What independent radiology groups need to avoid being acquired
In a 2022 Q&A with Modern Healthcare Custom Media, published as sponsored content provided by Collaborative Imaging, Dhruv Chopra, then CEO of Collaborative Imaging (now CIVIE), discussed why independent radiology practices get acquired and what they can do to stay financially independent. Chopra formed Collaborative Imaging in 2018 as a physician-owned alliance of independent private radiology practices.
Three pressures
Chopra named nighttime coverage as the biggest challenge. Groups used to cover nights themselves; now many physicians don’t want to, so coverage is outsourced, often at a cost higher than what the group is reimbursed.
The second is recruiting and retention. Radiologists increasingly want to work from home, set their own hours or skip long partnership tracks, and independent groups compete with private equity-owned groups that can offer higher incomes.
The third is economics: falling reimbursement, rising bad debt and deductibles that shift more responsibility to patients, while practice expenses go up.
Three ways to stay independent
His answer had three parts. First, technology: find the inefficiencies in the organization and the tools that can remove them. Second, cut costs and improve collections, which means billing partners accounting for every dollar and practices collecting more at the time of service and offering creative payment plans. Third, build sensible partnership models, because physicians will gravitate to groups that reward them sooner.
One worklist for every site
Asked about specific technology, Chopra pointed to the universal worklist. Groups that read for multiple locations on separate systems leave radiologists “swiveling in their chair.” In every group where Collaborative Imaging introduced its universal worklist, he said, radiologist productivity rose by about 30%. “They’re not working harder; they’re working smarter.”
Closing the loop with referrers
On referring physicians, he said most now prefer secure text notifications to phone calls, provided the practice knows the message, images and report were viewed. Radiologists should also follow up when a recommended study doesn’t happen.
The universal worklist he described is now the CIVIE worklist, part of one platform for RIS, PACS, reporting and revenue cycle.
Source: “Helping physician practices remain independent amid waves of consolidation,” Modern Healthcare (sponsored content from Modern Healthcare Custom Media), September 27, 2022.
