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Who is this podcast for? It's for you if you: Lay awake at night wondering if your medical practice is doing well financially, or if you are concerned about your insurance contracts or your reimbursement, or if you worry about being embezzled. Do you want a big piece of new equipment, but are not sure it's a wise purchase, or do you shudder every time a financial question comes up? Join Jill Arena, CEO of Health e Practices and other healthcare industry experts as they demystify the business ...
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Today’s topic is one that can be hard to think about but is crucial for anyone managing a practice: embezzlement. We’re calling today’s episode “Meet the Four Embezzlers Lurking in Plain Sight: A Guide for Savvy Physicians.” Why focus on this? Well, physician practices have unique vulnerabilities that make them especially appealing targets for embe…
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Today we're thrilled to bring you a very special episode. This marks our 100th episode! Yes, we’ve hit a milestone, and I just want to take a moment to thank all of you, our loyal listeners, for tuning in, sharing feedback, and helping us grow this incredible community of healthcare professionals and administrators. It’s been an amazing journey, fi…
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Given that this is Episode 99, which is a number that signifies growth and the ending of one era and the beginning of another, it seemed an opportune time to talk about recognizing the signs of growth in your practice and how to plan for it effectively. As healthcare providers, we often find ourselves so focused on patient care that we may overlook…
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Welcome to episode 98.6, where we explore an idea that runs deeper than just managing patient care or handling office logistics. We’re going to talk about what it means to be “normal” in a medical practice. Now, most of us are familiar with the concept of 98.6°F as the “normal” temperature for a healthy human body. It’s become a standard—something …
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Welcome to today’s episode, where we’re diving deep into one of the most important but often overlooked aspects of running a successful medical group: building a positive, intentional culture. You’ve probably heard the phrase, “Culture eats strategy for lunch”—and if you haven’t, you’re about to understand why that idea is so critical, especially i…
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Today, we’re diving into a topic that doesn’t always get the attention it deserves: trusted advisors and why your practice needs them. Running a medical practice isn’t just about seeing patients—it’s also about making smart business decisions. And sometimes, those decisions require expert advice. So, whether you’re just starting your practice or yo…
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Episode 95: The Best Time for Physicians to Buy Real Estate - a Conversation with James Winchester
35:41
The old adage goes, "The best time to buy real estate is any time before today," and this is what we explore in our conversation about real estate investing for physician groups in my conversation with James Winchester of CMAC Partners. James works with physician groups all over the country on financing, refinancing, structuring and governing all m…
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Today we’re exploring a topic that every practice has to confront at some point: should you handle critical services in-house or outsource them? It’s a key decision that can make a huge difference in how your practice operates, the quality of care you provide, and, of course, your bottom line. And, a note about today’s episode - as a consultant, it…
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Episode 93: Exploring Workers’ Compensation and Motor Vehicle Accidents as Lucrative Lines of Business for Physician Practices
14:58
Today, we’re going to explore a topic that’s both financially lucrative and operationally challenging for physician practices: Workers’ Compensation and Motor Vehicle Accidents, or MVA, as lines of business. Now, if you’re a physician or an administrator managing a medical practice, you know that these two areas can represent significant revenue op…
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Episode 92: Mastermind Groups and Why Physicians Might Want One - A Conversation with Shandy Welch, FNP, PCC
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What is a Mastermind Group? This week, I visit with Shandy Welch, FNP, PCC to learn about the Mastermind Groups that she facilitates, and to talk about the benefits of joining one. Shandy shares generously from her many years of executive coaching and running Mastermind Groups about what to expect, and the results she's seen over the years. Physici…
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Today’s topic is something every practice owner and administrator should be familiar with: Continuous Quality Improvement, or CQI, and the "alphabet soup" of improvement methodologies that come with it, like PDSA, Six Sigma, Lean, and FMEA. You might be thinking—great, more buzzwords. But the truth is, these concepts have the potential to make a hu…
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Episode 90: Using Technology to Bring in More Money – A conversation with Rivet Health Co-Founder, Andrew Harding
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In this episode, I’m joined by Andrew Harding, national revenue expert and co-founder of Rivet Health, a software company that was created to be the healthcare revenue cycle acceleration platform. We discuss how and why physicians should look to accelerate their revenue cycle and what technology is available today to support that work. Andrew share…
