Shows
Medical Money Matters with Jill ArenaEpisode 167: The Seven Metrics That Predict Your Practice’s FutureSend us a textToday we’re diving into a topic that separates thriving practices from those that drift — the key metrics that don’t just describe your practice, but actually predict its future.If you’ve ever felt like your practice is reactive rather than proactive, this episode is for you. You might be tracking revenue and visit volume, but unless you’re watching the right signals — the ones that truly forecast performance — you’re flying blind. By the end of today’s show, you’ll know the 7 metrics that matter most...
2026-01-2714 minMedical Money Matters with Jill ArenaEpisode 166: Forget Resolutions—Step Boldly Into the New Year with a Private Practice Survival GuideSend us a textThe calendar flipped, and now every private practice has a choice—coast into the new year, or step boldly into it with a plan.2026 is already shaping up to be a big year for healthcare. From financial tightening and operational pivots to compliance shifts and new technologies, there’s no shortage of challenges—or opportunities. And the practices that prepare now, that move with clarity and intention, are the ones that will stay strong, stay independent, and thrive.This episode is your playbook. A practical, no-nonsense guide to help you ta...
2026-01-2014 minMedical Money Matters with Jill ArenaEpisode 165: From Hidden Rates to Contract Intelligence: The Data Transparency EraSend us a textNegotiated payer rates are public… sort of.For decades, some of the most important numbers in healthcare lived behind locked doors. The actual negotiated rates between payers and providers—the numbers that determine whether a practice thrives, survives, or quietly bleeds margin—were treated like trade secrets. You were expected to negotiate them, manage against them, and forecast your future with only partial visibility. (Which may also be referred to as guessing.) And now, suddenly, those rates are posted online. Publicly available. Downloadable by anyone. Often buried inside massive machine-readable files that c...
2026-01-1318 minMedical Money Matters with Jill ArenaEpisode 164: Is Your New Year's Resolution to Get More Professional Development for Yourself and Your Team? If Not, It Should BeSend us a textNew year, new goals… but how many of us actually prioritize professional development as a resolution?Most people jump into January thinking about eating better, working out more, maybe saving some money or getting more sleep. And those are all important. But here’s something that often gets left off the list—and it might be the most important investment you can make: developing yourself as a leader, and investing in the growth of your team.If that hasn’t made it onto your list of resolutions, I’m goin...
2026-01-0612 minMedical Money Matters with Jill ArenaEpisode 163: Thought Experiments: Your Practice’s Secret Weapon for Smarter DecisionsSend us a textWhat if your next big change wasn’t executed on day one… but first asked as a simple question: “What would happen if we did this?” What if you stopped offering walk‑in appointments for two weeks, or changed your scheduling template entirely, or removed all paper forms—and saw what surfaced? That kind of question is the heart of a thought experiment—a structured “what if?” scenario that lets leadership explore change without diving straight into full implementation.In a sector like healthcare—where change is expensive, stakes are high, and risk i...
2025-12-3017 minMedical Money Matters with Jill ArenaEpisode 162: Denied and Forgotten: How Medical Claim Denials Are Costing You 13% of Your RevenueSend us a textImagine this: You see a patient, perform the exam, document the care, your staff submits the claim—to all appearances everything looks right. But then the claim comes back denied. The team may shrug, file it away, mark it unresolved. And the revenue disappears. What you delivered—the service, the documentation, the provider expertise—is lost financially. And more often than you think, this is happening silently. And this is in addition to the money you’re losing on adjustments, which we reviewed in our last episode.Today we’re diving into an is...
2025-12-2318 minMedical Money Matters with Jill ArenaEpisode 161: Adjustments: How You’re Losing Real Revenue Without Even Knowing ItSend us a textImagine this: you see a patient, orders the labs, do the follow‑up, navigate the complexity, chart the visit, and deliver the care. The work is done. Then someone in the billing department closes the claim with a single click, marking it as “adjusted off.” You never see the revenue. You might not even know it was written off. That’s a dollar (or many dollars) you earned but never realized—and it happens way more often than you think.Today we’re going to pull back the curtain on one of the quiet...
2025-12-1617 minMedical Money Matters with Jill ArenaEpisode 160: If You’re Not Using AI on a Daily Basis, Your Competition Probably IsSend us a textGroups that adopt AI thoughtfully will outpace those who don’t—faster than most people realize.That’s the bottom line. AI isn’t some futuristic buzzword anymore. It’s here, it’s already changing how practices operate, and it’s moving fast. Medical groups that learn how to integrate AI into their daily routines—clinically, operationally, administratively, financially—will be more efficient, more scalable, and frankly, more competitive than those who wait and see.If you’re picturing robots walking around the office, let me stop you right there. We’re not tal...
2025-12-0915 minMedical Money Matters with Jill ArenaEpisode 159: The Gender Gap in Medical Group Leadership—and How to Fix ItSend us a textIn a sector where women make up the majority of the workforce, why are women still under-represented in the seats of power in medical groups?That’s the question we’re digging into today. Because while it’s no secret that healthcare has long depended on the contributions of women—as physicians, nurses, administrators, and operational leaders—the top roles still tend to skew male. And when you take a close look at medical groups, especially larger ones, the imbalance becomes even clearer.But this isn’t just a fairness iss...
2025-12-0213 minMedical Money Matters with Jill ArenaEpisode 158: Before You Cut Costs, Fix This: The 5 Biggest Revenue Leaks in Medical PracticesSend us a textIf you’re running a medical practice in 2025, chances are—without even realizing it—you’re leaving real money on the table. And I don’t mean pennies—I mean tens or even hundreds of thousands or millions of dollars a year.Here’s the thing: most practices aren’t bleeding cash from one major hole. They’re leaking it quietly, invisibly, in ways that seem small until they snowball. A missed code here. A denied claim that never got appealed. A payer contract that hasn’t been touched in five years. And the resul...
2025-11-2518 minMedical Money Matters with Jill ArenaEpisode 157: Celebrating Season 4: 10,000 Downloads, 1,000 Cities & Our Gratitude to YouSend us a textWe’re kicking off Season 4 of the Medical Money Matters Podcast, and we’re celebrating something big. Over 10,000 downloads. Listeners tuning in from nearly 1,000 cities across the country—and even internationally. And we’re entering our fourth year of episodes. Honestly, that number still stuns me a little. When we launched this podcast, our goal was simple: to help physicians and practice leaders navigate the business of medicine without losing sight of why they went into medicine in the first place.We wanted to demystify the money side. To have honest, clear co...
2025-11-1813 minMedical Money Matters with Jill ArenaEpisode 156: Who’s Really in Charge of Your Money In? (Hint: It’s Not Who You Think)Send us a textWhat if I told you that in most medical groups, the person in charge of your financial health might not fully understand half of your revenue?It sounds dramatic, but it’s true. In countless physician practices and medical groups across the country, the CFO—the Chief Financial Officer—is responsible for the organization’s entire financial picture… except when it comes to revenue cycle. That part? That’s usually considered operations. Or billing. Or someone else’s responsibility.The problem is, revenue cycle represents money in—the very top of...
