Welcome to The Private Medical Practice Podcast
Do you want to have a successful private medical practice, make more and work less?
Join me as I give you the tools you need for building a successful and lucrative medical practice and leveraging it into multiple revenue streams. Get ready to learn what they didn't teach you in medical school--the business of medicine.
Drug and Medical Device Reps Help Leverage Your Practice
November 22, 2022
Are you one of the physicians who thinks that drug and medical device reps are a pain?
If so, you may be missing out on a great (free) opportunity to grow your practice. Omar Khateeb, who helps med tech companies grow sales and drive product adoption by teaching reps how to interact with physicians, joins me today to talk about how reps can be an asset for your practice.
Employee VS Independent Contractor: What You need to know
November 8, 2022
As the employer, you're responsible for knowing whether someone is an independent contractor or an employee. And, if you're wrong, you'll be responsible for paying the IRS back taxes and penalties. In this episode of The Private Medical Practice Academy I'll walk you through the criteria for determining whether your new hire qualifies as an independent contractor or is an employee.
Top 5 Things My Healthcare CPA Wants You to Know with Jeremy Kilbert, CPA
September 6, 2022
Are you wondering what the right structure is for your medical practice? Or the difference between cash and accrual based accounting? Are you trying to figure out whether you should buy or lease equipment? Do the depreciation rules confuse you? In this episode of The Private Medical Practice Academy, Jeremy Klibert CPA and I discuss some of the pressing questions that private practice physicians have. Jeremy Klibert is a partner with Faulk & Winkler, my CPA firm.
Why You Need An ABN
August 22, 2022
You want to offer a service to a patient but aren’t sure that you'll be reimbursed. Is there something you can do to increase the chances of getting paid? An advanced beneficiary notice of non-coverage (ABN) may be your answer. In this episode of The Private Medical Practice Academy, I'll tell you when and how to use an ABN correctly so that you can get paid for services you feel are necessary.
April 26, 2022
Being sued for malpractice is one of those things that every doctor fears. Choosing the best malpractice coverage for you and your practice is essential. Jennifer Wiggins of Aegis Malpractice joins me discuss how to obtain the best malpractice coverage for your practice.
April 12, 2022
In this episode, I have a great chat with John Lin MD about how to decide whether being In-Network or Out-Of-Network (OON) is right for you. Key takeaways: 1. the decision has to be an informed calculation rather than an emotional decision and 2. being OON is not an all or none decision. Listen to our discussion of factors that go into the decision-making process as you consider these choices for yourself.
Mar. 29, 2022
You know that the Centers for Medicare and Medicaid Services (CMS) runs Medicare. Did you know that the actual administration is done by a Medicare Administrative Contractor (MAC)? And that MACs establish local coverage determinations (LCD)? The LCD is the key to actually getting paid.
Mar. 19, 2022
When you run a private practice, you become acutely aware of what supplies you need, think about where to procure them, and worry about prices. You can buy from individual vendors or join a General Purchasing Organization (GPO). In this episode, I'll tell you how to find get the least expensive supplies for your private practice.
Mar. 03, 2022
There are two over-arching reasons to make staying on schedule a priority: your patients will be happier and it will de-stress you. In this episode, I share the strategies I have used to stay on schedule while running a busy private practice and how to implement them.
Feb. 15, 2022
One of the members of The Private Medical Practice Academy shared that one of their biggest concerns about private practice is the number of after-hour patient phone calls. In this episode of The Private Medical Practice Academy, I'll give you 7 key strategies for minimizing the number of after-hour phone calls your practice gets.
Feb. 02, 2022
Any person or organization that you hire to handle, use, distribute, or access protected health information is a business associate.
Learn more about Business Associates and Business Associate Agreements in this podcast episode of The Private Medical Practice.
Jan. 11, 2022
Email is an easy way to communicate with your staff and patients. But e-mail can get you in HIPAA hot water and you'll be hit with massive penalties. Listen to this episode to learn what steps you need to take to make your practice email HIPAA compliant.
January 05, 2022
Trying to figure out how the digital world fits into your private practice can seem very overwhelming. Dr. Dana Corriel, the founder of SoMeDocs and doctorsonsocialmedia.com joins me to discuss how to use social media to advertise.
