In this episode of Fit for Duty, host Dr. Larry Earl, president of the National Association of Occupational Health Professionals, and guest Keith Lavin, Director of Business Operations at Hackensack Meridian Health, delve into the financial hurdles facing occupational medicine practices.
They discuss the increasing costs and shrinking revenues in healthcare, particularly in occupational medicine, studying pre and post-pandemic cost drivers like salaries and turnover rates. The conversation also covers financial management strategies, including cost containment, billing and coding innovations, and the importance of tracking key financial metrics.
The episode highlights the role of technology and AI in enhancing service delivery, examines trends in workplace health services, and offers insights on starting and growing an occupational medicine practice amidst financial and operational challenges.
Key Discussion points:
00:00 Welcome to Fit for Duty: Unraveling Occupational Health
01:07 Deep Dive into Financial Challenges in Occupational Medicine
02:14 Exploring Financial Hurdles and Solutions
06:38 Strategies for Financial Management and Growth
09:44 Innovations in Billing, Coding, and Revenue Optimization
14:14 Cost Effectiveness and Value-Based Care in Occupational Health
25:59 Expanding Services and Embracing Technology for Growth
31:57 Emerging Trends and Opportunities in Occupational Medicine
35:17 Advice for New Practitioners and Conclusion
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