No More Déjà Vu - Improving Your Practice in 2011

As I write this blog, I reflect on 2010 and how many practices and imaging centers struggled to take action due to the unknown potentially negative consequences that the government and other forces might impose.

Therefore, we saw a great deal of turmoil and noise that actually defeated practices and imaging centers making them less powerful and less profitable. In 2011, I encourage all of you to focus on the practice elements that are in your control and effectively manage them.

Calculated risk will lead you to produce more income in the current environment, while mitigating any potential blow from our government in the future. We must accept: 1) the assertion that market and political forces are designed to lower our incomes and profits; and 2) it is our responsibility to innovate and act proactively to manage change.

With this acceptance we can actually improve our income and profits rather than sitting on the sidelines as a helpless non-participant. Please join us this year with this mind set as our focus.

Each week, we will be writing about something new to focus on. These themes will be broken down by our experts in five main categories:

1) Partner dynamics (led by Tim Stampp)
a. Being the best partner for one another - what this means and how to act to improve your situation and that of your partners
b. The dominant Joint Venture Relationship for you – what types of joint ventures work and how
c. Hospital-radiology strategic offers - making more money for both enterprises while improving patient care.

2) Revenue growth (led by Zach Bauer)
a. Adopting new services to yield better outcomes and significant revenue potential
b. Empowering the patient’s choice, which leads to more volumes
c. Enhancing communications with your referring physicians, which leads to more volumes
d. Obtaining more practices

3) Collection maximization (led by Bill Gurney)
a. Who’s accountable to collect the most for your practice/center?
b. Redesigning your work flow with current economic trends
c. Designing new structures and relationships with payers that help you both win and make more

4) Operations and productivity (led by David Rushing)
a. Aligning positive/negative consequences with productivity
b. Determining whether you are paying too much for supplies
c. Improving your negotiating power

5) Future of radiology (led by Arun Jethani)
a. Mergers and acquisitions
b. Hospital ownership and consolidation
c. Accountable care