Consultants Corner: Maximizing Practice Efficiency and Financial Health with Jonathan Tamir
Download MP3Welcome to another episode of the MGMA Consultants Corner Podcast, hosted by Daniel Williams, Senior Editor at MGMA. In today’s episode, Daniel sits down with Jonathan Tamir, Principal Consultant of Tamir Healthcare Advisors, who brings a unique perspective on the intersection of healthcare and business management. Jonathan shares insights from his extensive experience in healthcare administration and consulting, with a focus on improving operational efficiency, understanding financial health, and preparing practices for investor readiness. Whether you're a small practice or a large healthcare organization, this episode provides practical strategies to boost your practice’s financial performance.
Major Takeaways:
- Transition from Wall Street to Healthcare: Jonathan discusses his unique journey from Biomedical Engineering at Johns Hopkins and trading at Morgan Stanley to healthcare administration, bringing corporate efficiency principles into the healthcare space.
- Administrative Fellowship Importance: Jonathan emphasizes the value of administrative fellowships, especially his experience at Massachusetts General Hospital, which equipped him with the tools to understand healthcare operations at a ground level.
- Financial Reporting and Practice Efficiency: Jonathan explains the critical importance of detailed financial reporting in healthcare practices, sharing an example of a cardiology practice where financial insights led to a significant increase in revenue through optimizing their non-invasive testing services.
- Investor Readiness for Small Practices: For small groups looking to attract investors or merge, Jonathan highlights the importance of financial health and operational efficiency, discussing how practices can prepare to showcase profitability and business acumen to potential investors.
- Consulting Focus: Jonathan’s current work with MGMA and small practices focuses on operational efficiencies and improving the investor mindset, coaching physicians on how to manage their practice’s EBITDA and ensuring their operations are running smoothly to attract higher valuations.
Quotes:
- “If you can’t measure it, you can’t manage it. And sometimes those measurements can really help tell a story.” – Jonathan Tamir
- “You need to know your EBITDA because most investors are valuing practices at multiples of EBITDA. If you don’t know what it is, it’s time to start.” – Jonathan Tamir
Resources and Links:
- Learn more about consulting services from Jonathan Tamir: Jonathan on MGMA.com
- Information about MGMA Consulting: MGMA Consulting Services
CareCredit
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
