1st Edition

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors Best Practices from Leading Consultants and Certified Medical Planners™

Edited By David Edward Marcinko, Hope Rachel Hetico Copyright 2016
    784 Pages 49 B/W Illustrations
    by Productivity Press

    It is not uncommon for practicing physicians to have more than a dozen separate insurance policies to protect their medical practice and personal assets. Yet, most doctors understand very little about their policies.

    Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ explains to physicians and insurance professionals the background, theory, and practicalities of medical risk management, asset protection methods, and insurance planning.

    The book presents information in a manner that is convenient and highly useful for busy medical practitioners. It discusses the medical records revolution and addresses concerns regarding cloud computing, data security, and technological threats.

    The book covers modern health law and policy, including fraud and abuse, workplace-violence, Medicare compliance, HIPAA regulations, AR protection strategies with internal controls, P4P and value based care, insurance and reputation management, and how the ARA legislation is impacting physician practices. It also includes case models and examples that provide you with a real-world understanding of how to recognize and reduce personal and medical practice risks.

    With time at a premium for all, and so much information packed into one well-organized resource, this book is a must-read for every physician and financial advisor that serves the health care sector. The book will help physicians make better decisions about the risks they face and will help financial advisors improve the value they provide to their clients who are doctors.


    Physician-Executive Leadership and Risk Management: Human Nature, Medical Ethics, and Modern Principles
    David Edward Marcinko, Render S. Davis, Hope Rachel Hetico, and Gary A. Cook

    Life Insurance Planning: Protecting the Doctor
    Thomas A. Muldowney, David Edward Marcinko, and Gary A. Cook

    Property Insurance Planning: Protecting Possessions
    Thomas A. Muldowney, David Edward Marcinko, and Gary A. Cook

    Thinking Risk Management for Physicians: Beyond Professional Liability Insurance
    Ike Devji

    The Medical Records Revolution: Modern Concerns and Pitfalls
    David Edward Marcinko, Hope Rachel Hetico, and Frederick William LaCava

    Romantic Patient Advances: Medical Office Sexual Harassment Issues
    Vicki L. Buba and David Edward Marcinko

    Divorce and the Mediation Process: Pre-, Intra-, and Postnuptial Considerations
    Anju D. Jessani

    Asset Protection Fundamentals: How Doctors Protect What Is at Risk
    J. Christopher Miller

    Functioning as a Physician in a Regulatory Environment: Controlled by Board Governance and the Medical–Industrial Complex
    Eric A. Dover

    Understanding Medical Practice Cybersecurity Risks: Mitigations for the Digital Health Era
    Shahid N. Shah

    Medical Malpractice and Tort Reform: Urgent Crisis or Red Herring?
    Robert James Cimasi and Todd A. Zigrang

    The Malpractice Trial: From First Service to Final Verdict and Emotional Relief
    Jay S. Grife and David Edward Marcinko


    Business Insurance Planning: Protecting the Medical Practice
    Thomas A. Muldowney, David Edward Marcinko, and Gary A. Cook

    Accounts Receivable Management and Safeguarding: Asset Protection Strategies
    Gary L. Bode, Perry D’Alessio, and David Edward Marcinko

    Internal Office Control Mechanisms: Detecting Medical Practice Fraud
    Perry D’Alessio, Gary L. Bode, and David Edward Marcinko

    Medical Workplace Violence Issues: Growing Recognition and Impact
    Eugene Schmuckler and David Edward Marcinko

    Accountable Care Organizations, Global Payments, and Capitation Reimbursement: Eliminating Fee-for-Service Physician Compensation
    David Edward Marcinko and Hope Rachel Hetico

    Nondisclosure Agreements and Physician Restrictive Covenants: Practice Valuation and Buy/Sell Agreements
    Charles F. Fenton III, David Edward Marcinko, Frederick William LaCava, and Hope Rachel Hetico

    Operational Risks and Financial Impact of the Health Insurance Portability and Accountability Act: Privacy, Security, and Health Information Technology for Economic and Clinical Health Act Implications
    Carol S. Miller

    How to Conduct a Health-Care Environment Electronic Risk Assessment: Mitigations for the Digital Health Era
    Shahid N. Shah

    Topical A through M List of Emerging Medical Practice 2.0 Risks: The Too Numerous to Count Syndrome
    David Edward Marcinko, Charles F. Fenton III, and Hope Rachel Hetico