2025-11-1116 minMedical Money Matters with Jill ArenaEpisode 155: G2211 Is Your Friend: Stop Leaving Money on the TableSend us a textThere’s a CPT code out there that’s worth about $16 to $20 per visit… and most of you are ignoring it. It’s been right in front of us, since early 2024, and yet week after week, we watch practices leave thousands—sometimes hundreds of thousands of dollars—on the table.The code is G2211. And if you haven’t heard of it—or haven’t trained your teams to take it seriously—you’re not just missing a code. You’re missing a mindset shift. Today, we’re going to unpack what G2211 is, h...
2025-11-0417 minMedical Money Matters with Jill ArenaEpisode 154: A Tribute to My Dad and His Love of Options Flow Charts: Why Physician Practices Need Options and StrategySend us a textI still remember the first time my dad explained his pre‑flight checklist. He shared some of the items with me: “Instruments check. Fuel quantity check. Weather briefing confirmed. Exterior visual check.” It felt almost ceremonial—methodical, purposeful, adding some calm into the midst of what could have been pre-flight chaos. To many people, that might have seemed like just one more routine before taking off, but I saw a man who believed that being prepared wasn’t just a good idea—it was the only way to live and lead.My dad start...
2025-10-2818 minMedical Money Matters with Jill ArenaEpisode 153: Blueprints for Better Care: Designing Clinical Spaces That Delight Patients and Empower Care Teams - A Conversation with Jon Anderson, AIA, NCARB, AIBCSend us a textIn this episode of Medical Money Matters, we sit down with Jon Anderson, AIA, NCARB, AIBC of Anderson Dabrowski to explore the art and science of clinical space design. From timing and budgeting to layout efficiencies and flexible use of space, Jon shares key insights that can transform how medical spaces function—for patients, providers, and staff alike. Whether you're building new or renovating old, this conversation is packed with practical pearls to help you create environments that truly support better care. Jon can be reached at: janderson@adarchitects.com or via...
2025-10-2130 minMedical Money Matters with Jill ArenaEpisode 152: Surviving the Shutdown: What Medical Practices Must Do When Washington ClosesSend us a textWhen Washington shuts its doors, your practice can’t afford to blink. What happens when Medicare payments slow—or telehealth rules vanish overnight?Welcome to Medical Money Matters. If you’re like most medical group leaders, your attention is already divided between patients, staff, regulations, and operations. Add a federal government shutdown to that mix, and suddenly you’re facing a silent threat to your cash flow, your staffing, and the systems you count on to deliver care.Today, we’re breaking down exactly how the current government shutdown affects me...
2025-10-1415 minMedical Money Matters with Jill ArenaEpisode 151: Credit Where It’s Due: Managing Debt & Financing for Medical PracticesSend us a textDebt makes most doctors nervous. But what if avoiding financing is actually holding your practice back?Welcome to Medical Money Matters, the podcast where we tackle the intersection of medicine, money, and management—helping you run your practice like the business it is. Today, we’re diving into a topic that physicians often avoid but can’t afford to ignore: debt and financing for medical practices.If the very mention of debt makes your stomach turn, you’re not alone. Most physicians are naturally conservative when it comes to money—an...
2025-10-0713 minMedical Money Matters with Jill ArenaEpisode 150: Scaling Smart: When and How to Expand Your Medical PracticeSend us a textWhat’s the real cost of not growing your practice when the time is right? Spoiler alert: it’s more than just lost revenue.Welcome to Medical Money Matters. Today’s episode tackles something many practice leaders know they should think about—but often push to the bottom of the to-do list: when and how to scale your medical practice.Now, if you’re a physician or practice administrator, your day is already full. You’re seeing patients, solving staffing problems, reviewing financial reports, answering portal messages—and probably skipping lunch...
2025-09-3014 minMedical Money Matters with Jill ArenaEpisode 149: Coded Out of Cash: How Cigna’s New Policy Could Be Costing Your Practice—and What to Do About ItSend us a textWhat if your most complex visits were being paid as basic ones—and no one on your team even noticed?That’s not a hypothetical. It’s happening right now.Today we’re talking about something that could be quietly draining your revenue, hurting your bottom line, and going completely unnoticed by your billing team: automatic downcoding of high-level E/M visits. This is a new policy from Cigna, and they're not alone. Other major payers—including UHC—are doing the same thing. And they’re doing it in a way that mak...
2025-09-2301 minMedical Money Matters with Jill ArenaEpisode 148: Strong Dyads, Stronger Practice: How to Lead Together Without Stepping on ToesSend us a textYou've got two leaders at the helm - one knows the medicine, the other knows the business. Sounds like a dream team, right? But what happens when they're not on the same page?Welcome to Medical Money Matters. Today we're diving into the art and science of clinical-administrative dyads - those essential partnerships that drive medical groups forward. When they work, they create clarity stability, and strength. When they falter, things get messy—fast.Whether you're a CEO paired with a Chief Medical Officer, a Board President working closely wi...
2025-09-1615 minMedical Money Matters with Jill ArenaEpisode 147: So You Want to Start a Practice? Here’s the Playbook You Can’t SkipSend us a textPicture this: you're finalizing your residency, or you've spent years in practice and you're finally ready to strike out on your own. You have this forward-thinking amazing vision—a practice that reflects how you want to deliver care. A place built for patients, for community, perhaps for innovation. It’s exciting. But here’s the truth: owning your own practice isn’t just about medicine—it’s about running a business. And that means you need a roadmap that’s complete, accurate, and realistic. That means a business plan with a financial pro forma and a ti...
2025-09-0917 minMedical Money Matters with Jill ArenaEpisode 146: The Business Case for Mentorship, Sponsorship & Coaching - A Conversation With Laurie Baedke, FACHE, FACMPESend us a textJoin me for a compelling conversation with leadership development expert, Laurie Baedke, FACHE, FACMPE where we unpack what Mentorship, Sponsorship and Coaching can mean to a medical group's bottom line. Laurie draws from her experience as a leadership development program founder, author, and international speaker as she shares with us the reasons why medical groups should double down on developing their teams, and building bench strength. In a time where margins are being squeezed, regulations are tightening and time is limited, Laurie makes a great case for developing your most precious r...
2025-09-0236 minMedical Money Matters with Jill ArenaEpisode 145: Where Does Your Money Hide? Finding Lost Revenue in the Medical Group Revenue CycleSend us a textWelcome to the Medical Money Matters Podcast, brought to you by Health e Practices—where we explore smarter ways to manage the business side of medicine, without losing sight of why we’re here: to provide excellent care.Today’s episode might make you a little uncomfortable—and that’s a good thing. We’re talking about revenue that slips through your fingers every single day. And here’s the truth: if you’re not watching your revenue cycle closely, you’re very likely seeing patients for free and you don’t even know it...
2025-08-2616 minMedical Money Matters with Jill ArenaEpisode 143.5: Finally. The Financial Education Every Doctor Deserves—But Never GotSend us a textWelcome back to Medical Money Matters. I’m Jill Arena, and I’m so glad you’re here with me for this very special edition of the podcast. Today, I’m beyond excited to introduce something that’s been in the works for over three and a half years—a course that I truly believe can transform the way physicians engage with the business side of medicine.This is Physician’s Edge: Mastering Business and Finance in Your Medical Practice. It’s an online, on-demand course designed to give you the practical busine...
