Today's Guest: Toby Clary

Are you covering all your financial blind spots?

Today’s show will help you on the financial side of running a health care business.  Our guest is Toby Clary. Toby is a CPA and CVA with years in leadership in the health care industry and will help you get through regulatory compliance while keeping your cash flow on the positive side without having your business fall victim to a number of potential pitfalls for you business’ financial health.

According to Toby, Medical practices specialize in providing health care to patients not financial management . Internal controls, human resources and financial asset managament are vital to your business’ health. Toby discusses the fundamental processes necessary to have in place to protect your business.

Toby discusses the importance of communication amongst partners and how that filters down to the entire staff and how it can go a long way to providing overall finial health for your practice.

Toby also spends time talking about business in the time of Covid. Toby shares some advice on everything from PPP grants to new business practices during a pandemic.

Toby Clary (CPA CVA) 

Toby Clary

Owner

Soukup/Bush

toby@soukupbush.com

970-223-2727

This week Mike chats with Justin Harvey a principle at APM Wealth who shares his perspective on health care providers and their special investment needs and strategies. Justin brings years of experience of working with the challenges of portfolio management for anesthesiologists as well as explaining how very smart people face a unique brand of challenges when it comes to investing.

Justin a shares his years of experience of working with academic anesthesiologists and how their individual situations, whether working with private equity, contracting or independently owned operations, can impact their financial outcomes.

Justin explores the changes brought on by COVID, pay cuts and reduced 401k contributions and how healthcare providers can navigate these challenges to secure solid positive financial positions for their personal futures.

Find out more at:

Discussing "worst case" returns over various time periods:

https://www.andcoconsulting.com/wp-content/uploads/2020/04/2020-03-31-SP500-Rolling-Holding-Period-Returns.pdf

APM Wealth

https://apm-wealth.com/

https://encompassmedical.com/

How do you build a team with successful leaders in your health care practice? Shawn Evans brings a unique perspective to effective team building and what changes has Shawn seen in the past few years that changed the way you need to work with teams. How do you focus on the cadence of change inside your organization. Shawn discusses the new skills leaders need to improve on to manage their health care business. How to work through and with people.

Shawn explains how to facilitate the process of bringing employees together. How to hold team building meetings that produce results.

Show Notes:

Live Best Work

https://www.livebestwork.com/

This might be the most important podcast you listen to for the future security of your business. Jason Culotta runs IT security for Encompass HealthCare Data Solutions and offers a sobering look at today’s cyber crime criminals and how even the smallest of healthcare businesses can be targets for lucrative criminals looking to hack into your patient records.

Also with technology and the internet of things is your business more exposed?

Show Notes:

https://encompassmedical.com/information-technology/it-cyber-security/

Michelle Mills delivers a state of rural health care. As the CEO of Colorado Rural Health Center, Michelle brings substantial experience and working knowledge of rural health issues and has worked closely with rural communities and providers to make a positive impact on rural health delivery.

In this episode, she shares with us her impressions on COVID's impact on all things rural health including telehealth, an aging workforce of health providers and continuity of care.

A penetrating look at the state of Rural Health and how it remains the core infrastructure and heartbeat of small communities.

Show Links:

Michelle Mills

https://coruralhealth.org/?team=michelle-mills

Encompass Healthcare Data Solutions:

https://encompassmedical.com/

Steve Pfeiffer has help consoled business to receive the most storied achievement of a Malcom Baldrige National Quality Award.

He currently President and Director of Revenue Cycle Management for Encompass Healthcare Data Solutions. In this episode, he explores the key metrics to help raise your revenue cycle management to the highest level while also watching for the mistakes that often sidetrack this process.

How do denials impact your business and how do you avoid them. How can a course correction help prevent future denials and why it is vital for effective revenue cycle management.

How do you create an effective feedback loop with internal staff to improve overall organizational success? 

In Michael’s Post OP Comments he discusses what should you ask potential vendors when choosing a good vendor for Revenue Cycle management.

Has the time come to provide full healthcare solutions in patient's homes? With the Coronavirus pandemic accelerating the need to provide quality healthcare outside of typical facilities, is the future of medicine going to be in each person's house?

The practice of full-service health care inside homes is not new and in fact, is practiced around the world. It's time to rethink how USA providers are delivering healthcare. Dr. Lum Lung shares how bringing the healthcare team to one’s home with the same level of diagnostics and the same level of care in their own homes at a lower cost to all involved.

Dr. Lum Lung shares some important information on how the Pandemic accelerated the growing need for healthcare at home while certain outcomes are greatly improved with healthcare at home.

More on Dr. Lum Lung's company:

https://originhc.com/

Christine Lum Lung, MD, MBA (‘21)

CHIEF EXECUTIVE OFFICER of Origin Healthcare

Christine has practiced clinical medicine for over 20 years. She is the founding member and CEO of Northern Colorado Hospitalists, PLLC, an independent physician-owned and operated company that provides adult inpatient hospital care

LINK TO SHOW MENTIONED IN PODCAST:

Sara Presler works as a consultant for The Mohave Cannabis Company and is a leading voice in Cannabis ethics. She helps write some of the legislation concerning marijuana's legal usage in many states.

The former mayor of Flagstaff, AZ now likes to think of herself as the Mayor of Marijuana.

In her conversation with Michael, they plunge into the tricky legal machinations of marijuana acceptance and its main street challenges.

 You'll learn some unique statistics and gain an important perspective on the future of marijuana and its legality, as well as its researched health benefits.For more on Sara:

https://www.thebluntness.com/amp/posts/the-marijuana-mayor-sara-presler-is-a-cannabis-biz-whiz-01e8pnx7mjmx

https://www.mohavecannabis.com/about