How to Make More Money in a Radiology Practice

how to make more money in radiology practice

In this era of value, every industry evolves with the trends to stay relevant, and the healthcare industry is no different. Radiology is moving to value-based care, and any system, activity, or thing that provides value is crucial.

For every imaging center or radiology department in a hospital, the question, therefore, is how to make your radiology practice more profitable. The key is to work smarter and not harder.

Here are a few ideas.

Stakeholders in radiology imaging centers and radiology departments need to invest in the latest technology to maximize value

Every radiology practice requires a picture archiving and communication system (PACS) that is user-friendly, easily customized, and secure to store and transmit electronic images obtained from diagnostic exams. A system like NovaPACS is an all-in-one workstation to view a wide variety of imaging studies, with no time or energy wasted moving from one workstation to the other.

A good radiological information system (RIS) is indispensable for managing the entire patient journey. In a hospital where the EMR or EHR is not equipped to walk the patient through the imaging journey, having an RIS is a great idea because it keeps information organized so appointments aren’t missed, paperwork is easy to fill out, patient schedules are optimized, etc. Nova RIS is an excellent option that helps hospitals, clinics, and imaging centers optimize workflows to keep productivity and profitability high while helping to provide an excellent experience for patients and referring physicians. It also has full HL7 integration, including image-enabling with EMRs.

Reduce cost on image sharing by using modernized medical information sharing for increased simplicity and security. With a radiology solution like Novarad’s CryptoChart, you can enjoy safe, secure, and efficient ways of sharing medical images, while saving costs on CD burning or printing images on films. On-time delivery and improved patient care for physicians are significant benefits of this product and can be used as an additional strategy for marketing.

Extend your brand to multiple locations

An exciting way to look at this is as a long-term investment, wherein your practice can earn more revenue from various locations as the business grows. An increase in the number of patients also means an increase in business.

Another positive side is that while expanding to other locations will initially require capital, you get to save on previous investments, such as your PACS, RIS, and servers, because these are already in use at your present location.

Radiologists need to get more involved in patient care

In today’s practice, radiologists mostly play the role of providing results to exams, with little involvement with patient care or patient management.

As experts in their field, radiologists can consult with referring physicians to determine the best course of action to manage severe conditions. It will invariably “save both parties time and money, and reduce the amount of trial and error to diagnose a patient,” stated Andrew Colbert, the managing director and founding member of Ziegler’s Healthcare Corporate Finance Practice.

Radiologists need to become more inclined with the business aspect of their practice

We cannot overemphasize the importance of understanding how to make more money in radiology practice. Mastery of the financial part of the practice will help these experts demonstrate their value either in the hospital system or in imaging centers.

The US healthcare reimbursement system for physicians has changed from a fee-for-service payment model to a value-based system. This study explains, “For a radiologist, this means that when more scans are performed, more examinations are read, and more bills are generated for ultimately higher remuneration.”

Becoming more business-oriented can also lead to the untapped goldmine of marketing in the radiology practice

As a center manager, investing in your brand is an excellent way to showcase your value in the healthcare industry.

Small practices often shy away from marketing because it sometimes involves investing many resources, and it’s challenging to determine the direct return on investment in a referral-based system. Or, it seems like a deviation from healthcare practice to focus more on the business aspect.

The fact remains that in a competitive field such as radiology, many products are similar in a healthcare ecosystem that is constantly changing. You should be able to make your brand stand out and compel consumers to focus on the value of your brand image. What it represents and what makes it unique can help quell the competition and gain loyalty.

Conclusion

These are just a few examples of initiatives that can improve workflow with less stress on systems and personnel and increased revenue and/or improved profitability.

Executing these initiatives will lead you to make more money as a radiologist or imaging center manager and avail yourself of the opportunity to add more value to the radiology practice.

Here at Novarad, we believe that the key to a successful imaging center is to work smarter, not harder, to deliver the type of care and outcomes that patients desire.

To see how we can help improve your workflows, feel free to reach out to our workflow specialists today!

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