Current market pressures, including declining reimbursements and industry consolidation, are causing traditional hospital-based radiology groups to consider alternative strategies to remain competitive. One clear opportunity lies in Interventional Radiology (IR). IR is performed by highly trained and specialized radiologists that can treat a variety of challenging diseases with minimally-invasive image-guided techniques rather than surgery. However, it’s challenging to get a positive return by providing IR services in hospital settings. To adapt, modern and entrepreneurial hospital-based radiology groups are increasingly launching office-based endovascular and interventional strategies.
Interventional cardiologists and vascular surgeons were early adopters to this model of care. But IR’s soon followed, many by leaving hospital-based radiology groups to go into practice on their own. We introduced this office-based IR opportunity to the Radiology Business Manager’s Association (RBMA) a couple years ago. See: https://streamlinemd.com/tap-into-the-hidden-value-of-your-interventional-radiologists. As anticipated, Office-Based Labs (OBLs), as these office-based IR environments are commonly referred, are poised to grow significantly over the next decade. According to Grandview Research, “the increasing trend of surgical procedures being performed in outpatient settings and the rising incidence of various vascular diseases are among the major factors driving the OBL market in the U.S.” See Grand View Research – https://www.grandviewresearch.com/industry-analysis/office-based-labs-obl-market
There are various forms of office-based care that qualify as Place of Service 11 for CMS payment purposes:
Key benefits of such office-based IR strategies include:
To thrive, it is typically necessary to work with professional OBL business operators to help build and execute a successful long-term strategy. Like any successful business venture, it requires strong and deliberate intention, planning, focus and drive. Such expert OBL consultants and business operators offer a wide range of alternative service options from cash equity partnership investment to simply offering advice, project management or service for a flat fee or hourly rate, and many alternatives in between. Regardless of the arrangement that fits your objectives the best, it is wise to be consider of your options.
StreamlineMD provides the ONC-certified Electronic Health Record (EHR) software platform, and optional coding/billing services, tuned to meet the unique workflow and revenue cycle management needs of these strategies. Learn more about StreamlineMD EHR at https://streamlinemd.com/radiology-specific-practice-management-video.
StreamlineMD is a technology-enabled business service company providing cloud-based clinical workflow and revenue cycle management software and services exclusively for imaging and image-guided procedure specialists. StreamlineMD’s specialized combination of revenue cycle management software and services provide hospital-based and office-based imaging and image-guided procedure specialists with the most complete solution to improve their practice and business performance and to help improve healthcare for all Americans. https://streamlinemd.com/.