Expanding Collaborative Imaging Promises to End Radiology Consolidation
Partners of Collaborative Imaging experience billing collection improvements of over 25% while reducing operating costs by 30%
The $18 billion radiology industry continues to face a growing threat of consolidation, resulting in larger practices, higher medical costs, diminished patient care and increased physician burnout. In response, Collaborative Imaging has formed the industry’s most sustainable business model that promises to end radiology consolidation by ensuring practices can sustain autonomy while providing an investment vehicle that protects continued financial success.
“Radiologists have faced tremendous pressures over the past decade that have drastically changed the industry’s landscape as a result of consolidation, reimbursement changes, sub-specialty and in-house night coverage in addition to the new complex billing and reporting requirements,” said Dhruv Chopra, CEO of Collaborative Imaging. “As a result, practices are being forced to make significant investments in technology, building administrative teams to handle non-clinical functions, purchase or develop additional applications, and take a leap into operating their practice as a business if they are to continue to exist. However, many practices do not have the resources or capital available to make these investments, and as such they are forced to “throw in the towel” and relinquish control of their practices to private-equity backed consolidators. These consolidators use their business acumen to capitalize on the inefficiencies the practices have and missed opportunities to realize additional revenues that do not get passed on to the physicians who are actually the ones performing the work. Collaborative Imaging is founded on the principal that we want our physicians to enjoy the upside that is theirs, and as such, we’re fighting to protect the practice of independent radiology.”
As a national radiologist-owned alliance, Collaborative Imaging was conceived by forward-thinking radiologists in conjunction with financial and industry experts to combat the root causes of why an independent practice would sell to a consolidator. With more than 150 years of combined industry experience in technology, medical billing and workflow solutions, Collaborative Imaging offers a better alternative to consolidation by providing the tools needed to help the practice remain independent and autonomous while drastically increasing revenue.
Collaborative Imaging has developed the most state-of-the art model that offers cutting-edge workflow solutions to eliminate process inefficiencies and revenue cycle oversight. Collaborative Imaging also provides business expertise that allows member groups to reduce operating costs, increase productivity, expand their practice footprint and provide increased quality in patient care. Its framework fosters collaboration among independent radiology practices with the common goal of helping member groups succeed in all areas of radiology practice while protecting the private practice model.
As a result, partners of Collaborative Imaging have witnessed a substantial increase in their efficiency and refinement, resulting in an increase in physician satisfaction and patient care. This includes operational success as partners of Collaborative Imaging have sustained revenue growth by 25% while reducing operational costs by 30% in the first year. Furthermore, by allowing radiologists to practice medicine as opposed to having to deal with the administrative and clerical burdens, CI partner groups are able to offer interpretations in less than eight minutes versus much higher industry averages thereby improving the delivery of care and physician satisfaction.
Many leaders within the radiology industry have already partnered with Collaborative Imaging, with currently more than 400 partners in six states benefiting from their solutions. One of those partners is Texas Radiology Associates (TRA), which provides professional radiology services to North Dallas and surrounding communities since 1972.
“Collaborative Imaging is not just another group that brings radiologists together, but a result-driven alliance that truly delivers necessary solutions to ensure radiology groups succeed while maintaining their desired independence,” said Dr. Ted Wen of Texas Radiology Associates. “With the support of Collaborative Imaging, who has mastered both the clinical and business side of the industry, physicians can remain profitable and deliver high-quality services without the fear of losing their practice. Our work with Collaborative Imaging has reignited a new joy in practicing medicine and unleashed a new chapter of prosperity among radiologists.”
To learn more about Collaborative Imaging and our strategic benefits, please contact us here. You can also find us on Facebook and Twitter.
About Collaborative Imaging
Founded in 2018, and led by CEO Dhruv Chopra, Collaborating Imaging is a radiologist owned alliance devised from forward-thinking physicians in conjunction with business experts to address the challenges of consolidation, degradation in patient care, physician burnout and operational inefficiencies. CI presently has upward of 400 physician members in 6 States and continues to grow and support groups throughout the country. Their strategic benefits include revenue cycle oversight, radiology workflow solutions, fulfillment of capital requirements, after hour and sub-specialty coverage and administrative support such as credentialing, contract negotiations, and 24/7 IT helpdesk and support operations to radiology practices throughout the United States. Chopra’s vision for Collaborative Imaging is to create a platform that allows practices to eliminate duplicity that exists between them, thereby allowing efficiencies, cost savings and best practices to be incorporated amongst its partners with the savings, and upside generated to be returned to member groups. Learn more email us at info@CollaborativeImaging.Com