- Email: [email protected]
Practical marketing for a successful clinical IR practice
S270
Posters and Exhibits
JVIR
information required for accurate ICD-10-CM coding and the ways in which the required documentation differs from ICD-9CM using examples specific to IR. We will also present strategies to improve accurate CPT and ICD-10 coding, including communication with coding teams and a structured template for E&M notes. A sample template which has been developed to be helpful to referring colleagues and professional coders while incorporating the requirements of the CPT codes for billing purposes will be included. Conclusions: Appropriate documentation of E&M services helps form relationships with referring physicians and can increase revenue at a time when reimbursement for procedures continues to decline. Accurate ICD-10-CM and CPT coding can be achieved through a better understanding of the terminology requirements, collaboration with coding teams and use of templates.
Consider separate brand from parent diagnostic radiology group or department. Branded patient and provider educational material: online presence is essential. 3. Evaluating efficacy and ROI: Data: Track and compare marketing costs versus new referral income, including downstream revenues. Service lines: Parse the practice by service lines to concentrate resources based upon need (i.e. IO, PAD, venous). Feedback loop: Solicit perception of service from referring providers. Conclusions: Development of a comprehensive business plan, including marketing strategies, is critical to the success of a clinical IR practice. Thoughtful techniques, data collection, and reevaluation can maximize the impact of the plan and improve ROI.
References
Outpatient interventional radiology clinic: profitability within reach
1. CDC. International Classification of Diseases, (ICD-10-CM/PCS) transition. Available at: http://www.cdc.gov/nchs/icd/icd10cm_pcs_background.htm. 2. Duszak R. Money and reputation: squandered opportunities of a clinical IR service. J Vasc Interv Radiol 2015; 26(7):963–964. 3. Smouse BH. Coding issues for interventional radiology: get paid for what you do! Semin Intervent Radiol 2006; 23(4):305–310. 4. White SB, et al. A single-center experience in capturing inpatient evaluation and management for an IR practice. J Vasc Interv Radiol 2015; 26(7):958– 962.
Educational Exhibit
Abstract No. 614
Practical marketing for a successful clinical IR practice M. Lessne, M. Meuse, E. Wang; Vascular & Interventional Specialists of Charlotte Radiology, Charlotte, NC
Posters and Exhibits
’
Learning Objectives: Understand the importance of marketing a clinical IR practice. Describe practical techniques to market a clinical IR practice. Learn strategies to assess the efficacy of marketing plans and return on investment (ROI). Background: Clinical and technical expertise are necessary, but insufficient to sustain a busy and profitable clinical IR practice in the face of increasing competition, declining reimbursements, and expanding roles of the interventionist. A well-formulated, strategic business plan that includes an effective marketing strategy is essential to ensure practice growth and sustainability. Clinical Findings/Procedure Details: This presentation will review key elements of a successful marketing plan. 1. Market analysis: SWOT: Determine strengths, weaknesses, opportunities, and threats. Examples: Determine local competitors and assess clinical need for additional services from your practice. Emphasize additional value over competitors–short wait times for clinic evaluation, state of the art procedures such as radial or pedal access. 2. Practical Marketing: Marketing staff: Functions as face of the practice to referring providers. Organizes lectures/ grand rounds, screening events, and educational luncheons. Communication: Follow-up with all patients and providers. Detailed letter, phone call, and/or email detailing evaluation, treatment, and plan–include procedural and clinical images (ex. labeled angiogram and wound healing photos). Branding:
Abstract No. 615
A. Misono, P. Mueller, J. Hirsch, A. Harbaugh, R. Sheridan, R. Liu; Massachusetts General Hospital, Boston, MA Purpose: We build upon a proprietary financial model to characterize the range of hypothetical revenues and profits generated by outpatient interventional radiology (IR) clinics. Materials: Sensitivity and scenario analyses were overlaid upon an existing financial model in Excel. Sensitivity analysis calculates projected profit fluctuation related to dynamic adjustment of discrete variables such as patient volume. In scenario analysis, we model the economics of different sized clinical practices, ranging from small to mega-sized practices. Results: Sensitivity analysis demonstrates that profitability is closely tied to patient volume and collection rate. Given a baseline predicted outpatient IR clinic loss of ($98K) 20% variations in collection rate results in annual losses ranging from ($45K)-($152K). Modeling 50% variations in patient volume results in annual profit/loss ranging from ($232K)$36K. Breakeven is achieved with an overall patient volume increase of 37% (an additional 1.5 new and 3.0 follow up patients per day). Scenario analysis modeling small, moderate, large, and mega-sized practices projects annual collected revenue of $9-$678K and profit/(loss) of ($108K)-($40K) (Table). When accounting for attributed imaging revenue, there is an improved “annual total” profit/(loss) range from ($80K)-$185K. Conclusions: Financial modeling of outpatient IR clinics demonstrates a wide range of financial possibilities but suggests that most clinics will be unprofitable in isolation. However, downstream imaging revenue and increased clinic size demonstrates financial profitability to support high quality clinical care in an outpatient setting. Annual; $000s
Sm
Mod
Large
Mega
# New / Followup per day
1/2
2/5
4/8
7/15
Profit/loss Downstream imaging
(84) 3
(108) 28
(98) 98
(40) 225
“Total” profit
(81)
(80)
0
185
Posters and Exhibits
JVIR
information required for accurate ICD-10-CM coding and the ways in which the required documentation differs from ICD-9CM using examples specific to IR. We will also present strategies to improve accurate CPT and ICD-10 coding, including communication with coding teams and a structured template for E&M notes. A sample template which has been developed to be helpful to referring colleagues and professional coders while incorporating the requirements of the CPT codes for billing purposes will be included. Conclusions: Appropriate documentation of E&M services helps form relationships with referring physicians and can increase revenue at a time when reimbursement for procedures continues to decline. Accurate ICD-10-CM and CPT coding can be achieved through a better understanding of the terminology requirements, collaboration with coding teams and use of templates.