2025-08-2111 minMedical Money Matters with Jill ArenaEpisode 143: The Art of Difficult Conversations: Managing Conflict in Your PracticeSend us a textYou walk into the office and feel it right away—something’s off. A nurse is giving the front desk the silent treatment, one of your physician partners is avoiding eye contact, and the clinic administrator looks like they’re about to quit on the spot. And yet… no one says anything. Everyone keeps moving, business as usual. Sound familiar? Welcome back to Medical Money Matters, the podcast where we talk about the business side of medicine—without losing sight of the people who make it work. I’m glad you’re he...
2025-08-1913 minMedical Money Matters with Jill ArenaEpisode 78: Gimme a Break! When You Need a Time Out as a LeaderSend us a textToday we're diving into an essential topic for all leaders: recognizing when it's time to take a break and how to do it effectively.In the demanding world of healthcare, leaders often put their own needs last, but neglecting self-care can lead to burnout, reduced effectiveness, and even health issues. Today's episode is all about understanding the importance of taking breaks, identifying when you need one, and coming back stronger than ever. We'll be exploring strategies for self-awareness, how to identify the signs that you need a break, and p...
2024-05-2117 minMedical Money Matters with Jill ArenaEpisode 77: Special Mother's Day Edition - A Conversation with Bella ArenaSend us a textThis week's episode is a shout out to all of the hard working Moms in healthcare! My daughter Bella and I talk about what it's like growing up in a healthcare household, and what we've each learned from the other along the way. This episode is a tribute to the many professional women in our industry who also carry the title of "Mom." We talk about balancing work and family life, and managing time to be present with each other. We also reflect on our accomplishments and lessons, and what advice we'd have...
2024-05-1426 minMedical Money Matters with Jill ArenaEpisode 76: Workforce Development: Cultivating Growth and Embracing ChangeSend us a textToday, we're exploring workforce development, and how it fits with your overall success strategy. It's not just about filling positions; it’s about creating environments where professionals aren't just working but thriving and growing. Let’s discover how making your practice a destination workplace can benefit your team and your overall success. Now, when we talk about workforce development, we're really talking about the heart of healthcare—its people. It's how we address some of the most pressing challenges in healthcare today, such as staffing shortages and employee retention. First, l...
2024-05-0712 minMedical Money Matters with Jill ArenaEpisode 75: Got Dysfunction on Your Team? Overcoming Dysfunction in Medical PracticesSend us a textWelcome to today's episode, where we delve into the world of business psychology, focusing specifically on team dynamics within medical practices. Based on Patrick Lencioni's seminal book, "The Five Dysfunctions of a Team," we'll explore how these principles apply to the unique setting of healthcare. Whether you're a physician, practice manager, or part of a medical team, understanding and addressing these dysfunctions can dramatically improve your practice's efficiency and patient care. In a medical practice, the stakes are high. The well-being and lives of patients are in our hands, and effective te...
2024-04-3010 minMedical Money Matters with Jill ArenaEpisode 74: Need More Patients? Marketing 101 for Your Medical PracticeSend us a textIn this episode of the Medical Money Matters Podcast, we delve into the pivotal role of marketing in the medical field. Whether you're just starting out or looking to expand your existing practice, understanding and implementing effective marketing strategies is crucial. Today, we're specifically focusing on marketing strategies for two key areas: primary care, which primarily deals with direct consumer relationships, and specialty care, which often targets business-to-business interactions. Join us as we uncover the nuances of each and help you determine the best approach for marketing your practice in today's competitive healthcare...
2024-04-2312 minMedical Money Matters with Jill ArenaEpisode 73: Disaster Strikes….Are You Prepared? Business Continuity Planning for Medical GroupsSend us a textToday, we’re diving into an essential topic that every medical practice owner and administrator should prioritize: Business Continuity Planning, or BCP. In the world of healthcare, where patient care and safety are paramount, being prepared for the unexpected is not just prudent—it’s critical. Whether it's a natural disaster, a cyber-attack, or another unforeseen event, having a robust BCP can be the difference between navigating a crisis smoothly or facing significant disruptions. Our goal today is to break down BCP into its core components, and highlight some of the areas that are of...
2024-04-1613 minMedical Money Matters with Jill ArenaEpisode 72: You’ve Got Some Great Team Members – How Do You Keep Them? Revisiting Employalty and Advanced Retention StrategiesSend us a textIn this episode, we're focusing on a critical issue that every healthcare organization faces: employee retention. In a field as demanding as healthcare, retaining skilled, dedicated professionals isn't just beneficial; it's essential for maintaining high standards of patient care and operational excellence.Drawing inspiration from Joe Mull's seminal work, Employalty, and some of the concepts he and I covered in Episode 22 about Igniting Commitment, and the concept of making your healthcare setting a destination workplace, we'll explore advanced strategies that go beyond the basics. With insights from our consulting practice, we'll...
2024-04-0916 minMedical Money Matters with Jill ArenaEpisode 71: Staffing: Why Is This Still So Difficult?Send us a textIn the wake of the pandemic, the healthcare industry faces unprecedented staffing challenges. From the scramble for qualified professionals to the evolving landscape of patient care needs, medical groups nationwide are feeling the pressure. But why exactly is staffing proving to be such a Herculean task, and more importantly, what can we do about it?Our goal today is to navigate these turbulent waters together. We'll examine the latest national employment statistics, delve into the specific challenges faced by healthcare support positions, and arm ourselves with knowledge and strategies to overcome...
2024-04-0214 minMedical Money Matters with Jill ArenaEpisode 70: More on Embezzle-Proofing Your Practice: Advanced Strategies for Medical ProfessionalsSend us a textThe unfortunate reality is that embezzlement in the healthcare sector is on the rise. In this episode, we review: these aren't just numbers on a page; they're significant breaches that can drain your resources, demoralize your team, and damage the trust you've worked so hard to build with your patients. As we said in our earlier episodes, a startling 83% of medical practices will experience some loss due to embezzlement at some point in their history. So, if you and four physician friends are out for a beer, look around the table. All but...
2024-03-2617 minMedical Money Matters with Jill ArenaEpisode 69: Do You Dread the Annual Evaluation for your CEO or Practice Administrator?Send us a textDo you dread having to conduct the annual evaluation for your practice's leader? Your CEO or Practice Administrator sees to it that all of the staff's evaluations are completed, but now it's time for their annual review. Many physicians dread having to do this, as it's not something that's taught in medical school.This episode breaks down how to conduct these annual reviews well, some common pitfalls to avoid, specifics on incentive compensation, and a bit about long term employment contracts as well. Tune in if you'd like to learn more a...
2024-03-1915 minMedical Money Matters with Jill ArenaEpisode 68: Succession Planning, New Partners and Practice Sales - A Conversation with Debra PhairasSend us a textPractice transitions can be easy if you plan for them or difficult if you don't. Join me for a conversation with long time practice consultant Debra Phairas of Practice & Liability Consultants, a west coast consulting company.Debra brings many years of experience in valuing and consulting to practices and walks through many common scenarios that can help you to make transitions smoother. Debra can be reached at: dphairas@practiceconsultants.net or via: https://practiceconsultants.net/Please Follow or Subscribe to get new episodes delivered to you as soon as...