Dec. 21, 2021
I’m sure that you’ve heard the expression, build it and they will come. In business, you don't want to be waiting. You need a plan to accelerate your ramp-up. In this episode, you'll learn key steps for accelerating your ramp-up to make your opening day the greatest success.
Dec. 07, 2021
In this episode of The Private Medical Practice Academy, I chat with Wendy Margolin. owner of Sparkr Marketing, about how social media fits into your private practice. Here are some of the topics we cover: (1) how to choose which social media channel(s) should you choose (2) what content should you post (3) how to get your posts seen (4) Should you spend money on ads (and how much) (5) Your personal FB profile vs. your practice's business page (6) How to use your practice's FB page to engage with your community (7) How to monitor whether your SM posts are working for you.
Nov. 11, 2021
Did you know that one of the HIPAA requirements is to provide your patients with an easy-to-read document called a Notice of Privacy Practices? This form, that many patients toss in the garbage, if not used correctly can result in a costly HIPAA violation.
In this episode of The Private Medical Practice Academy, I'll tell you what the form needs to include and how to use it correctly if you want to stay out of the HIPAA danger zone.
Nov. 08, 2021
If you practice medicine long enough, you'll inevitably come to a point where you want to terminate the physician-patient relationship. You can save yourself unnecessary hassles and potential liability by having a clear and consistent policy and procedure.
In this episode of The Private Medical Practice Academy, I'll tell you the steps you need to take when terminating that physician-patient relationship.
Nov. 02, 2021
In this episode, Dr. Brent Lacey and I discuss personal finances and financing your business ventures. Dr. Lacey is a gastroenterologist and founder of The Scope of Practice. He has coached hundreds of families to succeed in building personal wealth and stellar careers.
Oct 19, 2021
I’m going to talk to you about practice managers and how they fit into your team. Let’s start by talking about the difference between an office manager and a practice manager. If you hire someone to help manage your practice—regardless of how small it is—that employee is a practice manager.
Oct 05, 2021
In this episode, I have the great pleasure of chatting with Dr. Cheng Ruan, the founder of Texas Center for Lifestyle Medicine. Dr. Ruan started out in an internal medicine practice before starting his extremely successful and lucrative lifestyle medicine practice.
Sep. 28, 2021
You need to hire someone for your front desk. But more important than the exhaustive list of responsibilities that comprise your job description is your potential hire's communication skills. In this episode, I'll tell you how to identify candidates with the best communication skills.
Sep. 14, 2021
Patients expect you to accept take credit and debit cards for their co-pays, co-insurance or deductible. But it costs you money to accept these forms of payment. You don't want credit card processing fee expenses to eat into your profit. In this episode, I sat down with Dr. Jennifer Mogan of Park Place Payments to talk about how credit card processing fees are structured and how to figure out whether you are getting the lowest possible rate.
August 31, 2021
The No Surprises Act has significant implications for you and your practice's revenue cycle and reimbursement. In this episode of The Private Medical Practice Academy I'll tell you what's in the No Surprises Act and how it may affect you and your practice so that you can plan for its implementation ahead of time so it doesn't surprise you.
August 17, 2021
Do you know what your practice’s clean-claims submission rate is? Or maybe I should ask you if you even know what a clean claim is? Submitting clean claims is key to maximizing your ability to collect the money that is due to you. In this episode, I’ll tell you what a clean claim is, what clean claim rate you should try to achieve and how to do that.
August 03, 2021
The Family Medical Leave Act, otherwise known as FMLA can be incredibly beneficial if you're an employee. But when you are the employer, like when you own your own practice, you may be required to provide your employees with a leave of absence. In this episode of The Private Medical Practice Academy, you'll learn whether you are obligated to offer FMLA and everything that goes along with it.
July 21, 2021
You know you need malpractice insurance. But do you know which type? Or
how the cost of malpractice coverage is determined? Do you know the difference between insuring yourself and insuring your practice? In this episode of The Private Medical Practice Academy, you'll learn how to decide what malpractice insurance is best for you.
July 06, 2021
You should be utilizing Remote Patient Monitoring (RPM) in your practice.