Consider separate brand from parent diagnostic radiology group or department. Branded patient and provider educational material: online presence is essential. 3. Evaluating efficacy and ROI: Data: Track and compare marketing costs versus new referral income, including downstream revenues. Service lines: Parse the practice by service lines to concentrate resources based upon need (i.e. IO, PAD, venous). Feedback loop: Solicit perception of service from referring providers. Conclusions: Development of a comprehensive business plan, including marketing strategies, is critical to the success of a clinical IR practice. Thoughtful techniques, data collection, and reevaluation can maximize the impact of the plan and improve ROI.
References
Outpatient interventional radiology clinic: profitability within reach
1. CDC. International Classification of Diseases, (ICD-10-CM/PCS) transition. Available at: http://www.cdc.gov/nchs/icd/icd10cm_pcs_background.htm. 2. Duszak R. Money and reputation: squandered opportunities of a clinical IR service. J Vasc Interv Radiol 2015; 26(7):963–964. 3. Smouse BH. Coding issues for interventional radiology: get paid for what you do! Semin Intervent Radiol 2006; 23(4):305–310. 4. White SB, et al. A single-center experience in capturing inpatient evaluation and management for an IR practice. J Vasc Interv Radiol 2015; 26(7):958– 962.
Educational Exhibit
Abstract No. 614
Practical marketing for a successful clinical IR practice M. Lessne, M. Meuse, E. Wang; Vascular & Interventional Specialists of Charlotte Radiology, Charlotte, NC
Posters and Exhibits
’
Learning Objectives: Understand the importance of marketing a clinical IR practice. Describe practical techniques to market a clinical IR practice. Learn strategies to assess the efficacy of marketing plans and return on investment (ROI). Background: Clinical and technical expertise are necessary, but insufficient to sustain a busy and profitable clinical IR practice in the face of increasing competition, declining reimbursements, and expanding roles of the interventionist. A well-formulated, strategic business plan that includes an effective marketing strategy is essential to ensure practice growth and sustainability. Clinical Findings/Procedure Details: This presentation will review key elements of a successful marketing plan. 1. Market analysis: SWOT: Determine strengths, weaknesses, opportunities, and threats. Examples: Determine local competitors and assess clinical need for additional services from your practice. Emphasize additional value over competitors–short wait times for clinic evaluation, state of the art procedures such as radial or pedal access. 2. Practical Marketing: Marketing staff: Functions as face of the practice to referring providers. Organizes lectures/ grand rounds, screening events, and educational luncheons. Communication: Follow-up with all patients and providers. Detailed letter, phone call, and/or email detailing evaluation, treatment, and plan–include procedural and clinical images (ex. labeled angiogram and wound healing photos). Branding:
Abstract No. 615
A. Misono, P. Mueller, J. Hirsch, A. Harbaugh, R. Sheridan, R. Liu; Massachusetts General Hospital, Boston, MA Purpose: We build upon a proprietary financial model to characterize the range of hypothetical revenues and profits generated by outpatient interventional radiology (IR) clinics. Materials: Sensitivity and scenario analyses were overlaid upon an existing financial model in Excel. Sensitivity analysis calculates projected profit fluctuation related to dynamic adjustment of discrete variables such as patient volume. In scenario analysis, we model the economics of different sized clinical practices, ranging from small to mega-sized practices. Results: Sensitivity analysis demonstrates that profitability is closely tied to patient volume and collection rate. Given a baseline predicted outpatient IR clinic loss of ($98K) 20% variations in collection rate results in annual losses ranging from ($45K)-($152K). Modeling 50% variations in patient volume results in annual profit/loss ranging from ($232K)$36K. Breakeven is achieved with an overall patient volume increase of 37% (an additional 1.5 new and 3.0 follow up patients per day). Scenario analysis modeling small, moderate, large, and mega-sized practices projects annual collected revenue of $9-$678K and profit/(loss) of ($108K)-($40K) (Table). When accounting for attributed imaging revenue, there is an improved “annual total” profit/(loss) range from ($80K)-$185K. Conclusions: Financial modeling of outpatient IR clinics demonstrates a wide range of financial possibilities but suggests that most clinics will be unprofitable in isolation. However, downstream imaging revenue and increased clinic size demonstrates financial profitability to support high quality clinical care in an outpatient setting. Annual; $000s
Sm
Mod
Large
Mega
# New / Followup per day
1/2
2/5
4/8
7/15
Profit/loss Downstream imaging
(84) 3
(108) 28
(98) 98
(40) 225
“Total” profit
(81)
(80)
0
185