Episode Transcript
Speaker 1 00:00:03 Welcome to Revenue Radio, our podcast, powered by kaso. I'm Jeff Dan, I'm your host today for Our Revenue Radio. I'm the executive Director at Kassouf Healthcare Solutions, where we strive to enhance the business of medicine for you, the practice manager, the practice owner, and the physician. So we're glad you're here with us today, and we're gonna be, uh, discussing how to use your banker. We've always, uh, heard that, uh, you need a good c p a, a good lawyer, and you also need a good banker. And we've got Aaron Price with us today. He's our guest. And, uh, Aaron, glad to have you with us. Aaron is with Riverbank and Trust here in Birmingham. He's been in banking now for, uh, about 12 years, and I think the last seven or so he is been, uh, in the, or five to seven years he's been in sort of this healthcare specific role. And we're gonna really jump into this whole idea of how to use your banker.
Speaker 2 00:00:59 Absolutely.
Speaker 1 00:01:00 So, Aaron, thanks for, thanks for being with us, man.
Speaker 2 00:01:03 Thank you for having me. Very, very appreciative and excited to be talking, uh, relationship banking because, uh, as a community bank, the relationship is, uh, so important. Um, you know, when I think relationship banking here, uh, I'm gonna quote my c e o here, but you, you gotta become a friend before you can do a deal. Yeah. And so, just, uh, working with a banker that understands, you know, your practice and that can add value to, uh, your practice is just a, a crucial piece of the pie, right? Is your, is your banker being proactive? Is your banker, uh, you know, reaching out to not only make sure things are efficient within the practice, but, uh, is your, is your banker, uh, trying to, uh, help streamline either, uh, accounts receivables or accounts payables? You know, there, there's a lot of advanced online, uh, uh, options a, a practice can have. And so just, you know, when I think about relationship banking, I think about a banker that's being proactive, and that is, you know, getting out there, understanding your business, coming to your business, uh, um, and just, just, you know, doing the best they can to support you. Um,
Speaker 1 00:02:18 I, I think, um, part of that relationship piece too is understanding the technology that that's needed. Nowadays, there's, uh, software such as QuickBooks, and one of the questions is, you know, does it interface? Does it link up? And, and those types of all, all the technology and the utilization of, of efficiencies and such that, that, I, I, I really appreciate bankers that think that way for me and for my practices, for my clients that can help, um, make that work. And, and always, you know, efficiencies are always great. Um, but, uh, again, understanding the healthcare side. So a banker that, for your, for like, like yourself, who, who, uh, really focuses on healthcare, well, you got vet veterinarians. Dentists, right?
Speaker 2 00:03:08 Right. So, been a load of money, uh, in the healthcare space a long time, and Yep. And been working with dentists, optometrists, uh, general physicians, MDs dos, and, and, uh, and, and, uh, I think I said opt optometrist, but in the optometric space. Yep. And so, you know, understanding the, the cash flow of a practice is so crucial. And to do that, you know, when you work with Riverbank and trust, we have, uh, a treasury management department. And a lot of the times with larger banks, you will see that, uh, you will see that banker maybe, um, in Charlotte, North Carolina. Right. And so with Riverbank, uh, I work with, uh, Chrissy Alban, uh, she is a seasoned treasury management officer. Uh, she understands and communicates, uh, extremely well. And so just having the opportunity to, to work with Chrissy and provide the, uh, practices, the advanced online banking, um, that that practice needs to be successful is something I'm very proud of. Mm-hmm. <affirmative>, I think I, this is true. I, I don't know if I have introduced Chrissy Alban to a doctor, and we have not earned their business. Right? She's knowledgeable, she's smart, she understands the industry, she understands the products, and she's a people person. And, and she just does a great job of communicating, uh, that to your practice, right?
Speaker 1 00:04:34 Yeah. Uh, and I, I think one of the, one of the things I talk to my colleagues about a lot is, uh, you want someone, and again, it's sales relationship is, relationships are sales, and sales is a relationship, it's a service. Uh, you want somebody that is confident they know their business and, and want to, and can try to help you, not arrogance, and not just trying to get another, another service sold, another fee generated, et cetera. I'm, I'm a big believer in somebody comes in and they want my business. They need to be confident and not arrogant. Absolutely. In how they approach the, the relationship.
