With the ongoing COVID-19 pandemic causing drastic hits to revenue and volume and to the number of radiologists on staff, radiology practices have no choice but to optimize revenue cycle management in order to survive, reports Rev Cycle Intelligence.
The COVID-19 pandemic has led to dramatic decreases in examination volumes – of up to 80+ percent in some cases – for private radiology practices that rely solely on revenues from examination interpretation, according to a special report from the RSNA COVID-19 Task Force.
The severe economic impact of COVID-19 has forced many practice leaders to take drastic cost-cutting measures to stay open, including decreasing salaries, paid time off, benefits, and hours of work despite increasing work responsibilities, the report’s authors stated. While practices need to be fiscally responsible during these difficult times, it is not possible for groups to cut expenses as a solution to long term profitability.
“Some groups may prove unable to survive the COVID-19 pandemic, potentially fueling trends either toward consolidation into larger radiology groups or toward increased employment by hospitals,” wrote lead author Richard Sharpe Jr., MD, MBA, a radiologist Mayo Clinic, and colleagues in a report that is one of many studies drawing attention to the economic impact of COVID-19 on radiology. “We anticipate that small radiology practices may be at greatest risk for consolidation with larger radiology groups that have a more diversified practice model regarding inpatient-outpatient mix, subspecialty service lines and geography.”
Read the full article on Rev Cycle Intelligence.