2024-03-1241 minMedical Money Matters with Jill ArenaEpisode 67: What We Can Learn from the Change Healthcare Cyber AttackSend us a textThe recent cyberattack on Change Healthcare has sent shockwaves through the healthcare market, underscoring the critical importance of cybersecurity in the healthcare sector. This event not only disrupted the company's operations but also had a cascading effect on physician practices and medical groups reliant on its services for billing, claims management, and healthcare IT solutions. It continues to cascade down to impact patients as well. The attack highlights the vulnerability of healthcare providers to cyber threats, which can lead to significant operational and financial repercussions. Let’s understand some of the maj...
2024-03-0512 minMedical Money Matters with Jill ArenaEpisode 66: Show Me the Money! Innovations in Patient Payment SystemsSend us a textIn this episode, we're exploring a topic that's revolutionizing the patient payment landscape in healthcare: Digital Wallets and Contactless Payments. The days of writing checks and swiping cards are fading into the backdrop of healthcare payments. Today, we're witnessing a remarkable transformation, a shift towards more modern, tech-driven solutions. But what exactly are digital wallets and contactless payments? And how are they changing the way medical groups manage transactions? Digital wallets, like Apple Pay, Google Pay, and Samsung Pay, are essentially your wallet in a digital form. These electronic devices or o...
2024-02-2710 minMedical Money Matters with Jill ArenaEpisode 65: The Doctor Will See You Now, Online - Telehealth Revolution and Reimbursement ChallengesSend us a textThe concept of a doctor's visit has been redefined, largely by the pandemic. No longer confined to the four walls of a clinic, healthcare has transcended physical boundaries, thanks to telehealth and virtual visits. But how did we get here? It's a story of technology meeting necessity, a narrative of innovation that's reshaping healthcare delivery. The evolution of telehealth isn't just a tale of recent advancements. It's a journey that began with simple telephone consultations, gradually embracing more sophisticated technology. Today, virtual visits encompass a spectrum of services – from video consultations to...
2024-02-2009 minMedical Money Matters with Jill ArenaEpisode 64: Hierarchical What? Why Adding HCC Codes Adds a Lot to Your Bottom LineSend us a textIn this episode, we're demystifying a topic that's critical yet often overlooked in medical billing – Hierarchical Condition Category, or HCC coding. Understanding HCC coding is not just about compliance; it's about ensuring your practice's financial health. So, let's dive into the world of HCC codes and discover why they add a lot to your bottom line. HCC coding might sound like a complex term wrapped in layers of healthcare jargon, but it's actually a cornerstone of modern healthcare reimbursement. Put simply, HCC codes are part of a risk adjustment model used pri...
2024-02-1315 minMedical Money Matters with Jill ArenaEpisode 63: Put Me In, Coach! How Physicians Can Benefit from Engaging an Executive Coach - A Conversation with Karl PisterSend us a textTaking performance to the next level frequently demands more than we know to do for ourselves. This is where a coach can come in, and this episode explores specifically why a physician might want to consider retaining an Executive Coach.I get to talk with Karl Pister, founder and president of The Coaching Group, Inc. Karl has extensive coaching, counseling, and training background, having worked in the field of executive coaching, training, and individual and marital counseling for over 34 years.His background in conflict management, negotiation, executive development, employee...
2024-02-0648 minMedical Money Matters with Jill ArenaEpisode 62: Why We Should WOW our Patients - Focus on the Patient ExperienceSend us a textIn this episode, we're diving into a critical aspect of healthcare that affects both providers and patients alike – the patient experience. While medical expertise is undeniably crucial, the way patients are treated and how their time is valued can leave a lasting impression. So, in this episode, we’ll explore practical strategies and insights into enhancing these aspects of patient care. Let's dive in! It's easy to fall into the trap of thinking, “We’re providing great quality care, isn’t that enough? Why should I worry any further about the patients’ e...
2024-01-3013 minMedical Money Matters with Jill ArenaEpisode 61: Time to Wrap It Up? Navigating the Sale of Your Medical PracticeSend us a textIn this episode, we’re tackling a topic this is critical for many physicians: Selling Your Medical Practice. Whether you're nearing retirement, looking to shift careers, or considering other ventures, understanding the intricacies of this process is vital. Selling a practice is more than a transaction; it's a transition that affects your financial future, your staff, patients, and the community you serve. This episode will guide you through key considerations, from financial evaluations to finding the right successor, ensuring you make informed decisions for a successful sale. Please Follow or...
2024-01-2311 minMedical Money Matters with Jill ArenaEpisode 60: Adding a Location to Your PracticeSend us a textIn this week's episode, we're diving into a crucial topic for many growing practices: when and how to add a new location. This decision is more than just a financial investment; it's a strategic move that requires careful consideration of various factors. Whether you're a seasoned physician or new to practice management, understanding these nuances is key to ensuring the success of your expansion. Let's explore what you need to know. We review financial considerations, along with operational ones, and geographical considerations as well. We delve into Return on Investment analysis, zi...
2024-01-1613 minMedical Money Matters with Jill ArenaEpisode 59: Getting Paid for What You've Done - Winning the Coding Game - A Conversation with Anne Hirsch, MDSend us a textYou work hard for the money, but are you getting all of the money you've actually earned? "Coding" and "game" don't usually collide in the same sentence, but understand that it IS a game. And, it's one you can win! Join me for a conversation with Anne Hirsch, MD a practicing internist and national coding expert. Anne walks through the distinction and many of the basics of CPT and HCC coding. She shares common HCC codes that she uses, and encourages you to find them and increase your reimbursement too.
2024-01-0928 minMedical Money Matters with Jill ArenaEpisode 58: Creating a Lasting Legacy: Succession Planning for Your Medical PracticeSend us a textHow do you ensure that your practice not only survives but thrives, long after you've stepped back? It's about creating a legacy, something that stands the test of time and continues to impact the community positively. So, why is succession planning so important in a medical practice? It's about continuity and legacy. Without a clear plan, your practice could face uncertainty or decline after you retire. Succession planning ensures that the quality of care and the business health of the practice are maintained. It’s not just about who will take ove...
2024-01-0209 minMedical Money Matters with Jill ArenaEpisode 57: What if My Partner is Driving Me Crazy? Is It Time for a Practice Divorce?Send us a textWhat should you do when your practice partnership feels more like a sinking ship than a thriving enterprise? If you've been asking, "What if my partner is driving me crazy?" this episode is for you. This is a topic no one wants to talk about, but absolutely everyone needs to consider. And before we dive in, I should say, the objective of this episode is not to fuel animosity but to guide physicians and clinic managers on how to gracefully exit a partnership if it's not working. We want to...
2023-12-2610 minMedical Money Matters with Jill ArenaEpisode 56: Unlock Your Leadership Potential Through Psychological Assessment ToolsSend us a textIn more than 30 years of working with medical practices, I've observed a consistent theme: talented physicians who excel in their field, but face challenges with leadership and people management. Understanding your cognitive, emotional, and behavioral patterns as a leader can significantly impact the productivity and morale of your practice. In general, I am a fan of any tool that improves my own self awareness, and shines lights on my blind spots as a leader. I can then work to develop those skills, or make certain I’ve added people to my te...
