The $18 billion radiology industry continues to face a growing threat of consolidation, resulting in larger practices, higher medical costs, diminished patient care and increased physician burnout.
In response, Collaborative Imaging reports in a press release that it has formed the industry’s most sustainable business model that promises to end radiology consolidation by ensuring practices can sustain autonomy while providing an investment vehicle that protects continued financial success.
“Radiologists have faced tremendous pressures over the past decade that have drastically changed the industry’s landscape as a result of consolidation, reimbursement changes, sub-specialty and in-house night coverage in addition to the new complex billing and reporting requirements,” said Dhruv Chopra, CEO of Collaborative Imaging. “As a result, practices are being forced to make significant investments in technology, building administrative teams to handle non-clinical functions, purchase or develop additional applications, and take a leap into operating their practice as a business if they are to continue to exist. However, many practices do not have the resources or capital available to make these investments, and as such they are forced to ‘throw in the towel’ and relinquish control of their practices to private-equity backed consolidators. These consolidators use their business acumen to capitalize on the inefficiencies the practices have and missed opportunities to realize additional revenues that do not get passed on to the physicians who are actually the ones performing the work. Collaborative Imaging is founded on the principal that we want our physicians to enjoy the upside that is theirs, and as such, we’re fighting to protect the practice of independent radiology.”
As a national radiologist-owned alliance, Collaborative Imaging was conceived by forward-thinking radiologists in conjunction with financial and industry experts to combat the root causes of why an independent practice would sell to a consolidator. With more than 150 years of combined industry experience in technology, medical billing and workflow solutions, Collaborative Imaging offers a better alternative to consolidation by providing the tools needed to help the practice remain independent and autonomous while drastically increasing revenue.
“Collaborative Imaging has developed the most state-of-the art model that offers cutting-edge workflow solutions to eliminate process inefficiencies and revenue cycle oversight. Collaborative Imaging also provides business expertise that allows member groups to reduce operating costs, increase productivity, expand their practice footprint and provide increased quality in patient care. Its framework fosters collaboration among independent radiology practices with the common goal of helping member groups succeed in all areas of radiology practice while protecting the private practice model,” according to the press release.
“As a result, partners of Collaborative Imaging have witnessed a substantial increase in their efficiency and refinement, resulting in an increase in physician satisfaction and patient care. This includes operational success as partners of Collaborative Imaging have sustained revenue growth by 25% while reducing operational costs by 30% in the first year. Furthermore, by allowing radiologists to practice medicine as opposed to having to deal with the administrative and clerical burdens, CI partner groups are able to offer interpretations in less than eight minutes versus much higher industry averages thereby improving the delivery of care and physician satisfaction,” the release continues.
Many leaders within the radiology industry have already partnered with Collaborative Imaging, with currently more than 400 partners in six states benefiting from their solutions. One of those partners isTexas Radiology Associates (TRA), which provides professional radiology services to North Dallas and surrounding communities since 1972.
“Collaborative Imaging is not just another group that brings radiologists together, but a result-driven alliance that truly delivers necessary solutions to ensure radiology groups succeed while maintaining their desired independence,” said Dr. Ted Wen of Texas Radiology Associates. “With the support of Collaborative Imaging, who has mastered both the clinical and business side of the industry, physicians can remain profitable and deliver high-quality services without the fear of losing their practice. Our work with Collaborative Imaging has reignited a new joy in practicing medicine and unleashed a new chapter of prosperity among radiologists.”
For more information, visit www.collaborativeimaging.com.