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 podcasts@mgma.com.

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.

Ask MGMA: Addressing the High Rate of Patient Turnover

In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about psychiatric assessment coding questions that have come in to the Ask MGMA feed on our website.

MGMA resources:

Resources: 

Outpatient Psychiatry & Psychology Services Fact Sheet CMS : https://downloads.cms.gov/medicare-coverage-database/lcd_attachments/31887_33/Outpatient_Psych_Fact_Sheet09.18.14.pdf

Mental Health Psychiatry and Psychotherapy Services Noridian: https://med.noridianmedicare.com/web/jeb/specialties/mental-health

CPT Code 99205: Billing Guide & Reimbursement Rates (2023): https://therathink.com/cpt-code-99205/

Sponsor: Physician Business Training (https://physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

MGMA Resources:
MGMA Stat: mgma.com/stat

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

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 dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

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.

Ask MGMA: Breaking the Code on Psychiatric Assessment Coding

This episode of the MGMA Business Solutions podcast features Dr. Pamela Ograbisz DNP, FNP-BC and Scott Selby of LocumTenens.com. Dr. Ograbisz is Vice President of Clinical Operations while Scott Selby is Senior Vice President in Enterprise Solutions. They're here to discuss a new research paper: "The Innovation Imperative for Physician Retention."

Resources:
The Innovation Imperative for Physician Retention: https://www.locumtenens.com/resource-center/survey-and-research-reports/the-innovation-imperative-for-physician-retention/

LocumTenens.com: https://www.locumtenens.com/

Additional MGMA Resources:
MGMA Stat: mgma.com/stat

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

Sponsor: Physician Business Training 
(https://physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

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 dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

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.

Business Solutions: Retaining Physicians Through Innovation and Engagement

In this episode of the MGMA Week in Review podcast, we welcome MGMA editor and writer Colleen Luckett to the show to share her thoughts on the latest MGMA Stat on benchmarking and insights on the 2024 Medical Billing Toolkit.

Sources:
MGMA Stat on benchmarking: https://www.mgma.com/mgma-stat/from-data-to-action-the-crucial-role-of-healthcare-benchmarking

2024 Medical Billing Toolkit: https://www.mgma.com/member-tools/2024-medical-coding-and-billing-toolkit

Resources:
MGMA Stat: mgma.com/stat

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

If you would like additional tools and resources related to medical practice leadership or you have stories to share with us, email us at podcasts@mgma.com or email Daniel Williams directly at dwilliams@mgma.com.

Thank you again for taking the time to listen to the MGMA podcast network.

Week In Review: 2024 Medical Billing Toolkit and MGMA Stat on Benchmarking

In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about conducting a practice assessment.

MGMA Tools:

Communication Plan: https://www.mgma.com/member-tools/team-roster-and-communication-plan-template 

Project Charter: https://www.mgma.com/member-tools/project-charter-template 

Gemba Board: https://www.mgma.com/member-tools/using-a-gemba-board-boosts-transparency-and-engagement-in-project-management 

Sponsor: Physician Business Training (physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

MGMA Resources:
MGMA Stat: mgma.com/stat

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

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 dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

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.

Ask MGMA: How to Conduct a Practice Assessment

This episode of the MGMA Business Solutions Podcast features three regional VPs from Jackson Physician Search. JPS is the largest privately held permanent physician recruitment firm, specializing in the recruitment of physicians, physician executives and advanced practice providers for healthcare organizations across the U.S. 

Helen Falkner serves as Regional Vice President of Recruiting by leading JPS’s growing Denver office. Tara Osseck, MHA is Regional Vice President of Recruiting, having been previously named one of St. Louis’ “Top 30 under 30” by the St. Louis Business Journal. Neal Waters, also Regional Vice President of Recruiting, serves as a mentor to a growing team of JPS recruiters. All three were recently featured in the MGMA webinar titled “Building Better Recruitment and Retention Strategies for Early Career Physicians.”

Resources:
JPS Webinar: https://www.mgma.com/webinars/building-better-recruitment-and-retention-strategies-for-early-career-physicians-on-demand

JPS Research Paper: https://www.jacksonphysiciansearch.com/white-papers/2023-survey-reveals-new-insights-for-more-effective-recruitment-and-retention-of-early-career-physicians/

Additional MGMA Resources:
MGMA Stat: mgma.com/stat

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

Sponsor: Physician Business Training
https://physicianbusinesstraining.com/

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

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 dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

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.

Business Solutions: Evolving Recruiting and Retention Strategies for New Physicians

In this episode, we welcome Morgan Soster, a recipient of the MGMA 2023 Future Five Award. Morgan is currently Director of Practice Administration of Guthrie Medical Group PC.