Speaker 2 00:05:15 As, as a community banker, we we're appreciative of your business. We want your business, um, you know, we want to support you. And, and it's one of those that when you work, when you work with me, uh, and this is just using me as example. There's, there's so many great bankers out there, but you get the combination of, Hey, I, I've worked for a very large corporate bank for, you know, a, a long time, and majority of that business was in the practice finance, uh, division. And that was, you know, providing loans to doctors that were starting by and expanding a practice, really supporting doctors and all life cycles of practice ownership. But, but now, since coming to Riverbank, you know, I I, I'm able to just simplify that process, right? Mm-hmm. <affirmative> in a community bank, your banker really does everything. I mean, you're not working with large, uh, corporate divisions.
Speaker 2 00:06:10 Your banker is very hands-on. They know exactly, you know, where a deal may be within the sales cycle, within underwriting. And, and, you know, when I think about relationship banking, and I think about community banking, it, it's just having local underwriting, right? My, my underwriter is one office over for me, right? If, if we're running into something, let's talk it out and let's figure out why. Mm-hmm. <affirmative>, and, and having a person that I can communicate that with too is crucial. And then working for a bank that empowers their banker to, to, you know, go out into the community, collect deposits, and make small business loans and supports those bankers, you know, it's just a, it's a, it's a very simple business model, right? Collecting deposits and making loans. Um, but it can be complicated and riverbank is just taking the complication out of it. Good. Yeah.
Speaker 1 00:07:01 Good. Well, I'm gonna combine a couple questions here. Um, you know, we've got bank holidays and the old banker's hours. Oh, yeah. Um, but that, I get it. If I'm, it is an individual, you know, type of transaction, I'm going to the bank and I need to do something, I understand that. But as a business, business keeps going, uh, what, what do I, what should I expect from my banker, my business banker? Uh, you've got, you've gotta follow your, your, the bank's holidays and such. You can't go in there and make something happen when the bank is closed, but are you still available? How does that work? What should I expect as the customer in a relationship with my banker? So
Speaker 2 00:07:48 You, you know, the goal of a community bank is to support the community, right? We, we are available, uh, all the time. You know, I, I would say, uh, working with a banker that is proactive, and that once your business is so important, because, hey, if you're a surgeon and, and you're in surgery from eight to five, and, and you need a cashier's check for a home closing, like, your bankers should be able to bring you a cashier's check, come to you, you know, appreciate your business. And, and it's just a lost art these days. You know, being, being proactive and understanding the needs of a practice is crucial. And, and you have to want that business or else there's somebody else out there that will, yeah. So, so to me, the customer service is a huge aspect of it. Being proactive, understanding, you know, some pain points within a practice. How can we support you all that goes into a, a good relationship and then down the road that people are appreciative of that,
Speaker 1 00:08:46 You know? Yeah. I, I, I agree with you. I think that the law start of being, uh, hands on and being seen, um, the, the best bankers I've worked with are ones that come on site. They're not afraid to bring that stack and say, and sit down with the doctor, I need your signature here. We gotta update the signature card. We brought on a new partner, or whatever the, the situation is, is causing, and, and just walk the, the owners through those signatures. Um, whatever the, the, the, the issue is bringing the, the closing documents back. It's not all DocuSign or online signatures and such. Uh, there's a lot of that. And I, I tell you, just being the facilitator of that as the practice manager, in my experience, the clients that we work with now, those bankers that come on site,
Speaker 2 00:09:42 Oh, that's crucial,
Speaker 1 00:09:42 Uh, is huge. Doctors getting ready to buy a new piece of equipment. You brought that up before. I want to, not, not that you're, you know, coming in judging the, the, the purchase, right? But at least let me see where the thing's gonna go. I wanna help you think through it. Right? I've had bankers do that, and it is, you kind of go, huh, what? But it, man, it's a, it's a great, uh, just a, a great interaction I think between bank, bank, customer and, and, and managers and such,
Speaker 2 00:10:14 When you're being proactive and, and you're, you know, wanting that, uh, practices business, you know, think of, think about everything that we have on file, right? So we may have provided a PR past practice loan, so we're gonna keep tax returns on file. We're going to, you know, be able to, uh, run spreads quickly. And I think if we're going and, and the, we're top of mind to help our practice owners, whether it's an equipment loan or purchasing a secondary home loan, if we're active and we're showing appreciation, it, it not only, hey, we're we're in some business, but we're making the doctor's life very easy, right? We're, we're proactively going to get that business. And then they're not having to, Hey, the way that they get paid is practicing, right? Right. So then they're not having to, uh, disrupt what generates income for them.