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Today we’re covering a topic that can transform the efficiency and effectiveness of your clinic: tech add-ons for your Electronic Medical Records system. When we select an EMR, we frequently assume that it will handle everything for us. And, as we “move in” and start to really use the product, we can identify some things it doesn’t do. For this epi…
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Today we’re diving into a topic that’s sparking a lot of conversation in the healthcare community: the incorporation of retail components into outpatient clinics. We'll explore the traditional views that often see retail as "tacky," the benefits of adding retail services, and the opportunity costs of not setting them up. Let’s get started! To begin…
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Today we’re diving into a crucial topic for outpatient clinics: the most profitable ancillary services to offer. We’ll explore various subspecialties, weigh the pros and cons of different services, and consider how these services can enhance patient care and convenience. This episode will provide you with the insights needed to make informed decisi…
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Today we’re diving into a fascinating and rapidly evolving topic: the impact of AI on outpatient medicine. In this episode, we’ll explore how AI is changing the landscape of healthcare in the immediate and medium term, which subspecialties are likely to see the biggest changes, and where AI will make the most significant inroads over the next five …
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Today we’re tackling an important decision for any clinic leader: deciding when to add another clinician to your group. Whether you’re considering adding another physician or an Advanced Practice Provider (APP), this episode will guide you through the various considerations involved. We’ll cover assessing the need for additional clinicians, financi…
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Today we’re exploring a crucial topic for clinic leaders: getting things done. We’ll discuss practical hacks to boost efficiency and effectiveness, focusing on the art of delegating, mastering digital communication, and more. Whether you’re a seasoned executive or new to a leadership role, these insights can help you streamline operations and impro…
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In this episode, we're diving into a topic that's crucial for the health of any clinic: managing the toxic employee. We'll explore the costs of not dealing with toxic behavior, the damage it can do to your clinic's staff, reputation, and overall wellbeing, and why it’s so often tolerated. Plus, we'll provide actionable solutions to create a culture…
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Episode 82: Payer Contracting - Do's, Don'ts and Horror Stories - A Conversation with Doral Jacobsen
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Join me for an enlightening conversation about payer contracting, with Doral Jacobsen, CEO of Prosper Beyond, a national payer contracting company: https://prosperbeyond.com/ Doral draws on many years of experience in both clinic operations and also in working on the payer side of the world as she advises her physician clients on the ins and outs o…
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Today we're diving into a topic that is vital for the smooth operation and success of any medical practice: understanding what is reasonable to expect from your administrators. As physicians, your primary focus is on patient care, and the backbone of any well-functioning practice lies in having effective administration. Whether you're running a sma…
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Welcome to this episode, where we delve into the financial and operational aspects of running a successful medical practice. Today, we’re tackling a crucial topic that impacts every aspect of a medical clinic—accountability. This is one I struggle with in our group, as it’s sometimes difficult to find a good balance between having grace for your te…
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In today’s rapidly changing healthcare environment, effective leadership is more important than ever. Strong leaders drive innovation, improve patient outcomes, and ensure the sustainability of healthcare organizations. That’s why today’s episode is all about developing the next generation of leaders in healthcare. We’ll focus on two key components…
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Today we're diving into an essential topic for all leaders: recognizing when it's time to take a break and how to do it effectively. In the demanding world of healthcare, leaders often put their own needs last, but neglecting self-care can lead to burnout, reduced effectiveness, and even health issues. Today's episode is all about understanding the…
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This week's episode is a shout out to all of the hard working Moms in healthcare! My daughter Bella and I talk about what it's like growing up in a healthcare household, and what we've each learned from the other along the way. This episode is a tribute to the many professional women in our industry who also carry the title of "Mom." We talk about …