Here are a few of the reasons why: you will take better care of your patients, improve patient accountability and satisfaction, and it'll help you meet the value-based reimbursement criteria. All while being reimbursed. In today's podcast episode, I'll tell you how RPM works and how to incorporate it into your practice.
June 23, 2021
Physician compensation is often based on RVUs. In reality, RVUs actually have no monetary value. In order to understand productivity and revenue you have to know what an RVU is and how to calculate how much they're worth. In this episode you'll learn how RVUs and CPT codes determine how much you get paid for your services.
June 08, 2021
Baby boomers and household decision makers--the target demographic for most medical practices are on Facebook. In other words, your ideal patients are on Facebook right now. In this episode, I'll tell you why you need a Facebook business page and what you are supposed to do with it.
June 01, 2021
Salary is only one part of the overall compensation package that you need to offer your employees. Today I'll tell you how to figure out what you want to include in your benefits package so that you can recruit and retain quality staff while being financially responsible.
May 25, 2021
One of the questions that I’m frequently asked is whether physicians should join a provider network? The first step is understanding what IPAs (Independent Practice Associations) and CINs (Clinically Integrated Networks). In this episode, I'll tell you about the things that you want to think about when considering if you should sign up for one of these networks.
May 18, 2021
Trying to figure out how much to pay your employees can be a very daunting task. That said, we can break it down into three steps: establish a salary range, determine how you'll pay your staff and implement a bonus structure. In this episode, I’ll walk through the process of figuring out what to pay your staff.
May 04, 2021
Every practice, regardless of size and whether you take insurance needs a compliance plan. Having a compliance plan will help decrease your regulatory headaches. In this episode I'll tell you why you need a compliance plan, and what it needs to include.
April 27, 2021
Your website is prime real estate because you own and control your domain name and website. Use it effectively and you can be at the top of the search list. Your website is your strongest marketing tool. Listen to this week's podcast episode to find out how and why your website is the key to marketing plan a medical practice.
Apr. 19, 2021
I know there are so many things to think about when trying to run a medical business that choosing a bank just doesn't seem like a priority. But, business banking is totally different that personal banking. You need a bank with a designated point person who has a deep understanding of the complexities of medical businesses.Your bank and banker should make your life easier. In this episode, I will tell you the key things you want to consider when choosing the best bank for your medical business.
Apr. 14, 2021
Apr. 07, 2021
The revenue cycle starts when the patient schedules their visit and ends when all the money you are supposed to receive is collected. Managing your revenue cycle is the key to getting paid for the work you do.In this podcast episode, I'll walk you through the key steps of revenue cycle management and what you can control so that you collect all the money that you're entitled to!
April 02, 2021
You've probably heard of MIPS and thought, "Ugh, why do I want to participate in this." Or maybe you're overwhelmed with trying to figure out what you need to do to get the bonus money. In this episode, I'll show you why you want to participate in MIPS and score as many points as you possibly can. Hint: Increasing your Medicare reimbursement by 9% or more is only the tip of the iceberg.
Mar. 23, 2021
While scheduling a new patient appointment may seem like a straightforward task, there's a lot of behind-the-scenes action going on here. In order to make this process as easy as possible, you'll have to understand and implement each step with granular detail.
In this episode, you'll learn what you need to do to make before setting up the process for scheduling a new patient.
March 16, 2021
Because there are so many options, choosing an EMR can be one of the most overwhelming tasks. In this episode, I'll tell you the key features that will have the biggest impact your workflow and ultimately your profitability. Two takeaways--the #1 feature is flexibility and you get what you pay for.
Mar. 09, 2021
Deciding on an EMR can be very overwhelming. There are 2 big decisions that you will have to make that are likely to have the biggest impacts on your budget and your choices. And, by making these decisions, it will also help you narrow down which of the vendors and their products you want to consider.
March 02, 2021
One of the first questions that everyone asks is—"how much staff do I need? " In order to answer this, you need to define your work flow. By drilling down and identifying each task you'll be able to write the job description for each position you need and then determine how many full-time equivalents (FTEs) you need.
In this episode, I'll walk you through how your referral process impacts your staffing needs.
