Nearly 70% drop in volume precedes private practice’s decision to join Radiology Partners
A nearly 70% drop in volume helped spur one private practice to join Radiology Partners, according to an interview shared by the nation’s largest imaging group on Tuesday.
Glenwood Spring, Colorado-based Mountain Radiology first engaged in discussions about a partnership with RP in early 2020. Coinciding with the start of the COVID-19 pandemic, the practice conducted a “thorough evaluation” of the decision, with Rad Partners also assessing the organization.
“Amidst economic uncertainties and a significant decline in imaging volume, sustaining our practice proved challenging, with a nearly 70% drop in volume for several months,” radiologist and Practice President William Weathers, MD, shared in a video interview posted May 7. “We were treading water, trying to do what we could to keep the practice alive. Despite these obstacles, as the world began to reopen, we witnessed a resurgence in imaging volume and continued our dialogue with RP, who remained supportive throughout.”
Mountain Radiology—which employs four physicians and has three hospital-based locations—officially became part of El Segundo, California-based RP in September 2020. Weathers said the practice wanted to realize the “benefits of joining a larger practice while retaining our independence.” He also highlighted ongoing industry trends including market consolidation and regulatory shifts, both of which are making “managing a small practice increasingly difficult.”
“Despite the challenges posed by the COVID-19 pandemic, RP’s support during negotiations and integration marked a significant milestone for our practice,” Weathers said. “September 2020 marked the beginning of a new chapter for Mountain Radiology within RP, signaling our commitment to adapting to evolving industry landscapes while enhancing patient care.”
Founded in 2012, Radiology Partners employs over 3,600 physicians who services 3,300 hospitals and outpatient facilities across all 50 states. Radiologists own about 33% of the company, with private equity firm Whistler Capital, venture capital group New Enterprise Associates and the Australian sovereign wealth Future Fund holding the balance.
You can read the rest of the interview at the link below.
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.