Financial Services and the Internet
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Financial Services and the Internet
Not a day goes by that I don't hear about how hard it is for financial services providers to take advantage of the power of the Internet. Compliance officers, the SEC, FINRA are just a few of the headaches. I've tried to curate some helpful/interesting information for you to read.
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Doctors take various tacks to combat negative reviews

Doctors take various tacks to combat negative reviews | Financial Services and the Internet | Scoop.it

A

n oft-used maxim in U.S. health care is that patients ought to be treated more like consumers. Their feedback about medical services should be valued, and they should be given a chance to express their concerns.

But with more patients speaking up — via hospital surveys and third-party rating websites — inevitable tensions are emerging. Negative comments sting. Doctors targeted by them get angry. And in some cases, the feedback from patients gets labeled something else entirely: defamation.

A steady drip of legal disputes over online reviews is putting those tensions on display. In Texas, a pair of freestanding emergency rooms recently filed a legal petition seeking to force Google to share the identities behind 22 screen names connected to negative comments about the providers’ services.In another closely watched lawsuit, a plastic surgeon in Cleveland is suing a patient over negative reviews she posted on RealSelf and other sites. The dispute is unusual in that it may actually proceed to trial (most get settled), potentially leading to an influential precedent.

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Yelp is actually pretty good at hospital ratings

Participants in the doctor rating business say those cases are flashpoints in an inevitable, if messy, transition to a more open marketplace. And while some providers are balking at unfavorable reviews, other hospitals are taking a counterintuitive approach to the problem — calling for more reviews, and posting them on the hospital’s own site. That effort aims in part to put negative ratings in context. It’s also a way to deliver a more straightforward message to physicians: If you don’t want negative comments, do your job better.

“The big impact [of reviews] is on the people being measured, not so much on the consumer,” said Dr. Thomas Lee, chief medical officer for the patient survey company Press Ganey. “It makes people raise their game.”

University of Utah was the first hospital to begin posting unedited patient comments online in late 2012. Since then, dozens of hospitals have followed suit, including Cleveland Clinic, Duke, Geisinger of Pennsylvania, and Brigham and Women’s Hospital in Boston.

Some critics of publicly airing patient comments argue that they put doctors in an untenable position. Due to federal privacy laws, doctors cannot respond in a way that would compromise patient confidentiality, leaving them with limited ability to rebut complaints. Physicians are also uniquely vulnerable to public criticism, given the deliberateness most people take in choosing where to get health care.

So, many providers, including the University of Utah, give physicians an opportunity to review their comments — and to appeal to an internal committee to get them tossed out if a doctor can show a comment is particularly unfair or untruthful.

In some ways, hospitals’ decision to post more reviews is an act of self-preservation amid a dawning reality: Their doctors were already getting publicly rated on third-party sites like Healthgrades, Vitals, RateMDs and others. In many cases, such sites only feature a handful of comments on a given doctor. If one or two are negative, it’s easy for doctors to feel they are being presented unfairly.

 

Although third-party sites themselves are shielded from liability, the individual commenters are not. Libel lawsuits remain rare. More common are threatening letters from doctors and their attorneys seeking to pressure commenters into removing or retracting their statements. Last year, Aaron Schur, senior director of litigation at Yelp, testified before Congress that the company regularly receives supboenas from plaintiffs involved in an array industries who want to get Yelp users’ personal information to press their legal claims.

In testifying for greater protections for consumers, Schur cited a letter from one Yelp user who said he removed his comment — even though he maintained its truthfulness — after a dentist sued him for $100,000.

Though effective in some instances, such tactics are often expensive and risky, especially if they lead to litigation. Dr. Jeffrey Segal said there are more effective ways to respond. Instead of fighting negative comments, he said, providers ought to solicit more of them.

“I call it the denominator problem,” said Segal, chief executive of eMerit, which helps doctors collect and post reviews from patients. He said doctors who feel their reputation is being harmed by a few negative comments can combat the problem by opening the floodgates to all commenters.

