NP Business Matters Podcast

Marketing feels daunting to many nurse practitioners. Afterall, you have your hands full with seeing patients and running your practice. And yet, it's essential in order to have the patients that make this all worthwhile.In this episode of the NP Business Matters podcast, we discuss the first and most important things NPs want to do when marketing their practices.All before spending a dime or hiring anyone.Such as finding your ideal patient, identifying the benefits of you and your practice, avoiding, starting a Google business profile, and more.Head over to the show notes at https://NPBusiness.ORG/97 for all the links.Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

Do you ever wonder about Direct Primary Care? Judging by the questions we receive at NPBO about this, chances are good you have.On Episode #96 of the NP Business Matters Podcast, we speak with Dr. Penni Vashon, DNP, APRN of Charleston, SC, about DPC practices.What is DPC?Pros and Cons of DPC practice?Who are they for, and who are they not for?And we will learn more about the first DPC conference specifically for NPs and PAs being held February 7-9 in Charleston!Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

If you were presented with the idea of having a scribe do all your documentation, would you do it? If you are like most healthcare providers, you would jump up and down for the opportunity. Documentation is the least favorite activity for nearly all providers.Enter the healthcare AI (Artificial Intelligence) scribe.It's a tool that can save you hours and allow you to focus on the patient in front of you.It's a tireless worker who understands (or should understand) privacy.It's non-intrusive.And it's cost-effective.What's not to love?But before you jump on this and bring one into your practice and work flower, there are some things you need to consider. Big things, like the legal implications, privacy, and ethical concerns.Listen in for more and share your experience at NPBusiness.org/95Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

As nurse practitioners (NPs), we often find ourselves navigating a complex relationship with collaborating physicians. While collaboration is essential for optimal patient care, the requirement for formal collaboration agreements in some states has sparked debate within our profession.Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

When thinking about business, the vast majority of nurses and nurse practitioners start with the idea of doing something that utilizes the professional skills they have developed. That makes sense, you spend years getting your education and developing your skills and talents, why not use them?And use them you can...though perhaps in different ways.On this episode of the NP Business Matters podcast, have a chat with Sharon Burch. Her history in nursing is long and varied, but it's always had a more holistic bent to it. Over the years of creating many businesses, she has honed those skills to create the Liberated Nurse Entrepreneur programs.Today, we are talking about the Liberated Nurse Entrepreneurs Summit. She has brought together 20 nurse entrepreneurs (including myself) to talk about business. I invite you to listen or watch, learn more about the summit, and then join us June 23-28, 2024 to listen to these two entrepreneurs. You may just get an idea or two to implement into your own practice or find yourself called to pivot. Either way, it's a wonderful opportunity to talk and learn business.Show Notes:  https://npbusiness.org/92Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

HIPAA violations don't just happen to large corporations and small practices are being increasingly evaluated for breaches.Here are the 5 most common violations experienced by small practices and their consequence.Full show notes --> NPBusiness.org/91Don't miss the upcoming webinar on May 16, 2024 on Privacy Matters.Learn more at NPBusiness.org/privacymattersFind us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

Have you ever wondered what goes on side the NPBO Private Community? Let's take a look.Show notes at NPBusiness.org/90Don't miss the upcoming webinar on May 16, 2024 on Privacy Matters.Learn more at NPBusiness.org/privacymattersFind us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

We all want to understand coding better, right.In this episode, I talk with Alicia Scott, CPC, CPC-I, CRC about how better coding helps us and our businesses.Check it out, and the show notes and links at https://NPBusiness.org/89Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

Do you have a fair amount of outstanding patient balances and difficulties collecting? Well, you're not alone. It's common, particularly in small practices, to struggle with collecting money from patients.  Most patients never blink an eye when asked for their co-pay, deductible, or other balances. They do everything they can to pay on time and in full.But there seem to be a few who just don't want to pay… ever.It's the 80/20 rule at work… 80% (or more) pay every time, but 20% of patients (or fewer) kick and scream when asked to tap their card or write a check.So what's an NP to do?Show notes at https://npbusiness.org/88Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https://YouTube.com/NPBusiness

Lots of questions have been coming my way about the CTA and filing your Beneficial Ownership Information.  Who is this for, why, when and what.I recorded this originally as a video which you can see on our blog or on our YouTube Channel.Bottom line is if you have a business...this is for you.https://npbusiness.org/87

One of the few things we want to face in our business is that employees will steal from the practice. Afterall, we are there to provide a service to the community, so who would steal?On average, practices that experience this, lose approximately $450,000 a year!In this episode of the NP Business Matters Podcast, we'll talk about what is going on, who is doing it, and things you can to to protect your business. We'll close with some suggestions on what to do when it happens to you. Plus we share real examples of practices that have been there.Resources at https://NPBusiness.org/86.Share your story with the community.

