Sharing More of the Medical Board Shame

From the AAPS:

TUCSON, Ariz., June 19, 2018 /PRNewswire-USNewswire/ — The American Board of Medical Specialties (ABMS) and its partner specialty certification boards claim to be ensuring physician quality with their costly, time-devouring Maintenance of Certification® (MOC) programs. However, an updated review of their financial disclosures, commissioned by the Association of American Physicians and Surgeons (AAPS), suggests that the main purpose of MOC is to amass wealth for the boards, fund employee retirement plans, and finance pet real estate projects.

The review was compiled by Charles P. Kroll, CPA, a healthcare forensic accountant with 25 years of medical industry experience. Mr. Kroll’s 4-year investigation of the largest board, the American Board of Internal Medicine (ABIM), was featured in Kurt Eichenwald’s Newsweek exposé of ABIM and former New York Times reporter Elisabeth Rosenthal’sbest selling book, An American Sickness.

Mr. Kroll’s report includes an analysis of the “Top 10 Specialty Boards Ranked by 8 Key Financial Metrics” to show where the money has been accumulated and spent. The analysis also includes 25 “report cards,” one for the ABMS and each board, including 13 related organizations and 20 retirement plans, to summarize what each entity is doing with funds paid to it by physicians.

In addition to the nearly $1.1 billion in total assets, with $126 million held in related organizations and $140 million in employee retirement plans, the reports show that combined board revenue for 2016 exceeded $300 million, and executive compensation totaled nearly $43 million, with CEO compensation exceeding $11 million.

The combined boards have accumulated $377 million in excess reserves—funds held above 12 months’ estimated future operating expenses, an industry-standard benchmark for financially healthy nonprofits.

Some boards are using assets to fund swank headquarters. The American Board of Pediatrics holds $12 million in real estate and even owns its own 2.8 acre pond. The American Board of Psychiatry and Neurology, leading all boards with excess reserves of $90 million, is constructing a “41,000 square-foot facility [that] will include a glazed floor-to-ceiling wall to the private courtyard with a view of a lake beyond.”

AAPS, the report’s sponsor, has an ongoing lawsuit against ABMS, alleging that it is engaging in illegal anti-competitive behavior to coerce physicians to purchase MOC® products or lose their ability to practice their profession. Patients may suddenly lose access to their trusted physician who declines to participate in MOC® or misses one question too many on a grueling proprietary examination.

Mr. Kroll, research analyst Elizabeth Tremblay, and their team have released a 36-page report and a one-page overviewwith links to their analysis and the source financial disclosures of each entity.

The Association of American Physicians and Surgeons (AAPS) is a national organization representing physicians in all specialties, founded in 1943.

Say it all with me, “Shame…….shame…….. shame”.  Please pass it on and donate to the PPA Go Fund Me campaign to battle these bastards and end the MOC. 

 

Douglas Farrago MD

Douglas Farrago MD is a full-time practicing family doc in Forest, Va. He started Forest Direct Primary Care where he takes no insurance and bills patients a monthly fee. He is board certified in the specialty of Family Practice. He is the inventor of a product called the Knee Saver which is currently in the Baseball Hall of Fame. The Knee Saver and its knock-offs are worn by many major league baseball catchers. He is also the inventor of the CryoHelmet used by athletes for head injuries as well as migraine sufferers. Dr. Farrago is the author of four books, two of which are the top two most popular DPC books. From 2001 – 2011, Dr. Farrago was the editor and creator of the Placebo Journal which ran for 10 full years. Described as the Mad Magazine for doctors, he and the Placebo Journal were featured in the Washington Post, US News and World Report, the AP, and the NY Times. Dr. Farrago is also the editor of the blog Authentic Medicine which was born out of concern about where the direction of healthcare is heading and the belief that the wrong people are in charge. This blog has been going daily for more than 15 years Article about Dr. Farrago in Doximity Email Dr. Farrago – [email protected] 

  2 comments for “Sharing More of the Medical Board Shame

  1. mamadoc
    June 28, 2018 at 9:59 pm

    In my state it is now illegal for any hospital or insurance plan to discriminate against a physician who does not to MOC…..guess next year’s AAFP dues will ooops, go to the PPA. These bastards have been stealing from me for 37 years. My middle finger is so ready.

  2. Kurt
    June 27, 2018 at 2:23 pm

    Please donate to PPA to get the show on the road. It’s the real deal.

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