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Today, we're exploring workforce development, and how it fits with your overall success strategy. It's not just about filling positions; it’s about creating environments where professionals aren't just working but thriving and growing. Let’s discover how making your practice a destination workplace can benefit your team and your overall success. No…
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Welcome to today's episode, where we delve into the world of business psychology, focusing specifically on team dynamics within medical practices. Based on Patrick Lencioni's seminal book, "The Five Dysfunctions of a Team," we'll explore how these principles apply to the unique setting of healthcare. Whether you're a physician, practice manager, or…
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In this episode of the Medical Money Matters Podcast, we delve into the pivotal role of marketing in the medical field. Whether you're just starting out or looking to expand your existing practice, understanding and implementing effective marketing strategies is crucial. Today, we're specifically focusing on marketing strategies for two key areas: …
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Episode 73: Disaster Strikes….Are You Prepared? Business Continuity Planning for Medical Groups
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Today, we’re diving into an essential topic that every medical practice owner and administrator should prioritize: Business Continuity Planning, or BCP. In the world of healthcare, where patient care and safety are paramount, being prepared for the unexpected is not just prudent—it’s critical. Whether it's a natural disaster, a cyber-attack, or ano…
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Episode 72: You’ve Got Some Great Team Members – How Do You Keep Them? Revisiting Employalty and Advanced Retention Strategies
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In this episode, we're focusing on a critical issue that every healthcare organization faces: employee retention. In a field as demanding as healthcare, retaining skilled, dedicated professionals isn't just beneficial; it's essential for maintaining high standards of patient care and operational excellence. Drawing inspiration from Joe Mull's semin…
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In the wake of the pandemic, the healthcare industry faces unprecedented staffing challenges. From the scramble for qualified professionals to the evolving landscape of patient care needs, medical groups nationwide are feeling the pressure. But why exactly is staffing proving to be such a Herculean task, and more importantly, what can we do about i…
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Episode 70: More on Embezzle-Proofing Your Practice: Advanced Strategies for Medical Professionals
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The unfortunate reality is that embezzlement in the healthcare sector is on the rise. In this episode, we review: these aren't just numbers on a page; they're significant breaches that can drain your resources, demoralize your team, and damage the trust you've worked so hard to build with your patients. As we said in our earlier episodes, a startli…
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Do you dread having to conduct the annual evaluation for your practice's leader? Your CEO or Practice Administrator sees to it that all of the staff's evaluations are completed, but now it's time for their annual review. Many physicians dread having to do this, as it's not something that's taught in medical school. This episode breaks down how to c…
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Episode 68: Succession Planning, New Partners and Practice Sales - A Conversation with Debra Phairas
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Practice transitions can be easy if you plan for them or difficult if you don't. Join me for a conversation with long time practice consultant Debra Phairas of Practice & Liability Consultants, a west coast consulting company. Debra brings many years of experience in valuing and consulting to practices and walks through many common scenarios that c…
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The recent cyberattack on Change Healthcare has sent shockwaves through the healthcare market, underscoring the critical importance of cybersecurity in the healthcare sector. This event not only disrupted the company's operations but also had a cascading effect on physician practices and medical groups reliant on its services for billing, claims ma…
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In this episode, we're exploring a topic that's revolutionizing the patient payment landscape in healthcare: Digital Wallets and Contactless Payments. The days of writing checks and swiping cards are fading into the backdrop of healthcare payments. Today, we're witnessing a remarkable transformation, a shift towards more modern, tech-driven solutio…
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Episode 65: The Doctor Will See You Now, Online - Telehealth Revolution and Reimbursement Challenges
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The concept of a doctor's visit has been redefined, largely by the pandemic. No longer confined to the four walls of a clinic, healthcare has transcended physical boundaries, thanks to telehealth and virtual visits. But how did we get here? It's a story of technology meeting necessity, a narrative of innovation that's reshaping healthcare delivery.…
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In this episode, we're demystifying a topic that's critical yet often overlooked in medical billing – Hierarchical Condition Category, or HCC coding. Understanding HCC coding is not just about compliance; it's about ensuring your practice's financial health. So, let's dive into the world of HCC codes and discover why they add a lot to your bottom l…
