123. The Financial Mistakes Destroying Medical Practices

In this episode of Life of Flow, we sit down with Preston Alexander, co-founder of Forward Slash Health, for a practical conversation about the business side of private practice. Preston shares how he went from medical device product management to healthcare startups, consulting, revenue cycle work, and building a financial management platform for independent practices.We talk through the financial blind spots many physicians face when they leave employed medicine, including revenue cycle, cash flow, accounts receivable, accounts payable, outsourcing, staffing, and why understanding the numbers matters if you want to build a sustainable practice.07:30 Preston’s path from MBA to medical devices and healthcare business09:01 Using LinkedIn to learn how healthcare really works11:02 How Forward Slash Health started from private practice pain points18:27 Why Miguel keeps his revenue cycle team close to the practice24:04 Cash flow, seasonality, and why big checks can be misleading35:00 Where private practices commonly leak money42:40 Why “doctors are bad at business” misses the point54:30 What to know before outsourcing revenue cycle management57:35 How to connect with Preston and Forward Slash HealthWho Should ListenThis episode is for physicians, surgeons, private practice owners, and doctors thinking about leaving the hospital system to build something independent. It’s also useful for anyone in healthcare operations who wants a clearer understanding of how revenue cycle, staffing, vendor relationships, and cash flow affect a practice.About Preston AlexanderPreston Alexander is the CEO and co-founder of Forward Slash Health and Chief Operating Officer at Underscore Law. His background spans healthcare business, medical device product management, digital health, revenue cycle work, and private practice financial management.In the episode, he shares how his path from earning an MBA to working inside healthcare companies, launching and selling a medical device company, and helping build independent practices led him to focus on the financial systems physicians need to understand when running a practice.Connect with Preston💼 LinkedIn: Preston Alexander🗞️ Substack: The Healthcare BreakdownAbout LocumstoryLocumstory is a free, unbiased educational resource about locum tenens to answer your questions about the how-tos of locums on their website, podcast, webinars, videos, and a locums 101 crash course.Visit locumstory.com to find out if locum tenens makes sense for you and your career goals. Follow Life of Flow📲 Instagram: ⁠⁠⁠⁠⁠@LifeofFlowPodcast⁠⁠⁠⁠⁠👍 Facebook: ⁠⁠⁠⁠⁠Life of Flow Podcast⁠⁠⁠⁠⁠💼 LinkedIn: ⁠⁠⁠⁠⁠Life of Flow Podcast⁠⁠⁠⁠⁠🐦 X: ⁠⁠⁠⁠⁠@VascularPodcastIf this conversation made you think differently about the business side of medicine, share it with a colleague who’s building, running, or considering an independent practice. And if you’re enjoying Life of Flow, a quick review helps more physicians and healthcare leaders find conversations like this.