Speaker 2 00:11:04 And so, uh, it is important for a banker to, to want your business to go out, to see you, to understand, you know, your, um, just overall environment. I, I'll give an example. I, I had a, a customer, we were grabbing lunch or, um, we were talking, um, we were talking deposits, right? And she was, uh, an an online, uh, doctor, essentially using, um, using services online, and they were getting checks mailed to a PO box, right? And then taking those checks from a PO box, and then taking 'em home, kind of, uh, creating excel spreadsheet, reconciling, and then driving back to a, a, a credit union to make some deposits. So as a proactive banker, just knowing the tools out there, I mean, you know, she's spending a third of her week just collecting, you know, what, what can I do to streamline that to help her, you know, free up some time and get back to doing what she does. And so, uh, being proactive is crucial. Visiting is crucial, you know, building that relationship, and then all that allows the, the bank down the road, if there is another, an opportunity. Uh, you know, if, if, uh, doctor needs a loan down the road, hey, it is smooth sailing, right? It's, it's an easy process.
Speaker 1 00:12:28 Yeah. You've already got a lot of that, again, that relationship built so that you know what your risk is, and there's some comfort in just the whole process.
Speaker 2 00:12:38 Right? Right.
Speaker 1 00:12:39 So, uh, so I guess the question is on a bank holiday, can I call you?
Speaker 2 00:12:43 Absolutely. Okay.
Speaker 1 00:12:44 Absolutely. Just making sure. Just making sure. Uh, as, uh, as again, sort of that everybody watching out and thinking a little bit about some of the fraud that's out there, right? The banker that actually knows the practice and the practice knows how to get in touch with the banker. What are some things that you're seeing right now from a, um, uh, illegal and fraud standpoint that, uh, the relationship between banker and practice or business owner, uh, especially in healthcare, uh, that you're seeing? What are ways to mitigate that, to prevent it? Give us some, some insights, strategies, thoughts along those lines.
Speaker 2 00:13:26 Maybe about a month ago, we hosted a, a cybersecurity event. We had maybe 250, um, uh, of our clients come to, uh, Vestavia Country Club. And, and we were able to provide a couple speakers. And, uh, there was one speaker that just stood out in my mind. We brought in the, uh, the, um, Birmingham, and I believe he works for the F B I, but, you know, a essentially, um, a mail fraud specific speaker. And the one thing that blew me away was understanding that there is a black market for keys in mailboxes, and essentially taking those, you know, they're after checks, right? They're after paper documents, after, uh, statement accounts that has that customer's information on it. And so just doing anything you can to eliminate paper, right? I mean, it's crucial. Um, but just understanding it's like, man, there's a secondary market for, for keys
Speaker 1 00:14:30 Just to go into lockbox or the PO boxes, right? Right. That
Speaker 2 00:14:35 Blue mailbox that you see out in front of the post box. Yeah, I think it was selling for $500 on the black market. So, uh, eliminating your paper trail is crucial. You know, anything that you can do to maybe pay vendors a c h understand that, um, you, you, you know, going from bank account to bank account, you know, there is less fraud out there in the fact that, hey, those account numbers aren't out there. Right? You've may, um, gotten the invoice and you're, you're talking direct, and it may, you may have that account number saved, right? So if that account number's saved, you've, you've made payments in the past and you know that this, this is going to be paid, uh, just depending on the dollar amount. So, uh, fraud is out there and, and just understand that it, that it does happen. There, there are so many things, uh, but also we have a great team that is there to, um, you know, protect that, uh, doctor's bank account.
Speaker 2 00:15:33 And, you know, if we see something that, that is out of the ordinary, hey, we're reaching out to doctor just to say, Hey, did you truly pay this? Is this something that mm-hmm. <affirmative>, you know, high level that this looks a little different, or right. Hey, we've recognized a check image that is, you know, maybe somebody has taken that account number, they've created a check. And so we, we are very proactive in that sense. And, and then have a great team behind the scenes that are making sure that we're doing everything on our behalf to try to communicate to you if we think something is up. Right.
Speaker 1 00:16:06 I know a lot of practices, they sort of get into a routine, not, not like retail and restaurants where you are, grocery stores and that type of thing, where you have a lot of cash centering around. I know there are other systems such as the, the armored car, right? Um, services and such. But what do you recommend as it relates to taking the deposits to the bank? You've got some check scanning technology, not just yours, but all, all banks pretty much have that same thing. What do you recommend to a practice as it relates to just the, the controls that take place on taking the deposit to the bank? There's just sort of that right routine. There's a ritual to it, there's a, a regiment to it. Um, folks like to get outta the office, take a, uh, uh, given, give me a little bit of, of, uh, from your perspective, uh, what you would recommend as absolutely as it relates to the, to the deposits.
