Late Night With Chip & Paulie 9 (August 18, 2022)
Late Night With Chip & Paulie 9 (August 18, 2022)
Chip & Paulie are joined by Dr. Krekamey Craig from New Jersey, who shares insights on running a successful practice while addressing vital topics such as calculating provider margins, optimizing managed care negotiations, and the implications of the Employee Retention Credit. Additionally, they highlight the importance of understanding and tracking contractual terms with insurance providers to ensure fair compensation and practice efficiency.
Guest: Dr. Krekamey Craig
Summary
1. **Focus of the Week**: The discussion encouraged pediatric practices to think like donut shops, responding to patient demands with flexible hours and services.
2. **Provider Margin Review**: The hosts emphasized the importance of monitoring the profitability of providers and shared a detailed spreadsheet for calculating margins.
3. **Contract Negotiation**: Key strategies for managed care negotiations were discussed, including the importance of data, understanding the existing contract, and knowing how to leverage relationships with largest employers using the payer.
4. **Flu Vaccine Distribution**: Attendees were informed about unusual patterns in flu vaccine distribution and were advised to manage schedules via VaccineShop.
5. **Cash Flow Planning**: Practices were reminded to continually manage their cash flow, an ongoing concern in uncertain times.
6. **Employee Retention Credit (ERC)**: The IRS program's complexities, including tax liabilities and potential risks, were discussed, urging practices to proceed with professional accounting guidance.
