Growing Medical Imaging Business (MIT Owned/Run Model) - Challenges & Growth Scenarios, by MEDIMCO
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Growing Medical Imaging Business (MIT Owned/Run Model) Challenges & Growth Scenarios - The Human Factor - Teleradiology - Managing Cost - Growing Revenue - Operational, Compliance, HR Issues - Foundation for Future Growth - Managing Referrer Relationships Presentation by Rob Maroszek, MEDIMCO
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Growing Medical Imaging Business (MIT Owned/Run Model) - Challenges & Growth Scenarios, by MEDIMCO
- 1. Growing Diagnostic Imaging Business MIT Owned/Run Model Challenges of an SME & Growth Scenarios Part 1 The Human Factor & Teleradiology Factor 2013 MEDIMCO www.medimco.com.au 1
- 2. Career path of a Medical Imaging Technologist New centres, geographic expansion, infrastructure growth Growing the single practice, Stages of development Independent practice Start-up Employment at a private outpatient practice PDY, hospital environment exposure 2013 MEDIMCO www.medimco.com.au 2
- 3. The Human Factor Cost Base” Balancing Act” Start-up Stage • MIT/Owner often takes charge of marketing and financial management activities in addition to clinical work • The First Employee on-board is an office administrator, receptionist, bookkeeper etc. • “Balancing Act” between revenue growth, cost base, profitability Administrative Staff Clinical Staff Reception& Support Member MIT / Owner Manager 2013 MEDIMCO www.medimco.com.au 3
- 4. The Human Factor Cost Base” Balancing Act” Early Stages Issues to be addressed in the Initial Stages: • Incorporation • Financials • Demographics • Billing (“Doing business with Madicare”) • Marketing Administrative Staff Clinical Staff Reception& Support Member MIT / Owner Manager 2013 MEDIMCO www.medimco.com.au 4
- 5. The Human Factor Cost Base” Balancing Act” Early Growth • In this scenario, the MIT/Owner starts spending more time with patients, less time on administration, • The Senior Receptionist often takes Administrative leadership – this person often contributes significantly to speed of growth of the practice. Administrative Staff Clinical Staff 2013 MEDIMCO www.medimco.com.au 5
- 6. The Human Factor Cost Base” Balancing Act” Growth - Expanding Administrative Base – OPTION 1 Issues at this stage (OPTION 1): • Staff Dynamics (2-5 staff) • Billing Policies • Patient Care / Clinical Issues • Report Turnaround time • Relationship with Reporting Service Provider (Teleradiology) • Demographics / referrer distribution & growth patterns Administrative Staff Clinical Staff 2013 MEDIMCO www.medimco.com.au 6
- 7. The Human Factor Cost Base” Balancing Act” Growth - Expanding Clinical Capacity – OPTION 2 Issues at this stage (OPTON 2): • In this scenario, the MIT founder hires a second MIT (possible complimentary modality) • Focus on service delivery • Pressure on billing, administrative staff to ensure smooth patient flow • Front desk presence Administrative Staff Clinical Staff 2013 MEDIMCO www.medimco.com.au 7
- 8. The Human Factor Cost Base” Balancing Act” Reaching Decision Points, Growth Scenarios • There are numerous paths for growth until this stage an from this stage onward • The practice often grows in number of modalities offered (hiring MITs), • In some cases the Radiologist starts providing procedures/reporting on site on a sessional basis • MIT/Owner may be in a position to either employ a Radiologist or continue using services of a third party Teleradiology provider Administrative Staff Clinical Staff MIT Owner / Imaging Supervisor On-Site part time Radiologist Billing & Support Staff Reception Staff 8
- 9. The Human Factor Cost Base” Balancing Act” Reaching Decision Points, Growth Scenarios Challenges at this stage: • Cost of on-site Radiologist (contractual arrangements) • Billing policies for added- value services (injections, procedures) • Standard Protocols for MITs, quality assurance • Accreditation (QIP) • Report delivery (to referring physician) • Marketing Administrative Staff Clinical Staff MIT Owner / Imaging Supervisor On-Site part time Radiologist Billing & Support Staff Reception Staff 2013 MEDIMCO www.medimco.com.au 9
- 10. The Human Factor Cost Base” Balancing Act” Growth Stages • If the practice grows to this stage (left) the lack of on- site Radiologist can have a negative impact on growth in a competitive market. Administrative Staff Clinical Staff Administrative Staff Clinical Staff 2013 MEDIMCO www.medimco.com.au 10 • In this case (right) the MIT/Owner takes on Site Management duties (including Admin) – is MIT Owner equipped?
- 11. The Human Factor Single Most Important Success Contributor Later Growth Stages • At this stage the site can reach patient handling capacity, • Building a culture of collaboration and clinical focus while remaining efficient and profitable Administrative Staff Clinical Staff Sonographers Radiographers Radiogist, Clinical Supervisor Billing & Support Staff Reception Staff Administrative Supervisor / Site Manager 2013 MEDIMCO www.medimco.com.au 11
- 12. The Human Factor Single Most Important Success Contributor Later Growth Stages Challenges: • Admin/Clinical Collaboration • Ethical behaviour • HR Policies & Procedures • Operational Manual • Strategies for future growth • Marketing staff often serves as link between columns and individual blocks (diagram on the left) Administrative Staff Clinical Staff Sonographers Radiographers Radiogist, Clinical Supervisor Billing & Support Staff Reception Staff Administrative Supervisor / Site Manager 2013 MEDIMCO www.medimco.com.au 12
- 13. The Human Factor Single Most Important Success Contributor Example of Structure based on Clinical Leadership Operations Operational Supervision Clinical Leadership On-Site Senior Radiologist Chief Radiographer / Chief Sonographer Staff Radiographer Staff Sonographer Administrative Supervisor Administrative Staff 2013 MEDIMCO www.medimco.com.au 13
- 14. The Teleradiology Factor Patient flow, billing, report turnaround time Third party Reporting Service Provider impact on a growing Business GP refers patient Patient is scanned at Telerad Client site Telerad Client site submits images+ supporting docs (Modality, PACS, RIS) Radiologist (Telerad Reporting Service Provider) completes report Report submitted to Telerad Client Site (electronic or fax) Telerad Client Site delivers report to referring GP 2013 MEDIMCO www.medimco.com.au 14
- 15. The Teleradiology Factor Well Oiled Machine How Teleradiology Provider/Client Relationship affects the business Tele Reporting Provider Radiology Site Referring Physician • Medico-legal Issues / Liability, Patient Safety • Turnaround Time Issues, Referrer Relationship • Managing Risk, Contractual Arrangements 2013 MEDIMCO www.medimco.com.au 15
- 16. End of Part 1 In the following parts we will discuss: • Billing, Medicare, Compliance, Audits • Clinical Manuals, Operational Manuals • Financial Modeling, Managing Risk • Labour Relationships & Human Resources • Managing Conflict • Recruitment & Talent Retention • Geographic Expansion, Infrastructure Growth • Hospital/Provider Relationships • Public/Private Partnerships 2013 MEDIMCO www.medimco.com.au 16
- 17. Questions? Discussion… • Signup for future presentations: signup@medimco.com.au • Visit www.medimco.com.au for updates • Contact Rob Maroszek (03) 9020 3433 for a free consultation 2013 MEDIMCO www.medimco.com.au 17