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 podcasts@mgma.com.

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.

Business Solutions: Considering the Actual Cost of Healthcare Services for Long-Term Success

Welcome to the MGMA Podcast Network, your gateway to insightful discussions and expert analysis on key topics in healthcare management. Dive into a diverse array of shows tailored to meet the interests and needs of healthcare professionals like you. 

Explore the experiences and perspectives of trailblazing women in healthcare on "Women in Healthcare," or discover innovative strategies and solutions for your practice on "Business Solutions." Stay updated on the latest industry trends and news with "Week in Review," and gain valuable insights from industry leaders and MGMA members on "Member Spotlight." Don't miss our flagship show, "MGMA Insights," where we delve deep into the most pressing issues facing healthcare organizations today.

Whether you're seeking inspiration, practical advice, or in-depth analysis, the MGMA Podcast Network is your trusted companion on your journey towards excellence in healthcare management. Tune in and join the conversation today!

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Medicine

Science & Medicine

Health & Fitness

In this MGMA Week in Review podcast episode, Daniel Williams and Colleen Luckett discuss the shocking costs of ignoring mental health issues, strategies medical groups use to recruit nurses, and ways to prevent physician burnout through mindfulness and partnerships. 
Key Takeaways and Resources:
(Healthcare Finance News) - Colleen shares a recent analysis projecting that avoidable healthcare costs from mental health inequities could reach $1.3 trillion by 2040. 
(Harvard Business Review) - Leaders can improve decision-making by embracing diverse questioning techniques. 
(MGMA Stat) - Despite challenges, medical groups have increased clinician productivity and compensation by 4-6% through strategies like extended hours and increased telehealth usage. 
(MedPage Today)—Despite numerous challenges, medical practices' resilience and adaptability have led to increased productivity and compensation. 
(Medical Economics) - Preventing burnout includes mindfulness practices, congressional support for the Dr. Lorna Breen Health Care Protection Act, and applying the NIOSH Impact Wellbeing Guide within organizations.  
MGMA Resources: Ask an Advisor MGMA Membership MGMA Consulting

 WE WANT TO HEAR FROM YOU

 Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com or cluckett@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Support for this podcast comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more. Today’s podcast is also sponsored by RingCentral  RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

MGMA Week in Review: Addressing Mental Health Costs, Nurse Recruitment Strategies, and Preventing Physician Burnout

In the latest episode of the MGMA Insights Podcast, host Daniel Williams welcomes Dr. Jennifer Taylor, Lead Medical Director at Humana, to discuss crucial topics affecting medical practice leaders today. Dr. Taylor shares the importance of effective communication among medical professionals, strategies for achieving a balanced work-life dynamic, and mentorship's value in the healthcare industry. These insights also offer valuable guidance on addressing burnout and enhancing team dynamics while utilizing available resources for better practice management. Actionable Insights
Dr. Taylor's expertise and practical advice provide invaluable guidance for medical practice leaders aiming to foster better communication, achieve work-life balance, and support their teams effectively. Here are some actionable steps based on her insights:Enhance Communication:Implement regular team meetings and feedback sessions to foster open dialogue and quickly resolve issues.Use clear, concise language, and listen actively and empathetically to prevent misunderstandings and enhance team dynamics.Foster a culture of transparency and collaboration to navigate challenges more effectively.Achieve Work-Life Balance:Set clear boundaries between work and personal life to maintain balance.Recognize the signs of burnout early and take proactive steps, such as taking breaks and delegating tasks.Ensure a robust support system at work and home, and participate in hobbies, exercise, and meditation to maintain mental and physical health.Promote Mentorship:Seek out mentors for guidance and support in navigating complex career paths.Take on mentoring roles to help develop the next generation of healthcare professionals and foster personal growth and professional development.Resources

