Setting your focus in 2024

Leaders in Medical Billing

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

• 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.

• Decreasing Reimbursements: Many guests discussed the use of offshore labor to manage payroll expenses and the balance between onshore and offshore teams.

• Innovative Pricing Models: Robert Kowalik's approach to variable pricing based on claim processing time was highlighted as a creative solution to decreasing margins.

• Employee Growth: The importance of providing growth paths for billing staff was emphasized by guests like Gary Siano and Emily Ostek.

• Impact of Private Equity: The influx of private equity in healthcare and its implications were discussed, along with strategies for sales growth and acquisitions.

• Compliance and Transparency: Mark Haskelson spoke on compliance, and the challenges of price transparency and the No Surprises Act were addressed.

• Government Engagement: Andrew Graham and Matt Tamez shared their experiences with lobbying and advocating for change at the state level.

• Front Desk Efficiency: Robin Goldberg's strategies for addressing billing issues at the front desk were explored.

• 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

• 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.

• Education and Networking: Staying informed through industry conferences, publications, and other resources is crucial for success.

• 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.