Welcome back to The ProfitRx! After a brief hiatus, host Josh Fertel dives straight into the overlooked world of financial literacy in private medical practices. This episode pulls back the curtain on why so many practice owners struggle with their finances, and what makes the current EHR (Electronic Health Record) landscape so frustrating for getting clear answers. Josh shares candid, behind-the-scenes insights about the challenges of deciphering data, collecting patient payments, and why the basics of cash flow management are so critical (and often neglected).

You’ll hear about real-life stories from practices wrestling with outdated systems, the surprising pitfalls of even the priciest EHR solutions, and Josh’s mission to redesign how financial data should be presented and used in everyday practice operations. Plus, the conversation highlights how the right tools and the right partners can transform not just the bottom line, but the overall workplace environment and patient experience. If you’re ready to rethink what financial literacy looks like for medical practices and discover practical ways to improve, this is the episode you don’t want to miss!

00:00 Revolutionizing EHRs for Better Efficiency

04:52 EHR and Payment System Mismatch

08:29 Integrative, Proactive EHR Solutions

11:11 Focus on Cash Flow Analysis

14:30 Improving Payment Collection Process

19:24 Happy Workplace, Happy Customers

21:55 Collaborative Problem-Solving with Clients

26:14 "Face-to-Face Communication Preferred"

28:57 "Prioritize Cash Flow & Receivables"

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 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/