2023-12-1913 minMedical Money Matters with Jill ArenaEpisode 55: Developing Your Executive Presence - A Leadership Conversation with Deborah DorsettSend us a textAs a physician, you have tremendous skill and training to be an individual contributor. And, as you're shifting into a leadership role, you may find yourself needing to develop a whole new set of skills. Join me for an in-depth conversation with national physician executive coach and leadership development expert, Deborah Dorsett as she and I explore all of the facets of moving from individual practice to a leadership role. We discuss decision-making, managing the group dynamics, overseeing resources to get things done, all in a manner that doesn't disaffect your...
2023-12-1237 minMedical Money Matters with Jill ArenaEpisode 54: Why is Change so Hard? Change Management and Leading Change in a Medical PracticeSend us a textIn this episode, we tackle a topic that stirs a lot of feelings and opinions—Change Management. If you're leading a medical practice, you'll know what I mean. Change can be one of the most challenging aspects of managing your practice, especially when you've got multiple stakeholders—including physicians—who often have very strong opinions.So let's explore why change is intrinsically hard. You'd think that in an industry that's all about innovation and improvement, change would be welcomed with open arms. But that's seldom the case, isn't it?The pa...
2023-12-0510 minMedical Money Matters with Jill ArenaEpisode 53: You Get What You Measure: Developing a Performance Dashboard for Your Medical PracticeSend us a textIn this episode, we talk about why it's important to focus on metrics and take the time to develop dashboards for your practice. How else can you reasonably measure the health of your medical practice? We talk a lot about measuring our patients’ health, and we have some great examples of this: quality dashboards, full chem panels, diagnostic reports. Today, let’s focus on measuring the health of your business. How do you measure that? Do you rely on intuition, or perhaps gauge how things are going based on the level of ten...
2023-11-2811 minMedical Money Matters with Jill ArenaEpisode 52: Celebrating One Year of Medical Money Matters - A Journey of GratitudeSend us a textMedical Money Matters celebrates it's first birthday! Heartfelt thanks to our entire audience, and all the folks along the way who have contributed either with advice, feedback or encouragement. It's been a journey.Join us for this brief retrospective, and our preview of coming attractions as we kick off Season 2 next week.Please Follow or Subscribe to get new episodes delivered to you as soon as they drop! Visit Jill’s company, Health e Practices’ website: https://healtheps.com/ Subscribe to our newsletter, Health e Connections: http://21978609.hs-si...
2023-11-2111 minMedical Money Matters with Jill ArenaEpisode 51: To Lead or Not to Lead - Advice for Physicians Contemplating Leadership Roles - Interview with Craig Wright, MDSend us a textAs a physician, you may be asking yourself if you should take on a leadership role…or maybe you’re already in one either in your practice, or within your hospital or another organization. As we’ve said many times in this podcast, we didn’t train you for this! Join me for this episode when I talk with Craig Wright, MD, a long-time physician leader who holds multiple leadership roles with groups and boards across the country. He has been the Chief Medical Officer for several different groups over a career th...
2023-11-1432 minMedical Money Matters with Jill ArenaEpisode 50: Why Physicians Should Invest in Real Estate - Interview with Brad ChristiansenSend us a textInvesting in real estate, including medical office buildings and free standing ASC's or Imaging Centers can be a huge part of any medical group's financial strategy. And, it can be scary. Stakes are higher, markets can be volatile, and a poor decision can cost you dearly.In this episode, I talk with Brad Christiansen, Executive Vice President at Colliers International, and a specialist in medical real estate. Brad talks with me about what he's seen in a career that spans more than 20 years and many hundreds of real estate transactions. We...
2023-11-0744 minMedical Money Matters with Jill ArenaEpisode 49: Deciphering ROI & Break-Even Calculations - Your Roadmap to Profitable Decisions in Medical PracticeSend us a textReturn On Investment and Break-Even calculations are two crucial financial metrics that help you make well-informed decisions. While they may seem similar, understanding their differences is the key to using them effectively. Return On Investment gives you a percentage that indicates the profitability of an investment over time. Break-Even, on the other hand, tells you when you can expect to cover your initial investment and start making a profit. When considering new equipment, calculate the ROI by estimating the additional revenue you expect it to generate. Compare this with th...
2023-10-3109 minMedical Money Matters with Jill ArenaEpisode 48: Optimizing and Securing your EMR - Making it Work for You (Not the Other Way Around)Send us a textYou use your EMR all day, every day, and you spend a lot to time and money on it. When was the last time you optimized it? And, how secure is it, really?Join me as I speak with national EMR expert Jensina Hawkins of Mocodile Medical. Jensina works with practices all over the country to assist them in optimizing their EMR. She and I talk about the use of your electronic medical record as a tool, and some common steps you can take to improve your security, and to improve...
2023-10-2439 minMedical Money Matters with Jill ArenaEpisode 47: Understanding Your Scope - Why You Don't Care About $500Send us a textToday, we’re diving into a topic that often gets swept under the rug but holds immense significance—Understanding Your Scope and why, believe it or not, you shouldn't sweat it about that $500. So when I say "scope," I’m talking about the role you play within your medical practice. Are you a physician? A manager? A medical director? Each position should have a range of responsibilities, authority levels and spending levels. Knowing your scope is crucial for optimizing everyone's performance and financial well-being. Think about it like this—each role in a medi...
2023-10-1709 minMedical Money Matters with Jill ArenaEpisode 46: Cost vs. Value – Understanding the Difference in Making Business Decisions Within a Medical PracticeSend us a textThis episode digs into a topic that's close to my heart and incredibly relevant for the financial well-being of your medical practice—understanding Cost vs. Value in Business Decisions. Understanding this concept can be a game-changer in your decision-making process, and it can open you up to huge financial opportunities. The Cost Trap When it comes to making business decisions, the allure of cost-savings is magnetic. I get it; we all want to save money. However, an obsession with cost can be dangerous. You might end up making poor busi...
2023-10-1010 minMedical Money Matters with Jill ArenaEpisode 45: Where and How to Find Cost Savings in Your Practice - Reducing Expenses 201Send us a textAre your practice expenses out of control? Do you wonder where all the money went at the end of each month? Join me for this episode where I talk with Matthew McCreith, a Cost Reduction Consultant with Schooley Mitchell. We delve into places where practices can find cost savings, and what to expect if you engage the services of a cost reduction consultant. Matthew gives our listeners several examples of places to look to improve financial performance, and some great insight from his many years of experience in managing finances for medical practices.
2023-10-0334 minMedical Money Matters with Jill ArenaEpisode 44: Clawing Back at Insurance ClawbacksSend us a textYou’ve probably heard the saying, "Easy come, easy go," right? But in medical practices, when money goes, it's anything but easy. It's stressful, confusing, and can throw a wrench into your operations. You’ve worked hard to provide care for your patients – why would the insurance companies clawback money they’ve already paid you? Insurance clawbacks can be a nightmare. One day you think your accounts receivable is well managed and well organized, and the next thing you know, insurance companies are taking back funds that they’d paid you previously...