It’s a tack that a wide variety of businesses — from hair salons to laundromats — have taken in the online era of “reputation management”: hiring firms to help solicit good reviews or respond to consumers who leave negative ones. As the health profession belatedly embraces online reviews, a number of firms have sprouted up specializing in just this kind of digital spruce-up.

 

Segal said his company does not screen patient comments or advise that only positive reviews be posted. He said that would quickly undermine their credibility, causing consumers to pass them off as marketing puffery.

Segal, who also founded Medical Justice, a firm that helps doctors deter frivolous malpractice suits, is among many doctors who have done an about-face on the value of patient comments. He said he initially thought they offered limited value in improving quality, while giving disgruntled patients a chance to take potshots.

Then he started to look into it more deeply. Examining data from insurance carriers on specific procedures, he found a high correlation between the outcomes data and what patients were saying about the doctors online. “I went from being opposed to it, to figuring out how to do it better,” Segal said of online reviews.

He acknowledged lawsuits will continue. But he cautions doctors not to file the kind of frivolous claims he spent so much energy trying to protect them from. “Litigation is probably something that should be used sparingly, infrequently, and with full eyes open,” Segal said. “There probably are occasional circumstances where it probably is [warranted], particularly if your practice is clearly damaged. But those are the exception. They’re not the rule.”

 

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What I Want My Kids to Know About Money

What I Want My Kids to Know About Money | Financial Services and the Internet | Scoop.it
Many parents don’t talk to their kids about money. As a financial planner, I’m an exception to that norm. My kids would be quick to tell you I talk to them about money a lot.Here are a few of the things I want my kids to know about money.
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Millions of Americans lack basic financial literacy, studies show - Los Angeles Times

Millions of Americans lack basic financial literacy, studies show - Los Angeles Times | Financial Services and the Internet | Scoop.it
Millions of Americans lack basic financial literacy, studies show Los Angeles Times A survey by the Financial Industry Regulatory Authority, a Wall Street-funded watchdog organization, found only 28% of respondents knew what happens to bond prices...
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Elizabeth Klooster's curator insight, April 27, 2014 5:51 PM

It's gotten much more complicated to navigate the financial landscape in this country. This article indicates how much need there is for better financial education.

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Your Employees' Personal Social Accounts Matter, Even On Yelp - Financial Advisor Magazine

Your Employees' Personal Social Accounts Matter, Even On Yelp - Financial Advisor Magazine | Financial Services and the Internet | Scoop.it
Your Employees' Personal Social Accounts Matter, Even On Yelp
Financial Advisor Magazine
Fross added that companies can monitor an employees' personal and professional accounts using a platform like Finect.

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UBS gives brokers higher expense accounts to lure the wealthy - Reuters

UBS gives brokers higher expense accounts to lure the wealthy Reuters The firm, an outgrowth of the old PaineWebber brokerage and a subsidiary of Swiss banking giant UBS AG, will not pay advisers for working with any household with less than...
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And the rich now have even more opportunities to get richer.

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Financial Services Social Communications Summit

Financial Services Social Communications Summit | Financial Services and the Internet | Scoop.it
The Future of Financial Services Communications: Case Studies and Roundtables.
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A New Breed of Financial Advisor Takes Off - Forbes

A New Breed of Financial Advisor Takes Off - Forbes | Financial Services and the Internet | Scoop.it
A New Breed of Financial Advisor Takes Off Forbes One of the newest designations out there for financial planners, the RICP was launched a year ago by the American College of Financial Services and is now the fastest-growing credential in the...
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Bitcoins: Widely known and widely misunderstood - Los Angeles Times

Bitcoins: Widely known and widely misunderstood - Los Angeles Times | Financial Services and the Internet | Scoop.it
Bitcoins: Widely known and widely misunderstood
Los Angeles Times
The idea was to create a system of electronic cash operating outside the existing financial system.
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How to Get a Free SSL Certificate (and Why Google is Forcing You To)

How to Get a Free SSL Certificate (and Why Google is Forcing You To) | Financial Services and the Internet | Scoop.it

Does the idea of improving your search engine rankings and offering your visitors better security sound like something you’re interested in? What if I upped the ante and told you it wouldn’t cost you a penny? SSL certificates secure your website’s connection and boost its rankings in Google. And now, thanks to services like Let’s Encrypt, you can actually get a free SSL certificate for your website.


