How to Think Smarter about Funding Requests from Radiology Groups

Speakers: Curtis Williams, Senior Consultant, ECG Management Consultants; Alexander Pinto, Principal, ECG Management Consultants

If you haven't already, it's likely you'll soon be approached for increased financial support from your radiology provider. The surge in competition for radiology positions nationwide has led to increasingly competitive salary offers, positioning it to become one of the fastest-growing segments among physician compensations. Coupled with external factors putting downward pressure on professional collections, this trend is financially squeezing physician practices and private groups. The decrease in profitability is prompting many groups to seek additional financial support from their hospital and health system partners, especially as these hospitals request greater coverage.

When facing funding requests, we recommend several key strategies for evaluation and response:

1. Utilize market benchmarks to understand how the economics and funding of your current partner compare to the market.
2. Identify operational strategies to ensure your organization deploys providers efficiently, supporting a more financially viable service line.
3. Ensure any additional funding agreed upon by your organization comes with clear performance expectations for the group and aligns the relationship with the organization's operational priorities.

Ultimately, our goal is to provide hospital administrators with tools to think critically about requests for additional funding. During our presentation, we plan to discuss market trends in professional radiology services, provide an overview of physician benchmarking, evaluate best practices for provider staffing and deployment, and discuss strategies for engaging physicians in your department's priorities to get the most out of your partnership.