2023-09-2609 minMedical Money Matters with Jill ArenaEpisode 43: Guarding Your Medical Practice Against Phishing Scams, Social Engineering, and CybercrimeSend us a textIn a world where almost everything has moved online, cybersecurity is a topic that no one in healthcare can afford to ignore. Whether you're a solo practitioner or part of a large medical group, understanding how to protect your practice from phishing scams, social engineering, and other cybercrimes is crucial. Cybersecurity is a hot topic, especially considering how healthcare organizations are often the primary targets for various cyber threats. Our EMR’s are great targets for hackers, as they contain all kinds of information like dates of birth, social security numbers, and...
2023-09-1910 minMedical Money Matters with Jill ArenaEpisode 42: Navigating the Labyrinth of Professional ReferencesSend us a textToday we're talking about Professional References. How do you get them and how do you give them, especially in our current climate of legal concerns? So, let's start with the basics: why are professional references so important in the healthcare field? References are like the trust currency in the professional world. They provide a third-party validation of a person's skills, character, and performance, particularly crucial in healthcare, where lives are at stake. Today we are going to talk about references from three different perspectives: 1. References for YOU if...
2023-09-1210 minMedical Money Matters with Jill ArenaEpisode 41: Amplifying Voices in the Medical Clinic - A Spotlight on "Invisible Work"Send us a textToday we have a topic that doesn't just resonate with your wallet, but also with your heart and with your team’s morale. The practice of medicine isn’t just about the physicians and clinicians who provide care. It’s a collective effort, and today we’re talking about how to make sure every voice in your clinic is heard—especially those who do the "invisible work." If you've been at this for a while, you might think you know your team inside out. But do you really? Often, the people d...
2023-09-0511 minMedical Money Matters with Jill ArenaEpisode 40: Mitigating the Risk of Sexual Harassment in Your PracticeSend us a textToday we’re diving into a serious and important topic, sexual harassment in the workplace within physician offices. We’ll be exploring the complex power dynamics involved, and focusing on how to mitigate risks, especially in the classic case of a male physician and a female staff member. First and foremost, we must understand what sexual harassment is, and why it is so detrimental to a practice. It goes beyond inappropriate comments or actions; it's about an abuse of power that can erode trust and create a hostile work environment. The...
2023-08-2910 minMedical Money Matters with Jill ArenaEpisode 39: Appropriate Appreciation for Your Fabulous TeamSend us a textToday, we're diving into a subject close to my heart: showing appropriate appreciation for your incredible staff members. They're the backbone of your practice, so how can you make them feel valued and recognized? We’ll explore why they need appreciation, how best to show it, and some brilliant solutions that are both free and cost money. Our patients come to us when they’re not at their best. They hurt, they’re sick, they’re scared, and occasionally, they take it out on the team. This can make the medic...
2023-08-2211 minMedical Money Matters with Jill ArenaEpisode 38: Delegating Like a BossSend us a textDelegation is more than just a buzzword. It's a vital skill that allows you to work at the top of your license, utilizing your full skill set, while entrusting certain tasks to the least cost, most competent person in your office. It's about efficiency, effectiveness, and empowerment. The modern medical practice is filled with complexity. As a physician, you went to medical school to heal and care for patients, not to drown in paperwork or administrative tasks. Delegating these responsibilities is not just a convenience—it's a necessity. Delegation enab...
2023-08-1511 minMedical Money Matters with Jill ArenaEpisode 37: What’s All This Hype About Strategic Planning?Send us a textAs the old saw goes, “If you don’t know where you’re headed, any road will do.” In thinking about Strategic Planning, there are entire books written on the subject. In the spirit of giving you the condensed version, my favorite statement about strategic planning is that it really boils down to answering three questions: 1. Who are we? 2. Who do we want to be? 3. How will we get there? There are many consultants out there who do strategic planning for a living, and there are many ways to m...
2023-08-0814 minMedical Money Matters with Jill ArenaEpisode 36: Physician Compacts - Intentionality in Your CultureSend us a textWe've talked in previous episodes about physician contracts, and have compared and contrasted them with physician compacts. At its core, a Physician Compact is a mutual agreement between physicians and their organizations. These are not legal documents, like a contract, but living, breathing agreements that serve as the foundation for mutual expectations and accountability. But they are not just about creating rules and guidelines; they are tools for intentionally developing a culture within your practice. Now, you may wonder: Why should you consider implementing a Physician Compact? The answer lies in t...
2023-08-0109 minMedical Money Matters with Jill ArenaEpisode 35: Surviving and Thriving Through Physician Compensation System ChangesSend us a textPhysician compensation changes are:a) A sticky wicketb) The thing administrators lose their jobs overc) More emotionally charged than any other practice topicd) Best when planned and communicated welle) All of the aboveE! Join us for this episode where I talk with national healthcare consultant and physician compensation expert, Steve Franey. He breaks down the hows and the whys and the whats of physician compensation and how best to change a physician compensation system when the time has come. ...
2023-07-2551 minMedical Money Matters with Jill ArenaEpisode 34: What is Appropriate Oversight by Owners?Send us a textAs an owner in your business, how much time and energy should you spend overseeing the operations? What constitutes too much oversight? What’s too little? We see altogether too many groups who have too little oversight, which means too many of the owners of the practice are not really paying attention to the business itself. The unfortunate outcome of that in many cases is embezzlement. Or, sometimes it is limited to a loss of control over important business functions, or a loss of data if someone in a key role lea...
2023-07-1810 minMedical Money Matters with Jill ArenaEpisode 33: Governance vs. Management – Utilizing a Decision MatrixSend us a textSince we don’t give physicians any business training as part of your education, we see many groups that have governance, leadership and management totally conflated. We see groups of physician owners who spend far too little time in oversight, and some who spend far too much time in the day-to-day operations. The trick is to get it just right where leading the group is concerned. Governance concerns itself with how the entity is run, how it makes decisions, and who is empowered to make decisions at what level. It’s...
2023-07-1111 minMedical Money Matters with Jill ArenaEpisode 32: When Your Team Performs Well, and When They Don’t – The Art of Coaching, Counseling, Disciplining, and TerminationSend us a textIn several of our past episodes, we’ve been talking about when an employee is no longer effective for your group. In most cases, most of our team IS effective, and they generally fall on a continuum in terms of what they need from management and leadership: Coaching Counseling Disciplining and finally, if all else fails, Termination In working with team members, most will be at the coaching end of the spectrum, and that’s where most people stay for most of the time. They may need occasional coaching or reminders about how...
2023-07-0411 minMedical Money Matters with Jill ArenaEpisode 31: Severance - Creating a Clean DepartureSend us a textIn a recent episode, we talked about when a leader is no longer effective for your group. As we said, it’s important to engineer a clean departure for them, and a severance package can go a long way to doing that. If your executive leader needs to be transitioned out, and it’s not voluntary on their part, a Severance Agreement can help to create a smooth landing for them. It allows you to honor their years of service, assuming most leaders have added a great deal to the group at so...
