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Act" and the "Provider Reimbursement Stability Act," could help stabilize physician payments and address Medicare's outdated budget neutrality policies.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
Podcast Sponsor Boost Lingo
This episode is brought to you by Boost Lingo, the language services platform behind MGMA Translate, interpreter delays and high agency fees, strain budgets, and staff morale. Boost lingo on demand fixes both tap once and a qualified medical interpreter joins in about 13 seconds. Video or phone on any device. No steep learning curve. It just works. Tap, connect, care. Choose from 14,000 interpreters covering over 300 languages. Fully HIPAA compliant. Your staff will love the ease and your patients will too. Plus MGMA members save 20%. Visit https://boostlingo.com/mgma/ to see it in action today.
Podcast Sponsor MGMA Analytics
Are you making decisions based on gut instinct—or on real data?
With MGMA Analytics, you get the benchmarking and business intelligence tools to drive smarter strategies.
From provider compensation to operational costs, MGMA Analytics gives you access to the most trusted data in the industry.
So whether you’re adjusting staffing, setting salaries, or planning for growth, make your next move with confidence.
Visit MGMA Analytics to learn more.
This episode is brought to you by Boost Lingo, the language services platform behind MGMA Translate, interpreter delays and high agency fees, strain budgets, and staff morale. Boost lingo on demand fixes both tap once and a qualified medical interpreter joins in about 13 seconds. Video or phone on any device. No steep learning curve. It just works. Tap, connect, care. Choose from 14,000 interpreters covering over 300 languages. Fully HIPAA compliant. Your staff will love the ease and your patients will too. Plus MGMA members save 20%. Visit https://boostlingo.com/mgma/ to see it in action today.
Podcast Sponsor MGMA Analytics
Are you making decisions based on gut instinct—or on real data?
With MGMA Analytics, you get the benchmarking and business intelligence tools to drive smarter strategies.
From provider compensation to operational costs, MGMA Analytics gives you access to the most trusted data in the industry.
So whether you’re adjusting staffing, setting salaries, or planning for growth, make your next move with confidence.
Visit MGMA Analytics to learn more.