Speaker 2 00:17:07 It, it all really depre depends on that specific practice. Mm-hmm. <affirmative>, so we can kind of talk high level, but, you know, uh, the bank, and my goal is to make sure that y your banking process is streamlined, right? If you don't want to come to the bank, we have the technology to where we can put that scanner that you mentioned mm-hmm. <affirmative>, uh, into the practice. And even further, you, you know, hey, do you want to scan one check at a time, or you want to cha scan multiple checks at a time? And, and so, uh, it's about understanding how that practice is receiving payments. Um, hey, they, they could be getting a ton of payments and they could be, uh, in a situation to look at lockbox services, right? To where we, uh, put that, uh, PO box on a, on an invoice, and those checks are paid into, uh, a lockbox, and then they're processing that check immediately.
Speaker 2 00:18:02 And so every practice is a little different. Um, you know, with, with the technology out there, I would encourage doctors to look at that because, hey, that office manager's time may be spent a little better. Let's say she's working and, and trying to collect, uh, you know, insurance discrepancies down the road, right? If she's coming to the bank, if she's doing that every day, that's an hour of her time, you know? Mm-hmm. <affirmative> driving to the bank, there's probably some liability of her driving to the bank. Uh, what if she was in an accident? There's, there's ability to maybe, you know, you, you, you don't want to immediately think this, but hey, what, what if, you know, fraud happens? What if, uh, you know, bank account numbers are stolen, checks are missing. And so the, the technology's out there to streamline that and to simplify that. Um, and so just understanding how that practice is making deposits is, is very important for us to recommend, uh, services that can meet those goals and, and increase that cash flow. Yeah.
Speaker 1 00:19:03 Yeah. And, and along with that, the, the, just the technology, the scanning and, and such, creating those more electronic files, um, what are some other a advantages that you're seeing as, uh, with, with technology banking, the, the customer, what can they take advantage of
Speaker 2 00:19:24 The reporting
Speaker 1 00:19:24 Along with, along with you?
Speaker 2 00:19:26 Yeah. The, the reporting that comes along with that is fantastic, right? So, uh, you can pull, uh, dollar amounts, check numbers, you know, specific dates. So just having the ability to go access that, it, it is crucial. And, and, you know, that's, that's really checks, right? Think about accepting credit cards. You know, we, uh, work with, uh, a partner that helps accept credit cards and think about a dental practice, um, using a Clover mini, right? Mm-hmm. <affirmative>, you got a handheld wireless device, uh, and your patient is sitting in the chair, right? So, you know, with this device, you can have patient pay immediately sitting in chair, uh, you're not getting up. Um, you're entering information such as, uh, phone number and email for future scheduling. So within the clover, you've got an app store that can tie into your practice management to, to schedule future appointments, right? Mm-hmm. <affirmative> and, and down the road, we want to make sure that they come to those future appointments. So not only do you get the benefit of the technology, I immediately checking somebody out, but hey, let's remind them that they do have an appointment coming up. Sure. Um, and so just, just using the technology out there is, is very
Speaker 1 00:20:43 Important. Yeah. That's a, that's a great point that you think about orthopedics, where you, you're working with boots and casting and, and splinting and such, uh, different items like that, that come after the, the doctor's visit, but still in the, in the clinic or in the, uh, practice or the office that needs to be added on instead of waiting to get all the way back around to the, um, to the checkout desk, uh, bringing that into the room and, uh, and having that transaction cared for. 'cause you've got the advanced beneficiary. Notice all of those different forms that kind of have to happen once that decision's made to put that boot or that, um, d m e, the durable medical equipment, some of that could happen right there. And you get the transaction pretty well captured. So that's a great, great thought. Thanks to our, our dentist friends for, uh, uh, helping us, uh, thinking through that.
