introduction: business concepts in radiology. a special thank you to: dr. david m. yousem, m.d.,...
TRANSCRIPT
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Introduction:Business Concepts in Radiology
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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
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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
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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
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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
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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
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The Healthcare Web
Physicians
Radiologists
Government
Regulation Medicare
Insurers Hospitals
Patients
Pharmaceuticals Non-GovernmentalOrganizations
Medical SuppliersReferrers
How does the radiologist fit in?
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The Radiologist’s Business Web
Radiologists
Private Practice
Academic
Capital/Equipment expense
Entrepeuneurship
Malpractice
Marketing
Tenure
Leadership
Research
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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
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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?
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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
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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?
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Key business concepts
The Big Picture-• Leadership in Radiology
Personal skills-• Malpractice • Employment Contracts
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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
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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)
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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
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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
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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