 Humana's Wellness Programs

 Dr. Taylor on Medicare Planning

 Dr. Taylor on LinkedIn

 MGMA Resources

 MGMA Stat

 Ask an Advisor

 MGMA Membership

 MGMA Consulting

 WE WANT TO HEAR FROM YOU

 Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Support for this podcast comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more. Today’s podcast is also sponsored by RingCentral  RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

MGMA Insights: Peer-to-Peer Conversations and Work-Life Balance with Dr. Jennifer Taylor

On this episode of the MGMA Insights Podcast, host Daniel Williams sits down with Eric Schwab, COO of Preferred Primary Care Physicians. Eric shares his journey from real estate to becoming a leader in healthcare management. He discusses leading Preferred Primary Care, the largest independent primary care group in Western Pennsylvania with over 90 providers. Eric also details the strategic shift to value-based care and how data and wraparound services improved patient outcomes.  Major Takeaways:Building a culture of care and family at Preferred Primary Care through benefits, communication and staff developmentImplementing systems and infrastructure to successfully transition to value-based care contracts  Utilizing data to inform care protocols and identify at-risk patients for proactive interventionDeveloping healthcare managers through mentoring and challenging assumptionsAchieving work-life balance as a healthcare leader through boundaries, planning and limiting reactivityMGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Support for this podcast comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more. Today’s podcast is also sponsored by RingCentral  RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

MGMA Member Spotlight: Leading a Large Independent Primary Care Group through Value-Based Care with Eric Schwab

Welcome to this week's episode of the MGMA Week in Review podcast, hosted by Daniel Williams and Colleen Luckett. In this episode, Colleen and Daniel discuss the growing role of AI technology, like ambient transcription, in healthcare. They also cover strategies for implementing lessons from leadership programs and navigating trade issues. Colleen shares a story about pufferfish and highlights how practices can approach negotiations. Takeaways:
- Ambient AI shows promise but still needs human review for quality (MGMA Stat)
- Gradual change and team involvement help apply lessons from events (HBR) 
- Identifying unique strengths allows practices to take control in negotiations (Physicians Practice)
- Trade policies and litigation trends impact costs and provider roles (Fierce Healthcare)
- Consider becoming an expert witness if interested in that professional path (MedPage Today) 
MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com or cluckett@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Support for this podcast comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more. Today’s podcast is also sponsored by RingCentral  RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

MGMA Week in Review:  Leveraging AI, Maintaining Event Momentum, and Tips on Contract Negotiations

In this episode of the MGMA Insights podcast, host Daniel Williams sits down with renowned small talk expert and author Deborah Fine to discuss her transformation from introverted engineer to communication skills coach. Debra shares her experiences developing her small talk skills and offers practical advice for effectively navigating social interactions in personal and professional settings. They also discuss updates to her book The Fine Art of Small Talk. Key Takeaways:  -Small talk is important for developing relationships both personally and professionally. It acts as an "appetizer" to get to know someone. -People should assume the burden of making others comfortable in conversations by asking questions, showing interest, and finding common ground. -Ask open-ended questions and be a good listener to avoid mundane small talk and truly learn about the other person. -Gracefully exit boring conversations when needed by using strategies like mentioning the need to greet someone else. -Be mindful of word choices to avoid putting one's foot in their mouth or bringing up sensitive topics inappropriately. -Find ways to stay regularly connected with family and friends, even if just through brief daily check-ins like playing Wordle together. -An updated edition of The Fine Art of Small Talk features two new chapters that cover political conversations and managing conversations around loss. Sources and Resources: Debra Fine's book "The Fine Art of Small Talk" 
MGMA Resources:MGMA StatAsk an AdvisorMGMA MembershipMGMA ConsultingWE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover, an expert you would like us to interview, or if you'd like to appear on the member spotlight podcast. Email us at dwilliams@mgma.com. If you have a question for our senior advisor, Cristy Good, email advisor@mgma.com.

Support for this podcast comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more. Today’s podcast is also sponsored by RingCentral  RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

Business Solutions: Considering the Actual Cost of Healthcare Services for Long-Term Success

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