Welcome back to The ProfitRx, the podcast dedicated to relieving the financial pains of medical practices. In today’s episode, Josh Fertel, an expert in billing, revenue cycle management, and revenue optimization, dives deep into one of the biggest challenges facing healthcare practices: cash flow.

Josh shares his insights on what an ideal billing and reimbursement cycle looks like, where clinics commonly get tripped up, and the profound impact of delays on practice operations. The conversation explores the importance of communication within medical teams, the evolving landscape of cash-based versus insurance-based practices, and the benefits and challenges of hybrid models that mix both approaches.

You’ll also hear Josh’s candid thoughts about the math behind running a thriving practice, real-world examples from his own experience, and practical advice on streamlining operations, adding new revenue streams, and creating value for both providers and patients. Whether you’re a practice owner, administrator, or just interested in the business side of medicine, this episode is packed with actionable strategies to help keep your practice financially healthy and ahead of the curve.

Let’s jump in!

Timestamps:

00:00 Cash Flow and Collection Impact

04:42 Patient Billing Miscommunication Issue

07:14 "Cash-Only Practice Benefits and Growth"

11:27 Navigating Patient Loss and Revenue

13:22 Direct Physician Access Services

17:43 Networking and Learning via LinkedIn

22:21 "Hybrid Model in Family Practices"

24:01 Optimizing Insurance Coding Practices

29:34 "Marketing Conversations on Business Models"

33:16 Starting Out: Grow Patient Volume

35:15 "Embrace and Appreciate for Success"

40:29 Telehealth Startup or Money Grab?

41:16 Creative Ideas in Healthcare

The ProfitRx - Podcast Website - https://theprofitrxshow.com/

Josh Fertel's LinkedIn - https://www.linkedin.com/in/josh-fertel-439815b4/

J3RCM Website - https://www.j3rcm.com/

TopHealth Media - https://tophealth.care/

Welcome to another episode of The ProfitRx! In today's engaging conversation, Vivek sits down with special guest Josh Fertel to dive deep into the world of smart investments for medical practices.

From avoiding the dreaded shiny object syndrome to maximizing patient care, Josh and Vivek share valuable insights on making savvy financial decisions. They'll explore how to determine when a big purchase is worth the risk and the importance of focusing on patient outcomes. Plus, you'll hear practical advice on scaling your practice, navigating the complex world of billing, and creating a patient experience that sets your practice apart.

Whether you're a healthcare provider or just interested in the intersection of finance and medicine, this episode is packed with actionable tips you won't want to miss. So grab a cup of coffee and join us for an episode filled with knowledge and inspiration to boost your profitability in the medical field!

Timestamps:

00:00 Sales Tactics and Real Needs

06:31 Evaluating Healthcare Service Investment

09:31 Optimize Foundations Before Expanding

11:56 Navigating Insurance Contracts in Healthcare

16:55 Understanding Sales Persuasion Mindset

20:02 Sales Pitch Reality Check

23:50 Evaluating EHR Value and Growth

27:11 Improving Office Atmosphere & Communication

30:24 Patient Experience Key to Growth

32:27 Outsource for Passive Income Boost

36:48 Optimize Labor and Office Space

39:12 Navigating Client Tech Needs

42:10 "Seek External Perspective"

The ProfitRx - Podcast Website - https://theprofitrxshow.com/

Josh Fertel's LinkedIn - https://www.linkedin.com/in/josh-fertel-439815b4/

J3RCM Website - https://www.j3rcm.com/

TopHealth Media - https://tophealth.care/

In this episode of The ProfitRx, host Josh Fertel dives into the intricacies of diagnosing revenue leaks within medical practices. Join the conversation as Josh recounts his initial experiences in identifying hidden financial pitfalls in medical practices, focusing on the benefits of Medicare's Chronic Care Management program.

Josh also explores effective strategies to optimize revenue without increasing patient load, emphasizing the importance of proactive billing practices and patient communication. The episode also highlights the need for practice owners to actively engage in their financial operations to prevent revenue loss. Tune in to gain valuable insights and practical tips for transforming financial challenges into opportunities for profit in the healthcare sector.

Timestamps:

00:00 Chronic Care Management for Medicare

06:04 Medicare's Chronic Care Management Insight

07:54 Medicare Cost-Saving Patient Monitoring

12:46 Incremental Revenue Through Extra Services

16:04 "Value Front Office Staff"

18:08 Negligence by Billing Companies

21:36 Balancing Micromanagement and Oversight

25:10 Medicare Billing Team Enhancements

29:19 Doctor's Note-Signing Delays Issues

32:15 Evaluating Business Expenses and Staffing

35:01 Maximize Reimbursement with Routine Care

38:59 AI's Role in Billing and Insurance

39:43 Streamlined Electronic Billing Transition

43:50 Front Desk Handles Billing Questions

45:57 Balancing Knowledge and Healing

The ProfitRx - Podcast Website - https://theprofitrxshow.com/

Josh Fertel's LinkedIn - https://www.linkedin.com/in/josh-fertel-439815b4/

J3RCM Website - https://www.j3rcm.com/

TopHealth Media - https://tophealth.care/

Welcome to the inaugural episode of The ProfitRx, hosted by Josh Fertel, where we dive into the world of transforming the financial struggles of medical practices into thriving profits.

In this episode, Josh Fertel who brings a wealth of experience from both the car business and the medical billing industry shares his journey from managing car dealerships to establishing a successful medical billing company. With candid insights, Josh explores the challenges medical providers face in finance, the importance of exceptional customer service, and how small changes in practice management can lead to significant financial gains.

Tune in to hear firsthand how Josh and his team help medical practices uncover hidden revenues and ensure profitability while maintaining outstanding patient care. Whether you're a medical professional or simply curious about business growth in the healthcare sector, this episode offers valuable lessons and advice. Don't miss this chance to learn how to turn financial aches into profits with Josh Fertel on The ProfitRx.

Timestamps:
00:00 Recovering: Learning Medical Billing
03:56 Entrepreneurial Journey in Medical Billing
09:58 Medicare Chronic Care Management Profitability
11:51 Striving for Continuous Improvement
14:09 "Importance of Practice Role Alignment"
17:39 Insurance Reimbursement for Holistic Care
22:17 Incremental Earnings Visualization
25:54 Navigating Team Challenges in Tech
27:45 Challenging Communication with Stubborn Clients
31:07 Understanding Your EOB Payments
34:20 "ProfitRx: Boost Medical Profits"

7 Key Themes Discussed in This Episode:
1. Entrepreneurial Journey
- Josh's career and move to entrepreneurship.
2. Medical Billing Insight
- Transition from car sales to medical billing.
3. Customer Service Importance
- How exceptional service sets businesses apart.
4. Challenges in Medical Practices
- Common financial mistakes and solutions.
5. Chronic Care Management
- Benefits and strategy for revenue improvement.
6. Team Building in Business
- The significance of having a knowledgeable team.
7. Hidden Revenue Opportunities
- Identifying and harnessing small financial changes.

The ProfitRx - Podcast Website - https://theprofitrxshow.com/

Josh Fertel's LinkedIn - https://www.linkedin.com/in/josh-fertel-439815b4/

J3RCM Website - https://www.j3rcm.com/

TopHealth Media - https://tophealth.care/