MGMA Week in Review: Malpractice Costs, Cancer Screening Expenses, and Leadership Strategies
Download MP3In this episode of the MGMA Week in Review Podcast, hosts Daniel Williams, Colleen Luckett, and Christy Good discuss several key topics in the healthcare industry. The hosts cover the rising costs of malpractice insurance, the financial burden of cancer screenings, strategies for effective leadership in the C-suite, and updates on important Medicare reform bills in Congress.
Major Takeaways:
Major Takeaways:
- Malpractice insurance premiums have increased for 68% of medical groups, with an average rise of 11%. The insurance industry is adopting AI to improve risk assessment and underwriting decisions.
- Christy Good emphasizes the importance of a dual focus on quality of care and risk management to mitigate legal risks, including adhering to evidence-based practices, continuous monitoring of outcomes, and open communication.
- The annual cost of cancer screenings in the US is estimated at $43 billion. Experts advocate for more cost-effective screening strategies and improved access to ensure all individuals receive early detection services.
- Hospital CEOs are reading books on leadership, innovation, and personal development to prepare their organizations for the future, including titles like "Good to Great" and "The Innovator's Dilemma."
- Two bills in Congress, the "Strengthening Medicare for Patients and Providers Act" and the "Provider Reimbursement Stability Act," could help stabilize physician payments and address Medicare's outdated budget neutrality policies.
Direct Sources:
- Article on rising malpractice insurance costs: https://www.mgma.com/data/data-stories/nearly-68-of-medical-groups-report-an-increase-in-d
- Article on cancer screening costs: https://www.medicaleconomics.com/view/us-cancer-screenings-come-with-a-43-billion-annual-price-tag
- Article on hospital CEO reading habits: https://www.beckershospitalreview.com/hospital-management-administration/what-hospital-ceos-are-reading-to-prepare-for-the-future.html
CareCredit
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
Are your patients concerned about out-of-pocket costs? Is your practice looking for a way to help address those concerns and improve the patient experience? Then, you may want to consider offering the CareCredit credit card as a payment option. For over thirty-five years, CareCredit, a Synchrony solution, has been offering patients a way to pay for health and wellness expenses not covered by insurance. CareCredit can seamlessly integrate with your business and offer a valuable financing option for your patients so they can pay for services or products over time to help fit their budget. To learn more about how CareCredit works for you and your patients, visit www.carecredit.com/mgmapodcast.
NextGen
Looking to transform your healthcare practice with AI? NextGen Healthcare is leading the way by leveraging artificial intelligence. It is helping practices improve efficiency, streamline workflows, and enhance patient outcomes. From predictive analytics to automating routine tasks, NextGen Healthcare's AI solutions are revolutionizing the delivery of care. Don't miss out on the future of healthcare innovation. Visit https://www.nextgen.com/ today to learn how NextGen Healthcare can help you drive efficiency and elevate patient care.
