healthcarebusiness

Frank Corcino, has been in healthcare for the past 38 years. Starting in the healthcare debt collection business, he made a strategic shift into cash acceleration with early-age receivables. Currently Frank serves as a National Market Leader for Financial Operations in OnPoint Healthcare Partners, a boutique consulting firm in Texas. He acknowledged the ongoing struggles of hospitals with expense management, automation, and the need for a hybrid model of operations. As hospital operating incomes are at an all-time low and claim denials are growing, Frank sees technological solutions such as AI and NLP as vital to streamlining processes and reducing issues in revenue cycles. He mentions the successful use of software programs like OnPoint's virtual assistant in transcribing clinical notes for doctors, saving valuable hours each day. The episode ended with Frank discussing how he sees the future of healthcare, the likelihood of more outsourcing in the future.

Show notes

• [00:00:00] Introduction: Frank's 38 Years of Healthcare Experience
• [00:00:17] Early Career: From Collections to Cash Acceleration
• [00:02:34] Current Role: National Market Leader at OnPoint Healthcare Partners
• [00:04:09] Challenges in Healthcare: Seeking Efficiency amidst Struggling Automation
• [00:06:23] Solutions to Cash Flow Issues: Better Management of CDM
• [00:08:52] Staff Shortage: Transition towards Younger, Low-cost Managers
• [00:10:27] Addressing Hospital Financial Struggles: The Role of Technology
• [00:14:07] Streamlining Process: The Impact of Robotics and OCR Scanning
• [00:16:56] Impact of AI and NLP: Accurate Clinical Notes for a Smooth Revenue Cycle
• [00:18:51] Patient-Physician Separation: Unique Technologies to Enhance Care and Payments
• [00:24:22] Future in Healthcare: Openness to Alternative Solutions
• [00:26:00] OnPoint's Virtual Assistant Tool
• [00:28:50] Frank's Future Plans

IRIS - https://info.onpointhealthcarepartners.com/iris-virtual-clinical-assistant-0

What is the one thing you can do to better grow your healthcare business? Marc Haskelson, President and CEO of Compliancy Group, argues that meeting compliance standards is not just about meeting legal requirements. Meeting compliance standards help you serve your clients better, give better tools to your staff, and increase profitability by 15%. Compliance is no longer a “big business” requirement, so tune in and hear what you need to know to realize the benefits of compliance.

Episode Summary:

In this episode of Practice Growth HQ, my guest Morne Smit and I discuss how to build a multi-million dollar healthcare business. 

Morne has a postgraduate degree in Marketing and Economics, and has spent years in the business planning, budgeting and management space. He has a passion for codifying best practices and coaching teams for peak performance.

In this episode Morne takes us through where to begin if you’re looking to grow your practice and take it to a higher level financially. He also shares insights around where health professionals are going wrong and why the key to success lies in narrowing your focus.  

If you want the exact steps to skyrocket your business sales and profits, this episode is for you!  

What you’ll learn: 

• (06:04) Want to grow your business into 7 figures? Morne shares what you need to do before you can start to scale
• (12:24) Discover why simply being good at your profession isn’t enough if you want to build a big business
• (14:18) Find out how a struggling legal practice came up with an innovative way to grow 4X their business   
• (18:13) Discover why the key to business success lies in narrowing your focus 
• (24:29) Morne unpacks how to create a repeatable selling system to skyrocket your sales    
• (33:15) Experience marketing: What can piano giant Steinway teach you about marketing your healthcare practice? 
• (38:54) Net Promoter Score: What is it and why is it important?  
• (40:44) Learn how to create an ‘11-star’ experience for your patients (the cheapest marketing method you can implement!) 
• Plus loads more! 

Links and Resources: 

Website: www.emersesales.com

OVERVIEW:

Be clear on what problem you can solve, and people will listen.

JJason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with Amelia Roberts, Visibility Strategist, Relationships Facilitator, as well as the Founder of Solutions by Amelia. When it comes to Entrepreneurship and Marketing, Amelia's passion is second to none. In this episode, she gives us a glimpse of her years of experience in building clients’ businesses, discussing a wide variety of concepts, best practices, and personal anecdotes.

3 KEY POINTS

1. Apply systems, simplify approaches, and optimize your marketing strategies.
2. Nurture your relationship with your clients.
3. Communicate the problem you can solve, and people will listen.

EPISODE HIGHLIGHTS

• Growing up in an entrepreneurial family, Amelia has always been fond of Social Media Marketing and Business. After high school, she wanted to study Entrepreneurship but landed in Nursing.
• Determined to pursue her passion, she found a way to incorporate her love for business into healthcare.
• Amelia dives deep into her S.C.A.L.E. framework used in aiding entrepreneurs with collaborative conversations.
• Educate your referral partners so they can communicate the problem you can solve.
• Nurture your relationship with your clients, then use your first client testimonials to attract more clients.
• Salespeople reach out to clients on your behalf, and those reputable in the field have optimized profiles and can demonstrate their detailed steps to captivate clients.
• Amelia highly recommends these two books:
  • Building a StoryBrand: Clarify Your Message So Customers Will Listen by Donald Miller
  • The Ultimate Sales Machine: Turbocharge Your Business with Relentless Focus on 12 Key Strategies by Chet Holmes

TWEETABLE QUOTES

"Focus and be clear on the problem that you solve." – Amelia Roberts

"Results build on top of one another. Once you get the ball rolling, the snowball effect is tremendous." – Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

• Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
• Have a healthcare business question? Text me at 386-284-4955, or email me at podcast@healthcareboss.org and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
• Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Wondering how to grow your healthcare business? Discover a simple method to get started – even on a tiny budget! Full show notes here: https://michellemarketingstrategies.com/how-to-grow-your-healthcare-business-on-a-shoestring-budget/

You can email me at jennifer@michellemarketingstrategies.com, tweet me @MMSJennifer or find me on Instagram @LeadingwithHealth. Please also stop by my site and download your free copy of Marketing Mojo.

From an M&A perspective, healthcare is an interesting frontier that you may want to look into as an investor. On the other hand, as the industry works itself through the COVID-19 pandemic, it is a good time for owners who want an exit to start contemplating a sell. Whether you’re an owner looking to sell or an investor looking to dip their toes into healthcare, you’d be surprised to know that there is so much to learn about regulation and valuation in M&A transactions in this particular industry. Before entering a transaction, you may want to consider talking to your regulatory attorney. Dive right into this conversation between Domenic Rinaldi and healthcare regulatory attorney, Joshua Freemire of Epstein Becker & Green to learn more.

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Designed for individuals interested in learning the career paths of highly accomplished and healthcare executives. Whether you are a student looking to get started in healthcare administration or a mid-level manager looking to take your healthcare career to the next level, "So You Want To Be A Healthcare Executive?" will show you the paths highly successful and highly accomplished healthcare executives have taken to get to where they are at today.