Medigram, the Society’s electronic newsletter for physicians, features timely news, upcoming events, answers to frequently asked questions and all the information you need to know to make your practice run more efficiently. Topics include legislative updates, legal information, practice management information, government regulations, and much more. Published weekly, Medigram is delivered via email on Thursdays.

If you have a Medigram story idea or would like to offer feedback, please email us or call 866.442.3800.

Stop the COVID Spread! coalition showcases Gov. Tommy Thompson’s masking message
Harnessing the energy and delivering a message in the way that has made him a state icon, former Governor and current University of Wisconsin System President Tommy G. Thompson stars in the latest statewide public service announcement attempting to move the public toward embracing smart COVID-19 behaviors.

Vote safely this year
Avoiding crowds is just one part of staying safe during the pandemic, which makes absentee or early voting great options.

AAMC strategic plan – next town hall
Don’t miss the last town hall in this series on October 28 at 12:15 p.m. Joseph Kerschner, MD, Dean of the School of Medicine, Medical College of Wisconsin will present View of U.S. (Academic) Medicine from the Chair of the AAMC Board of Directors.

State grants available for small businesses affected by COVID-19
The State of Wisconsin’s Economic Development Corporation (WEDC) has opened the application period for small businesses that have been affected by the COVID-19 pandemic.

Governor’s prescription costs task force releases final recommendations
Governor Tony Evers’s Task Force on Reducing Prescription Drug Prices released its final recommendations October 21 on potential future state law and policies that could improve prescription drug accessibility and affordability.

Backdoor Roth IRA, a strategy worth millions
One of the most powerful strategies for physicians is the Backdoor Roth IRA.

Recommended by Wisconsin Medical Society CEO Bud Chumbley, MD, MBA

 

Insurance market concentration can be an indicator of competition and market power. This American Medical Association article explores the Competition in Health Insurance 2020 update.

 

Stop the COVID Spread! coalition showcases Gov. Tommy Thompson’s masking message

Tommy Thompson

Harnessing the energy and delivering a message in the way that has made him a state icon, former Governor and current University of Wisconsin System President Tommy G. Thompson stars in the latest statewide public service announcement attempting to move the public toward embracing smart COVID-19 behaviors. The PSA, a product of the Stop the COVID Spread! coalition that the Wisconsin Medical Society helped launch, is airing statewide and is being shared by the more than two dozen members of the diverse partnership.


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Vote safely this year

vote image

Avoiding crowds is just one part of staying safe during the pandemic, which makes absentee or early voting great options. Wisconsin absentee ballots must be requested by October 29, 2020 at 5:00 p.m. Click here to learn more about absentee voting.

In-person absentee voting started on Tuesday in Wisconsin. Be sure to bring an ID and double check local voting hours at https://myvote.wi.gov. Learn more about voting safely here.

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AAMC strategic plan – next town hall


Joseph Kerschner, MD, Dean of the School of Medicine,
Medical College of Wisconsin

Don’t miss the last town hall in this series on October 28 at 12:15 p.m. Joseph Kerschner, MD, Dean of the School of Medicine, Medical College of Wisconsin will present View of U.S. (Academic) Medicine from the Chair of the AAMC Board of Directors. He will share his thoughts as Chair of the Board for the Association of American Medical Colleges (AAMC) and will talk about the AAMC strategic plan. 

Registration is required and can be completed here. Additionally, several of the previous Town Hall sessions are available in the library section of WisMed Community. 

Please email Anne Hauer with any questions.

New 5-part SARS-CoV-2 town hall series with CME – free for members 

The Society is excited to announce a partnership with the Medical College of Wisconsin, to explore emerging COVID-19 content in our live SARS-CoV-2 Town Hall weekly webinar series starting Wednesday, November 4! This 5-part series features a range of sessions regarding the COVID-19 pandemic to help Wisconsin physicians be more prepared and educated about current concerns. Attendees will be able to claim up to 2.5 AMA PRA Category 1 Credit(s)™.

Session topics and schedule are listed below. All live presentations are held from 12:15 – 12:45 p.m. To view the sessions and to register click here.

