NP Business Matters Podcast

NP Business Matters Podcast

Business For Nurse Practitioners? Yes! The NP Business Matters Podcast is all about the business of being an NP. From getting a job to starting your practice, from discovering your leadership potential to everything else in-between, it's all fair game. Grab a cup of coffee and join Barbara C Phillips, NP, FAANP, the NP Business Coach, and her guest for an adventure. Discover what's possible…

Episodes

July 26, 2022 22 min

Opting out of Medicare has caused a lot of confusion for NPs and other providers. Not understanding what it means can lead to problems & fines.

In this episode of the NP Business Matters Podcast (Episode #65) I address:

  • The Social Security Act and how that impacts providers.
  • When you can bill Medicare and when you don't have to.
  • What it means by opting out of Medicare.
  • Can you just refuse to see Medicare recipients?
  • Can I just ha...
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    Is it a recession? A slow down? Something else? Regardless, NPs need to understand how to protect their practices and even thrive.

    The news is quite unsettling these days on many fronts and there is a lot of talk in healthcare about the economy and if, when, and how it will impact healthcare and healthcare practices.

    Show notes:
    https://npbusiness.org/recession

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    It’s not uncommon that NPs approach business with the idea that they can bootstrap their business. Indeed, if you do an internet search, you’ll find tons of articles on how to bootstrap your business. Indeed, there are many companies that did their startup this way. However, it just means they did not go after investors. They still have some startup capital.

    In episode #62 of the NP Business Matters podcast, we talk about the idea o...

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    There are several different kinds of policies and areas of coverage when it comes to business insurance. For practice owners, this can get a bit confusing.

    In this episode #62 of the NP Business Matters Podcast, I'm talking about the different kinds of insurance, why you might want to have them, and where to find them. I'll also talk briefly about professional liability insurance.

    https://npbusiness.org/businessinsurance

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    May 15, 2022 27 min

    In this episode of the NP Business Matters Podcast, I talk about Better Billing Habits

    If you are billing third-party payers, chances are you’ve run into a glitch or two. It might be time to take a look at your process, which will not only help you streamline what you are doing but just might reduce some of the problems. Let us know on the show notes at https://NPBusiness.org/betterbilling

    #NursePractitionerBusiness, #NPBusiness, #NP...

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    April 23, 2022 21 min

    In this episode of the NP Business Matters Podcast, I talk about the different ways you can fund your Nurse Practitioner practice.

    And while it was all about funding for start-up, I do mention AR funding, which is more of a funding source when you are already in business (oops!).

    Show notes on our blog at https://NPBusiness.org/funding

    Upcoming Webinars: npbusiness.org/webinars

    #NursePractitionerBusiness,
    #NPBusiness
    #NPBO
    #NoNPLeftBehind
    ...

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    Starting a practice is not an easy thing to do, nor is it a linear process. There are several moving parts, Many things are happening all at once and they are often interdependent on one another.  That's where a framework comes in.




    Show notes & video version: 
    https://NPBusiness.ORG/framework

    Workshop:
    https://NPBusiness.ORG/workshops

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    There are 6 habits that practice owners have, often for the sake of time, that will hurt their practices. It's widely known that most businesses fail because of poor cash flow. These 6 habits directly contribute to negatively impacting your practices' financial health.

    Show notes:
    https://npbusiness.org/habitsthathurt

    NPBO™ Workshops:
    https://npbusiness.org/workshopts

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    Business structures sometimes confuse new business owners, including nurse practitioners. This video gives an overview of what to consider, and what in my opinion, to avoid.



    The blog post and show. notes are here: https://npbusiness.org/businessstructure

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    Cost per patient and payer mix are among the top numbers you need to track when we talk about knowing your numbers. It can make the difference between a practice that is financially solvent and one that is struggling.

    When I asked a group of NPs, they did not know the answer.

    It does not matter what kind of practice you have, you must understand your expenses - including what it cost you to see a patient, vs what you are getting paid...

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    March 6, 2022 23 min

    Have you ever wondered if your license was at risk?  Nurse practitioners find their licenses, NPI's numbers, and ability to write prescriptions are valuable to many who do not have the protection of our licenses in their hearts.  They are often more concerned with their own profits and meeting their needs.

    Unfortunately, this happens way to often.

    Listen in to this week's podcast and hear some of the situations, including mys...

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    Nurse Practitioners often ask in our Facebook group, what does it cost to start a practice? As you might expect, the answers that group members give are all over the board. 

    The question is essentially impossible to answer without further information. There are a lot of variables involved.

  • What kind of practice?
  • Where is it located?
  • What is the size of the practice? 
  • And that's just to start with. 

    In order to accurately estimate you...

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    February 20, 2022 16 min

    You want to start a business as a nurse or nurse practitioner and yet, you don't want to be in clinical practice. What should you do?

    In this episode of the NP Business Matters podcast, I talk about things you can do that are other than clinical practice. On the other hand, if you are interested in clinical business ideas, make sure you listen to episode #51.

    Links and more @
    https:npbusiness.org/business ideas

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    Do you ever find yourself trying to decide what kind of business you want to start? You are not alone in that. It's a question many nurses and NPs ask themselves.

    In this episode and the next of the NP Business Matters podcast, I'm discussing and giving you a lot of ideas. Today we'll discuss clinical business ideas, and in the next episode of the podcast, I'll cover non-clinical ideas.

    Show notes: https://npbusiness....

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    January 29, 2022 19 min

    A few weeks ago I wrote a blog about creating a fee schedule for your practice. (linked below). It generated a lot of questions, and frankly some confusion. This video is to help clarify that article, and do give you a demo on just one way you can create your own practice's fee schedule.

    Shownotes: https://npbusiness.org/revisiting-the-fee-schedule

    Blog Article: 3 Simple Strategies to Set Your Fee Schedule - https://npbusiness.or...

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    Meet Latrina Walden. She is a nurse practitioner, educator, business owner, and former healthcare administrator. a healthcare administrator turned nurse practitioner. Her approach to business and education is different in that she came to nursing from that background of being a healthcare administrator is a highly regulated and understaffed area of healthcare.

    Listen in to this episode to hear her words of wisdom for those who seek ...

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    A solid financial policy will do wonders for your practice. It will guide you and your staff as well as your patients on how to do business with your practice. It can help stabilize your cash flow. And it can keep you in compliance.

    In this episode of the NP Business Matters podcast Barbara talk's about:

  • Why this is one of the very first policies a practice needs to create.
  • The difference between policies and procedures.
  • Why you do...
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    Today I’m talking about the pros and cons of taking insurance vs having a cash-only practice. 
    While this is just an overview, the goal is to give you some things to think about. One is not inherently better than the other.

     This is a question that comes up frequently in our FB group and many of the answers lack the depth needed to make an informed decision. Other questions expose some of the struggles and unmet expectations of newer...

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    What is it like to own your own practice in rural Idaho? 

    Meet Katy Searle, FNP-BC. She practices primary care and rheumatology in a town of just over 400 people. The successful practice she has built has brought people from all around.

    But, it wasn't always this way. And in fact, when she wanted to purchase the practice from the owners that saw it as a losing proposition, they all but laughed in her face.

    However, she rose up and...

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    Functional Medicine practices are very popular among nurse practitioners. In today's episode of the NP Business Matters Podcast, I speak with Erin Bagshaw, NP, who believes the future of primary care is functional medicine.

    Erin's practice was established in 2004 and was the first NP-owned primary care practice in the Washington, DC area. She discusses:

  • the growth and evolution of her practice
  • bringing in specialties
  • transition...
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