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Innovative Approaches to Radiology Operations from MedQuest Radiology Management Services Help Hospitals Realize Higher Value from Imaging
By MedQuest Media Posted March 3, 2015 in Industry News
ATLANTA, GA – March 3, 2015 – At one time, a hospital's radiology service line was a strong profit center. A decade later, after years of reimbursement cuts from the Centers for Medicare and Medicaid Services as well as private insurers, hospitals are looking at ways to strengthen radiology's contributions to the bottom line.
MedQuest Radiology Management Services, one of the country's leading radiology management companies, released a white paper this week examining how hospitals can increase radiology revenue streams, maximize revenue capture and streamline operations. The paper delves into MedQuest's role in a Transformation Initiative at a large healthcare system which resulted in identifying more than $4 million in savings for 10 hospitals' radiology operations.
MedQuest visited the 10 hospitals to compile best practices, identify improvement opportunities, examine drivers of variances from existing standards and establish replicable new benchmarks. The white paper delves into four key areas identified during the Transformation Initiative:
Revenues – MedQuest focused on two key areas to increase radiology revenues: improving revenue capture and retention, and increasing volume to bring in more income. Both strategies are driven by close attention to metrics.
Operations – While increasing revenues is important, it is equally critical to address operational improvements to achieve better profitability and support growth. Streamlining workflow, improving scheduling and ensuring appropriate staffing all contribute to a more efficient workplace and better bottom line.
Quality – Safety and quality are integral to operations in radiology departments. MedQuest draws from industry best practices to establish strict safety standards that exceed industry demands and ensure patient and clinician safety.
Patient Satisfaction – Establishing a positive patient experience not only helps draw patients and referring physicians to the hospital radiology department, it also benefits the organization's satisfaction rankings. MedQuest improved pre-visit communications with patients and streamlined registration and intake processes. Achieving a faster turnaround on test results pleases both the patient and the referring physician.
The white paper is available here.
About MedQuest Associates
MedQuest is a leading owner, operator and manager of diagnostic imaging facilities and hospital radiology services, with a network of nearly 50 imaging centers and 14 acute care hospital radiology departments under management. As one of the nation’s most experienced outpatient imaging partners, MedQuest also provides comprehensive services, including outpatient imaging management and joint venture (JV), referring physician engagement and service line performance consulting. Serving health systems, hospitals and imaging centers nationwide, MedQuest draws upon decades of operational experience and industry knowledge to deliver comprehensive guidance and solutions that increase revenue and optimize operations, while improving quality and the patient experience. MedQuest’s industry-leading proprietary systems and processes create an unrivaled value proposition for its partners. Learn more at www.mqimaging.com