Speaker 1 00:21:43 Uh, you know, Ramsey White, we're here. He's been a guest on our show before. He's now, uh, I think their, their company innovative billing has now changed. Eva, I believe is the, the new, uh, branding. He's, he's got some great strategies and technology on how to connect the practice, the bank, and, um, uh, some of the credit card functions and such, getting those statements out. So really anything that the practice can think of to be more efficient and use more technology. One, we get the fraud, some of the controls there, but just the, the steps to get the cash back in the, into the account is, is so important. And I think the message is if they'll just call you and ask, it's not always a fee. It's not al it. There's some, there's just some thinking that could go on and working together. Well,
Speaker 2 00:22:39 We're gonna work hard to, you know, to earn that business and price the technology to where it's, it's really beneficial for the practice, right? Yep. They may have a very strong deposit account, and there's a good chance that they're not going to pay fees. 'cause that earnings credit does offset everything. And so being proactive and having the conversation, and there's some negotiation, uh, but make sure that, you know, we're having those conversations. 'cause the bank appreciates your business. Yeah. And we want your business. And, and don't get me wrong, there, there are services associated with, like, we lease those, you know, uh, remote deposit machines, but hey, if we're, if strong deposit customer, we're gonna offset that, you know, simple payment, right? And so there's always ways to look at things and, and we just are appreciative of having that conversation. And, and we'll come up with something creative to meet your goals. Well,
Speaker 1 00:23:31 That's so helpful. I, um, I I I am not afraid to call the banker <laugh>. I hear you. I am not afraid to, I, I, I consider that a, just a, an adjunct, uh, to the success of the business. And, and a, my words to my colleagues would be, don't, don't be afraid, either do
Speaker 2 00:23:50 It. The the banker should be receptive and appreciative of that call, right? Yeah. Because it's one of those that, hey, if this keeps happening, then we're moving our relationship, right? Yeah. And so, if we understand the pain points that, that you're experiencing, we want to meet those goals. And if pricing is one of them, then let's talk. Yeah. Let's talk about it. Let's, let's make sure that, you know, hey, it is, it is a good business decision for both the bank, but also, you know, the practice. Sure. So,
Speaker 1 00:24:18 Well, we're, um, we're, we're a few minutes away from wrapping today. And, um, Aaron, I appreciate your, your coming and, and giving us some thoughts and insight. Um, any, any last kind of parting words, uh, summarizing, uh, other, other things that, uh, uh, a practice manager, uh, a practice owner needs to really think about as they go into their relationship? Or, or if nothing else? Um, uh, just kind of thinking back through and just taking a, a, a stock of what their relationship is with their banker and what they, some questions they may need to ask.
Speaker 2 00:24:56 Well, I am very appreciative of you, you guys allowed me to hop on this. And, and I would just say, you know, be proactive and, and understand, uh, allow your banker to understand your business, and, and he wants to support you. He wants to make sure that everything is running efficient. And, and the best way to do that is dialogue. So when he is calling to grab lunch, go grab lunch. If you, you know, if it's a coffee, go grab a coffee and, and allow him to understand that, because down the road, it, it will be beneficial because there will be a pain point or two that's discussed and, and the bank can come in and, and streamline, you know, what, whatever that pain point is. And so, uh, a relationship is so important with a community bank at, at riverbank, we we're very appreciative of, of not only the practice, but, but the, you know, personal side of things.
Speaker 2 00:25:48 Mm-hmm. <affirmative>, right? And so, uh, having those conversations and, and knowing your banker's name is so important because there will be a need down the road. And, and if the banker has a great relationship, uh, he will go out of his way to make sure you know that your goals are, are met. And so, just, just, uh, keep a good dialogue with your banker, you know, make sure that they're supporting you how they need to be supported. And then, hey, if that, if you haven't talked to your banker in a while and there's a banker out there that is trying to earn some business, it, it may not be a bad idea to grab coffee and see what he can see, how he can support your practice.
Speaker 1 00:26:22 I, I think you, the, the big word there that, that, uh, you hit on was allow, just allow him in there. It's, it's a lot of, it's a totally different dynamic and allow your banker to come in if they call and make time for them, because you never know when you're gonna need them. And, uh, that
Speaker 2 00:26:42 If you're working with a good banker that understands the medical community, he, he's going to be banking, you know, 25 other practices, he's, he's going to be able to provide the references that, that you need. He may know your c p A, he may know your lawyer, he may know, you know, everybody, a part of your team. And if, if that banker understands healthcare, he, he not only is going to know and, and be able to provide references from, from your consultants, from your, uh, vendors, he's going to, you know, be able to recommend, you know, outside of banking services. And, and I feel like being in the healthcare space, if there's something that a doctor needs, I'm able to say, Hey, well, this guy is a quality guy. You need to be talking with him. And, and that's just a little more value above and beyond, you know, banking itself, right? Correct. Uh, loans are important, deposits are important, but what kind of consulting can that banker provide to you? Good. Yep.
Speaker 1 00:27:40 Well, Aaron, again, thank you so much for being with us. This is great information. Um, always love talking about relationships and how, uh, different entities can work together. And, uh, I, I certainly do appreciate your time and, and insight. Russ, thank you for, uh, keeping us all straight here and making it all happen and work. Um, Tara Arrington, who is, uh, one of our producers and part of our, uh, marketing and media relations team. So my name's Jeff dz. Uh, glad you're with us today on our Revenue Radio podcast, powered by Kaso. Uh, again, uh, Kasu Healthcare Solutions is a big part of this production, and we are here to enhance the business of, uh, medicine. So it brings value to you, your, the practice manager, the physician, and the business owner. We hope you'll be back with us soon. Thank you, and have a good day.
