Strategic Radiology has formed many committees in response to challenges and opportunities over the years, but no committee has been more active, more enduring, or better engaged  than the CFO subcommittee.  At 71 members, the SR CFO Subcommittee is one of the largest and busiest in coalition. Considering the persistent, year-over-year downward pressure on radiology reimbursement, this should come as no surprise.

CFOs are the people who ensure that the lights stay on in radiology practices, a particularly challenging job in the current reimbursement environment. Having a community helps, notes Eric Brown, the chief financial officer (CFO) of 90-radiologist Quantum Radiology, Atlanta, GA, and CFO Committee Chair. "Simply knowing that you are not alone in facing challenges can be a big help when you face those challenges," he said.  "Being part of a community means you have other people to turn to who may have faced the same issues you are facing, and having an open dialog in a group setting can give each member confidence for whatever issue they may be working through.  Also, the collective experience of our membership means new ideas are always there to utilize."

Health-care finance professionals also must be continuously vigilant as health-care finance is impacted by many factors. "Health-care finance is a highly dynamic field, constantly evolving due to factors like advancements in medical technology, changes in health-care policies, shifts in demographics, and fluctuations in the economy," noted Kirt Woolsey, CPA, the CFO of 280-radiologist Radiology Associates of North Texas and past-chair of the CFO Committee. "Prominent risks specific to professional radiology right now are the radiologist manpower shortage and growing volumes. Sharing ideas through the SR-CFO Committee helps me source new approaches and provide comfort in decisions."

Sharing Intelligence, Collaborating Solutions

In a field as complex as health care, it makes sense to crowd source information and share intelligence, he said. "The CFO Committee members maintain a deep understanding of the current landscape, keeping abreast of emerging trends and issues," Mr. Woolsey shared. "This involves monitoring legislative and regulatory developments, as well as engaging with industry experts and stakeholders to gain insights into evolving needs and challenges.  It helps to know you have a team of finance experts willing to share their thoughts and ideas openly."

Radiology practice finance executives and personnel need to be aware of more than the dynamics of health care reimbursement. As businesses, they must be on top of rules and regulations pertinent to the entire U.S. economic sector. When the business environment evolves in response to current national or global events, practices must respond accordingly.

"A great example of how the group collaborated a solution was during the pandemic," said Mr. Brown. "In the early days of COVID-19, there was such confusion and uncertainty about the best way for practices to navigate the financial relief offerings of the various agencies.  Our committee began to meet weekly, and through talking and sharing, we were able to cut through the confusion, enabling our fellow practices to adopt successful strategies of their own.  It was a time when our committee really came together to provide tremendous support for its members."

Pushing Back Against Reimbursement Decline

Declining reimbursement is a clear threat to private practice profitability, one that is driving practices to sell or to merge with other private practice groups, Mr. Woolsey noted. "Additionally, workforce costs and the ability to deploy technology are other significant challenges to profits in private practice radiology, knowing that in most cases reimbursement for technology is contained in the technical component."

One way that SR is pushing back against declining reimbursement is finding ways to cut costs through group purchasing. "The SR group purchasing program and vendor relationships allow our members to enjoy pricing that is significantly lower than a group could negotiate," Mr. Woolsey said.

The CFO Committee plays a role in helping SR member practices to identify opportunities for their individual groups. "There is a great deal of value in listening to what other practices are involved in, then evaluating if those same things could be opportunities for your own practice," Mr. Brown said. "The committee provides an environment in which that can happen.  Whether it's ideas on enhanced revenue cycle or cost-cutting measures, opportunities can present themselves for anyone willing to take the time to listen."