Go big or stay small? Two New Jersey radiology practices found a third way: joining in a partnership that allows them to remain independent but work cooperatively and maximize the amount of today’s hottest commodity in business—data.
The practices are Advanced Radiology Solutions of Toms River and Navesink Radiology of Red Bank. “We were all looking to maintain our independence while getting the advantages of being a larger group,” said Leo Fontana, MD, of Navesink. “If you join a larger group, you can lose a lot of your autonomy. This alliance was a way to get the best of both worlds.”
Dr. Fontana was quoted in an article about the joint venture published online by imagingBiz. (The article was sponsored by Integrated Radiology Partners of Milwaukee, which sells services to facilitate such partnerships.) Dr. Fontana said one big benefit of combining forces was combining data:
Data is the new currency. In the future, volume won’t matter. What will count will be how we measure and demonstrate our value.
Alicia Daniels, MD, of Advanced Radiology Solutions agreed. “Every time we go to a meeting with the hospital, it is always all about data,” she said. “We know we need to be able to deliver.”
The joint venture allows expansion of services as well. “Hospitals are looking for 24/7 subspecialty reads and other services you might not be able to provide as a smaller group,” said Edward Rittweger, MD, president of Navesink. The two practices also have more capital available for necessary investments and can provide managed services for other groups.
And they retain something very important to them: their independence. “As an independent physician and radiology provider,” said Thomas Yu, MD, medical director of Advanced Radiology Solutions, “I feel very strongly that an autonomous radiology practice is the best way to provide good patient care. We’re not responsible to shareholders or a hedge fund or a large corporation. We’re focused on our patients, our hospital partners, and our community.”
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In two U.S. Senate races involving radiologists, the American College of Radiology Association’s political action committee is giving money to their opponents. For details, see our Facebook page.
Related CME seminar (up to 35.25 AMA PRA Category 1 credits™): UW Radiology Review Course “Not Just for Residents”