Whitney Palmer

Accounting Advice for Radiology Practices

Published on the April 23, 2015, DiagnosticImaging.com website

By Whitney L.J. Howell

Editor’s Note: It’s no longer enough for radiologists to be imaging experts. Health care is becoming big business and radiologists need to understand how to navigate the system. Diagnostic Imaging’s Business of Radiology series provides radiologists with the business education they need to succeed.

Throughout radiology, there’s no shortage of hand-wringing about slashed reimbursements and shrinking bottom lines. New requirements and regulations on the horizon could further endanger your balance sheet.

But, according to industry experts, proactive, thorough accounting strategies and choices can help keep your group or practice afloat.

“Accounting procedures are important because profit margins are declining every year due to Medicare cuts and strategies that payers are employing,” said David Yousem, MD, neuroradiology director, program development vice chairman, and radiology professor at Johns Hopkins Medical Institution. “Mind your Ps and Qs or else you won’t have a profit margin.”

Studying your expenditures and income might frequently take a back seat to your concerns over patient care and quality, but it isn’t something you can ignore, he said. Knowing how to categorize your financial activities and your business model, as well as taking a close look at your daily activities can make the difference in your practice’s monetary health and growth.

To read the remainder of the article at its original location: http://www.diagnosticimaging.com/practice-management/accounting-advice-radiology-practices?GUID=EF943FEE-BD0C-44C7-A1BC-C82F32210979&XGUID=&rememberme=1&ts=24042015

April 30, 2015 - Posted by wjpalmer | Healthcare | Coding Strategies, David Yousem MD, Healthcare Administrative Partners, Melody Mulaik, radiology accounting and cash flow, radiology accounting and contracts, radiology accounting and data, radiology accounting and PQRS, radiology accounting entities, radiology and accounting, radiology and accounting expenses, radiology and referring physicians accouting, Sandy Coffta