Podcast Episode 55 – How to Recognize the Signs that Your Clinical Practice is in Financial Trouble – Chad Beste (BDO Healthcare)
Episode 55 – My guest on the podcast today is Chad Beste. He’s a healthcare advisory partner with BDO Healthcare. He has helped hundreds of physician practices develop and maintain healthy financial habits that enable them to reliably grow their business and avoid financial disaster. As we’re starting to come out of the COVID pandemic, I know a lot of you are thinking, how can I make sure my business is strong so that I”m not at serious risk of losing my practice the next time a major economic crisis grips the country? I’m excited to get to share Chad’s thoughts about that with you. I think you’re going to learn a lot. This topic couldn’t be more relevant to you, and I hope you get a lot out it.
Free Resource: Creating a Personal Mission Statement
I’m excited to offer you this week’s free resource. It’s a free pdf download called “Creating a Personal Mission Statement.” You can download it for free by clicking here.
This free pdf will take you step by step through the process of crafting a mission statement for yourself. This is a statement of your values, your aspirations, and your life’s purpose. If you’ve never done an exercise like this, I highly encourage this. It’s a great way to get clarify your mission. What are your guiding principles? What are you most eager to accomplish in life and in your career? Check out this free resource and you can get started on it today.
Just click on the link to download the guide for free.
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Meet Chad Beste and BDO Healthcare!
Chad Beste is a partner within BDO’s Healthcare Advisory Practice and a member of The BDO Center for Healthcare Excellence & Innovation. He is an astute veteran of the healthcare industry, bringing more than 30 years of experience to clients, advising and assisting health systems, physician practices, ambulatory surgery centers, private equity, and other healthcare providers such as skilled nursing facilities and home health agencies on emerging trends and related implications.
Chad provides a wide range of advisory services, including the merger and ongoing management of multiple physician practices into larger organizations such as orthopedics, urology, obstetrics/gynecology, gastroenterology, dermatology, primary care, and multi-specialty organizations. He has also been instrumental in helping healthcare providers achieve efficiencies and greater patient satisfaction through value-based care models, including bundled payments, patient-centered medical home (PCMH)-related models and accountable care organization (ACO) development, capitation, and provider-sponsored health plans. He has assisted numerous clients in getting ready for the new Center for Medicare & Medicaid Services (CMS) Bundled Payments For Care Improvement Advanced (BPCI-A) program, along with various commercial payers. Additionally, Chad has assisted many hospitals and health systems with physician-hospital alignment strategies, interim executive management, and turnarounds related to their employed medical groups.
Connect to Chad Beste and BDO Healthcare
Articles from BDO Healthcare
- Healthcare in Distress: Signs that You May Need to Restructure
- Unlocking the ROI of an Integrated Patient Experience
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- 00:00 – Introduction to the episode
- 01:27 – Subscribe to the podcast, and please share it with someone!
- 01:40 – This week’s sponsor is Doc2Doc Lending.
- 02:37 – Introduction to Chad Beste and the team at BDO Healthcare.
- 03:23 – Let’s meet Chad Beste, a partner with BDO Healthcare Advisory Practice.
- 07:03 – Why do we need to be paying such close attention to the finances of our practice?
- 08:49 – What are some ways that we can put our businesses into a stronger financial position? What are some strategies that have been used by BDO Healthcare?
- 13:25 – Is it possible for primary care physicians to have access to ancillary services or other streams of revenue? Chad Beste thinks so.
- 17:06 – BDO Healthcare has observed that medicine is not a recession-proof industry.
- 18:48 – Chad Beste thinks that private practices are doing better with the pandemic than the hospital systems are.
- 22:51 – What are some signs that you have a practice that is in financial trouble? The signs that Chad Beste sees might not be information given to a junior physician.
- 26:16 – If I’m a practice owner or senior partner, what are some signs that my practice is in trouble? What has BDO Healthcare seen? Chad Beste says that if your practice isn’t growing, you’re slowly dying!
- 27:28 – How can we make more money for our business without sacrificing care for our patients? Chad Beste recommends several strategies, most notably getting paid more for the same services.
- 31:30 – One way to increase your revenue is to offer higher levels services at a premium price. BDO Healthcare isn’t seeing that much because most primary care physicians are employed.
- 34:06 – Physicians can leverage their EMR to get more data on their practice that will enable them to drive higher performance metrics.
- 37:12 – Whether we like it or not, the advent of big data is here! Chad Beste recommends that we as physicians lead the way in ensuring that we are using the data in the best way for our businesses and our patients.
- 40:45 – How do we determine if our practice is healthy financially? As a few simple questions!
- 42:55 – Are you focused on the right aspect of your business? You should be focused on your patients and the external aspects of your business.
- 45:00 – Connect to Chad Beste and the BDO Healthcare team!
- 46:22 – Summary of the episode
- 47:35- This week’s free resource is a guide called “Creating a Personal Mission Statement.”
- 48:35 – Signing off!
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