February 23, 2021
The recent ice storm and its devastating aftermath is a great reminder for why every medical practice (and actually any business) has to have a plan for deciding whether to close in the context of a natural disaster. I'll share 3 key lessons you'll need to get you started.
Feb. 09, 2021
How you design and equip your space speaks volumes about you. And, while you don't have to be an interior decorator, there are a couple of key things you want to consider: comfort and functionality. In this episode, I will give you practical tips for designing and equipping your space.
How Much Space Do I Need?
Feb. 02, 2021
"How much space do I need?" and "what should the layout look like?" are two of the questions I am most frequently asked. The answers lie in understanding your operational needs and clinic flow. In this episode, I'll walk you through some of your key considerations.
Jan. 26, 2021
The tenant improvement (TI) allowance is a core component of any lease agreement. And, regardless of whether you are the tenant or the landlord, you need to understand what and how to negotiate to get the best deal.
Jan. 19, 2021
Understanding the differences between lease types is essential to comparing the rates in order to evaluate what you are getting for you money. In this episode you'll learn the 4 basic lease types and the terms commonly used in leases so that you can make an informed decision.
Jan. 12, 2021
One of questions I’m most frequently asked is—Should I rent or buy the space for my new practice or business? In this episode I tell you the things you want to consider regardless of whether you want to initially rent or buy the space.
Jan. 05, 2021
E & M coding changed on Jan.1, 2021. The biggest change is that you code E &M office-based services based on either time or medical complexity. In this episode I'll tell you about what these changes mean to you and your bottom line.
December 30, 2020
I know how overwhelming it can be when you are trying to negotiate the terms of your insurance contracts. During this episode, I'll walk you through your next steps to making the contracting process easier. And I have a special bonus for you, click here to download Key Contract Terms.
December 23, 2020
Have you thought that some insurance contract is better than no contract? Especially when you are first starting out you think--"Let's just get a contract in place so I can start getting paid." Or maybe you're thinking--"I HAVE to participate with this payor." Your initial contract serves as the basis for all future contract renegotiations. Don't settle. Learn how to negotiate for your best contract from the beginning.
December 14, 2020
December 9, 2020
Doctors are sometimes so focused on delivering their medical expertise as a commodity that they seem to forget the customer service component of providing care. Have you ever thought about whether patients are clients or customers? In this episode, I tell you the very personal story of my recent visit to the ER with acute onset complete heart block and my customer service experience.
December 1, 2020
CAQH (Council for Affordable Quality Healthcare) is nothing more than a giant database of credentialing information. Insurance companies and other credentialing entities pay to access the information but is free for YOU, the provider. In this episode I walk you through why you want to use CAQH and then the step-by-step process to registering so you can do it yourself.
November 24, 2020
You have made one of your first major decisions. You want to take be in network with at least one insurance company. But now what? I bet you are wondering where do I start? In this episode, I will walk you through when you should start the whole contracting process, how to figure out who are the insurers in your area, how many insurance companies you should initially contract with and, the steps you need to take to get a contract.
November 17, 2020
Perhaps you are thinking the answer to why you need a business plan is obvious. But I have a surprise for you. The answer is not what you may think.
The reason to write a business plan is for you. Sure--you may eventually show it to someone else--like a partner or if you are trying to get financing. But the real reason is that it is a road map for you and your business.
Nov. 10, 2020
How many patients or clients do you need in order for your practice or business to be full (at capacity)? In order to figure out how successful your business is going to be or how to scale it depends on understanding your capacity. In this episode, I talk about some of the considerations when figuring out what your capacity is.
HOW TO START YOUR OWN PRIVATE MEDICAL PRACTICE jsjjsjsjsjsjjsjsjsjsjss
Are you overwhelmed at the thought of starting your own private practice?
This cheat sheet will give you a step-by-step roadmap to get your practice up and running.
USE YOUR PRACTICE TO WORK LESS AND GENERATES MORE MONEY
Do you want to make more money without working harder but don't know how?
My guide of proven strategies to leverage your medical practice will show you how.
HOW TO WRITE A BUSINESS PLAN
Do you want to learn how to write a business plan?
You will learn why having a business plan is so important and then get the 7 components that actually go into the plan.