  • November 4, 2020, SARS-CoV-2 Virus Biology & Vaccine Development
  • November 11, 2020, The Current State of Therapeutics
  • November 18, 2020, Communicability and Public Health Response
  • November 25, 2020, The Convergence of Seasonal Flu and SARS-CoV-2
  • December 2, 2020, Combating COVID-19 Challenges in Disadvantaged Populations – a Case Study

This series is free for Society members, but registration is required to attend. Nonmembers are welcome to attend as well. Sessions will be available on demand after each live session occurs.

Please email [email protected] with any questions.

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State grants available for small businesses affected by COVID-19

The State of Wisconsin’s Economic Development Corporation (WEDC) has opened the application period for small businesses that have been affected by the COVID-19 pandemic. Businesses are eligible for $5,000 grants that can be used for any purpose under the second round of “We’re All In” grants.

The application process opened on October 19 and runs through Monday, November 2. Eligibility requirements for grant applicants include:

  • Must be a Wisconsin-based, for-profit business.
  • In 2019, have had 75% or more of company labor costs in Wisconsin and 75% of their assets in Wisconsin.
  • Earn more than $0 and less than $1 million in annual revenues (gross sales and receipts).
  • Started operating prior to January 1, 2020 (seasonal businesses should use the highest total FTEs employed during the season); and
  • Have filed 2019 taxes.

Application materials and more information are available on this State Department of Revenue’s site.

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Governor’s prescription costs task force releases final recommendations

Governor Tony Evers’s Task Force on Reducing Prescription Drug Prices released its final recommendations October 21 on potential future state law and policies that could improve prescription drug accessibility and affordability. The task force membership included 21 people from diverse backgrounds, including members from the state executive and legislative branches and private citizens with health care, insurance and consumer experience. Wisconsin Medical Society member Michael Goldrosen, MD, was a task force member.

The task force divided their recommendations into separate tiers: those with support from a majority of the task force, issues for further consideration and issues that came up but weren’t discussed thoroughly. Among the top-tier items:

  • Passing legislation related to pharmacy benefit managers (PBM) similar to a bill proposed and amended this legislative session (Assembly Bill 114 as amended by Assembly Substitute Amendment 1) that passed the state assembly unanimously but did not receive a state senate vote.
  • Limiting what insurers can charge for a month’s insulin supply.
  • Requiring companies in the prescription drug supply chain to provide information to aid transparency in understanding the cost drivers of high-costs prescription drugs.
  • Increasing the number of state Department of Justice consumer protection and antitrust attorneys focused on improper drug company practices.
  • Developing a statewide medication repository with a centralized prescription drug inventory or collaborating with an existing system in another state.

The entire 156-page report is available here, along with information about the task force’s activities and membership. An executive summary is here. It is likely that some items in the report could be included in Governor Evers’s next biennial budget proposal, which will be unveiled in the winter of 2021.

Contact Society Chief Policy and Advocacy Officer Mark Grapentine, JD for more information. 

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One of the most powerful strategies for physicians is the Backdoor Roth IRA. If your income exceeds $139,000 single tax filer or $206,000 married tax filer, you are prevented from making a Roth IRA contribution. However, using the backdoor Roth IRA strategy gets you to the same result. First, each spouse makes contributions to a traditional IRA. Next, immediately convert each IRA to a Roth IRA. The entire strategy is tax neutral and can be repeated each year until both spouses are fully retired. Plus, this strategy is available even with a maximum contribution to a 401(k) or 403(b).

drawing
* An additional step is needed first with an existing IRA balance (SIMPLE, SEP, or traditional IRA).

It seems like a loophole, right? Well, it’s been blessed by Congress. “When Congress says what its intent is, that’s it. They absolutely, clearly say it’s okay. You can make a contribution to a nondeductible IRA and convert it to a Roth,” says CPA and IRA expert Ed Slott who publishes the IRA Advisor Newsletter.

So how much is this worth? A married couple starting at age 30 and retiring at 60 could have $7.089 million in their Roth IRAs by age 75. If that same investment grew in a tax deferred account, it would be worth $2.217 million less due to taxes!

Ready to find out if this strategy should be used in your investment plan? Contact WisMed Financial at 608.442.3750 or [email protected].

Mark Ziety, CFP®, AIF®

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