2023-06-2710 minMedical Money Matters with Jill ArenaEpisode 30: Managing Business Risk with Malpractice, Cyber and EPLI Coverage - Insurance 101Send us a textManaging business risk is becoming a larger issue for medical practices every day. Risk of lawsuits and penalties or fines for being out of compliance is high, and with our society becoming more and more litigious, it is paramount to manage that risk.Good communication, good systems and good workflows can mitigate quite a bit of risk, and it's important to round out your strategy with a good complement of insurance products. While there are many on the market today, our expert, Shawn Chummar helps to walk us through some of...
2023-06-2038 minMedical Money Matters with Jill ArenaEpisode 29: Exiting an Ineffective LeaderSend us a textWe’ve been talking about the powerful leadership dyad – what if yours isn’t working? What if your executive leader is ineffective? Or worse yet, berating staff or being inappropriate with patients and creating risk for the practice? We’ve been called into many practices over the years where a leadership transition is taking place, or it is painfully obvious that one is needed, but no one knows where to begin. This is fairly common. In many cases, the group has a leader who started off just fine, and over a course o...
2023-06-1310 minMedical Money Matters with Jill ArenaEpisode 28: Physician Contracts - Codifying How We Work TogetherSend us a textTerminating a physician’s employment is not anything anyone wants to do, but if it becomes necessary to part ways, some well-constructed Employment Contracts and Partnership Agreements can make this as smooth as possible. If they are not well constructed, you are leaving yourself open for all kinds of unnecessary expense and complication. In short, admitting someone to your business’ partnership is a bit like getting married. You want to be sure you’ve spent enough time together to know that you are philosophically aligned and that you get along. You may not...
2023-06-0611 minMedical Money Matters with Jill ArenaEpisode 27: The Bad Partner – Why Intentional Culture is so ImportantSend us a textManaging poor physician behavior…I can almost hear you shudder. We see many groups tolerating inappropriate, risky and even outright illegal behavior from physicians, especially those who are partners in their groups. It’s almost as if they can act with impunity, as no one sees it as their responsibility to coach, counsel or discipline a physician. And groups will rarely terminate a physician, even those with the most egregious behaviors. This sets up a great deal of stress and discomfort, especially if the physician in question is a partne...
2023-05-3011 minMedical Money Matters with Jill ArenaEpisode 26: Adding New Clinicians to Your Practice - Recruiting or Dating?Send us a textWhen making a decision about when to add a new clinician to a growing practice, it’s easy to default to making this on an emotional basis. You may think, “I’m crazy busy, and can’t possibly keep up this pace – we need to hire a new doctor!” Or, you’re hearing from your colleagues, “OMG, I can’t keep up – too many new patients – we need to add someone right away!” or you hear from one of your patients, “Wow, it took me 3 months to get this appointment!” All of these things are important...
2023-05-2312 minMedical Money Matters with Jill ArenaEpisode 25: You and Your Executive Counterpart: The Powerful Leadership DyadSend us a textYou’ve done it! You’ve made the investment in an executive leader for your practice (or maybe you’ve had one for years) and now you’re ready to take that working relationship to the next level. What should it look like? First of all, and most importantly, it must sit on a foundation of mutual trust and respect. This is a “you know it when you see it” situation, so ask yourself, “Do I trust and respect my executive leader?” If you pause, or your answer is “no” or if your working partner...
2023-05-1610 minMedical Money Matters with Jill ArenaEpisode 24: Investing in Executive Leadership for Your PracticeSend us a textI see far too many practices who underinvest in executive leadership. I can speculate on the various reasons for this, not the least of which are cost and ceding control, which feels uncomfortable. I frequently speak with physicians who don’t know what is reasonable to expect from their executive leadership. In short, the person or the team who has been hired to run your practice should be your trusted partner and should be looking out for all aspects of the business part of your practice. He or she should be ab...
2023-05-0910 minMedical Money Matters with Jill ArenaEpisode 23: Your Greatest Resource - The Human OneSend us a textIn our last episode, we got to visit with Joe Mull, author, speaker and trainer about all things “employee retention.” I enjoyed the conversation, and the fact is, when you think about your practice as a business – and I hope you are by now! – the people are the most expensive, and most important part. You simply can’t deliver really great patient care without your team.And, sometimes having people in the equation just makes things really complicated! Any time we’re wrangling with a particularly gnarly staffing issue, I’ve been known to...
2023-05-0212 minMedical Money Matters with Jill ArenaEpisode 22: Ignite Commitment - Improving Employee Retention to Keep Costs DownSend us a textWhat is the secret to building great teams and retaining energized and committed employees in today's workplace? If you have any staffing "woes" at all, you'll want to catch this episode. I interview Joe Mull, author of three books, including the forthcoming "Employalty," speaker, trainer, founder of the Boss Better Academy and expert on today's employment trends.Joe has spent more than 20 years in healthcare, and he and I reflect on current employment trends, living wages, and how to Boss Better. You don't want to miss this one! Joe's new book...
2023-04-2544 minMedical Money Matters with Jill ArenaEpisode 21: When Patients Don't Pay - To Collections or Not to CollectionsSend us a textWhen a patient has an outstanding balance that they owe you, it’s important to make a distinction: there are some patients who are not able to pay – I recommend that you be compassionate, creative, and generous with those folks. Almost all of them want to pay in some way. Then there are the other type, those patients who are choosing not to pay. Those folks should be held responsible, and may need to be reminded that they owe you for the service you provided. First off, using a collection agency is en...
2023-04-1811 minMedical Money Matters with Jill ArenaEpisode 20: Deductibles, Coinsurance and Copayments - Lions, Tigers and Bears, Oh My!Send us a textWhen you think about the complexities that employers face when they select their health plan for this year, there’s a very good chance that your patients’ benefits have changed in some way from what they were used to from last year. Add to that fact that no one really reads all the way through that nice benefits statement that human resources gives them…and then your patient appears in your office with a new problem. You might need diagnostics, or a new prescription medication, or a referral to a sub-specialist. Or maybe you ar...
2023-04-1113 minMedical Money Matters with Jill ArenaEpisode 19: Getting Money Over the Front CounterSend us a textToday, we’re going to talk about the most powerful question your front office team can ask to collect money over the front counter. We’ve trained our patients over the years that they don’t have to pay for their visit for several months AFTERWARDS…wow…I don’t know of any other industry that allows its customers such lax payment terms! In doing this, you are effectively making interest free loans. Don’t. Please Follow or Subscribe to get new episodes delivered to you as soon as they drop...
2023-04-0409 minMedical Money Matters with Jill ArenaEpisode 18: Surprising Things About the No Surprises ActSend us a textThe No Surprises Act went into effect on January 1, 2022 and many practices are still confused about how to administer it, and what the ramifications are for groups that don't. Join me for an in-depth discussion with healthcare attorney Grant Engrav, one of the nation's experts on this new legislation. How do you determine whether or not you need to give a patient a Good Faith Estimate? And, if there is a dispute, how does that get resolved?Grant breaks it down for physicians and administrators and discusses the inroads m...
2023-03-2828 minMedical Money Matters with Jill ArenaEpisode 17: The Front Office - Where the Revenue Cycle BeginsSend us a textIn thinking about our Revenue Cycle as a whole, it truly begins at the front desk. When your new patient calls for the first time, and the new patient registration process begins, you are setting yourself up for success or failure, depending on how you’ve set up your front desk. How well have you trained your front office on proper data collection? Do they understand how crucial their work is, and do they feel appreciated for doing a good job? Your front desk is the face of the clin...
