Mastering Smart Investments: Avoiding Shiny Object Syndrome in Medical Practices
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 Needs06:31 Evaluating Healthcare Service Investment09:31 Optimize Foundations Before Expanding11:56 Navigating Insurance Contracts in Healthcare16:55 Understanding Sales Persuasion Mindset20:02 Sales Pitch Reality Check23:50 Evaluating EHR Value and Growth27:11 Improving Office Atmosphere & Communication30:24 Patient Experience Key to Growth32:27 Outsource for Passive Income Boost36:48 Optimize Labor and Office Space39:12 Navigating Client Tech Needs42:10 "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/
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Uncovering Revenue Leaks: Spotting Opportunities and Optimizing Medical Practice Profits
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 Medicare06:04 Medicare's Chronic Care Management Insight07:54 Medicare Cost-Saving Patient Monitoring12:46 Incremental Revenue Through Extra Services16:04 "Value Front Office Staff"18:08 Negligence by Billing Companies21:36 Balancing Micromanagement and Oversight25:10 Medicare Billing Team Enhancements29:19 Doctor's Note-Signing Delays Issues32:15 Evaluating Business Expenses and Staffing35:01 Maximize Reimbursement with Routine Care38:59 AI's Role in Billing and Insurance39:43 Streamlined Electronic Billing Transition43:50 Front Desk Handles Billing Questions45:57 Balancing Knowledge and HealingThe 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/
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Transforming Financial Aches into Profits in Medical Practices with Josh Fertel
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 Billing03:56 Entrepreneurial Journey in Medical Billing09:58 Medicare Chronic Care Management Profitability11:51 Striving for Continuous Improvement14:09 "Importance of Practice Role Alignment"17:39 Insurance Reimbursement for Holistic Care22:17 Incremental Earnings Visualization25:54 Navigating Team Challenges in Tech27:45 Challenging Communication with Stubborn Clients31:07 Understanding Your EOB Payments34:20 "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/
Join Josh Fertel on "The ProfitRx" as he helps healthcare providers unlock their financial potential. From billing strategies to revenue-boosting ideas, this podcast is your roadmap to building a thriving and financially efficient medical practice.
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