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Thinking About Owning An Imaging Center? Tread Carefully!

owning an imaging center

Question About Owning An Imaging Center

 

Hi Barry, I received a call from a group of radiologists looking to sell an imaging center. We are a primary care group of 20 PCP’s. Can you direct me to resources to better understand the current pros and cons of owning an imaging center?

Thanks, 

Opportunity Knocks

 


 

Answer:

That is an excellent question!

Although I don’t own an imaging center myself, I can tell you some of the general pros and cons of owning one, having worked in many during my working lifetime.

Owning an imaging center is essentially like owning a second business. You will be responsible for a large team of employees. And, you will be critical to managing the property itself, whether it’s rented or owned. Moreover, you will collect the full payments from insurance companies, Medicare, Medicaid, and self-payers. Unfortunately, the reimbursements for current procedures continually drop over time, so you have to expect to provide some wiggle room when you purchase buildings and equipment. Be very careful not to overspend.

Furthermore, you need to run an efficient team or know how to find someone to run an efficient team. If not, your competitors down the street will run you out of business. It is not good enough to want to run an imaging center. Instead, you need to know the intricacies of how to run an imaging center. It is never has been and never will be a sure thing. (As many physicians think before owning one!)

And it isn’t straightforward. These skills include knowing how to negotiate with insurance companies, understanding how to get patients on and off the table quickly, when to provide new procedures/modalities, how to get your radiologists to work efficiently, and what furniture offers the best outcomes for patients. Therefore, your team needs to be extremely knowledgeable and experienced. Don’t just go into the process, thinking that you know what you need to do! Most importantly, why do you think you can run a better center than the radiologists that came before you?

That said, there is a reward if you can manage the most efficient/well-run practice in town. If not, I would stay out of the imaging centers’ business because it is very competitive, and the margins are tight.

If you want to find out more about running an imaging center, you can go to the ACR website, and they will provide you information and courses on how to run a practice. While you are there, check out the Radiology Leadership Institute, where they have entire classes on this subject. You might want to consider that as well.

 

Hope that helps,

Barry Julius, MD

 

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Top Ten Pitfalls Of The Chief Resident Year

chief resident

Traditionally, the chief resident plays one of the most critical roles in the well-being of the resident community. To that end, the chief resident often becomes responsible for much of what happens in her residency program. Unfortunately, in most programs, however, there is no playbook. And for most, the new chief residents learn their role in a “trial by fire.” Since most chiefs do not arrive as experts in this new role, they make many errors (To be expected!) So, what are the most significant blunders you can make throughout your tenure if you catch yourself in a position as a chief resident? I thought maybe we could all learn from others’ mistakes!

Make Different Promises To Residents And Staff

Before starting, many chief residents commonly will tell their classmates one thing only to realize later that the staff will not accept the change. For instance, when scheduling, a new chief may promise everyone that they will have a night float for only ten days. But, when they sit down and create the schedule, he discovers it is impossible. Now, he puts himself in a bad situation. The residents’ expectations differ from reality, and all the residents become upset. Politics is everything! So, be careful what you say!

Set Bad Examples

Unfortunately, as chief resident, you are constantly under scrutiny. What is the easiest way to lose the respect of the residents and administration? Set a bad example for the rest of your residents. Everything you do serves as a model for everyone else. If you don’t show up, who will? Who else will do the same if you decide not to step in when a resident struggles? Once a chief resident does not fulfill the role of a good leader, the rest of the residents will follow suit.

Create The Schedule And Give Yourself The Most Benefits

Chief residents typically play an essential role in scheduling. Therefore, if the program selects you as a chief resident, you will wield a lot of power over giving yourself the best shifts at the expense of others. If you want to piss off your classmates, take those times everyone else wants or vacation on the best months. That will go over well!

Poor Follow Through

Trust can be complicated to establish in any profession. But, as a chief resident, your word is your bond. Perhaps, you do not follow through on reprimanding a resident because they made a mess in a call room and did not clean up. Or, you let a resident off the hook even though they continue to skip out on noon conferences. If you don’t follow through, you lose the respect of your fellow residents and faculty. So, if you promise, make sure you deliver.

Create Cliques

One of the worst feelings in any job- is to feel left out! So, you need to be even-handed and fair. Invite only half your class to a house party. Or, instigate your fellow residents to hate a fellow resident because you don’t like them. These are surefire ways to reduce your chief resident position to rubble!

Perform Poorly

If you want to have others question your capabilities as chief, what is the simplest way? Here are some possibilities: Don’t read; Perform poorly on quizzes; Or fail your core exam. Once you establish yourself as a chief resident that cannot pass the rigors of a radiology residency, should you be a chief resident?

Poor Attendance After Passing Boards

As a chief resident, you wield a lot of power. But absolute power can corrupt absolutely. Just because you have taken and passed your boards does not give you the right to skip out on conferences or take unscheduled time off. In the end, you are still a resident. So, don’t abuse your status. It can bite you if you ever decide to get a recommendation!

Unwillingness To Help Out Faculty

Since you are stuck between the faculty and residents as a chief resident, your role becomes to appease residents and the faculty. So, what does this mean for you? Make sure to follow at least some of the reasonable demands of the faculty, or else you will fast lose respect. It could be as simple as asking residents to participate in a department-wide research project or ensuring all residents take a resident survey. Neglecting the faculty’s demands can upset your superiors and make your chief resident year miserable!

Inappropriate Relationships Within Class Or Faculty

Nowadays, with the “#metoo” movement, you must watch out for your actions. Beware what you say and how you say it. Other residents and attendings can interpret subtle cues as harassment. So, if you want to ruin your chief resident year and possibly your career, follow the rules!

Final Thoughts About The Chief Resident

As chief resident, you play a significant role in running a residency. And, because a proper leadership position such as chief resident is a new experience for most, I can guarantee you will make some mistakes. Therefore, more than others in the residency program, you need to act like a leader without taking advantage of your colleagues and faculty at their expense. Think of this year as a political learning experience. So, heed these ten warnings of what not to do as a chief resident. If you can avoid these mistakes, you will miss most leadership pitfalls. Like becoming an excellent chief resident, learning to perform a leadership role well will be handy for the rest of your career!