Page 9 - ACO Report Revised

ACO Physicians Should Extend Value-Based Purchasing to
Their Personal Lives and Medical Practices

By Howard Wolkowitz

ACOs are charged with providing bet- Potential Wealth Team Members
ter and more coordinated care through inte-
grated patient care models. Data analytics • Healthcare CPA
and good clinical practice support improved
health system performance and results in bet- • Healthcare Banker
ter overall patient health and care experience
at lower cost. • Healthcare Financial Advisor
ACO physicians should take a similar
approach to advance the personal "health of • Insurance Broker
their wealth." Start assembling a great wealth

team. Individual needs dictate the composi- • Pension Consultant
tion of this team.
Like an ACO that targets specific long- • Property and casualty broker
term clinical outcomes, it is important for • Malpractice Broker
physicians to:
• Fee based Wealth Manager
• Know who is trustworthy.

• Understand no one wealth team member can win the game; it is important to
comprise a team of subject matter experts.

It is equally vital for the physician to understand how various insurance and
wealth management product/services integrate and the importance each has on reaching
personal financial goals. A trustworthy advisor should know the answer.
Good integrated patient care faces many barriers. Similarly, physicians must identi-
fy the factors hindering optimal financial decisions. Second opinions for decision support
and learning from other's mistakes are key elements for navigating financial mine fields.
Risk management is a key element for ACOs considering a capitated/risk reim-
bursement methodology. Likewise, personal wealth preservation depends on good risk
management. Consider the importance of picking the right life insurance vehicle. Go to
https://bit.ly/InsuranceChassis to access The 5 Chassis of life insurance.

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