    Topical N through Z List of Emerging Medical Practice 2.0 Risks: The Too Numerous to Count Syndrome
    David Edward Marcinko, Charles F. Fenton III, and Hope Rachel Hetico

    Creating a Medical Practice Compliance Program: Part One: Accountability, Processes, and Implementation
    Carol S. Miller

    Creating a Medical Practice Compliance Program: Part Two: Rules, Regulations, Laws, and Guidelines
    Carol S. Miller

    Appendix 1
    : Certified Medical Planner™ Chartered Professional Designation and Certification Program Descriptor and Curriculum

    Appendix 2: Risk Management, Liability Insurance, and Asset Protection Terminology

    Appendix 3: Risk Management, Liability Insurance, and Asset Protection Abbreviations

    Appendix 4: Glossary of Health Information Technology and Security Terms


    Dr. David Edward Marcinko, editor-in-chief, is a next-generation apostle of Nobel Laureate Kenneth Joseph Arrow, PhD, as a health-care economist, insurance advisor, financial advisor, risk manager, and board-certified surgeon from Temple University in Philadelphia. In the past, he edited eight practice-management books, three medical textbooks and manuals in four languages, five financial planning yearbooks, dozens of interactive CD-ROMs, and three comprehensive health-care administration dictionaries. Internationally recognized for his clinical work, he is a distinguished visiting professor of surgery and a recipient of an honorary Bachelor of Medicine–Bachelor of Surgery (MBBS) degree from Marien Hospital in Aachen, Germany. He provides litigation support and expert witness testimony in state and federal court, with medical publications archived in the Library of Congress and the Library of Medicine at the National Institutes of Health.

    Hope Rachel Hetico, managing editor, received her bachelor’s degree in nursing (BSN) from Valpariso University and her Master of Science in health-care administration (MHA) from the University of St. Francis, in Joliette, Illinois. She is an author’s editor of a dozen major textbooks and is a nationally known expert in managed medical care, medical reimbursement, case management, health insurance, utilization review, National Association of Healthcare Quality (NAHQ), Health Education Data Information Set (HEDIS), and The Joint Commission (TJC) Clinical Quality Measures (CQMs) and regulations. Prior to joining the Institute of Medical Business Advisors as the chief operating officer, Ms. Hetico was a hospital executive, financial advisor, licensed insurance agent, Certified Professional in Healthcare Quality (CPHQ), and distinguished visiting assistant professor of health-care administration for the University of Phoenix, Graduate School of Business and Management in Atlanta.

    "Physicians who don't understand modern risk management, insurance, business, and asset protection principles are sitting ducks waiting to be taken advantage of by unscrupulous insurance agents and financial advisors; and even their own prospective employers or partners. This comprehensive volume from Dr. David Marcinko and his co-authors will go a long way toward educating physicians on these critical subjects that were never taught in medical school or residency training."
    —Dr. James M. Dahle, MD, FACEP, Editor of The White Coat Investor, Salt Lake City, Utah, USA

    "With time at a premium, and so much vital information packed into one well organized resource, this comprehensive textbook should be on the desk of everyone serving in the healthcare ecosystem. The time you spend reading this frank and compelling book will be richly rewarded."
    —Dr. J. Wesley Boyd, MD, PhD, MA, Harvard Medical School, Boston, Massachusetts, USA

    "Physicians have more complex liability challenges to overcome in their lifetime, and less time to do it, than other professionals. Combined with a focus on practicing their discipline, many sadly fail to plan for their own future. They need trustworthy advice on how to effectively protect themselves, their family, and their practice from the many overt and covert risks that could potentially disrupt years of hard work.

    Fortunately, this advice is contained within Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™. Written by Dr. David Edward Marcinko, Nurse Hope Rachel Hetico, and their team of risk managers, accountants, insurance agents, attorneys, and physicians, it is uniquely positioned as an integration of applied, academic, and peer-reviewed strategies and research, with case studies from top consultants and Certified Medical Planners™. It contains the latest principles of risk management and asset protection strategies for the specific challenges of modern physicians. My belief is that any doctor who reads and applies even just a portion of this collective wisdom will be fiscally rewarded. The Institute of Medical Business Advisors has produced another outstanding reference for physicians that provide peace of mind in this unique marketplace! In my opinion, it is a mandatory read for all medical professionals."
    —David K. Luke, MS-PFP, MIM, CMP™, Net Worth Advisory Group, Inc., Sandy, Utah, USA

