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Declining reimbursement and shrinking margins are forcing imaging and radiology service providers across the continuum to take a serious look at their business operations to ensure optimization. Radiology departments and imaging centers have faced particular pressure from complex market dynamics, exacerbated by factors such as pent-up demand lagging from delayed care during COVID-19, diminishing reimbursement, and significant staffing shortages.

As imaging and radiology services become more commoditized, payors and consumers alike are increasingly shopping around for low-cost service providers. Imaging and radiology organizations must aggressively consider opportunities to align more closely with key physician practices and optimize operations, workflows, staffing, and capital needs to ensure sustainable margins in the future.

In order to drive long-term sustainability, radiology service providers must consider the following to optimize their business operations:

• How does our staff compensation compare to our competitors and the market?
  • The American Society of Radiologic Technologists found “Compensation for imaging technologists has increased 12% to close to 20% over the past few years.” As a healthcare provider, does your imaging center or department offer the most competitive employment options in your area? In this market, it’s important to make sure that you are retaining your staff.
    
    
• What operational processes can we streamline and transform to drive increased margin?
  • Since the pandemic, healthcare operational workflows have been negatively impacted by an increase patient volume of more than 10%. Healthcare organizations have been struggling to manage their operations since the onset of the pandemic. How are your current operational processes impacting your revenue, patients, and staff?
    
    
• Which expenses are driving our costs and are there opportunities to economize resources?
  • Are you sure that your imaging center or radiology business offers the most competitive options in your area?
    
    
• How does our commercial reimbursement compare to the industry and how has it changed over time?
  
  
• What other service lines or exam types can our company offer?
  • MarketsandMarkets has found that “The diagnostic imaging market is expecting a compound annual growth rate of 5.1% by 2024.” In a post-pandemic era, healthcare organizations need to adapt and reinvent their offerings in order to thrive.

If you are looking to optimize outcomes for your radiology business operations our healthcare team can provide customized assessments to meet your needs. You will receive valuable insights and recommendations in the following areas:

Our healthcare team has deep expertise and experience in the imaging industry and can provide you with the customized support you need. Our specialists can help you meet the immediate needs of your organization and assist you in developing a vision for the future.

Request a Radiology Assessment today!

For more information on our assessment services, check out our brochure below, or contact Tracy Emmanuel at temmanuel@citrincooperman.com.