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Cash Flow For The Medical Practice

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cash flow

Mr. Cash Flow

Cash Flow For The Medical Practice

I sat down with David Wiener, aka “Mr. Cash Flow” on this week’s episode.  I connected with David first on LinkedIn a few weeks ago.  After learning more about the various ways he is able to help a medical or dental practice recapture revenue that is currently being lost, I knew I needed to have him on the show.

David spent numerous years as a practice manager for a doctor’s office, so he knows very well the challenges these practices face trying to maximize the revenue they get to keep for the care they provide.  With patient out-of-pocket obligations significantly on the rise, physicians are experiencing a corresponding increase in the number of patient balance bills they must collect upon to be paid for their services.

David provides access to a service that for only $12 per claim (instead of a typical % of the amount to be collected), that dramatically increases the success rate for bills collected to over 80% in the first 30-45 days from date of bill.

We also talked about other ways Cash Flow Strategies, Inc., is able to help their medical and dental practice clients drop more revenue to the bottom line.  One such way is to enroll their staff into a wellness program as provided for by the ACA.  Businesses that do so can save as much as $500 per employee per year on the Federal income tax they must pay for each of them.  Additionally, as employees take advantage of these wellness benefits, they tend toward better levels of health, decreasing the company’s expenditure for health benefits.

David also talked about a company he’s partnered with that can help a business change all the lights within the building to LED lights, saving enormous amounts of money on utility bills.  They offer a plan through which the business can pay for the lights over time, with the payments + new utility bills amounting to less than previous utility bills were, providing savings from the first month.

There are several other ways David is likely able to reduce amounts being spent by the business, such as procurement costs for necessary supplies through a competitive group purchasing organization and others.  It is clear that any medical or dental practice can benefit from taking a few minutes to talk with David to determine just how much additional revenue they can capture—all without having to work longer or harder.

Special Guest:

David Wiener, “Mr. Cash Flow”, of Cash Flow Strategies, Inc.

cash flow

Self Funded Insurance Plans

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My Professional CFO

Alan Conner talks self funded insurance plans with CW Hall

Self Funded Insurance Plans

On this week’s episode I sat down with Alan Conner, of Your Professional CFO.  Alan is a tax and accounting expert who works with a wide range of companies and professionals, including physicians.

I met Alan a few weeks ago in the hall of our office building.  After learning about how he helps physicians, I knew we needed to have him stop by to talk about it.  In addition to providing basic accounting/payroll functions, Alan also helps physicians develop effective, legal tax strategies, including self funded insurance plans to reduce their tax burden and risk at the same time.

Alan shared the story of his older brother, an ER physician in Florida.  He explained the fact that his brother, as do many physicians, work as 1099 contractors for the respective practice they serve.  In this relationship, the doctor receives a gross paycheck with no tax withheld.

In this situation it is vital for the provider to plan for their tax obligation and pay it in a timely fashion (at least quarterly) or they face between 5-10% penalties, which can quickly add up to significant amounts, based on the numbers they’re working with.

Alan explained several options available to physicians that work as 1099 contractors, including self funded insurance plans, pension plans, SEP IRA’s, and others, that will help them preserve their hard-earned revenue for later while protecting them from risk such as loss of medical license should that occur.

It’s clear after speaking with him that it is advisable for our colleagues in the community to partner with experts such as Alan to develop a solid plan for managing their tax obligations as well as helping to secure their financial future.

Special Guest:

Alan Conner, CEO, My Professional CFO  twitter_logo_small-e1403698475314  facebook_logo_small3

My Professional CFO

  • MBA, Finance, Nova Southeastern University
  • Previous Investment Banker, Orosey & Pepe Capital Markets
  • Former Investment Manager, Arduus Asset Management

 

Mindfulness

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True North Partnering

Peter North talks Mindfulness on Top Docs Radio

 

Mindfulness

This week I sat down with Peter Vajda.  He’s a Certified Professional Coach and PhD in Education and Cognitive Psychology.  We talked about how we can apply the practice of meditation and mindfulness to bring about a more centered “You”, becoming better able to handle conflict and reduce one’s over-all level of anxiety.  Peter is an astute observer of the human condition and is a passionate pioneer in the field of mind-body-spirit integrative functioning and development. Dr. Vajda is dedicated to supporting individuals and groups to enhance their understanding of how to live consciously – from the inside out – which deeply supports an individual’s ability to change, grow and evolve.

Peter brings a diversified base of professional expertise – as an entrepreneur, an educator, a facilitator, and a manager. He is sensitive to the diverse perspectives,  demands and dynamics of relationships. Since 1981, he has facilitated individuals, couples, groups and organizations.

His life and the orientation he brings to coaching, consulting, facilitating and writing are deeply influenced by his understanding of, and his experience in, the psychology of personal growth and development.

For over thirty years, Peter’s has been committed to his own personal and spiritual development. His experience in working with the “whole body” is based on his studies of psychodynamics, ego development, bioenergetics as well as energy healing.

Peter earned his Ph.D. in Education and Cognitive Psychology from Fordham University. His post-graduate work is in organizational behavior at NYU’s Stern School of Business.

For six years, Dr. Vajda has written a weekly column – “Know Thyself” – for the widely-acclaimed international Management-Issues website.

His book– Becoming a Better You, Who You Are vs. Who You Think You Are – was published in October, 2013.

Special Guest:

Peter Vajda, Phd, CPC, True North Partnering  facebook_logo_small3  linkedin_small1

True North Partnering

  • PhD, Education-Cognitive Psychology, Fordham University
  • Former Director, Academic Services, Information Technology Institute, New York University
  • Previous Manager, Instructional Design Dept. , Gulliver Ritchie Associates
  • Published Author

 

 

Patient Engagement

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Fank Martin

 

Patient Engagement

This week I caught up with our friend, Frank Martin, of The Medical Consultants Group.  We talked about how his consulting firm can help a wide range of medical practices, from solo offices to multi-site large groups.  Frank talked about the variety of facets of a business that is a medical practice improve operations.

Frank talked about strategies for helping patients related to managing their out-of-pocket obligation, including deductible and co-payment.  We also discussed how the ACA has placed new emphasis on patient satisfaction and outcomes relating to how the practice (or isn’t) reimbursed.  Another requirement is to provide an electronic portal that allows remote access to patient data BY the patient, coupled with a means to transmit/receive relevant information to/from patients.

We discussed the difference between legacy EMR systems (where software was installed on hardware in the office) and cloud-based applications where data and the software exist on a remote cloud-computing-based architecture.  The decision-making capability of the cloud-based applications, coupled with security and rapid access to important data, make modern cloud-based EMR applications the wise choice for practices to convert to today.  These modern applications do not require on-site updates of the application on every device.  Now, the application is updated where it lives, meaning the user’s experience is not interrupted or inconvenienced.

Frank places great emphasis on helping his client practices become better-running businesses.  To that end he works with the group to be able to change processes, or software, business plan, and/or other key facets such as office location and office space leasing to operate more efficiently and profitably.

Special Guest

Frank Martin / Medical Consultants Group Twitter Facebook

frank

  • Past recipient, “Volunteer of the Year, Big Brothers Big Sisters”
  • Published author
  • Successful entrepreneur in the healthcare sector