he had accumulated a few student loans along the way. Unfortunately, somehow one of his student loan providers ceased sending him updates and applications for deferment and ended up sending him to collections…
He was distraught when I alerted him that his credit score was below the minimum threshold for Physician and Doctor home loan programs. Luckily we were able to do a little credit magic and get the scores up high enough for an FHA mortgage; in the end he’ll still get his home and an interest rate around 4.50%.
These things happen, what’s important is to get going on your home loan application early, allowing as much time as possible to fix anything you are unaware of. If you would like to increase your credit score in preparation for your next home purchase, use these Nine Credit Magic Tricks to get your scores higher. It’s short and sweet but gives you everything you need to know to get your credit score up in a hurry.
By John J. Heck
I am sure it comes as no surprise to you that in my line of work I read a tremendous amount of independent research reports, economic news and industry laws and regulations. One of the most revealing independent research reports is the Quantitative Analysis of Investor Behavior (QAIB). The QAIB is released every March by Dalbar, Inc. Research & Communications Division and is a report I look forward to each year.
Dalbar has released the QAIB report each year for the past 17 years. The report illustrates a wealth of information. For example:
By Mike O'Malley
Here’s great news from the welfare state. With all the talk of deficit reduction and debt limits, more and more politicians are realizing that entitlements will have to be addressed. And chief among those programs is Social Security.
Current projections forecast that the Social Security Fund will begin passing out more money than it takes in by 2015 and by 2037 it will run out of cash. Sooooo…there is quiet talk about raising the retirement age, changing the cap on taxable income, means testing and other proposals that are sure to get any politician who brings them up de-listed from the Washington social register.
But these musings are simply a quiet recognition that if there aren’t changes made to entitlements our country will go broke (actually technically if it weren’t for the fact that the government gets to print as much money as it wants we are already broke and 14 trillion bucks in the hole).
Look around you, it's everywhere. Yes, it's true. The good news is that we are all living longer. Around the year 1900, life expectancy was in the high 40s. Today, life expectancy is in the high 80s. How many people do you know that have exceeded "life expectancy"? I have a few in my family and I'm sure you do, too. Our Aunt Lily is 104 and a half!
Years ago people retired at age 65 and were lucky to live another 10 years in retirement. Today, it's not uncommon to live 30 or 40 years in retirement. So, with the good news comes a few challenges. What are those challenges you ask?
A Quick Primer on Captive Insurance, from Hale Stewart, author of U.S. Captive Insurance Law
A captive insurance company is an insurance company owned by the insured. The practice started in the 1950s as certain industries either couldn’t find insurance or could only find insurance at incredibly expensive rates. As such, the only way these companies could mitigate their risk was through a captive program.
Who should form a captive? Any company with an above average risk profile should consider forming a captive. Some of the companies that regularly form captives are oil and gas concerns, transportation companies, property owners, construction companies, manufacturers, professionals with malpractice insurance and hospitals.
Are there any revenue requirements? At minimum, a company should have income of at least $1 million and insurance premiums of at least $300,000. However, when looking at the insurance premiums number, note that most businesses are underinsured – in some cases vastly so.
Most people understand the need for having Life Insurance Coverage. Whether you are protecting your family, business interests or supplementing retirement income, Life Insurance can meet those needs. Life Insurance offers such a great way to meet those needs that the IRS has put “rules” into place. If Life Insurance was not a good deal, then the IRS would not have their hands in it.
By: Geordie Crossan CFP.
NBS Financial Services, Inc.
Many upper-income Medicare Enrollees are all too familiar with the elevated monthly premiums which they pay for Medicare Part B (coverage for doctor Bills & outpatient charges). However some of these same enrollees in 2011 may find that their costs have risen significantly due to increased premiums for Medicare Part D (prescription drug coverage). This increase is based on what is known as an income “Cliff” Scale. This scale uses the modified adjusted gross income (MAGI) of the enrollee in order to assess the appropriate monthly premium allocated to each upper-income Medicare participant. Modified adjusted gross income(MAGI) is found by taking the individual's adjusted gross income and adding back certain items such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. If an enrollee has a MAGI that is $1 over their bracket ceiling they will find themselves owing substantially higher monthly premiums. (Included is the table relating modified adjusted gross income, and the premium income cliff scale for Medicare Part B.)
By Anthony J. Ogorek, Ed.D., CFP®
A concern to advisors is the role that clients can play in undermining our collective ability to build their wealth. Why would someone purposely undermine our ability to make them money? Morningstar reports that the average investor earns dramatically less than the stated track record of their mutual funds due to behaviors that may feel right at the time, but in the long run cost them money. Consider the following:
Investor number one may be suffering from what behavioral finance theorists call extrapolation bias—that is, using an overreliance on the past as a guide to the future. After a year like 2008, it is understandable that many investors are trying to do today what they wished that they had done in 2008—of course with 20-20 hindsight.
Have you ever found money in the pocket of an old pair of jeans, or your lab coat, that you had completely forgotten about? It’s always a nice feeling to find “lost” money, but there is a much bigger pocket full of money that you may be overlooking – your state’s unclaimed property list. Chances are that over the course of your medical education and training, you have lived in a few different cities and states. You diligently closed your accounts – telephone, cable, utilities, maybe even a bank account. But maybe there was some seemingly insignificant account you overlooked…Anytime a company owes you money and cannot contact you for whatever reason, the company cannot legally keep your money and is required to turn it over to the state as unclaimed (also known as escheat). Laws vary by state, but the general rule is that companies must escheat assets inactive for 3 years. The most common types of property turned over to the state are earned interest on a closed savings account, rebate or refund check, dividends, stocks, and bonds; real estate and unused gift certificates are usually excluded. According to their websites, the State of California is currently in possession of more than $5.7 billion in unclaimed property belonging to approximately 11.6 million individuals and organizations; New York has $10.5 billion, and Texas has $2.2 billion. The good news is that it is easy to find and collect your money…