Full Transcript Introduction and episode overview 0:00 This episode is your playbook, a practical, no-nonsense guide to help you take stock, refocus, and align your team around what really matters. 0:10 Whether you're an administrator, physician leader, or part of an executive team, this conversation is meant to lay the foundation for a smarter, 0:19 stronger year ahead. 0:22 Welcome to Medical Money Matters, the podcast where you can find experts, answers and resources so that you can achieve mastery over the financial and 0:34 business aspects of your practice. 0:38 Hello everyone, I'm your host Jill Arena. 0:41 I began my career in accounting and finance and I have more than 30 years of experience running medical groups. 0:48 i own and operate a national healthcare consulting and revenue cycle company and i am the author of Physician Heal Thy Financial Self. 0:57 In 2020, I co-founded the Physician Leadership Project, and in 2025 I released Physicians Edge, the first of its kind CME accredited online business education 1:10 for physicians. 1:11 My passion is to increase financial and business literacy for Physicians. 1:18 Episode 166. Forget resolutions. 1:23 Step boldly into the new year with a private practice survival guide. 1:29 The calendar flipped and now every private practice has a choice.
Financial stability and 2026 forecasting 1:33 Coast into the new year or step boldly into it with a plan. 1:38 2026 is already shaping up to be a big year for healthcare. 1:43 From financial tightening and operational pivots to compliance shifts and new technologies, there's no shortage of challenges or opportunities. 1:53 And the practices that prepare now, that move with clarity and intention, are the ones that will stay strong, stay independent, 2:01 and thrive. 2:03 This episode is your playbook, a practical, no-nonsense guide to help you take stock, refocus, and align your team around what really matters. 2:13 Whether you're an administrator, physician leader, or part of an executive team, this conversation is meant to let you lay the foundation for a smarter, 2:22 stronger year ahead. 2:24 Let's dive in. 2:26 First things first, financial stability. 2:29 For most practices, the pressure has only increased. 2:33 Staffing costs are up, payer relationships are harder, and patient out of pocket collection continues to be a challenge. 2:40 So, if you haven't already, this is the time to revisit the basics. 2:45 Start by reviewing your 2025 performance. 2:48 Where did your revenue actually come from? 2:50 What was your payer mix? 2:52 Were denials an issue? 2:54 Did you leave money on the table through underbilling or undercoding or missed follow-ups? 3:00 Too often, practices move forward on assumptions about profitability, about reimbursement, and about where the real friction points are in their revenue cycle. 3:10 But assumptions can be expensive. 3:12 Take the time to really dig into your data. 3:16 Then use what you find to build a realistic financial forecast for 2026. Don't just recycle last year's budget, as tempting as that may be. 3:26 Build a few different scenarios, best case expected and lean. 3:32 That flexibility helps you respond to surprises without scrambling. 3:36 Set growth goals that make sense. 3:39 That might mean expanding services, renegotiating payer contracts, updating your fee schedule, or tightening up patient collections. 3:48 Even small gains here can have a meaningful impact on your bottom line. 3:53 And remember, revenue cycle management is foundational. 3:57 If you don't have strong processes around pre-authorizations, claim scrubbing, follow-ups, and denials, you are guaranteed to leak revenue. 4:06 A revenue-cycle assessment is a great way to start the year. 4:11 And yes, healthy practices can help with that. 4:15 Let's shift gears to operations. 4:17 Every practice has unique workflow challenges, but some things are universal.