    "This book is a well-constructed, comprehensive, and experiential view of risk management throughout the entire medical practice life-cycle. It is organized in an accessible, high-yield style that is familiar to doctors. Each chapter has case models, examples, insider tips, and useful pearls. I was pleased to see multi-degreed physicians sharing their professional experiences in a textbook on something other than clinical medicine. I can’t decide if this book is right on - over the top - or just plain prescient. Now, after a re-read, I conclude it is all of the above; and much more."
    —Dr. Peter P. Sidoriak, Pottsville, Pennsylvania, USA

    "When a practicing physician thinks about the risk exposure resulting from providing patient care, medical malpractice risk immediately comes to mind. But, malpractice and liability risk are barely the tip of the iceberg, and likely not even the biggest risk in the daily practice of medicine. There are risks from having medical records to keep private, risks related to proper billing and collections, risks from patients tripping on your office steps, risks from medical board actions, risk arising from divorce, and the list goes on and on. These liabilities put a doctor’s hard earned assets and career in a very vulnerable position. This new book from Dr. David Marcinko and Prof. Hope Hetico shows doctors the multiple types of risk they face and provides examples of steps to take to minimize them. It is written clearly and to the point, and is a valuable reference for any well-managed practice. Every doctor who wants to take preventive action against the risks coming at them… from all sides needs to read this book."
    —Richard Berning, MD, FACC, New Haven, Connecticut, USA

    "This is an excellent companion book to Dr. Marcinko’s Comprehensive Financial Planning Strategies For Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™. It is all inclusive, yet easy to read, with current citations, references, and much frightening information. I highly recommend this text. It is a fine educational and risk management tool for all doctors and medical professionals."
    —Dr. David B. Lumsden, MD, MS, MA, Orthopedic Surgeon, Baltimore, Maryland, USA

    "This comprehensive text book provides an in-depth presentation of the cyber security and real risk management, asset protection, and insurance issues facing all medical professions today. It is far beyond the mere medical malpractice concerns I faced when originally entering practice decades ago."
    —Dr. Barbara s. Schlefman, DPM, MS, Family Foot Care, PA, Tucker, Georgia, USA

    "Am I over-insured and thus wasting money? Am I under-insured and thus at risk for a liability or other disaster? I never really had the means of answering these questions; until now."
    —Dr. Lloyd M. Krieger, MD, MBA, Rodeo Drive Plastic Surgery, Beverly Hills, California, USA

    "I read and use this book and several others from Dr. David Edward Marcinko and his team of advisors."
    —Dr. John Kelley, DO, Orthopedic Surgeon, Tucker, Georgia, USA

    "An important step in the risk management, insurance planning, and asset protection process is the assessment of needs. One can create a strong foundation for success only after all needs have been analyzed so that a plan can be constructed and then implemented. This book does an excellent job of recognizing those needs and addressing strategies to reduce them."
    —Shikha Mittra, MBA, CFP®, CRPS®, CMFC®, AIF®, President - Retire Smart Consulting LLC, Princeton, New Jersey, USA

    "The Certified Medical Planner™ professional designation and education program was created by the Institute of Medical Business Advisors Inc., and Dr. David Edward Marcinko and his team (who wrote this book). It is intended for financial advisors who aim specifically to serve physicians and the medical community. Content focuses not only on the insurance and professional liability issues relevant to physicians, but also provides an understanding of the risky business of medical practice so advisors can help work more successfully with their doctor-clients."
    —Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, www.Kitecs.com, Reston, Virginia, USA

    "I have read this text and used consulting services from the Institute of Medical Business of Advisors, Inc. on several occasions."
    —Dr. Marsha Lee, DO, Radiologists, Norcross, Georgia, USA

    "The medical education system is grueling and designed to produce excellence in medical knowledge and patient care. What it doesn't prepare us for are the slings and arrows that come our way once we actually start practicing medicine. Successfully avoiding these land mines can make all the difference in the world when it comes to having a fulfilling practice. Given the importance of risk management and mitigation, you would think these subjects would be front and center in both medical school and residency – ‘they aren't.’ Thankfully, the brain trust over at iMBA Inc. has compiled this comprehensive guide designed to help you navigate these mine fields so that you can focus on what really matters - patient care."
    Dennis Bethel, MD, Emergency Medicine Physician