As radiology practices nationwide look for new revenue streams to compensate for ever-declining reimbursement, the answer might be getting back to basics, according to Greg Thomson and Dan Simile Jr of Medical Management Professionals, Inc (MMP), Atlanta, Georgia. In the first installment of a four-part series on critical business principles, Thomson and Simile outline three ways in which practices can improve the effectiveness of their operations: goal setting and strategic planning, execution of goals, and communication and information sharing.

Radiology groups, which are typically run as democracies, must face the twin problems of tyranny of the majority and obstructionism of the minority, Thomson warns. Because the principals in radiology practices are all professionals, it is difficult for leadership to emerge. He says, “Everyone is equal, and nobody wants to tell anyone else what to do, and it leads to inaction and apathy. Each physician may have a slightly different goal, and typically there is not a lot of communication in terms of setting goals, sticking to them, and measuring the results.”

Goal Setting and Strategic Planning

The first basic business principle named by Thomson and Simile is goal setting, which, as Thomson observes, can be a difficult process in a radiology group. “It is easy to name off 20 goals you may have as a practice,” he says. “The idea here is that if you list 20 things, you will do all of them poorly. Limiting the number of goals you set is key.” Thomson recommends using a philosophy from FranklinCovey® (a global business-consulting and training leader based in West Valley City, Utah) that calls for the annual establishment of three wildly important goals (WIGs). “WIGs are things so important that if you don’t accomplish them, it’s a failure for your practice,” Thomson says. “You need to set three main WIGs, and everything should revolve around those goals.”

Continued on Imagingbiz.com