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Optimizing Cash Flow in Medical Practices: Hybrid Models, Billing Cycles, and Revenue Growth
Manage episode 483049534 series 3642383
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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/
4 episodes
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