Operations, staffing, and workflow efficiency 4:22 If your staff is stretched thin or your processes feel clunky, this is the time to address it. 4:29 Start with your people. 4:30 Look at staffing levels, turnover rates, and burnout indicators. 4:35 if you're seeing absenteeism, disengagement, or high turnover, those aren't just HR issues. 4:41 They're operational red flags. 4:44 Consider where your workflows are bogged down. 4:47 Are you over relying on manual processes? 4:50 Are there inefficiencies in patient intake, scheduling, or billing handoffs? 4:55 What's stealing time from high value work? 4:59 Lean into automation where it makes sense. 5:02 You don't need to automate everything, but if your team is spending hours on tasks that software can actually handle, you're not making the best use of 5:11 your talent. 5:12 Also, look at your appointment utilization. 5:15 Are your schedules aligned with patient demand? 5:18 Are you losing potential revenue through no-shows or inefficient booking patterns? 5:23 Sometimes operational improvement starts with better visibility. 5:28 A quick note here, operational issues almost always show up in your culture. 5:33 If your team is overwhelmed, frustrated, or constantly improvising, it's a sign that your systems need tightening. 5:41 When you improve operations, you improved morale. 5:45 And that leads us into a critical part of this playbook, your human resources strategy. 5:52 Private practices often under-resource HR. 5:56 It becomes a reactive function, focused on hiring, payroll, and compliance. 6:01 But in 2026, HR needs to be a strategic pillar. 6:05 You cannot run a successful practice without a strong people strategy. 6:11 Start by evaluating your staffing health. 6:14 What does your turnover data look like? 6:16 What are you hearing in exit interviews or in the quiet moments between staff meetings? 6:22 Who's thriving and who is just hanging on? 6:26 You need a proactive recruitment and retention plan. 6:29 This starts with smart job descriptions, clear expectations, and a hiring process that screens for values and adaptability, 6:38 not just technical skills. 6:40 And once people are on board, how are you engaging them? 6:44 Regular check-ins, not just annual reviews. 6:47 Recognition for great work. 6:50 Transparent communication about what's coming and where the practice is going. 6:54 Those things matter now more than ever.
HR strategy, retention, and succession planning 6:58 Don't forget development. 6:59 Your high performers want to grow. 7:02 Are you giving them that opportunity? 7:04 That might be a new certification, a stretch assignment, or leadership training. 7:10 Even small investments here pay big dividends in morale and retention. 7:16 Succession planning matters too. 7:18 If you have key staff nearing retirement or just burning out, what's the plan? 7:24 Who's ready to step up? 7:25 Do they know it yet? 7:27 Are they being prepared? 7:29 And finally, cross-training. 7:31 It may not be glamorous, but it is essential. 7:34 A resilient team is one that can flex when life happens. 7:38 When someone's out sick, when someone moves on. 7:41 Don't wait for the crisis to build your bench. 7:45 You're listening to Medical Money Matters, a weekly podcast brought to you by Healthy Practices, A healthcare consulting and revenue cycle company dedicated 7:55 to keeping our clients independent. 7:57 Please reach out if we can do anything at all to support your practice. 8:02 You can find more information online at healtheps.com. 8:07 That's www.healtheps dot com. 8:12 Please follow or subscribe to get all future episodes downloaded as soon as they're released. 8:19 Next, let's talk compliance. 8:22 It's not the flashiest part of the business, but it is non-negotiable. 8:26 And it's easy to let this slide until something goes wrong. 8:30 The start of a year is the perfect time for a compliance reset. 8:34 Schedule annual training refreshers, HIPAA, OSHA, billing practices. 8:39 Make sure every staff member knows what's expected and what is at stake. 8:44 Stay current on regulatory changes. 8:47 CMS updates, OIG focus areas, state-level mandates, they change every year.
Compliance reset for the new year 8:54 If you don't have someone keeping an eye on this, assign it or outsource it. 8:58 But don t assume that what was compliant in 2025 still is in 2026. Review your documentation standards. 9:08 Are your providers coding and charting in a way that supports billing accuracy and audit defensibility while maximizing revenue for what they've done? 9:17 If that's not optimized, it's time to tighten up. 9:21 Compliance isn't about fear, It's about integrity. 9:24 It protects your staff, your patients, and your practice. 9:28 And when done right, its strengthens your culture. 9:32 Now, technology. 9:34 It's easy to get overwhelmed here. 9:36 Every week, there's a new app, a AI tool, or a EHR add-on promising to save the day. 9:43 But not all tech is good tech, and not investment is smart investment. 9:49 Start by assessing what you already have. 9:52 Is your EHR working for you, or are you working around it? 9:56 Are your systems integrated, Or are manually duplicating efforts? 10:01 Is cybersecurity where it needs to be? 10:03 2026 is a good year to get serious about data, not just for compliance, but for business intelligence. 10:12 Can you see your no-show rates, your pair denial trends, and your referral patterns? 10:17 If not, you're flying blind. 10:20 Then think about patient-facing tech. 10:23 Online scheduling, digital intake, patient portals, these aren't optional anymore. 10:28 They're table stakes. 10:30 Patients expect convenience, and staff expect tools that reduce their load. 10:36 As for AI, yes, it's here.
