Jan 10, 2024
In this solo episode of the Leaders in Medical Billing podcast, I reflect on the insights and lessons learned from the past two years of engaging with industry leaders. As we step into 2024, I aim to provide valuable takeaways for medical billing companies looking to strategize their growth in the coming years.
Key Themes from Past Episodes
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Delegation: A recurring topic has been the challenge of delegation. I shared my personal experience with Dan Sullivan's unique ability exercise, which helps identify tasks to delegate, allowing business owners to focus on their strengths.
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Decreasing Reimbursements: Many guests discussed the use of offshore labor to manage payroll expenses and the balance between onshore and offshore teams.
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Innovative Pricing Models: Robert Kowalik's approach to variable pricing based on claim processing time was highlighted as a creative solution to decreasing margins.
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Employee Growth: The importance of providing growth paths for billing staff was emphasized by guests like Gary Siano and Emily Ostek.
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Impact of Private Equity: The influx of private equity in healthcare and its implications were discussed, along with strategies for sales growth and acquisitions.
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Compliance and Transparency: Mark Haskelson spoke on compliance, and the challenges of price transparency and the No Surprises Act were addressed.
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Government Engagement: Andrew Graham and Matt Tamez shared their experiences with lobbying and advocating for change at the state level.
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Front Desk Efficiency: Robin Goldberg's strategies for addressing billing issues at the front desk were explored.
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Technology and Automation: The role of AI, RPAs, and machine learning in the future of medical billing was a significant focus, with the emphasis on the need for clean data.
Personal Advice and Future Plans
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Customer Engagement: I advise engaging with clients to understand their concerns, opportunities, and strengths. This understanding can lead to creating more value and avoiding commoditization.
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Education and Networking: Staying informed through industry conferences, publications, and other resources is crucial for success.
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Upcoming Guests: We look forward to featuring guests who are not only identifying problems but also offering solutions and success stories.
This episode is sponsored by 4D Global. Visit them at 4dglobalinc.com.
[00:01:46] Delegation challenges and solutions.
[00:05:08] Price transparency and education.
[00:09:03] Understanding client's pain.
[00:11:52] A prosperous and successful 2024.
For more insights and takeaways, visit www.leadersinmedicalbilling.com. This episode is sponsored by 4D Global, empowering medical billing companies to grow through offshore staffing. Visit them at www.4DGlobalInc.com