NP Business Matters Podcast

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 increa...

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 exper...

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 Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphi...

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 Find us on...

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 n...

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...

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...

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 Find us on Social: Facebook: https:/...

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 Matte...

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:...

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 #NurseP...

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 #NursePractitionerB...

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 Find us on Social: Facebook: https://www.facebook.co...

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 Find us on Social:...

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 Find us on Social: Facebook: https://www.facebook.com/NursePractitionerBusiness Instagram: https://instagram.com/barbaracphillips YouTube: https:...

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...

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 hea...

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...

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:npbusines...

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-clinic...

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 You...

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...

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 bet...

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 stru...

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 laughe...