S2 E 160 Build Your Cash Medical Practice with Jessica Jones

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Jessica Jones, a medical practice consultant, shares her journey from marketing to consulting in the medical field. She discusses the challenges faced by medical practitioners, particularly in navigating the insurance landscape and the advantages of cash-based practices. The conversation also delves into the importance of real estate decisions for medical practices and the need for greater awareness of the systemic issues within the healthcare system. In this conversation, Jessica Jones discusses the intricacies of starting and running a medical practice, focusing on financial management, pricing strategies, and the challenges faced by healthcare professionals. She emphasizes the importance of understanding startup costs, the impact of private equity, and common pitfalls in real estate decisions. The dialogue also highlights the need for effective marketing and the significance of maintaining financial health through tools like EBITDA and P&L reports. 

Takeaways  

• Jessica Jones is a medical practice consultant who helps grow practices. 
• She emphasizes the importance of understanding the business side of medicine. 
• Cash-based practices can start up faster than insurance-based ones. 
• Credentialing for insurance can delay practice openings significantly. 
• Chiropractors often lead in owning their practice spaces. 
• The insurance system often undervalues medical procedures. 
• Patients are increasingly seeking care outside of insurance networks. 
• Real estate decisions are crucial for new medical practices. 
• Many practitioners lack knowledge of business finances. 
• There is a growing need for awareness of challenges in the healthcare system. 
• Track all startup expenses meticulously. 
• Understand market pricing and added value. 
• Patients seek comprehensive care, not just reactive solutions. 
• Physicians often feel frustrated with administrative constraints. 
• Rekindling passion in medical professionals is crucial. 
• Real estate decisions should align with patient demographics. 
• EBITDA is essential for understanding business profitability. 
• Many practitioners are unaware of their financial health. 
• Marketing is vital for attracting patients to practices. 
• Surrounding oneself with knowledgeable professionals is key. 

Important Links
Linkedin: https://www.linkedin.com/in/jessicajonesbuildyourcashpractice/
Insta: https://www.instagram.com/the_jones_brigade/
Web: https://buildyourcashmedicalpractice.com/