Everyone, including healthcare workers, are targets for fraudsters. Learn tactics scammers use and gain the knowledge to protect yourself, your license, and your practice. Don't be a victim.Stop by https://npbusiness.org/85 and share your story, plus get links to the resources mentioned in the podcast.

Collaboration Issues continue to plague Nurse Practitioners. How can you avoid some of the problems, pitfalls, and issues? Listen to learn more.https://NPBusiness.org/84 for all the resources and leave your comment!

Have you ever wondered what success tips nurse practitioner business owners would share with you? Well, here they are.I recently asked Nurse Practitioner business owners to share some of their top success tips for those who are thinking about starting and growing their own practices. So in this episode of the NP Business Matters podcast, I blend their tips with several of my own.Visit the show notes at NPBusiness.org/83 for links to all the resources mentioned.

Purchasing a practice is one way in which nurse practitioners and other clinicians will start a practice. However, unless you approach it with eyes wide open and the appropriate professionals at your side, you may find it was not the wisest of choices for you.In episode #82 of the NP Business Matters podcast, I discuss 12+ key considerations worth paying attention to when you are considering purchasing a practice that is for sale, as well as what to consider when are asked to take over or inherit a practice. You can get a copy of this checklist and leave your comments by visiting the show notes @ https://npbusiness.org/82 

If you are not sure if you are an independent contractor or not, don't worry, you are not alone. Employment laws are not always clear, and as I examine both the IRS 20-point checklist as well as the ABC rules which should simplify things, you'll see that for Nurse Practitioners, it's full of grayness. Here's what to do next:Share this important episode with your colleaguesBe sure and head over to https://npbusiness.org/81 for the full show notes, resources, and visuals.Once on the blog, share your story and what's going on in your location.https://NPBusiness.org/81

The healthcare landscape is evolving, with nurse practitioners (NPs) pioneering a diverse range of practice models, from insurance-billing entities to cash-only ventures. Amid these choices, a pivotal question emerges: What's the significance of a corporate National Provider Identifier (NPI-2) for NPs, irrespective of their billing approach?Show Notes:  https://npbusiness.org/80

Just what is analysis paralysis and how can it sabotage your practice startup?Analysis paralysis refers to the state of overthinking, and excessive analysis to the point where moving forward is quite difficult. The choices and decisions can be endless, and in the end, we are fearful of being wrong in our choices.This is not something that affects only Nurse Practitioners - it can affect all humans. We've been educated and trained to be "right" since we were young children. And certainly, our work and education have only added to that.But what can you do when it stops you cold in your tracks?That's the topic of Episode #79 of the NP Business Matters Podcast. Listen and then head over to https://npbusiness.org/79 and share your comments and experience with us.

Just thinking about getting audited puts some practice owners in a state of panic. Why would someone audit me?What could they be looking for?What if they find something?What if I made a mistake?What could happen to my practice?How can I prepare for an audit?These might be just some of the thoughts that worry them.So… best to meet the medical audit monster head-on and look it squarely in the eye.Because things we're not familiar with tend to intimidate and scare us.But, once we have even a basic understanding, what once was scary no longer is.So, let's talk about “audits.”Follow along on our blog at https://npbusiness.org/77Want to sign up for the webinar? You can do so no later than July 20, 2023 at https://npbusiness.org/audit.

