MGMA Podcasts

In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about strategies to address the high rate of patient turnover. Patient turnover, often referred to as patient churn or attrition, can impact the financial health and stability of a medical practice. Estimates show that it’s six to seven times more expensive to acquire a new patient than it is to keep a current patient coming back. It’s also estimated that upwards of 80% of future profits come from just 20% of existing customers. Furthermore, big gains can be made by retaining patients because increasing patient retention rates by just 5% will increase profits anywhere from 25 to 95%. MGMA Resources discussed: Patient Retention: https://fullscript.com/blog/patient-retention DataDive Procedural Profile: https://www.mgma.com/datadive/procedural-profile CDC Survey Data: https://www.cdc.gov/nchs/ahcd/datasets_documentation_related.htm DataDive Operations Glossary: https://www.mgma.com/practice-ops-scheduling More Resources: https://www.mgma.com/articles/foundational-benchmarks-and-kpis-for-medical-practice-operations-in-2023 https://www.revcycleintelligence.com/news/medical-practices-to-focus-on-staff-patient-retention-mgma-finds https://www.providertech.com/importance-of-effective-patient-retention-strategies/ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8430850/ WE WANT TO HEAR FROM YOU Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at [email protected]. If you have opportunities and resources you'd like to share with MGMA members, go to Marketing with MGMA to find out how you can connect with the MGMA audience.

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.

In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about Modifier 25 and Modifier 57 in medical billing and coding. Sources: Cigna to rescind latest modifier 25 policy: https://www.mgma.com/advocacy-letters/april-18-2023-mgma-and-partner-healthcare-stakeholders-urge-cigna-to-rescind-latest-modifier-25-policy-2 2023 Medical Coding and Billing Toolkit; https://www.mgma.com/member-tools/2023-medical-coding-and-billing-toolkit Sponsors: MGMA DataDive: It's time to explore and find the answers you've been searching for with the new 2023 DataDive data sets! The MGMA Provider Compensation and Production data set is one of the most comprehensive data sets in the industry, providing hospital- and physician-owned practice data and compensation benchmarks for medical directorship, on-call, academic and starting salaries. The 2023 data set represents nearly 190,000 providers from 6,800 groups spanning 250 specialties. With this valuable data you can... • Attract and retain the highest-quality providers • Drive more revenue through productivity • And keep costs contained Learn more by visiting mgma.com/datadive CareAllies: Healthcare is complicated. But you don’t have to navigate the complexities alone. CareAllies collaborates with physician organizations to solve some of the toughest challenges on the path to value-based care. As your organization works to effectively manage your more vulnerable patient populations, enhance outcomes, and improve data analytics, CareAllies bring the people, technology, and processes to support you - so you can focus on practicing medicine. Visit www.careallies.com to see how they can help to radically simplify value-based care. Resources: Ask an Advisor: www.mgma.com/ask-an-advisor MGMA Membership: www.mgma.com/membership MGMA Advocacy: www.mgma.com/advocacy MGMA Consulting: www.mgma.com/consulting/overview Mentorship Program: www.mgma.com/membership/landing...rogram-application This episode is sponsored by MGMA Events. If you would like additional tools and resources related to medical practice leadership email us at [email protected]. Thank you again for taking the time to listen to MGMA’s Insights podcast. If you have opportunities you'd like to share with the MGMA audience, go to www.mgma.com/marketing-with-mgma/advertise to find out how you can connect with the MGMA audience.

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.

Today, we welcome Dr. Dov Shapiro to the show. Dr. Shapiro is the Managing Physician, Associated Pediatric Partners. Dr. Shapiro is here to talk about an important topic: “From Pandemic to Tripledemic to Endemic: One Practice’s Transformation Through In-Office PCR.” It’s a topic he will also be presenting in an upcoming MGMA webinar that will be held at 1pm Eastern Time on June 15. Resources: Free Webinar: https://www.mgma.com/events/from-pandemic-to-tripledemic-to-endemic-one-practi Cepheid: www.cepheid.com/mgma Associated Pediatric Partners: https://associatedpediatricpartners.com/dr-dov-shapiro-md/ NREVSS: https://www.cdc.gov/surveillance/nrevss/index.html Sponsor: MGMA Events: Join us June 6-8, 2023, for a robust and convenient learning experience featuring education from industry leaders covering a wide variety of challenges facing medical practices today. MGMA Summit is a signature online event that allows you to take control of your journey by attending live or by accessing the sessions at your own pace until July 8. Additionally, new networking opportunities will make it easy for you to meet industry peers and discuss solutions to your biggest challenges. Go to mgma.com/events/2023-mgma-summit to learn more and to register today! Resources: Ask An Advisor: [email protected] Practice Resources: mgma.com/practice-resources/f...is-for-medical-pract Auditing Toolkit: www.mgma.com/practice-resources...d-auditing-toolkit MGMA Membership: www.mgma.com/membership Rev Cycle Certificate Program: www.mgma.com/certification/acmp...e-management-on-de Thanks again for listening to MGMA's podcasts.

