Driven by Data: Instinct Takes a Back Seat to Metrics

In early 2009, physician and business leaders of Advanced Medical Imaging Consultants, PC, Fort Collins, Colorado, found themselves wrestling with the decision of whether to add a new site of service at a rural hospital. Instinct told them that the practice was up for the challenge: With 27 radiologists and 17 staff members (including full-time billing personnel), it was already providing imaging services to 11 area hospitals and two imaging centers, in addition to reading exams for five or six physician groups. Performing extensive analysis using metrics and benchmarks, however—rather than trusting feelings alone—served as key factors in vetting this potential opportunity.

CEO S.H. (Stan) Podolski III, CPA, CIA, CHBME, says, "The prospect of pursuing any new avenue—be it another site of service, an additional modality, or otherwise—is always attractive to us, as it is to most (if not all). It has long been part of our strategic plan and philosophy, however, that being data driven in our decisions, rather than following our gut, is a must to sustain and maintain the practice and position it for future growth."

>> Read more

A Conversation With Douglas G. Smith: The Business-intelligence Imperative

Today, more than ever, imaging providers must harness the power of actionable business intelligence in all aspects of their operations, including the communication of quantifiable outcomes to payors, client hospitals, referrers, and patients. Such is the strategy to be explored in each issue of RadAnalytics, under the MedAnalytix.com umbrella.

Exactly what is actionable business intelligence, how far have imaging providers come in obtaining it, and why is it important for the short and long term? RadAnalytics sat down with veteran practice consultant Douglas G. Smith, managing partner of Barrington Lakes Group, LLC, Barrington, Illinois, to discuss the fundamentals.

RadAnalytics: How successful are imaging providers at extracting actionable information from their IT systems?

Smith: Imaging centers, hospital-owned physician groups, physician-group leaders of all stripes, and especially radiology group-practice leaders are inundated with—and paralyzed by—data from their revenue-cycle-management systems, financial reporting systems, PACS, RIS, and quality-management reporting systems. They capture mountains of data in the course of delivering services to patient populations throughout the continuum of care, but few know how to mine those data and convert them to actionable business intelligence.

>> Read more

Betting Long: Technology Investment Trumps Partners' Income Boost

Many radiology-practice leaders will, at one juncture or another, pursue business directions intended to increase partners' incomes. While nothing is inherently wrong with this approach, following an alternate route that involves investing in technology to position the practice for greater income in the future—and leveraging data to justify and monitor the results of that expenditure—merits consideration.

This is the philosophy to which Greensboro Radiology in North Carolina has long subscribed. Eric A. Mansell, PhD, MD, president, says, "As we see it, many investments in technology represent investments in patient care. Better patient care is largely what sparks practice growth. Practice growth eventually leads to higher partner incomes—so partner-income increases are worth deferring for the sake of investments in patient care."

In addition to five outpatient imaging centers and several private physician practices, Greensboro Radiology currently serves eight hospitals, four of which are affiliated with the Moses Cone Health System, Greensboro, and four of which are independent facilities. Three years ago, practice leaders leveraged data to determine whether replacing a manual transcription method with a voice-recognition system would be a financially sound means of improving patient care while simultaneously addressing other issues.

>> Read more