Professional liability insurance, also known as malpractice insurance, is a crucial component of protecting nurse practitioners (NPs) in their practice. Whether you're a business owner or employed by someone else, having your own policy is essential. Even if your employer provides coverage, it's important to evaluate the terms as it often prioritizes the interests of the business. In this episode (#77) of the NP Business Matters podcast, we discuss the need for NPs to have their own insurance to ensure personal protection and the ability to choose their own attorney in case of a claim.One of the growing concerns regarding professional liability insurance is the rising cost. With more NPs practicing autonomously and an increasing number of malpractice lawsuits, insurance premiums have seen a significant increase. Complete show notes at https://npbusiness.org/77

Job Hunting Dos and Don'ts: Essential Advice for New Graduate (and Seasoned) NPsIt's not infrequent that I receive questions from new and recent grads about starting a practice because they cannot find a job and they want and need to work. While I also get those questions from seasoned NPs, it's more concerning from those with little to no experience.In this episode of the podcast, I speak with Renee Dahring, APRN, FNP, FAANP, the owner of NPCareerCoach.com about what NPs can do to better their chances of finding a position that suits them.https://npbusiness.org/76

The advertisements sound great to patients. Providers often think Medicare Part C, or Advantage plans are just like Medicare. But they are not. Listen in to learn more as Barbara Phillips asks several questions of reimbursement expert, Don Self.The Video interview is also available on our blog (link below) and on the @NPBusiness YouTube channel.https://npbusiness.org/75

First of all, Happy Nurses Month. Make no mistake, you do indeed make a difference for us all.  As a veteran nurse, I'm sharing my thoughts. Take and listen, and then share your thoughts at NPBusiness.ORG/74

In this episode of the podcast, Don Self and I discuss out-of-network billing including: The differences between in-network and out-of-network billing, as well as the advantages and disadvantages for providers and patients. The importance of understanding the patient's insurance policy, setting fees accordingly, and choosing whether to file the claim as assigned or not assigned. The patient's right to waive their insurance and pay cash, and the importance of having patients sign a waiver if they elect not to use their insurance.And more!You'll find resources, the video, and more at NPBusiness.org/73

Do you ever get requests to provide medical treatment for friends, family, or staff? Many providers get that on a regular basis, in the office, and at social and sports events. But the question is, should you?This episode of the NP Business Matters podcast was inspired by an NPBO™ Member who was looking for a policy on treating staff in her practice. This question comes up not infrequently on social media as well.The answer to this question is not easy and one needs to take into consideration the ethical and legal implications of doing so.https://npbusiness.org/72

Owning a nurse practitioner practice can be both rewarding and challenging. While providing high-quality care to patients is always the top priority, increasing revenue is also essential to keep the practice running smoothly. For nurse practitioner practice owners who are looking to boost their income, there are several strategies they can implement to achieve their goals. Whether it's increasing Relative Value Units (RVUs), expanding services, improving patient retention, or becoming more efficient at coding, and collections, there are many ways to maximize revenue and grow the practice.And if you catch this before March 16th, be sure and catch our upcoming webinar on "Answering Your Reimbursement Questions". https://npbusiness.org/webinars Show Notes @ NPBusiness.org/71

Looking for the perfect CPA for your nurse practitioner practice? This episode of the NP Business Matters podcast gives you tips and advice on finding the right professional to help you navigate the complex financial landscape of your practice, from choosing the right business structure to ensuring your taxes are filed correctly. Learn what to consider when selecting a CPA, including their experience working with medical practices, certifications, references, fees, and more. Discover what questions to ask during your initial consultation to determine if the CPA is a good fit for your needs, and how to make sure your financial information is secure. Your CPA is your partner in the financial health of your practice, so take the time to find the perfect fit.https://NPBusiness.org/70

The whole idea of having non-participating provider status with Medicare is because it looks like you will not lose as much in revenue. But let's look more closely at this from the perspective of the Nurse Practitioner.Show Notes & Video:  https://npbusiness.org/69

When it comes to medical equipment, the cost is a major factor to consider. Used medical equipment can be an excellent option for nurse practitioners just getting started in their own practice as well as established practice owners.In this episode, I talk about the upside of purchasing used medical equipment, what to look for and where you might find it.Show notes @ npbusiness.org/68

California passed a law, AB-890, effective January 1, 2023, giving NPs in their state more autonomy than they previously enjoyed. It's being implemented in a stepwise fashion. And like many laws, it's rather confusing for everyone involved.On January 12, 2022, NPBO was lucky enough to host a webinar with Melanie Balestra who is a nurse practitioner and an attorney in California, where she spent nearly 2 hours answering questions.This is that recording.To find all the resources mentioned as well as contact information for Melanie, please visit https://npbusiness.org/ab-890.  You'll also find the video recording posted in the show notes as well.

