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Five tips for a successful private radiology practice

by Robin Lasky, Contributing Reporter | July 09, 2021
Business Affairs
From the July 2021 issue of HealthCare Business News magazine

2. A focus on value: In order to successfully compete with larger consolidated entities, it is important that independent practices highlight and create awareness around the value of their practices and services. This can be done by offering more comprehensive services such as biopsy consultations, participation in professional conferences, service on radiation safety, hospital, and peer review committees, and other activities that nurture reputation and loyalty.

3. Innovation: Discovering and implementing new innovative ways to provide value to providers and patients to meet the needs of a dynamic and changing healthcare market can further distinguish an independent practice from competitors and add to the collection of value-added services boasted by the practice.

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Early career radiologists overwhelmingly disapprove of the loss of professional autonomy that has come with the corporatization of their field. Recruitment of new radiology professionals into an independent practice can bring fresh ideas about novel ways to innovate and demonstrate value in a way that is tailored to meet the needs of local hospitals and patients

Additionally, independent practices may find limited consolidation with other independent practices with respect to specific costly areas such as electronic medical records, IT infrastructure, human resources, retirement plans, among other areas, worth sacrificing some degree of practice autonomy.

4. Internal division: As the practice grows, it is important for leadership to be cognizant of the proportionally increasing difficulties that may arise when it comes to implementing a unified top-down vision. As with expansion into new services and areas, new partnerships and employees should be added carefully and incrementally so as not to produce dissatisfaction and apathy that deteriorate the effectiveness and cohesion of the operation as a whole.

5. Ensuring satisfaction of members: Steps should be taken to ensure and maintain a high level of satisfaction and promote open communication and feedback so as to maintain physician/staff inclusivity as a practice grows. Given the high level of burnout in this field, it is important to foster realistic productivity goals and scheduling for staff, provide prompt positive feedback when warranted, and offer appropriate rewards for productivity and value-added work. Offering parental leave and mental health services, work from home options, among other measures, may also be beneficial in order to safeguard an adequate quality of life and level of satisfaction for practice members.

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