Plano-based Collaborative Imaging is hoping to reverse the tide of private equity consolidation in the radiology industry. The $18 billion market is increasingly consolidated, but Collaborative Imaging CEO Dhruv Chopra is working to keep radiologists independent while improving billing collection and reducing operating costs.
“Radiologists have faced tremendous pressures over the past decade that have drastically changed the industry’s landscape as a result of consolidation, reimbursement changes, sub-specialty and in-house night coverage in addition to the new complex billing and reporting requirements,” said Dhruv Chopra, CEO of Collaborative Imaging via release. “As a result, practices are being forced to make significant investments in technology, building administrative teams to handle non-clinical functions, purchase or develop additional applications, and take a leap into operating their practice as a business if they are to continue to exist.”
Many practices lack the resources to be able to keep up with increased regulations and reporting requirements, and physician owners sell their practice to private equity owners in order to stay afloat. But Chopra says that the savings that private equity doesn’t result in a better deal for patients or physicians. Larger practices, higher costs, and lower patient satisfaction are the result of consolidation, he says.
Collaborative Imaging is an organization that allows physician owners of imaging practices to buy equity into the company, which provides back office services and workflow solutions to improve efficiency. Collaborative Imaging partners experience billing collection improvements of over 25 percent and reduce operating costs by 30 percent.
The collaborative has partnered with seven radiology practices in six states, which include 400 partner radiologists, including Texas Radiology Associates, one of the largest independent practices in the country.
“Collaborative Imaging is not just another group that brings radiologists together, but a result-driven alliance that truly delivers necessary solutions to ensure radiology groups succeed while maintaining their desired independence,” said Dr. Ted Wen of Texas Radiology Associates via release. “With the support of Collaborative Imaging, who has mastered both the clinical and business side of the industry, physicians can remain profitable and deliver high-quality services without the fear of losing their practice. Our work with Collaborative Imaging has reignited a new joy in practicing medicine and unleashed a new chapter of prosperity among radiologists.”