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Introduction:Business Concepts in Radiology
A Special Thank You to:
Dr. David M. Yousem, M.D., M.B.A.Professor, Department of RadiologyVice Chairman of Program DevelopmentDirector of Neuroradiology
Johns Hopkins Hospital
for allowing the use of the material/content in this presentation
Dr. Yousem’s online lecture series can be viewed at:http://webcast.jhu.edu/mediasite/Catalog/pages/catalog.aspx?
catalogId=7e18b7d5-9c63-487e-aaf1-77a86f83b011
Dr. Yousem’s project was funded through an RSNA Educational Grant
Lecture goals
• To explore the value of business knowledge for the radiologist
• To introduce business concepts pertinent for radiologists
• Provide additional resources/material for business concepts
The value of business knowledge: A brief look at healthcare in the United States
• In 2005, the United States spent $2 trillion on health care, 16% of GDP, an average of $6,700 per person.
• In 2007, the United States spent $2.2 trillion on healthcare, an average per capita of $7,400.
• Healthcare is big business• Studies show doctors are lack even basic business knowledge
*Health, United States, 2005 and 2007
Imaging in Healthcare
• The 2009 Health and Human Services Health Summary specifically included a special section on Medical Technology.
• Topics discussed:– Increased imaging availability and utilization– Inappropriate imaging– Medicare part B spending dedicated to imaging:
increasing from 6.9 billion (2000) to $14.1 billion (2006) – Medicare accreditation requirements for imaging facilities
*Health, United States, 2010
Imaging in Healthcare
Ambulatory care visits with
MRI/CT/PET scans ordered
or provided during the visit,
by age and location:
US 1996-2007
Imaging is big business
(and growing).
*OPD - outpatient dept.
*Health, United States, 2010
The Healthcare Web
Physicians
Radiologists
Government
Regulation Medicare
Insurers Hospitals
Patients
Pharmaceuticals Non-GovernmentalOrganizations
Medical SuppliersReferrers
How does the radiologist fit in?
The Radiologist’s Business Web
Radiologists
Private Practice
Academic
Capital/Equipment expense
Entrepeuneurship
Malpractice
Marketing
Tenure
Leadership
Research
Healthcare, business and the RADIOLOGIST
• The system is complex, with many players, each with competing motivations and goals.
• Imaging specifically is a financially significant component of the healthcare system, with many interested parties.
• Radiologists are well trained as physicians, advisors on imaging, and as interpreters of images.
• But, can you be optimally successful at providing patient care and applying imaging skills if you do not have a basic knowledge of the system around you?
• Business knowledge should be a fundamental component of radiology training, and is key to a radiologist’s success
What does the Radiologist need to know?
• Which practice model should I join?• If solo practice:
– Financing office space, staff, and equipment– Many payers and types of payments are available, which
should I accept?– Malpractice insurance: Which kind and how much?
• If group/hospital practice:– Employee or partner– Individual practice valuation– Will I be exposed if the practice goes under or members are
involved in payment fraud?
Healthcare, business and the radiologist
• With this knowledge you can:– Develop skills in strategic planning– Become a leader in your practice and in the field– Accomplish more through your interactions with practice managers,
administrators, clients and suppliers– Streamline your organization, reducing expenses, and increasing profits
Healthcare, business and the radiologist
• The goal of this series will be to provide a basic business education, structured for the young radiologist
• What topics are covered?
Key business concepts
The Big Picture-• Leadership in Radiology
Personal skills-• Malpractice • Employment Contracts
Key business concepts
Practice-• Credentialing, Accreditation, and Certification • Managing Expenses • Vernacular of Accounting • Employment Contracts • Business Incorporation • Making Money in Radiology, Resource Based Relative Value • Unit System, and Practice Valuation• Second Opinion Consultations
Available Resources
• Books:
Radiology Business Practice: How to Succeed,
Yousem, Beauchamp Jr, (2008)
Radiology Administrator: A Business Guide
Stockburger (1989)
Total Quality in Radiology: A Guide to Implementation
Adams, Arora (1994)
Be in Charge: A Leadership Manual
Margulis (2002)
Available Resources
• Online courses:– Business of Radiology, Dr. David Yousem
http://webcast.jhu.edu/mediasite/Catalog/pages/catalog.aspx?catalogId=7e18b7d5-9c63-487e-aaf1-77a86f83b011
• Other CMEinfo courses: – Economics of Imaging – Leadership Strategies
• Radiology Societies:– RSNA, RBMA, ACR, and Journal of the ACR, AJR
Summary
• The healthcare system is complex and expensive, and imaging plays a large and expanding role
• Radiologists are significant stakeholders, and are well trained as imagers, but lack the basic business skills necessary for navigating the complex system
• There are several resources available to help radiologists gain the required knowledge
• This series is one of those resources, and will cover basic business topics essential for the radiologist
Other Citations:
• National Center for Health Statistics, Health, United States, 2005; With Chartbook on Trends in the Health of Americans. Hyattsville, MD: 2005, Library of Congress Catalog #76–641496. U.S. Government Printing Office, Washington, DC 20402
• National Center for Health Statistics, Health, United States, 2009; With Special Feature on Medical Technology. Hyattsville, MD: 2010, Library of Congress Catalog #76–641496. U.S. Government Printing Office, Washington, DC 20402