Technology, AI, and patient-facing tools 10:39 And yes it has real value. 10:41 But tread carefully. 10:43 Use AI to enhance, not replace. 10:46 Great use cases include helping with documentation, claim scrubbing, or patient reminders. 10:51 Never let it compromise quality, safety, and trust. 10:56 The rule of thumb? 10:57 Only invest in tech that solves a problem you actually have. 11:01 And only roll out tools your team is trained and willing to use. 11:07 Finally, let's talk about strategic alignment. 11:10 You can have great ideas, great people, and great tools, but if they're not aligned, they won't get you very far. 11:17 Take time this month to bring your leadership team together. 11:20 Take a look at your long-term strategic plan and align so that you have three to five strategic priorities for the year. 11:28 Not a wish list, a real plan. 11:30 Things you're committed to moving forward on. 11:33 And if you don't have a current strategic planning, it's time to make one. 11:38 Again, healthy practices can help with that too. 11:42 Then align each department's goals to those priorities. 11:46 Make sure every leader knows how their team contributes to the bigger picture. 11:50 Build in accountability. 11:52 That might mean monthly check-ins, dashboards, or quarterly reviews. 11:56 Whatever the format, make it consistent. 11:59 What gets measured gets managed. 12:02 And don't forget communication. 12:04 Your staff can't buy into a vision they don' understand. 12:08 Share your goals. 12:09 Celebrate progress. 12:11 Be transparent about challenges. 12:14 A culture of clarity is a culture trust. 12:17 And trust is the foundation of high functioning teams. 12:21 Leadership development is part of this too. 12:24 Make sure your leadership team is growing alongside the organization. 12:28 That might mean coaching, training, or just carving out time to think strategically instead of always reacting. 12:35 At Healthy Practices, we walk the walk here.
Strategic alignment and leadership development 12:38 Every leader on our team has a professional development budget. 12:41 We talk about our learning goals every year, not just because it feels good, but because is keeps us sharp and aligned. 12:49 And if you're looking for help in any of these areas, financial planning, revenue cycle assessments, compliance updates, 12:56 tech strategy, or team training, we're here. 13:00 From our core offerings to our curated referrals, We're committed to helping practices stay independent, smart, and strong. 13:08 This new year isn't about doing everything, it's about the right things, on purpose, with the support. 13:15 You don't need a perfect plan, you need one that's grounded in your values, aligned with your strategy, and backed by a team that believes in the mission. 13:26 So here's to a bold, clear-eyed, high-impact new-year. 13:31 Until next time. 13:33 Thanks for tuning in to today's episode of the Medical Money Matters podcast. 13:38 Before you go, let me ask you, are you ready to take your medical group's coding to the next level? 13:45 Because that's where code mastery comes in. 13:48 Code mastery isn't just another coding program. 13:51 It's the ultimate physician-to-physician training solution to maximize your revenue and empower your physicians with the skills they need to code confidently 14:01 and win the coding game. 14:03 From comprehensive high-octane training to actionable insights, Code Mastery gives you the edge you've been looking for. 14:11 Don't leave money on the table. 14:13 Visit healtheps.com slash code mastery to learn more and take control of your coding today. 14:21 Let's transform your practice's financial future starting now. 14:26 See you next time on The Medical Money Matters Podcast. 14:34 you
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