Not our usual topic of discussion, but an important one never-the-less - self-publishing.  Why? I've been advised for years that having your own book was something that all business owners should do, that it helps establish you as an expert in your field, and this idea is just as true for clinicians as it is with other types of business owners.Since this is not my area of expertise, allow me to introduce you to my guest Brandy Agerbeck. Brandy is a visual thinking pioneer who demystified drawing so you can shush your inner critic, think and communicate clearly, and erase overwhelm. In this podcast (Episode #66) you'll hear why I'm talking with Brandy, and you'll get to hear her put me on the hot seat about writing a book. Plus you'll get plenty of ideas on how to get started.Show notes/blog post - https://npbusiness.org/66YouTube - https://youtu.be/bxEqpLwnaqU#podcast#NPBO#selfpublishing #nursepractitioner #nursepractitioner #npbusinessowner#loosetooth

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 have them sign something that says they understand I don't bill Medicare?I've never had a Medicare provider number, can I just not credential with them?Resources and Links: NPBusiness.org/65

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

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 of bootstrapping and what it really means. We'll also take a look at a minimal practice startup from the perspective of a mobile practice of seeing patients in their homes, ALF, or SNFs.Ready? Let's get to it!

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

In this episode of the NP Business Matters Podcast, I talk about Better Billing HabitsIf 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, #NPBO, #NoNPLeftBehind, #NPOwnedPractice #MedicalBilling

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/fundingUpcoming Webinars: npbusiness.org/webinars#NursePractitionerBusiness,#NPBusiness#NPBO#NoNPLeftBehind#NPOwnedPractice

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/frameworkWorkshop:https://NPBusiness.ORG/workshops

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

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

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 to see that patient. Obviously, if you are getting paid less than what it cost you, there is a problem.You can listen, and if you choose, also watch this on our blog.So do you know these numbers?https://NPBusiness.org/costperpatient

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 myself, NPs have found themselves in.Episode and show notes at https://npbusiness.org/licenseatrisk

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 your startup cost, and ultimately, your operating cost, you are going to have to do some research and planning.In this episode of the NP Business Matters Podcast, I discuss many of the variables, though it's impossible to cover them all. However, you'll get a good idea of where to start, and then you can go from there.At the end of the podcast, I also make an exciting announcement, so you don't want to miss it!https://npbusiness.org/startupcost

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

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.org/clinicalideas

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-scheduleBlog Article: 3 Simple Strategies to Set Your Fee Schedule - https://npbusiness.org/fee-schedule/ Visit us!Blog: NPBusiness.ORG - All about the business of being a nurse practitionerCourses on practice startup, billing, and more: https://ClinicianBusinessInstitute.com 

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 to start their businesses. Or if you prefer, you can catch this episode on YouTube as well.You can also find this episode on our blog, where you can leave a comment and join in on the conversation. 

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 don't need to start with a blank page and what you can do instead.The importance of customizing the policy to your practice.Questions you want to ask before you start to create your policy.In addition, she takes several side steps with additional information you need to successfully run your own practice.This is an information-packed episode and you will likely want to listen to this episode more than once, and take notes along the way. And if you are already an NPBO™ Member, you'll find a download of all the questions covered in the billing and financial section of your Member's portal.Show notes for this episode are at https://npbusiness.org/financialpolicy

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 practice owners. Like many beliefs (insurance is all bad, cash is all good) there are pros and cons, myths and misconceptions on both sides of the aisle.Do you have a preference? Which of these practice models has worked out best for you? What problems have you found with one or the other?  I look forward to hearing your thoughts and questions about this episode on the show notes.https:npbusiness.org/insurancevscash

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 met the challenge!Listen in as we talk more about challenges, obstacles, getting healthy and so much more.https:/npbusiness.org/rural-idaho

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 practicebringing in specialtiestransitioning from an insurance-based practice to a fee-for-service practicedoing functional medicine the right way.As a bonus, we have a short discussion of things to ask, especially if a new graduate, during a job interview.https://npbusiness.org/functional-medicine