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 Medicare

06:04 Medicare's Chronic Care Management Insight

07:54 Medicare Cost-Saving Patient Monitoring

12:46 Incremental Revenue Through Extra Services

16:04 "Value Front Office Staff"

18:08 Negligence by Billing Companies

21:36 Balancing Micromanagement and Oversight

25:10 Medicare Billing Team Enhancements

29:19 Doctor's Note-Signing Delays Issues

32:15 Evaluating Business Expenses and Staffing

35:01 Maximize Reimbursement with Routine Care

38:59 AI's Role in Billing and Insurance

39:43 Streamlined Electronic Billing Transition

43:50 Front Desk Handles Billing Questions

45:57 Balancing Knowledge and Healing

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 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 Billing
03:56 Entrepreneurial Journey in Medical Billing
09:58 Medicare Chronic Care Management Profitability
11:51 Striving for Continuous Improvement
14:09 "Importance of Practice Role Alignment"
17:39 Insurance Reimbursement for Holistic Care
22:17 Incremental Earnings Visualization
25:54 Navigating Team Challenges in Tech
27:45 Challenging Communication with Stubborn Clients
31:07 Understanding Your EOB Payments
34:20 "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/