Welcome back to The ProfitRx! After a brief hiatus, host Josh Fertel dives straight into the overlooked world of financial literacy in private medical practices. This episode pulls back the curtain on why so many practice owners struggle with their finances, and what makes the current EHR (Electronic Health Record) landscape so frustrating for getting clear answers. Josh shares candid, behind-the-scenes insights about the challenges of deciphering data, collecting patient payments, and why the basics of cash flow management are so critical (and often neglected).
You’ll hear about real-life stories from practices wrestling with outdated systems, the surprising pitfalls of even the priciest EHR solutions, and Josh’s mission to redesign how financial data should be presented and used in everyday practice operations. Plus, the conversation highlights how the right tools and the right partners can transform not just the bottom line, but the overall workplace environment and patient experience. If you’re ready to rethink what financial literacy looks like for medical practices and discover practical ways to improve, this is the episode you don’t want to miss!
00:00 Revolutionizing EHRs for Better Efficiency
04:52 EHR and Payment System Mismatch
08:29 Integrative, Proactive EHR Solutions
11:11 Focus on Cash Flow Analysis
14:30 Improving Payment Collection Process
19:24 Happy Workplace, Happy Customers
21:55 Collaborative Problem-Solving with Clients
26:14 "Face-to-Face Communication Preferred"
28:57 "Prioritize Cash Flow & Receivables"
Unlocking Financial Literacy in Private Practices: Key Insights from The ProfitRx Podcast
In the August 13, 2025 episode of The ProfitRx, host Josh Fertel takes a deep dive into a subject that rarely gets the spotlight it deserves: financial literacy for private medical practices. If you’re a provider, practice manager, or part of the healthcare business world, this episode is packed with lessons that can help you not just survive, but thrive.
Why Financial Literacy Is a Struggle for Private Practices
Josh Fertel, a finance expert supporting medical practices, underscores a basic issue: "There's no education given. Go to college, go to med school... and there's never any talk about how to run a business." Most providers enter practice with extensive clinical training, but little to no guidance on managing the financial health of their business. Financial literacy is often perceived as understanding complex data or accounting, but Josh clarifies: "You don't have to be an accountant... but you have to know how your business is running."
The EHR Problem: Data Presentation and Accessibility
A major barrier to financial literacy is the Electronic Health Record (EHR) system itself. As Josh aptly puts it, “EHRs to me are all horrible, right? And they're very expensive… there's been no innovation.” In his experience, many EHRs don’t make it easy to surface fundamental business metrics like cash flow or patient receivables. Even basic information such as what a patient owes can be unclear due to mismatched data between EHRs and payment systems.
For practice managers and owners, this means spending unnecessary time deciphering reports or chasing down financial details instead of focusing on patient care. The lack of a unified system not only causes confusion for front-desk staff but creates operational “nightmares” when trying to manage billing or reconcile revenue.
What Does True Financial Literacy Look Like in a Practice?
Josh agrees being financially literate in a medical practice isn’t about mastering spreadsheets. Instead, it’s about knowing the vital signs of your business. Here are the essentials Josh suggests every practice owner or manager should track:
Accounts Receivable: Split between insurance and patient responsibility. These need different strategies and skill sets.
Cash Flow: Know what’s coming in and going out. Cash flow is the lifeblood of any practice.
Expenses and Staffing: Regularly evaluate if you’re overstaffed or have areas you can outsource.
Revenue Opportunities: Look for additional streams, like allergy testing or chronic care management, to enhance your bottom line.
The key: “If there's one thing that a private practice owner has to look at: Where's my money coming from?... Just concentrate on those things,” says Josh.
The Role of Technology and Partnerships
Josh is not just diagnosing the problem, he’s working on a solution. The episode teases a new type of EHR designed to make financial data front and center. The goal? To educate providers in real-time with the numbers that matter, flag issues proactively, and free up time so owners can focus on what matters most: patient care.
Josh also emphasizes that success comes from collaboration: “It’s an attitude of being partners… It’s based on everybody working together.” Choosing a financial or billing partner who is communicative, accountable, and invested in your practice’s success is crucial.
The Ripple Effect: From Healthy Finances to Happy Patients
Ultimately, financial literacy isn’t just about numbers it affects every member of the practice and, most importantly, the patient experience. A practice that isn’t anxious about cash flow fosters a happier, more welcoming environment for both staff and patients.
Final Thoughts
If you’re in a private practice and overwhelmed by the financial side, start by tracking the basics: accounts receivable, cash flow, and key expenses. Seek partners that educate and empower you, and never underestimate the value of clear, accurate, and actionable data. As Josh’s vision suggests, the future of medical practice management is proactive, collaborative, and empowering financially and clinically.
For more insights and to stay updated on evolving EHR tools, tune into The ProfitRx and connect with Josh for support with your healthcare business journey.
The ProfitRx - Podcast Website - https://theprofitrxshow.com/
Josh Fertel's LinkedIn - https://www.linkedin.com/in/josh-fertel-439815b4/
J3RCM Website - https://www.j3rcm.com/
TopHealth Media - https://tophealth.care/