Resources:
MGMA.com Award Winners: www.mgma.com/mgma-acmpe-awards-and-recognition

MGMA Award Winner Podcasts: soundcloud.com/mgmapods/sets/award-winners-2023

Sponsor: Physician Business Training
physicianbusinesstraining.com/
This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

Additional Resources:
MGMA Stat: mgma.com/stat

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

If you would like additional tools and resources related to medical practice leadership or you have stories to share with us, email us at podcasts@mgma.com or email Daniel Williams directly at dwilliams@mgma.com.

Thank you again for taking the time to listen to the MGMA podcast network.

Member Spotlight: A Conversation with Future Five Honoree Morgan Soster

In this episode of MGMA's Ask An Advisor podcast, we feature Cristy Good, Sr. Industry Advisor at MGMA, talking about setting and measuring goals in 2024.

MGMA Tools:

MGMA DataDive: https://www.mgma.com/mgma-datadive-survey-participation

Strategic Planning Toolkit: https://www.mgma.com/member-tools/strategic-planning-toolkit

Project Charter: www.mgma.com/member-tools/project-charter-template

Gemba Board: www.mgma.com/member-tools/using…project-management

Starting a Telehealth Program: https://www.mgma.com/articles/starting-a-telehealth-program-in-your-practice-know-the-steps

Medical Practice Evaluation Tool: https://www.mgma.com/online-courses/medical-practice-evaluation-tool

Sponsor: Physician Business Training (physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

MGMA Resources:
MGMA Stat: mgma.com/stat

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

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 dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.

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.

Ask MGMA: “What Are Your  Goals for 2024?"

In this episode of the MGMA Week in Review podcast, we welcome MGMA editor and writer Colleen Luckett to the show to share her thoughts on the new Connections magazine, a practice assessment tool, and this week's MGMA Stat.

Sources:
Connections Magazine: https://www.mgma.com/content/january-2024-mgma-connection-magazine

MGMA Stat on 2024 Resolutions: https://www.mgma.com/mgma-stat/finance-staffing-projects-top-medical-group-leaders-2024-resolutions

Practice Assessment Toolkit: https://soundcloud.com/mgmapods/ask-mgma-how-to-conduct-a-practice-assessment

Resources:
MGMA Stat: mgma.com/stat

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

If you would like additional tools and resources related to medical practice leadership or you have stories to share with us, email us at podcasts@mgma.com or email Daniel Williams directly at dwilliams@mgma.com.

Thank you again for taking the time to listen to the MGMA podcast network.

Week In Review: Rapid Change Ahead and 2024 Resolutions

This episode of the MGMA Member Spotlight Podcast features Daryn Keeney, Director of Revenue Cycle Management at Galen Medical Group.

Daryn discusses his current role overseeing revenue cycle management for a large multi-specialty medical group. He highlights some of the challenges in ensuring accurate billing and collections. Daryn also talks about how MGMA resources have supported his work.

Sources discussed:
MGMA Book Club: https://community.mgma.com/communities/community-home?communitykey=2811bd2f-87b0-451e-9dc7-018c7e8a233a

MGMA Book for January: https://www.amazon.com/Insight-Self-Aware-Ourselves-Clearly-Succeed/dp/0451496817

Big Idea Podcast: https://podcasts.apple.com/dk/podcast/big-ideas-from-the-business-intelligence-guy/id1456686937

Sponsor: Physician Business Training (https://physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

MGMA Resources:
MGMA Stat: mgma.com/stat

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

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 dwilliams@mgma.com. 

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.

Member Spotlight: A Journey in Revenue Cycle Management with Daryn Keeney

Our guest today for our debut episode of the MGMA Book Club is Dr. Tasha Eurich, an organizational psychologist, researcher, and New York Times best-selling author. Recognized as the world’s leading self-awareness coach & communication expert, Tasha pairs her scientific background with more than 20 years coaching senior executives to share the surprising secrets to thrive in a changing world.

She’s spoken live to hundreds of thousands, on every continent but Antarctica—and her most recent TEDx talk has more than 9 million views. Tasha’s latest book, Insight, appears on Brené Brown’s bookshelf, and is the book we'll be discussing in today's conversation. 

If you would like to join the MGMA Book Club, email Daniel Williams at dwilliams@mgma.com or you can go to the MGMA Member Community and search for "Book Club." Our first meeting is January 23.

Sources discussed:
MGMA Book Club: community.mgma.com/communities/com…c7-018c7e8a233a

MGMA Book for January: www.amazon.com/Insight-Self-Awar…eed/dp/0451496817

Tasha Eurich: https://www.tashaeurich.com/

Self-Awareness Quiz: https://www.insight-book.com/quiz

Sponsor: Physician Business Training (physicianbusinesstraining.com/)

This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

MGMA Book Club: A Conversation with Dr. Tasha Eurich

Medical Group Management Association (MGMA) equips practice administrators and executives with the knowledge and tools to head high-performance physician group practices in a complex and evolving healthcare environment.

Ask MGMA: Addressing the High Rate of Patient Turnover

MGMA

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