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.

We welcome Tom Thornton, Practice Director, Net at Work to this episode of MGMA's Business Solutions podcast. Tom is here to discuss one method of cost accounting that is gaining popularity in the healthcare industry Activity-Based Costing, or ABC. In the discussion, Tom discusses how ABC helps healthcare organizations improve cost management, enhance resource utilization, and increase efficiency and quality of care. Resources: Accounting Solutions: https://www.netatwork.com/services_1/bizsol_1/erp-accounting-solutions/erp-for-healthcare/?utm_source=MGMA&utm_medium=website&utm_campaign=MGMA+Podcast Benefits of cloud-based software: https://www.netatwork.com/resource/benefits-of-cloud-based-nonprofit-accounting-software/?utm_source=MGMA&utm_medium=website&utm_campaign=MGMA+Podcast Next Gen ERP: https://www.netatwork.com/wp-content/uploads/2023/01/sage-intacct-erp-HawaiiDentalService.pdf ERP for Children First: https://www.netatwork.com/wp-content/uploads/2023/02/Sage-intacct-erp-ChildrenFirst-Ontario-naw.pdf Business Health Assessment: https://www.netatwork.com/free-business-health-assessment/ Net at Work ABC Whitepaper: https://www.mgma.com/practice-resources/financial-management/activity-based-costing%E2%80%99s-time-has-come?utm_source=website&utm_medium=podcast&utm_campaign=bde-podcast-apr-2023-netatwork Sponsor: This episode is sponsored by MGMA Events. Join us June 6-8, 2023, for a robust and convenient learning experience featuring education from industry leaders covering a wide variety of challenges facing medical practices today. MGMA Summit is a signature online event that allows you to take control of your journey by attending live or by accessing the sessions at your own pace until July 8. Additionally, new networking opportunities will make it easy for you to meet industry peers and discuss solutions to your biggest challenges. Go to mgma.com/events/2023-mgma-summit to learn more and to register today! If you would like additional tools and resources related to medical practice leadership email us at [email protected]. Thank you again for taking the time to listen to MGMA’s podcast network. If you have opportunities you’d like to share with the MGMA audience, go to www.mgma.com/marketing-with-mgma/advertise to find out how you can connect with the MGMA audience.

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.

In this episode of the MGMA Week in Review podcast, we discuss rev cycle staffing challenges and offer a recap of the Financial and Operations Conference held in Orlando. Sources in this episode: MGMA Stat: https://www.mgma.com/data/data-stories/bottom-line-impacts-from-revenue-cycle-staffing-ch MGMA Letter to Congress: https://www.mgma.com/getmedia/bb872aa0-65fc-4741-bd3d-6c1452ccb410/03-20-2023_MGMA-HELP-RFI-Response.pdf.aspx?ext=.pdf&mkt_tok=MTQ0LUFNSi02MzkAAAGKrVKX9UH9eSi53fwoXZiQIaZQeiQWDa_bqaghaU3XLQIQZJPbtnEgrtiIn8Jr-X4CJCDBGG1twG0caXmXgIg5j5SRMktKI7og6cLC0h8-9Q Ask an Advisor: www.mgma.com/ask-an-advisor MGMA Membership: www.mgma.com/membership MGMA Advocacy: www.mgma.com/advocacy MGMA Consulting: www.mgma.com/consulting/overview Mentorship Program: www.mgma.com/membership/landing...rogram-application This episode is sponsored by MGMA Events. Join us June 6-8, 2023, for a robust and convenient learning experience featuring education from industry leaders covering a wide variety of challenges facing medical practices today. MGMA Summit is a signature online event that allows you to take control of your journey by attending live or by accessing the sessions at your own pace until July 8. Additionally, new networking opportunities will make it easy for you to meet industry peers and discuss solutions to your biggest challenges. Go to mgma.com/events/2023-mgma-summit to learn more and to register today! If you would like additional tools and resources related to medical practice leadership email us at [email protected]. Thank you again for taking the time to listen to MGMA’s Insights podcast. If you have opportunities you'd like to share with the MGMA audience, go to www.mgma.com/marketing-with-mgma/advertise to find out how you can connect with the MGMA audience.

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.