Strong Partnerships, Strong Healthcare: The RadNet Approach
2018 marked the 8th year RadNet co-hosted a booth with eRAD at RSNA. As part of our commitment to thought leadership in imaging, we submitted feature articles for Radiology News Daily, a publication distributed at RSNA. We hope you enjoy this post about RadNet and how we are Leading Radiology Forward.
Nearly every stakeholder in healthcare is facing increased challenges in care delivery. Over-utilization, indefinite outcomes, changing regulations and technology, consolidation, consumer engagement—these issues make it difficult to ensure access to cost-effective, high-quality care.
From its leadership position in imaging—over seven million studies performed annually in its 340+ outpatient centers—RadNet has a view into how these challenges can become opportunities. The key is partnerships.
RadNet Approach to Partnerships
Norman Hames, President and COO of Western Operations for RadNet, said: “Those who partner with us—whether it’s a radiology group, a hospital system, a capitated medical group, or a team of researchers—know that we have more industry resources under one umbrella than any other imaging enterprise. They know that we have developed those resources over decades, and that we leverage them strategically.”
As reimbursement models shift from fee-for-service to population-health models with value-based payments, stakeholders rely even more on imaging for the proper diagnosis and treatment of patients—in other words, for value and better outcomes. Quality outpatient imaging should become the gateway for care in a population-health world. Given RadNet’s single-minded focus on radiology, it has become an indispensable partner for those who want to manage risk.
RadNet offers a shared-risk payment model to payor partners. Such agreements are per-member, per-month pricing—incentivizing the performance of only the most appropriate exams, rendered by the proper providers in the right locations. The covered population receives high-quality care, and the payor avoids the expense and delays of handling authorizations, since RadNet assesses the order immediately. RadNet now covers nearly two million lives under such capitation agreements.
Clinical decision support (CDS) has long been a pivotal part of RadNet’s risk-based contracting. RadNet partners with artificial intelligence (AI) companies to develop algorithms to help automate the assessment of study appropriateness. The collaboration isn’t limited to CDS. RadNet is embedding AI into its existing technology in several ways, from billing to disease detection, and leveraging strategic partnerships to do it.
“Institutions like Stanford, Harvard, and Massachusetts General come to us because we have a large database of images. They can turn their AI research into viable solutions for patients, knowing RadNet can create a business plan to do so,” said Hames.
Joint ventures also make sense for certain large hospital systems. RadNet’s pure focus on radiology means that it brings strong operational efficiency, honed over more than 30 years, to a system that may not otherwise have the bandwidth or expertise to streamline its imaging services, or the geographic coverage to provide access to a large population base.
These relationships have a direct effect on the surrounding communities. Patients find it easier to access imaging services, and technology innovations keep them engaged in their care.
“It isn’t only that we have the core competencies, it’s that we align on values,” said Steve Forthuber, President and COO of Eastern Operations for RadNet. “We believe that healthcare can and should be cost-effective and convenient, with no sacrifice in quality, and the relationships we form are designed to further that vision.”