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#127: Dr. Vatsal Thakkar: Solving the Pain Point of Filing Claims with Reimbursify

Healthcare Entrepreneur Academy Podcast

Release Date: 10/08/2020

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OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Dr. Vatsal Thakkar, MD, Founder, President and CMO at Reimbursify. Dr. Thakkar talks about his healthcare entrepreneurial journey and creating an innovative process for  managing insurance claims through Reimbursify. He also discusses how technology is a great tool to generate revenue and elevate healthcare services for patients.

 

EPISODE HIGHLIGHTS:

  • Dr. Thakkar talks about his journey becoming a physician and how he started his own private psychiatric practice. 
  • He recommends catering to the natural demand of a specialty niche in the healthcare space.  
  • Insurance companies save money by saving time, which often results in reduced  patient care quality. 
  • Dr. Thakkar has flipped the model of assembly line medicine by streamlining the filing process for claim forms.  
  • He saw his patients struggling to file insurance claims. As a result, he created Reimbursify, which eliminates paperwork headaches, elevates workflows and introduces a new way to deal with claims effectively and efficiently.
  • The development of Reimbursify was guided by the desire to keep it simple,  easy, effective and accurate. The app allows patients to file an out of network claim on a smartphone.
  • With the soul of CTO, Dr. Thakkar believes automation can be a friend for practices and clinics. Two examples include outsourcing call answering and online appointment scheduling.  
  • Ultimately, the goal of Reimbursify is to serve as a high-tech, low-cost tool to aid practice flow and generate more business. 
  • Technology is necessary to run an office or practice. 
  • Be intentional about embracing entrepreneurship in your healthcare practice. If you’re worried about making the leap, you’re probably going to be a good entrepreneur. 

 

3 KEY POINTS:

  1. Most healthcare professionals don’t realize their own market power and ability to generate business and income. Seek new opportunities and learn new ways to enter into the business scene. 
  2. Reimbursify is a patient-friendly, innovative platform to file insurance claims and  track reimbursements.
  3. Introduce “entrepreneurialism” in little ways and be less afraid to take the leap. Being worried about taking risks is usually a good sign and would probably have a more positive outcome than you first expected.

TWEETABLE QUOTES:

“(Filing claims) Needs to be digitized, simple, easy and accurate.” - Dr. Vatsal Thakkar

 

“Many practitioners don’t realize cash practices are reimbursible services for patients.” - Dr. Vatsal Thakkar

 

RESOURCES MENTIONED:

Reimbursify - https://reimbursify.com/

Reimbursify (Practitioners) - https://reimbursify.com/practitioners/

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