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A recent MGMA survey revealed only 36% of medical group owners had a formal succession plan in place for leadership roles within their practice. According to the report, practice administrators who are approaching the end of their full-time work cycle should start putting together a succession plan years in advance. "Partners should openly share their plans for retirement, cutting back on office hours or changing their on-call schedule, regardless of how vague or distant these plans may be," writes MGMA Managing Editor Chris Harrop. "These discussions should be on the agenda for annual partner meetings, and the administrator should feel confident and comfortable sharing plans without fear of retribution." Be sure the read the full report from MGMA at: https://lnkd.in/g3B7dMwU #MGMA #HealthcareCareers #PrivatePractice

According to a recent story from Healthcare Dive, the consultancy PwC estimates that healthcare costs could grow by as much as 8% next year. "Medical cost growth is estimated to reach its highest level in 13 years in 2025," writes Healthcare Dive, "The analysis projects an 8% year-over-year increase for the group health insurance market and a 7.5% bump for the individual market." What's driving the cost increases? PwC identified the following three primary factors: ➡️ Inflationary pressures ➡️Growing prescription drug spending ➡️Rising utilization of behavioral healthcare Be sure to read the full report at: https://lnkd.in/gq5epCP2 #HealthcareCosts #PwC #HealthcareTrends

Recently, Healthcare IT Today asked AdvancedMD Head of User Design Trent Peterson, PhD his thoughts on the challenges and ethical concerns of generative AI in healthcare. According to Trent, "A Generative AI platform is only as strong as the LLM (large language model) that powers it. Before a healthcare organization can use the technology to their advantage, it must have guardrails in place to ensure the generative AI application is operating as intended and not putting patient data at risk or influencing diagnoses or treatment plans based on 'bad' data." Be sure to read his full comments, along with what others in the industry had to say about the emerging technology: https://lnkd.in/g--XKs9b #GenerativeAI #HealthcareTechnology #HealthcareInnovation

According to a recent MGMA survey, 43% of medical group owners have hired alternative staff to cover open medical assistant roles. MGMA reports that many practice leaders look to fill the gap left by an MA vacancy with certified nursing assistants (CNAs), registered nurses (RNs), and licensed practical nurses (LPNs). "When MAs are unavailable, it puts practice administrators in a position to find someone else — including themselves, at times — to ensure a staff member can room patients throughout the day," writes MGMA Managing Editor Chris Harrop. Other tactics medical group owners are implementing to help cover clinical duties covered by MAs include: ✅Establishing a path for nonclinical internal staff or non-certified MAs to become MAs through education, training and apprenticeship programs ✅Hiring EMTs and combat medics ✅ Implementing a program for medical and nursing students as interns or part-time workers You can read more about MGMA's survey at: https://lnkd.in/gN3DWhVr #PracticeManagement #MedicalStaffing #MedicalAssistants

When asked how virtual care visits compare to in-person healthcare appointments, 70% of patients report that their telehealth experiences are on par with in-person care. "Telehealth is also a boon for access to care, especially for often-unreachable mental healthcare or rural communities that face long distances to doctor’s offices," according to a recent report from Healthcare Dive. Be sure to check out the complete "State of Telehealth 2024" infographic from AdvancedMD. It's a great resource for any private practice wanting to improve their telehealth capabilities: https://lnkd.in/gneRkGF2 #Telehealth #PrivatePractice #HealthcareTechnology

As a medical group owner, are you currently considering ways to grow your practice? If so, Physicians Practice recently published an insightful article that offers a high-level overview of three specific growth strategies, including: ✅Increasing your market share ✅Diversifying your services ✅Entering into partnerships or joint ventures It also highlights key questions to determine if now is the right time to invest in building a bigger practice. For example, is your practice in a place where it can cope with expansion—or, are you already working at full capacity? According to Physicians Practice, "To devise a successful growth strategy, you need to know exactly what shape your medical practice is in. This will help you to ensure your practice is properly structured to make the growth strategy you choose a viable option." Be sure the read the full article at: https://lnkd.in/e6mNrHa2 #PrivatePractice #TheBusinessofHealthcare #GrowthStrategies

The Salt Lake County Corporate Games have officially begun and AdvancedMD couldn't be more excited! Not only were we there for opening ceremonies to greet attendees, but AdvancedMD employees competed in the trivia competition (shout out to our team for coming in 4th in our division!!). The Salt Lake County Corporate Games are a phenomenal opportunity to show appreciation for all the employees who make up our business community. We are honored to be part of the event and grateful for all who participate🫶💛 To see just how much fun we had, check out a few of our pictures from the event, including the cool chalk art created by our own in-house artists 😍🖌️👨🎨

A recent FTC report revealed that 94% of all prescriptions filled in the U.S. are controlled by only six pharmacy benefit managers (PBMs). According to Medical Economics's coverage of the report, so few PBMs controlling so much of the market leads to multiple concerns, including unfair contract terms for pharmacies and limited access to lower-cost competitors for patients. “PBMs significantly influence which drugs are available and at what price, leading to severe consequences for patients,” writes Medical Economics. “Nearly 30% of Americans surveyed reported rationing or skipping doses of prescribed medications due to high costs.” You can read more about the FTC’s report at: https://lnkd.in/gEe7qV9C #MedicalPrescriptions #PharmacyBenefitManagers #HealthEquity

It's #InternationalSelfCareDay, a prime opportunity to highlight the importance of mental healthcare access across all demographics and geographic locations. Anna Vredenburgh, director of health policy at the U.S. Chamber of Commerce, shared her ideas for improving access to mental healthcare in a recent op-ed for Healthcare Dive. In her column, Vredenburgh makes clear that even though access to mental health services has improved during the last few years, many people still have difficulties finding mental healthcare providers—and that these structural challenges must be addressed. “Modernizing our mental healthcare system will require action in three critical areas: breaking down barriers to telehealth and virtual care; significantly expanding the mental health workforce in the short-and long-term; and integrating mental health and physical healthcare,” writes Vredenburgh. Be sure to read her full column at: https://lnkd.in/eKxzSshH. #MentalHealthAccess #Telehealth #BehavioralHealthServices

Happy Pioneer Day from AdvancedMD to all of our fellow Utahns!