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Episode 63: Put Me In, Coach! How Physicians Can Benefit from Engaging an Executive Coach - A Conversation with Karl Pister
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Taking performance to the next level frequently demands more than we know to do for ourselves. This is where a coach can come in, and this episode explores specifically why a physician might want to consider retaining an Executive Coach. I get to talk with Karl Pister, founder and president of The Coaching Group, Inc. Karl has extensive coaching, c…
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In this episode, we're diving into a critical aspect of healthcare that affects both providers and patients alike – the patient experience. While medical expertise is undeniably crucial, the way patients are treated and how their time is valued can leave a lasting impression. So, in this episode, we’ll explore practical strategies and insights into…
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In this episode, we’re tackling a topic this is critical for many physicians: Selling Your Medical Practice. Whether you're nearing retirement, looking to shift careers, or considering other ventures, understanding the intricacies of this process is vital. Selling a practice is more than a transaction; it's a transition that affects your financial …
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In this week's episode, we're diving into a crucial topic for many growing practices: when and how to add a new location. This decision is more than just a financial investment; it's a strategic move that requires careful consideration of various factors. Whether you're a seasoned physician or new to practice management, understanding these nuances…
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Episode 59: Getting Paid for What You've Done - Winning the Coding Game - A Conversation with Anne Hirsch, MD
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You work hard for the money, but are you getting all of the money you've actually earned? "Coding" and "game" don't usually collide in the same sentence, but understand that it IS a game. And, it's one you can win! Join me for a conversation with Anne Hirsch, MD a practicing internist and national coding expert. Anne walks through the distinction a…
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How do you ensure that your practice not only survives but thrives, long after you've stepped back? It's about creating a legacy, something that stands the test of time and continues to impact the community positively. So, why is succession planning so important in a medical practice? It's about continuity and legacy. Without a clear plan, your pra…
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What should you do when your practice partnership feels more like a sinking ship than a thriving enterprise? If you've been asking, "What if my partner is driving me crazy?" this episode is for you. This is a topic no one wants to talk about, but absolutely everyone needs to consider. And before we dive in, I should say, the objective of this episo…
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In more than 30 years of working with medical practices, I've observed a consistent theme: talented physicians who excel in their field, but face challenges with leadership and people management. Understanding your cognitive, emotional, and behavioral patterns as a leader can significantly impact the productivity and morale of your practice. In gen…
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Episode 55: Developing Your Executive Presence - A Leadership Conversation with Deborah Dorsett
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As a physician, you have tremendous skill and training to be an individual contributor. And, as you're shifting into a leadership role, you may find yourself needing to develop a whole new set of skills. Join me for an in-depth conversation with national physician executive coach and leadership development expert, Deborah Dorsett as she and I explo…
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Episode 54: Why is Change so Hard? Change Management and Leading Change in a Medical Practice
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In this episode, we tackle a topic that stirs a lot of feelings and opinions—Change Management. If you're leading a medical practice, you'll know what I mean. Change can be one of the most challenging aspects of managing your practice, especially when you've got multiple stakeholders—including physicians—who often have very strong opinions. So let'…
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Episode 53: You Get What You Measure: Developing a Performance Dashboard for Your Medical Practice
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In this episode, we talk about why it's important to focus on metrics and take the time to develop dashboards for your practice. How else can you reasonably measure the health of your medical practice? We talk a lot about measuring our patients’ health, and we have some great examples of this: quality dashboards, full chem panels, diagnostic report…
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Medical Money Matters celebrates it's first birthday! Heartfelt thanks to our entire audience, and all the folks along the way who have contributed either with advice, feedback or encouragement. It's been a journey. Join us for this brief retrospective, and our preview of coming attractions as we kick off Season 2 next week. Please Follow or Subscr…
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