Looking Forward and Looking Back: On 20 Years in Imaging

The radiology industry has seen its shares of ups and downs during the past two decades. “In 1993, health care was in a period of chaos much like the one we are experiencing right now,” Mark Talley, COO of Medical Management Professionals (MMP), says. “The biggest fear was that everything...

Inside the Hospital–Radiology Contract of the Future

Contracts between hospitals and radiology groups are evolving to reflect the shifting requirements of health care—and both parties can expect to continue to see changes, according to Stephanie Krent, an analyst with The Advisory Board. “What we have learned, from speaking with many hospitals and radiology groups, is...

Four Deal-breakers in Hospital Imaging Transactions and How to Avoid Them

When the hospital is the buying party in an imaging joint venture, there are four potential issues that could terminate the transaction, all of which stem from due diligence. These issues include one or both parties failing to understand the distinction between fair market value and strategic value, conflicts...

Using Analytics to Achieve Strategic Goals: Quantum Imaging & Therapeutic Associates

Clinical analytics for radiology can play a critical strategic role in practice development and growth, but only if the approach to aggregating and sharing analytics is effective, according to Paul Potok, DO, radiologist and board member with Quantum Imaging & Therapeutic Associates, Inc (Lewisberry, Pennsylvania), a 40-radiologist practice. “Many...

Data-driven Strategy Delivers Relief From the Pain of Reimbursement Cuts

Reimbursement reductions—most recently, the 2011 Medicare Physician Fee Schedule cuts—have had a significant impact on the radiology arena, with many practices and imaging-center companies taking sizeable hits to their bottom lines or being forced to close their doors. Some entities, however, refuse merely to accept the negative impact...

Physician-recruiting Strategies for Radiology

In spite of downturns in volumes and concerns about further reimbursement cuts, radiology physician recruiting remains a seller’s market, at least for the time being. More groups are looking for radiologists than there are qualified candidates, putting pressure on practices to optimize their recruiting techniques. While the recent...

Dissecting a Mantra: Doing More With Less

Whenever the economic aspects of business get tough, do more with less is a phrase heard everywhere. Of course, doing more with less just means becoming more productive. There is no scarcity of literature on productivity, and some authors claim to have identified more than 20 definitions for productivity. Economists...

Business 101: Goal Setting and Strategic Planning

This article is the second installment in a four-part series on applying basic business concepts to radiology. To read the first installment, click here.

Goal setting and strategic planning are important processes for...