Radiology practices launch insurance plan to counter soaring costs, plus more company notes
A coalition of independent radiology practices has established its own self-funded insurance plan to help counter surging costs.
Strategic Radiology Health launched on Jan. 1, offering coverage to employees at all 32 of its member private practices along with company shareholders. Leaders anticipate that the venture will save practices 30% or more on premiums, along with helping them to control coverage options and analyze plan data.
“The cost of health insurance has become a pain point not just for private practice radiology, but for all employers in the U.S.,” Scott Bundy, MD, CEO and chair of Strategic Radiology, said in a March 21 announcement. “Our practices came together, educated themselves on the options, and built an insurance captive program that will lower costs and improve flexibility for our member groups.”
As of this month, nine of Strategic Radiology’s member practices had signed up for the plan, representing more than 2,000 covered lives. The coalition said it has hired the help of five professionals to make the arrangement work, including a captive analyst and program manager, reinsurance provider, pharmacy benefits expert, national broker and third-party administrator.
Quantum Radiology in Marietta, Georgia, employing 85-plus radiologists, is one practice taking part. CEO Adam Fogle labeled employee health insurance as their largest overhead cost, with leaders “powerless” to stem rising rates.
“This level of transparency and control is something we never had with commercial health insurance,” he said in the news item.
LucidHealth expands in Florida
Radiology Regional recently opened its 14th diagnostic imaging center and second in the past eight months, parent company LucidHealth announced recently.
This latest outpost is located Fort Myers, Florida, with the previous one opening in Sarasota last October. Radiology Regional’s centers now span a total of four counties in southwest Florida including Lee, Collier, Charlotte and Sarasota. The practice also has three more locations in the works, according to its website.
“Radiology Regional has proudly provided state-of-the-art imaging services for over 50 years with an emphasis on access for all, innovative technology and patient-focused well-being,” President and Managing Partner Randy Knific, MD, said in a March 2 announcement. “We thank our patients for their continued trust in us for their care.”
Physicians first founded LucidHealth in 1980, with Denver private equity firm Excellere Partners backing the imaging group in 2016. Prior to this month, the company’s most recently posted announcement was in 2021, when it partnered with Genesis Healthcare System in southeastern Ohio.
Joint venture in New Jersey
Hackensack Radiology Group and hospital partner Hackensack Meridian Health recently announced a new joint venture.
The two collaborated to open a “state of the art” imaging suite in the community of Hoboken, New Jersey. Employing more than 40 board-certified physicians, the location is offering perks such as self-scheduling, pre-registration, virtual check-ins, and immediate access to images and reports.
“Together, we are ensuring that residents in Hoboken and throughout Hudson County have access to the most advanced radiology services in their backyards,” Mohit Naik, MD, president of Hackensack Radiology Group, said in a March 9 announcement. “Residents don’t have to cross the river for an MRI or mammogram. They can come right here.”
Other modalities offered will include cardiac CT, PET/CT, ultrasound and X-ray.
Quick hits
A few other imaging provider news items of note, in rapid fashion:
- Gateway Diagnostic Imaging—with 11 locations in north Texas, and part of the larger US Radiology Specialists—recently tackled an MRI efficiency improvement project, allowing it to accept 4 more patients per scanner, per day.
- Mission Health in North Carolina has invested $3.7 million for the renovation of a new 13,000 square-foot breast imaging suite. With six 3D mammography units, Mission plans to exceed the 25,000 exams it provided last year.
- And finally, ProScan Imaging of Louisville is touting price drops on self-pay MRI services, and highlighting its cost differential with hospital-based providers, hoping to help drum up patient visits.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.