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Financial Health

for Healthcare Professionals

7 Ways to Help Protect Yourself from Financial Plaque

Your dentist defines plaque as a decision maker of your with your money when negative financial leverage and moves
sticky film of bacteria that forms on financial team. The purchasing financial you further away from your financial
your teeth. If left undetected and right team culture pro- products and services is freedom.
untreated, plaque leads to tooth and duces the right results. critical. You don’t neces- 7. Time can be your best friend and
gum disease. In the same vein, finan- The wrong team culture sarily need more advi- your worst enemy. Time can cost you
cial plaque is a buildup of poor finan- results in mistakes that sors, more diversifica- money; time can make you money.
cial decisions over a period of time. ruin your strategy. Poor tion and more risk. Time is the one thing you can never get
The impact usually does not show up family governance, What you need is advi- back. Compound interest is about
for many years or until a life-changing incompatible business sors you can trust. It’s time. Stock market results are about
event occurs and has a negative or partners, advisors’ con- not the quantity but the your time horizon in the market, not
even catastrophic financial impact on flicting compensation quality of advisors that about timing the market by shuffling
you and your family. models, and conflicts of creates powerful results. in and out of investments.
Below are seven guiding principles interest can damage or BY HOWARD 5. Understand poten-
that should govern the management of destroy your financial WOLKOWITZ tial healthcare financial In our next article, we’ll discuss some
your finances and help you avoid health. As team leader, cliffs. Understanding of the key cornerstones of financial plan-
financial plaque. Your advisors’ roles you are responsible for who you work for, what ning.
are to create awareness, deliver guid- communication. Establish and enforce control you have over your career and
ance and coaching, and mentor you a communication schedule for your what control you have over your For more information contact Howard
through the stages of financial man- team members that connects them income is essential. Will your income Wolkowitz, Financial Advisor, at
agement and protection. Keep your both to each other and to you. Don’t be fixed, variable, or both? Can you be HWolkowitz@FinancialGuide.com or
financial smile bright, your financial assume they will collaborate regularly fired for cause or without cause? What (954) 625-1517.
brain sharp, and your financial arteries without your leadership. employee benefits do you need to pro-
flowing freely by making wise financial 3. Your Purpose, Vision, Values tect you and your family? Who pays The opinions above belong to Howard
choices. (PVV). It is easy to deviate from your for these benefits? How will you mon- Wolkowitz and the information contained
1. You will always care more about plan. Toys, rewards, vacations, and itor all the things you need to keep herein does not necessarily represent the
opinions of MassMutual or its affiliated
protecting your family than any advi- “best thing since sliced bread” invest- track of financially, and who can help broker-dealer MML Investors Services,
sor will. Outsourcing your family’s ments will come your way in abun- you? LLC.
financial advocacy to anyone other dance. 6. Pay yourself first. Your strategy Securities and investment advisory serv-
than your spouse or a trustworthy • Purpose: Create peace of mind and may not work out as planned. Invest in ices offered MML Investors Services subject
to regulatory approval. Members SIPC®.
advisor could be considered family financial freedom for you and your yourself first. Everything and everyone Branch address: 2400 E Commercial Blvd.,
malpractice. Put a planning process in family by having clear goals. else comes second. Paying off current 11th Floor, Fort Lauderdale, FL 33308.
place with the right advisors behind • Vision: Combine your purpose and debt, paying for important insurance, MassMutual Financial Group is a mar-
you. Do the little things right: Write a your values into a powerful planning and saving for a down payment on a keting name for Massachusetts Mutual Life
will. Make a plan. Protect yourself and action process by solving problems house, are examples of paying yourself Insurance Company (MassMutual) and its
affiliated companies and sales representa-
from risk. Build a foundation for finan- with your team of trusted advisors. first. Always include an emergency tives. Securities, investment advisory and
cial success. As the one who cares • Values: Always be trustworthy in reserve in your working capital plan. financial planning services offered through
most, monitor your own financial your commitments so your financial Your team should work together to qualified registered representatives of MML
health, research advisors’ recommen- goals happen. develop a safe cushion for you. Start Investors Services, LLC. Member SIPC.
[www.SIPC.org] OSJ: 2400 E Commercial
dations, monitor progress, and ask 4. Do more with less. Healthcare with safe money planning before you Blvd., 11th Floor, Ft. Lauderdale, FL 33308
questions. reform mandates efficiency and effec- attempt speculative or unpredictable (954)331-5100. CRN201712-212634
2. You will always have to be the tiveness. Being efficient and effective money planning. Debt and loss creates

Important Factors to Succeed With the Bundle Payment Initiatives

The CMMS introduced The research has shown reluctant to get on board should be made tinuum, over a ninety day episode of
the Medicare Bundled reduction in cost, improve- aware of the clinical research that suggests care. The relationship between the care
Payment for Care ment in patient satisfaction that the model is viable. Care coordination coordinator and patient starts prior to
Improvement (BPCI) and physician satisfaction improves patient outcomes. With the clin- admission to acute care setting. Care
initiative in October and quality. ical focus being on the patients’ journey to Coordinators manage the risk as patients
2013. The BPCI was There are a number of recovery, care management keeps them transition from one care setting to anoth-
designed to test whether factors that impact the suc- informed and engaged with the patients’ er. Proper management of post-acute and
linking the payments for cess of the program: progress; ameliorating challenges, pre- care transitions, controls cost and
all providers involved in (a) A clear leadership venting hospital readmissions and ED vis- improve outcomes.
delivering an episode of vision, and retraining of the its, improving patient outcomes and (d) Data Collection; measure, monitor
care could reduce champions of change is patient satisfaction. and report on quality and performance.
Medicare cost while critical. A dedicated team is Discharge disposition is an area that Important to monitor performance, to
maintaining or improv- recommended for manag- requires physician involvement. Largest make changes required.
ing quality of care. With ing the change process; savings in the program is found in the The Healthcare Navigation Systems’
this program there is a BY JUDITH SCOTT unfreezing, move to the reduced usage of institutional post- acute team has hands-on expertise in piloting
target price; a controlled new value model and care. Physicians should be aware of the Bundle program. We can assist with
payment that must be coordinated and refreezing new practices. All relevant impact of discharging patients to the improvement in readmission rates, care
distributed across various care providers. departments/stakeholders inside and out- most appropriate level of care. This area coordination support, Bundle revenue
There are incentives which are aligned to side the hospital setting, should be aware may require high touch approach for and software solutions.
value not volume. of their impact on the outcomes of the physicians who might be slow in buying
A number of different medical facili- program. A multidisciplinary approach in to the new model. For more information,
ties are participating in this particular encouraging collaboration is a key factor. (c) Care Re-design; Retraining is also contact (561) 944-9011 or
program including post-acute care cen- (b) Physician engagement is another needed for the care management team to jscott@healthnavisystems.com.
ters, hospitals, and physician groups. important factor. Physicians who are focus on care across the entire care con-

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4 July 2017 southfloridahospitalnews.com South Florida Hospital News