Consultants Corner: Maximizing Practice Efficiency and Financial Health with Jonathan Tamir

Welcome 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