As modern healthcare is driven by advancements in artificial intelligence (AI), fintech, and shifting patient expectations, the question for medical practices is not whether disruption will occur, but rather “how to prepare for it?”
In a recent episode of the MGMA Podcast, journalist and broadcaster Roben Farzad shared insights into technological disruption, financial literacy, and healthcare’s evolving challenges. Farzad, the host of NPR's Full Disclosure podcast, will be a keynote speaker at the 2025 MGMA Financial Conference, where he will present “Disrupt or Be Disrupted: The Tech and Business Trends You Need to Know.”
AI and Automation: An Opportunity and a Threat
The rise of AI and machine learning is reshaping industries at a pace few could have anticipated. From financial markets to healthcare, AI has the potential to simplify complex tasks, improve efficiency, and enhance patient care. For healthcare leaders, AI presents a critical opportunity to streamline administrative workflows.
Tools like automated documentation, AI-driven decision support, and virtual assistants can help reduce physician burnout while enhancing patient experience. “It's an enormous unlock for the administrative things and the labor intensive things in the interest of automation,” Farzad says.
Here are a couple of approaches to AI that healthcare leaders can take:
- Explore AI-driven solutions for administrative tasks, such as automated appointment scheduling and AI-enhanced EHR workflows.
- Evaluate how AI can improve patient communication, predictive analytics, and revenue cycle management.
Fintech is Reshaping Healthcare Payments
As financial technology (fintech) transforms industries, its impact on healthcare is becoming unavoidable. The traditional complexity of insurance billing, copay collection, and revenue cycle management is ripe for digital disruption.
A cancer survivor himself, Farzad has firsthand experience navigating the fragmented healthcare payment system, saying “Every time I have to go in, I’m given the same iPad – the same fill-out form. I’ve been to several different offices. There’s so much bloatware and middleware to fill out my information and medical history.”
Farzad sees exciting potential in the intersection of financial technology and healthcare. This includes innovations like biometric tracking, streamlined payment systems, and more integrated patient data management. Below are a couple of actions leaders can take toward modernizing fintech within their practice:
- Assess contactless payments, automated billing solutions, and digital wallets to improve payment collection and patient convenience.
- Explore partnerships with fintech providers that can help streamline revenue cycle management and reduce administrative burden.
Shifting Patient Expectations Demand a New Approach
Patients today expect the same level of convenience from healthcare that they receive from retail giants like Amazon. This shift has forced medical practices to rethink their engagement strategies.
Farzad highlights how telehealth became an essential solution during the pandemic while emphasizing that innovation cannot stop there. “Look at Amazon and look at its forays into the pharmacy business and the healthcare business … it has tried to take a crack at this,” he says. “There are barriers to entry. It’s hard to do.”
To adapt to modern patient expectations, healthcare leaders can:
- Implement telehealth and digital patient engagement solutions to offer greater accessibility and flexibility.
- Invest in mobile-friendly patient portals for easy scheduling, bill payment, and medical records access.
- Adopt a consumer-driven approach to healthcare, making convenience a competitive advantage.
Medical Practices Must Embrace Change—or Risk Falling Behind
Industries that failed to innovate have suffered the consequences. Farzad points to Intel’s decline as an example of a company that was disrupted by more agile competitors.
“Intel has been disrupted,” he highlights. “The fact that this company is reeling … it shows you how you can really, especially when you're huge, you can rest on your laurels.”
Similarly, practices that hesitate to implement new technology, streamline operations, or reimagine patient care models risk being left behind. Healthcare leaders must be proactive in adopting change by:
- Conducting an innovation audit of your practice—identify areas where technology can enhance efficiency.
- Staying informed on emerging healthcare technology trends, attending industry events and conferences.
- Fostering a culture of adaptability, ensuring staff embrace rather than resist change.
Lessons from Other Industries
Healthcare is not immune to disruption, and lessons from finance, retail, and media are highly relevant. Farzad reflects on how Apple’s ability to reinvent itself helped it become a dominant force, saying, “Steve Jobs… came out with something as audacious as the iPod and as iTunes. Some people say, ‘Ask for forgiveness, not for permission,’ and he did it.”
Healthcare organizations must adopt a similar mindset—rather than fearing disruption, they should embrace it and drive it forward. Below are ways that healthcare leaders foster innovation:
- Look outside of healthcare for inspiration on customer experience, operational efficiency, and technology adoption.
- Encourage leadership teams to study and apply best practices from disruptive industries.
Resources:
- Attend the 2025 MGMA Financial Conference to hear Farzad's keynote presentation - Register here
- Listen to the Full Disclosure podcast on NPR
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