Yup, all of the benefits of SSL, none of the costs!


In this post, I’m going to dig into what SSL certificates are, how they benefit your site, and how you can get your very own free SSL certificate. Then, I’ll even share a super simple plugin that makes getting set up with SSL on WordPress an absolute breeze....


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Jeff Domansky's curator insight, February 4, 2017 11:49 AM

Displaying an SSL certificate is important to show your site is safe and protected. Learn how to add one for free with Let's Encrypt.

Everett Bowes's curator insight, February 4, 2017 12:27 PM

Displaying an SSL certificate is important to show your site is safe and protected. Learn how to add one for free with Let's Encrypt.

Jeff Domansky's curator insight, February 4, 2017 11:59 PM

Displaying an SSL certificate is important to show your site is safe and protected. Learn how to add one for free with Let's Encrypt.

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Financial Advisor Forecast: Stormy With Scattered Data Breaches - Financial Advisor Magazine

Financial Advisor Forecast: Stormy With Scattered Data Breaches - Financial Advisor Magazine | Financial Services and the Internet | Scoop.it
Financial Advisor Forecast: Stormy With Scattered Data Breaches Financial Advisor Magazine In the wake of recent major cyber security breaches at retailers and banks, the SEC held a cyber security roundtable meeting in March to discuss the current...
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The Wolf of Wall Street: The True Story - TIME

The Wolf of Wall Street: The True Story - TIME | Financial Services and the Internet | Scoop.it
The Wolf of Wall Street: The True Story TIME According to the book, a broker named Mark Hanna (Matthew McConaughey) gave him this advice early on in his career.
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5 Questions to Ask a Potential Financial Advisor - Fox Business

5 Questions to Ask a Potential Financial Advisor - Fox Business | Financial Services and the Internet | Scoop.it
5 Questions to Ask a Potential Financial Advisor
Fox Business
The process of finding the right financial advisor should extend beyond a quick online search and picking the closest professional.
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Financial Services and Insurance Companies that Set Themselves ...

Financial Services and Insurance Companies that Set Themselves ... | Financial Services and the Internet | Scoop.it
How do small businesses in more conservative fields, like finance and insurance make a great campaign on social media? According to a survey by Verizon, two thirds of the small businesses they surveyed use social media ...
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Young Broker of the Year 2013 - The Adviser

Young Broker of the Year 2013 - The Adviser | Financial Services and the Internet | Scoop.it
Young Broker of the Year 2013
The Adviser
New figures from JP Morgan and Fujitsu found the broker market share has climbed from 43 per cent at the end of 2011 to 46 per cent in 2013. Moving forward, we ....
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The Philanthropist's Guide To Choosing A Financial Advisor - Forbes

The Philanthropist's Guide To Choosing A Financial Advisor - Forbes | Financial Services and the Internet | Scoop.it
The Philanthropist's Guide To Choosing A Financial Advisor
Forbes
It's the end of the year when some investors check on their philanthropic efforts, reviewing their charitable donations and measuring their impact.
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Is an Online Financial Adviser Right for You? - U.S. News & World Report

Is an Online Financial Adviser Right for You? - U.S. News & World Report | Financial Services and the Internet | Scoop.it
Is an Online Financial Adviser Right for You?
U.S. News & World Report
While online banking continues to expand rapidly, financial advising has just begun transitioning to the Web.
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