2023-03-2111 minMedical Money Matters with Jill ArenaEpisode 16: Taking Care of the People Who Take Care of the MoneySend us a textThere are many things that help to improve retention and one of them is money. I’ve seen many groups who have bonuses, but while all are well intended, many are set up in a way that are difficult to administer, or even counterproductive. I encourage our clients to set up performance-based incentive compensation programs so that they are paying their teams additional compensation that is completely based on how well the team performs. There is nothing subjective about it – it’s all easily measurable, and this is key. Join me for our...
2023-03-1411 minMedical Money Matters with Jill ArenaEpisode 15: Who Am I Taking Care Of? Why Payer Mix MattersSend us a textSo the notion of picking and choosing patients based on their insurance coverage might be met with a little resistance, or frustration or maybe even righteous indignation! Bear with me. I’m guessing you went into medicine to care for ALL patients, regardless of gender, race, ethnicity or any other differentiating factor. Thank you. It is important to understand that while all patients are created equally, not all insurance payers are created equally. Some pay above your cost, and some pay below it. In Episode 9 of Medical Money Matters, we talked abo...
2023-03-0710 minMedical Money Matters with Jill ArenaEpisode 14: Insurance Companies, What Have You Done for Me Lately?Send us a textOne of the most effective ways to increase income in a medical practice is to review and renegotiate your contracts with the insurance companies in your market. Many clinics we are called into have not reviewed their contracts for 5, 8, or even 10 years. I’m certain that your expenses have been going up over that time period. If you’re not renegotiating your contracts, you are tacitly agreeing to take home less pay each year. Don’t.This episode of Medical Money Matters focuses on how to renegotiate your contracts successfully, even if you...
2023-02-2812 minMedical Money Matters with Jill ArenaEpisode 13: Coding: Bane of Your Existence or Key to Your Success?Send us a textFirst of all, for physicians, improving coding is a must. I can hear your deep sigh… so many coding seminars… so many rules to remember… so much BS! Yes, it is. And, it’s how you get paid. Join me for this episode of Medical Money Matters where we talk about ways to get paid for everything you've done for your patients. We also review how to partner with your coders, how to conduct coding reviews, and how to create feedback loops that make the whole system hum. Get over the fear of...
2023-02-2110 minMedical Money Matters with Jill ArenaEpisode 12: If it Ain't Written Down, it Didn't HappenSend us a textMedical scribes can have a tremendous positive impact on a clinic's bottom line and on the professional satisfaction of physicians. They can also lower risk for coding audits by improving documentation and assisting busy clinicians in remembering what they did for their patients and why.Join me for an educational conversation with Warren Johnson, CEO of Scribe-X, a national medical scribe company as we talk about scribes. We explore all aspects of adding a scribe to your practice, and Warren shares experiences from many of their clients all over the country.
2023-02-1436 minMedical Money Matters with Jill ArenaEpisode 11: Bring Home the Bacon!Send us a textAlmost every physician I’ve met went into medicine because he or she was called to help their fellow human beings to be healthier and happier and to relieve pain and suffering. This is a noble profession, and you all have my utmost gratitude for the difference you make in this world. All of those wonderful traits may leave you feeling a little disconnected from the notion of collecting money for what you do, or even a bit "squeamish" about things that seem too “business-ey”. It might even occur for you as "mer...
2023-02-0709 minMedical Money Matters with Jill ArenaEpisode 10: Where Did All the Money Go? Overhead!Send us a textWhere did all the money go? Overhead in a medical practice can be one of those things that seems out of control to the owners. You're working really hard, seeing a lot of patients, and it seems like there should be a lot of money coming in. At the end of the month, you may find yourself wondering where it all went.This episode of Medical Money Matters podcast delves into the spending part of the business, or "overhead"! One of the biggest parts of overhead is staff salaries, and one...
2023-01-3111 minMedical Money Matters with Jill ArenaEpisode 9: Demystifying Financial StatementsSend us a textSo, each month you attend your board meeting, or you meet with your bookkeeper and somewhere along the line, someone hands you a whole bunch of reports with numbers on them. In our second episode, we started to talk about those in reviewing the Language of Finance. In our third episode, we broke down the Profit & Loss Statement a bit more in reviewing how to create a Budget. Today, we’re going to delve a bit deeper into the financial reports you’re likely to see, and why they’re important. Sometim...
2023-01-2411 minMedical Money Matters with Jill ArenaEpisode 8: Embezzle-proofing Your PracticeSend us a textIn our last episode, we heard from Tiffany Couch, national expert on insider fraud and embezzlers. Now you're focused on what you can do to safeguard your practice. We learned that physicians are trusting individuals, and since we haven’t given you any business training, you’re also easy targets for embezzlers. In my thirty years in the industry, I’ve seen some embezzlers who move from practice to practice, continuing their crimes. There are some simple steps you can take as a business owner to safeguard your assets – businesspe...
2023-01-1711 minMedical Money Matters with Jill ArenaEpisode 4: How Doctors Get Paid: Understanding Your Revenue CycleSend us a textJoin our host Jill Arena for the fourth podcast of her new series, Medical Money Matters. Jill has a huge passion for seeing medical groups as a thriving part of the healthcare ecosystem, and for completing the education of our physician leaders. In this fourth episode, she sits down with national revenue cycle experts, Kem Tolliver and Taya Gordon. Kem and Taya are the authors of Revenue Cycle Management: Don’t Get Lost in The Financial Maze, which can be purchased from MGMA here: https://mgma...
2022-11-1542 minMedical Money Matters with Jill ArenaEpisode 1: What They Don't Teach You in Medical SchoolSend us a textIn this country, we do a fabulous job of training clinicians to be good doctors - we give you the latest and greatest diagnostics, cutting edge pharmaceuticals and world class technology. And, we completely fail to train you about business. In eight years of formal education, there are no classes on finance, leadership or contract negotiations. Nothing about managing people or leading change.Join your host, Jill Arena for this new podcast which will bring you bite-sized, digestible pieces of knowledge culled from the last 30 years she has spent working in...
2022-11-1511 minMedical Money Matters with Jill ArenaEpisode 2: The Language of FinanceSend us a textJoin our host Jill Arena for the second podcast of her new series, Medical Money Matters. Jill has a huge passion for seeing medical groups as a thriving part of the healthcare ecosystem, and for completing the education of our physician leaders. In this second episode, she begins to untangle the complicated terminology of finance, and demystifies many terms. Come along to learn this new language. Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self Join our M...
2022-11-1511 minMedical Money Matters with Jill ArenaEpisode 3: All Things BudgetsSend us a textJoin our host Jill Arena for the third podcast of her new series, Medical Money Matters. Jill has a huge passion for seeing medical groups as a thriving part of the healthcare ecosystem, and for completing the education of our physician leaders. So, what’s all this hullabaloo about budgets? And why would you want one? Consider that a budget is like your financial GPS. By utilizing one, you can determine where you’d like to go financially, and then you can assess your progress against that plan. ...
2022-11-1510 min